If you'd like to receive "10 Things" in your email inbox every morning, please register for TheStreet Alerts and follow me.
Here are 10 things you should know for Friday, May 27:
1. -- U.S. stock futures were rising ahead of a speech Friday afternoon from Federal Reserve Chair Janet Yellen at Harvard University.
Many Fed-watchers believe Yellen won't make any pronouncements about interest rates during her speech.
"We don't think it's the right venue,"said Michael Gapen, chief U.S. economist at Barclays Investment Bank. "I would be surprised if she made comments."
European stocks ended a three-day rally as oil fell back and Chinese stocks lost ground.
Oil prices in the U.S. declined 0.9% in early trading Friday to $49.05 a barrel.
2. -- The economic calendar in the U.S. Friday includes the second estimate of first-quarter GDP at 8:30 a.m. EDT, and the University of Michigan Sentiment Index (final) for May at 10 a.m.
3. -- U.S. stocks on Thursday finished mixed as investors sat on the sidelines, awaiting new clues on a rate-hike timeline from the Federal Reserve.
The S&P 500 fell 0.02%, the Dow Jones Industrial Average fell 0.13%, and the Nasdaq gained 0.14%. Markets wavered between slight losses and gains for much of the session.
4. -- The leaders of the Group of Seven rich economies ended a summit Friday in Japan by issuing an action plan for countering terrorism and other risks to peace and global growth.
In a sweeping declaration, the G-7 leaders claimed a "special responsibility" for beefing up policies to stimulate and sustain growth of their sluggish economies, the Associated Press reported. But their declaration glossed over disagreements over coordinating public spending policies to help perk up weak consumer spending and business investment, saying each country would take into account "country-specific circumstances." Germany, in particular, has balked at calls from other G-7 members to commit to an expansionary fiscal policy.
"Weak demand and unaddressed structural problems are the key factors weighing on actual and potential growth," they said in the declaration. "We remain committed to ensuring that growth is inclusive and job-rich, benefiting all segments of our societies."
Japanese Prime Minister Shinzo Abe appealed to his fellow leaders to act to avert another global crisis, comparing the current global economic situation to conditions just before the 2008 financial crisis.
5. -- A jury handed Alphabet's (GOOGL) - Get Report Google unit a victory late Thursday in a patent suit brought by Oracle (ORCL) - Get Report , but Larry Ellison's software company vowed Thursday that the fight isn't over.
"We strongly believe that Google developed Android by illegally copying core Java technology to rush into the mobile device market," Oracle General Counsel Dorian Daley said in a prepared statement.
"We believe there are numerous grounds for appeal and we plan to bring this case back to the Federal Circuit on appeal," Daley added.
Google said the verdict has wide-reaching benefits for the mobile technology community and clarifies the rules regarding application programming interfaces, or APIs, which allow applications to interact.
"Today's verdict that Android makes fair use of Java APIs represents a win for the Android ecosystem, for the Java programming community, and for software developers who rely on open and free programming languages to build innovative consumer products," a spokesperson said.
The Laval, Quebec target, which on May 19 said it had received notice of default from bondholders, was the recipient of an indicative approach that didn't include a firm price, TheWall Street Journal reported.
The newspaper reported that the co-bidders swooped in the wake of an accounting scandal at Valeant "a month or two ago," before former Perrigo PRGO boss Joseph Papa was installed as CEO.
People familiar with the situation said there are no current talks, the Journal reported.
7. -- China's Zoomlion, a heavy equipment maker, abandoned its takeover bid for U.S. crane maker Terex (TEX) - Get Report , four months after gatecrashing a merger deal with Konecranes that also ultimately collapsed.
Zoomlion, which made its unsolicited offer at the start of the year, said in a filing Friday to the Hong Kong stock exchange that "no agreement can be made on the crucial terms" so it decided to terminate its offer.
Zoomlion's retreat comes after Terex and Konecranes on May 16 scrapped their $2.2 billion merger agreement following the latest clampdown on inversions.
Instead Terex and its former Finnish partner agreed on an asset sale that left the door open for Zoomlion to continue talks with Terex with a view to making a full or partial bid by May 31.
Konecranes can now press ahead with the $1.3 billion cash-and-stock purchase of Terex's material handling and port solutions business. That transaction will give Terex a 25% stake in the Finnish company.
8. -- Palo Alto Networks (PANW) - Get Report said Thursday it expects growth to slow in its fiscal fourth quarter after posting record billings in the third fiscal quarter as companies continue to fret about online security.
Palo Alto, the cybersecurity specialist, said it expects earnings per share in the current quarter of between 48 cents and 50 cents, up from 28 cents a year earlier. The company expects revenue in the quarter ending July 31 of between $386 million and $390 million, growth of between 36% and 37%.
Analysts had forecast EPS of 50 cents and revenue of $389 million.
"We have anticipated for some time that seasonality would evolve in the business and this is becoming increasingly evident in our Q1 and Q3 sequential results. Given the current size and scale of our business we would expect this," Chief Financial Officer Steffan Tomlinson said during the company's earnings call.
9. -- LendingClub (LC) - Get Report is in talks with Citigroup (C) - Get Report about the New York bank buying or providing financing for future loans made by the online platform, people familiar with the discussions told the Journal.
The talks show one way that LendingClub is seeking to reassure its existing investors while finding new commitments from them to buy loans following the forced resignation of its chief executive, Renaud Laplanche, the Journal noted. The resignation came after LendingClub's board discovered that employees had falsified data on some loans sold to an investment bank, Jefferies.
"We are productively engaged with LendingClub on a number of fronts," a spokeswoman for Citigroup told the Journal.