Morning Briefing: 10 Things You Should Know
NEW YORK (
) -- U.S. stock futures were pointing to a higher open for Wall Street on Tuesday, getting a lift from continued hopes the European Central Bank will take action to support the euro.
European stocks were mixed Tuesday while Asian shares finished mostly higher. Japan's Nikkei 225 stock average rose 0.7% to close at 8,695.06
The economic calendar in the U.S. on Tuesday includes data on personal income and spending for June at 8:30 a.m. EDT; the employment cost index for the second quarter at 8:30 a.m.; the Case-Shiller 20-city home-price index for May at 9 a.m.; the Chicago purchasing managers index for July at 9:45 a.m.; and consumer confidence for July at 10 a.m.
on Monday slumped amid some mild profit-taking ahead of the
Federal Reserve's
two-day policy meeting that begins Tuesday.
The
Dow Jones Industrial Average
finished down less than 3 points, or 0.02%, at 13,073. The blue-chip index snapped a three-day winning streak.
BP
(BP) - Get Report
, the British oil giant, posted underlying replacement cost profit in the second quarter of $3.7 billion, down from $5.7 billion a year earlier. Including charges, BP reported a loss for the period of $1.4 billion.
BP wrote down the value of its assets by $5 billion -- $2.7 billion for U.S. refineries and $2.1 billion for U.S. shale gas assets. It also took an additional provision of $847 million for the Gulf of Mexico oil rig disaster, bringing the total it has set aside to more than $38 billion.
Pfizer
(PFE) - Get Report
is expected by analysts to post a second-quarter profit Tuesday of 54 cents a share on revenue of $14.87 billion.
The stock of the drug giant and
Dow
component has outperformed so far in 2012, rising more than 10%. Pfizer has beat earnings estimates for eight straight quarters.
Other companies slated to report early Monday include
Aetna
(AET)
,
Archer-Daniels-Midland
(ADM) - Get Report
,
Coach
(COH)
,
Ecolab
(ECL) - Get Report
,
Entergy
(ETR) - Get Report
,
Goodyear Tire
(GT) - Get Report
,
Kulicke & Soffa Industries
(KLIC) - Get Report
,
Thomson Reuters
(TRI) - Get Report
,
Tyco International
(TYC)
and
U.S. Steel
(X) - Get Report
.
Reporting after Tuesday's closing bell are
Affymetrix
(AFFX)
,
Allstate
(ALL) - Get Report
,
Atmel
(ATML)
,
BMC Software
(BMC)
,
Denny's
(DENN) - Get Report
,
Digital River
(DRIV) - Get Report
,
Electronic Arts
(ERTS)
,
Oclaro
(OCLR) - Get Report
,
Papa John's International
(PZZA) - Get Report
,
Peet's Coffee & Tea
(PEET)
,
Take-Two Interactive
(TTWO) - Get Report
and
Veritas Software
(VRTS) - Get Report
.
Seagate Technology
(STX) - Get Report
, the hard disk drive maker, on Monday reported a non-GAAP profit of $2.41 a share in its fiscal fourth quarter on revenue of $4.48 billion, falling short of Wall Street's expectations for earnings of $2.51 a share on revenue of $4.56 billion.
The
of
General Motors'
(GM) - Get Report
global marketing chief is related to an expensive sponsorship deal with England's Manchester United soccer club for which the automaker is paying twice as much as the team's previous automotive sponsor,
Reuters
reported.
Ten jurors were selected Monday in the patent battle between tech giants
Apple
(AAPL) - Get Report
and
Samsung Electronics
. The trial is expected to last about four weeks.
-- Written by Joseph Woelfel
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Joseph Woelfel
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