Here are 10 things you should know for Tuesday, July 15:
1. -- U.S. stock futures were mixed Tuesday ahead of earnings reports from bank and technology companies and Federal Reserve Chair Janet Yellen's semiannual testimony to Congress.
European stocks slid on Tuesday following disappointing news on investor sentiment in Germany.
Asian shares finished the session higher.
2. -- The economic calendar in the U.S. on Tuesday includes retail sales for June at 8:30 a.m. EDT, the Empire State Manufacturing Index for July at 8:30 a.m., export and import prices for June at 8:30 a.m., and business inventories for May at 10 a.m.
3. -- U.S. stocks on Monday finished with healthy gains Monday and the Dow Jones Industrial Average closed well above the psychological threshold of 17,000.
The Dow hit an intraday record high of 17,088.43 before settling 0.66% higher at 17,056. The S&P 500 climbed 0.48% to 1,977.1, while the Nasdaq gained 0.56% to 4,440.42.
4. -- Microsoft (MSFT) - Get Report is planning its biggest round of job cuts in five years, as the software maker looks to slim down and integrate Nokia's (NOK) - Get Report handset unit, people with knowledge of the company's plans told Bloomberg.
The job cuts -- which may be unveiled as soon as this week -- will probably be in areas such as Nokia and divisions of Microsoft that overlap with that business, as well as marketing and engineering, the people told Bloomberg.
The restructuring may end up being the biggest in Microsoft history, topping the 5,800 jobs cut in 2009, two of the people said. Some details are still being worked out, two of the people told Bloomberg.
The announcement would come one week after CEO Satya Nadella issued his first company mission statement, calling for greater emphasis on mobile devices, cloud-computing and productivity software, Bloomberg noted.
The bank, the nation's largest by assets, posted year-earlier earnings of $6.5 billion, or $1.45 a share on revenue of $25.2 billion.
7. -- The National Basketball Association is seeking to double the TV-rights fees it receives from Walt Disney (DIS) - Get Report, the majority owner of ESPN, and Time Warner's (TWX) Turner Broadcasting, as the league looks to lock up deals for nationally televised games in the coming months, The Wall Street Journal reported, citing people familiar with the matter.
Disney and Turner have eight-year contracts in place that run through the 2015-2016 season, but the companies are already in preliminary discussions with the league about extending their deals. Disney is currently paying about $485 million a year, while Turner's deal is worth $445 million a year. Given those terms, doubling the payments implies the new deals would be worth a total of nearly $15 billion for the NBA, assuming the length of the new deals remains eight years, according to the Journal.
NBA team owners are meeting Tuesday to discuss TV-rights deals and other matters, the Journal noted.
8. -- Wall Street expects Internet company Yahoo! (YHOO) to post second-quarter profit of 38 cents a share on revenue of $1.08 billion.
For investors, second-quarter earnings may wind up being like a broken record: The core business is stable, but not growing much, if at all, and it's all about Alibaba.
-- Written by Joseph Woelfel
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