Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Wednesday, May 15:

1. -- U.S. stock futures were pointing to a flat open Wednesday, easing off fresh highs from the prior session as the market awaited a heavy slate of economic reports.

2. -- The economic calendar in the U.S. Wednesday includes the Producer Price Index for April at 8:30 a.m. EDT, the Empire State Manufacturing survey for May at 8:30 a.m., industrial production and capacity utilization for April at 9:15 a.m., and the NAHB Housing Market Index for May at 10 a.m.

3. -- U.S. stocks on Tuesday rose as hedge fund manager David Tepper's bullish comments about stocks offset worries about the Federal Reserve's scaling back on monetary stimulus.

The S&P 500 gained 1% to 1,650.34.

4. -- Shareholder support for a resolution that would recommend splitting the CEO and chairman jobs held by Jamie Dimon at JPMorgan Chase ( JPM) is running slightly ahead of the 40% it received last year, The Wall Street Journal reported, citing a person familiar with the situation.

If the current count holds through the banks annual shareholder meeting next Tuesday, Dimon would win the vote even though support for the proposal would be the highest in at least eight years, the Journal noted.

5. -- Boeing ( BA) restarted deliveries Tuesday of its 787 Dreamliner, after the planes were grounded for four months while the company fixed problems with the plane's batteries.

6. -- Cisco Systems ( CSCO) is expected by Wall Street on Wednesday to report fiscal third-quarter earnings of 49 cents a share on revenue of $12.18 billion, which would represent sales growth of 5%.

7. -- BlackBerry ( BBRY) shares fell almost 4% on Tuesday to $15.25 after the smartphone maker unveiled a new operating system and a new lower-priced handset at its annual conference for investors and developers in Orlando, Fla.

BlackBerry also said it would offer its BlackBerry Messenger service on iPhones and devices running Google's ( GOOG) Android software.

8. -- Deere ( DE) said Wednesday that second-quarter profit rose 3% to $1.08 billion, or $2.76 a share; analysts were expecting earnings of $2.72 a share.

Revenue rose to $10.91 billion from $10.01 billion a year earlier, topping analysts' views of $9.85 billion.

Deere trimmed its equipment sales forecast for the year.

9. -- Macy's ( M), the retailer, is expected by analysts to post first-quarter earnings of 53 cents a share on sales of $6.39 billion.

10. -- Google's ( GOOG) annual software developers' conference, dubbed "Google I/O," begins Wednesday in San Francisco.

-- Written by Joseph Woelfel

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