Updated from 6:04 a.m. EDT.

Here are 10 things you should know for Tuesday, May 27:

1. -- U.S. stock futures were rising Tuesday while European shares gained on hopes for easier monetary policy.

Asian stocks ended the session mixed. Japan's Nikkei 225 index rose 0.2%.

2. -- The economic calendar in the U.S. on Tuesday includes durable-goods order for April at 8:30 a.m. EDT, the Case-Shiller 20-city Index for March at 9 a.m., the FHFA Housing Price Index for March at 9 a.m., and consumer confidence for May at 10 a.m.

3. -- U.S. stocks on Friday (markets in the U.S. were closed Monday for Memorial Day) rose, with the S&P 500 closing above 1,900 for the first time ever after stronger-than-expected new home sales in April provided further evidence of a housing recovery.

The Dow Jones Industrial Average rose 0.38% to close at 16,606.27. The S&P 500 closed 0.42% higher at 1,900.53, breaking its record close of 1,897.45 on May 13. The Nasdaq gained 0.76% to 4,185.81.

4. -- Pfizer (PFE) - Get Report pulled the plug on a takeover of British drugmaker AstraZeneca (AZN) - Get Report, in what would have been the largest deal in the pharmaceutical industry's history. 

The announcement came a week after AstraZeneca's board rejected a $119 billion buyout proposal from Pfizer of New York.

Pfizer had until 5 p.m. local time in London on Monday to extend a firm offer for AstraZeneca or declare its intent not to do so. Under U.K. law, Pfizer now can't make another offer for six months.

Pfizer shares rose 0.7% in premarket trading to $29.70. AstraZeneca shares fell 1.6% to $71.15.

5. -- Apple (AAPL) - Get Reportis readying a new software platform that would turn the iPhone into a remote control for lights, security systems and other household appliances, as part of a move into the "Internet of things," the Financial Times reported.

Apple plans to take on rivals Google (GOOG) - Get Report and Samsung and make a "big play" in the world of smart home technology at its Worldwide Developer Conference on June 2 in San Francisco, according to people familiar with the matter, the FT reported.

Apple's integrated system will make it easier to set up and control new "smart home" devices. Such a system was outlined in an Apple parent filing, published last November, the newspaper reported.

Apple shares rose 0.7% to $618.34 in premarket trading.

6. -- A change in wording on Federal Reserve forms earlier this year helped Bank of America (BAC) - Get Report verify it had made a $4 billion error in calculating its capital, The Wall Street Journal reported, citing a person familiar with the matter, jeopardizing its plans for a stock buyback and a boost to its dividend.

Bank of America disclosed the mistake late last month. Staff began to suspect the bank had been miscalculating its regulatory capital when they prepared Bank of America's first-quarter filing with the Securities and Exchange Commission in April, the person said.

After those suspicions arose, they learned of the Fed's wording change -- a revision to instructions on computing regulatory capital that clarified which kinds of losses on debt securities a bank shouldn't exclude from its calculations, the Journal said.

That change confirmed for Bank of America that it had inadvertently been reporting an inflated amount of capital to regulators, the person said.

Bank of America shares rose 0.8% in premarket trading to $14.83.

7. -- Siemens (SI) - Get Report is readying a formal offer for Alstom under which it would transfer its rail activities and less than 7 billion euros in cash to Alstom, its French rival, in exchange for its power assets, sources familiar with Siemens thinking told Reuters.

The offer under consideration put a slightly higher value on Alstom's energy activities than a rival bid from General Electric (GE) - Get Report, the sources said.

8. --  Intuit (INTU) - Get Report agreed to buy bill-payment service Check Inc. for $360 million, The Wall Street Journal reported, according to two people familiar with the situation.

The deal is expected to be announced Tuesday.

9. -- AutoZone (AZO) - Get Report reported on Tuesday fiscal third-quarter earnings of $8.46 a share, 1 cent ahead of estimates. Sales were $2.3 billion.

The stock rose 1% to $546.34 in premarket trading.

 -- Fox-Marvel's "X-Men: Days of Future Past" debuted with $91 million over the Memorial Day weekend, beating last weekend's No. 1 hit, the Warner Bros. sci-fi adventure "Godzilla," which earned $31.4 million in its second weekend, according to studio estimates.

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-- Written by Joseph Woelfel

To contact the writer of this article, click here:Joseph Woelfel

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