Here are five things you must know for Friday, May 25:
1. -- Stocks Rise After North Korea Says Still Willing to Meet Trump
U.S. stock futures turned mixed Friday, May 25, as investors were soothed by a measured response from Pyongyang following Donald Trump's cancellation of a planned June 12 summit with North Korea.
Contracts tied to the Dow Jones Industrial Average
Kim Kye Gwan, a top official at North Korea's Foreign Ministry, said his country "highly appreciated President Trump for having made the bold decision, which any other U.S. presidents dared not, and made efforts for such a crucial event as the summit," and suggested talks could still place.
North Korea was still willing to sit for talks with the United States "at any time, (in) any format," said Kim Kye Gwan.
The U.S. economic calendar on Friday includes Durable Goods Orders for April at 8:30 a.m. ET.
Federal Reserve Chairman Jerome Powell will take part in a panel discussion on "Financial Stability and Central Bank Transparency" at 9:20 a.m. at the Sveriges Riksbank Conference in Stockholm.
Foot Locker Inc. (FL) reported fiscal first-quarter earnings and sales that topped analysts' expectations. The stock rose more than 14% in premarket trading.
Hibbett Sports Inc. (HIBB) fell 15.4% in premarket trading after first-quarter earnings from the sports retailer came in below forecasts.
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2. -- Apple Awarded $539 Million in Damages in Samsung Patent Case
Samsung Electronics Co. must pay Apple Inc. (AAPL) $539 million in damages for illegally copying some of the iPhone's features, a federal jury found Thursday, May 24.
The verdict is the latest twist in a legal battle that began in 2011. Apple contended Samsung wouldn't have emerged as the world's leading seller of smartphones if it hadn't ripped off the technology powering the iPhone in developing a line of similar devices.
"Today's decision flies in the face of a unanimous Supreme Court ruling in favor of Samsung on the scope of design patent damages," Samsung said in a statement. "We will consider all options to obtain an outcome that does not hinder creativity and fair competition for all companies and consumers."
Apple was up slightly in premarket trading on Friday.
3. -- U.S. Tech Giants Ready for GPDR
U.S. tech giants shouldn't have a problem meeting Europe's new data privacy standards, but it could cost them, according to TheStreet's Francesca Fontana.
Over the last few weeks, Facebook Inc. (FB) , Alphabet Inc. (GOOGL) , Apple and scores of other U.S. tech firms have been busy changing their data policies and communicating with users to comply with the European Union's General Data Privacy Regulation, or GDPR, which went into effect on Friday.
Unlike retailers and banks, tech companies are well-equipped to adapt to the new rules, AT Kearney principal Rajesh John told TheStreet.
"They're more agile, more flexible," John said. "They know how to move faster in the data management space because their business has always been oriented around monetizing data."
The GDPR mandates that any company that operates in Europe must ask users for explicit consent surrounding the collection and use of data, give users the "right to be forgotten" (i.e., to have their personal data erased without "undue delay") and to maintain a high level of security for the personal data they have.
4. -- Gap Slides as Same-Store Sales Are Weak
GAP Inc. (GPS) shares were tumbling 8.1% in premarket trading on Friday after the retailer said fiscal first-quarter same-store sales rose less than expected and earnings came in shy of forecasts.
The company posted earnings of 42 cents a share, 2 cents below analysts' expectations. Sales rose 10% to $3.78 billion and beat estimates of $3.61 billion. Same-store sales, however, rose only 1% compared with forecasts that called for an increase of 1.7%.
Old Navy, a key growth driver for the company, saw same-store sales rise 3% in the quarter, down from 8% a year earlier.
5. -- United Continental Names First Female Chair
United Continental Holdings Inc. (UAL) named Jane Garvey, a former Federal Aviation Administration chief, as the carrier's new non-executive chair. She is the first woman to lead the airline's board.
"Jane steps into this critical role bringing with her decades of experience as both a leader and pioneer in our industry," United CEO Oscar Munoz said in a statement.