Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, Feb. 5:

1. -- U.S. stock futures were suggesting Wall Street would open higher Tuesday after equities suffered their worst one-day declines of the year in the previous session.

European stocks were rising slightly. Asian shares ended mostly lower Tuesday. Japan's Nikkei 225 index fell 1.9% to 11,046.92.


2. -- The economic calendar in the U.S. Tuesday includes the Institute for Supply Management's January non-manufacturing index. The report will be issued at 10 a.m. and economists surveyed by Reuters forecast a reading of 55.2 compared with 55.7 in December.


3. -- U.S. stocks slumped on Monday, dragged down by political uncertainties in Europe and disappointing factory orders here at home.

The Dow Jones Industrial Average plunged 102 points, or 0.7%, to 13,908.

The S&P 500 fell 17 points, or 1.2%, to 1,496. The Nasdaq slid 48 points, or 1.5%, to 3,131.


4. -- The U.S. Justice Department sued Standard & Poor's Ratings Services late Monday for improperly giving high ratings to toxic mortgage bonds before the financial crisis.

S&P said in a statement prior to the filing of the lawsuit Monday that it denied any wrongdoing and said the government suit would be "entirely without factual or legal merit."


5. -- BP ( BP), the energy giant, said fourth-quarter earnings fell 79%, largely because of payouts related to the Gulf of Mexico oil spill.

BP said net profit fell to $1.62 billion in the fourth quarter from $7.69 billion a year earlier. BP recorded a charge of $3.85 billion for its settlement of all federal criminal charges with the U.S. government related to the spill.

The fourth-quarter results topped analysts' expectations.


6. -- Yum! Brands ( YUM) said Monday that fourth-quarter profit fell 5% and it warned that it expects earnings for the year to decline amid a controversy over its chicken suppliers in China.


7. -- Entertainment giant Walt Disney ( DIS) is expected by Wall Street analysts Tuesday to report fiscal first-quarter earnings of 76 cents a share on revenue of $11.21 billion.


8. -- Switzerland's biggest bank UBS ( UBS) posted a fourth-quarter loss of 1.9 billion francs ($2.1 billion) in the wake of a series of lawsuits, scandals and restructuring costs.


9. -- Virgin Media, the U.K.'s No. 2 pay-TV company, confirmed Tuesday it has opened takeover talks with John Malone's Liberty Global ( LBTYA).


10. -- Toyota ( TM) said profit for its October-December quarter jumped 23% and the automaker raised its fiscal year profit forecast to 860 billion yen ($9.3 billion), up from its initial expectations of 780 billion yen ($8.5 billion) profit.


-- Written by Joseph Woelfel

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

>To submit a news tip, send an email to: tips@thestreet.com.
Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

If you liked this article you might like

Microsoft's New Xbox One X Shows It's Done Trying to Please Everyone

'The Handmaid's Tale' Emmy Win Is Really Big for Netflix

Stocks Dad Would Have Loved, And Why He Was Right

Disney Gets Bullish Report Aimed at Drowning Out Naysayers

Global Stock Markets Have Lost Their Minds and It's Becoming Pretty Disturbing