Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, April 9:

1. -- U.S. stock futures were slightly higher Tuesday in the build-up to the next wave of first-quarter earnings reports.

European stocks were moving higher Tuesday. Asian shares ended the trading session mixed. Japan's Nikkei 225 index slipped slightly to close at 13,192.35.

Markets in Hong Kong and China rose as there were no signs that the virus causing an outbreak of bird flu was being transmitted from human to human.

2. -- The economic calendar in the U.S. Tuesday includes wholesale inventories for February at 10 a.m. EDT.

3. -- U.S. stocks on Monday closed higher on expectations quarterly earnings reports that begin this week will exceed forecasts.

The S&P 500 finished up 0.6% to 1,563.07 after posting the biggest weekly decline of the year last week.

The Dow Jones Industrial Average rose 0.3% to 14,613.48. The Nasdaq rose 0.6% to 3,222.25.

4. -- J.C. Penney ( JCP) CEO Ron Johnson is stepping down and the company announced former CEO Mike Ullman would be taking charge at the struggling retailer.

Ullman had been CEO of J.C. Penney until late 2011.

J.C. Penney has been struggling in recent months to try to turn itself around. It faces decreasing revenue and concerns about plans to stay afloat, given mounting debt.

5. -- Alcoa ( AA), the aluminum producer, came up short on revenue, but beat analysts' expectations in its first-quarter earnings.

Alcoa posted revenue of $5.83 billion, down from $6.01 billion a year earlier. Analysts were looking for revenue of $5.88 billion.

Alcoa said adjusted earnings rose to 11 cents a share from 10 cents a share a year earlier. Analysts were calling for quarterly profit of 8 cents a share.

6. -- Microsoft ( MSFT) will use a processor from Advanced Micro Devices ( AMD) in its next Xbox game console, Bloomberg reported, citing people with knowledge of the matter.

7. -- First Solar ( FSLR) meets with analysts Tuesday, a day after announcing that James Brown, executive vice president for global business development, is leaving the company.

8. -- KPMG said Monday it fired a senior partner in its Los Angeles office after learning he had provided inside information to an unnamed individual "who then used that information in stock trades involving several West Coast companies," The New York Times reported.

KPMG didn't name the partner. It said that as a result of the discovery it had resigned as the auditor of two companies, "after concluding today that the firm's independence has been impacted as a result of this individual's behavior."

9. -- PriceSmart ( PSMT) is forecast by analysts to report fiscal second-quarter earnings on Tuesday of 77 cents a share on revenue of $609.7 million.

10. -- Louisville beat Michigan 82-76 on Monday to win the NCAA men's basketball championship.

-- Written by Joseph Woelfel

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