Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Friday, May 17:

1. -- U.S. stock futures were rising Friday, signaling a fourth week of gains for the S&P 500 ahead of the University of Michigan Consumer Sentiment report and the Conference Board's Index of Leading Indicators.

2. -- The economic calendar in the U.S. Friday includes the University of Michigan sentiment index for May at 9:55 a.m. EDT, and the leading indicators for April at 10 a.m.

3. -- U.S. stocks on Thursday fell after disappointing housing, jobs and manufacturing reports heightened concerns that the historic market gains this year have occurred despite questions about the strength of the U.S. economic recovery.

The S&P 500 declined 0.5% to 1,650.47.

4. -- Dell ( DELL) posted earnings on Thursday that came in below analysts' forecasts but the PC maker's revenue topped estimates.

Dell's Enterprise Solutions group booked a solid increase in revenue during the quarter, while hardware sales were giving both sides of the Dell takeover battle an edge.

5. -- J.C. Penney ( JCP) on Thursday posted a first-quarter loss of $348 million, or $1.58 a share.

The adjusted loss for the quarter totaled $289 million, or $1.31 a share, which includes charges related to the retailer's restructuring and management transition.

6. -- One of T. Rowe Price's largest equity funds said it will vote against a shareholder proposal to split the chairman and CEO roles at JPMorgan Chase ( JPM) .

Brian Rogers, portfolio manager of the T. Rowe Price Equity Income Fund, said in an emailed statement to The Wall Street Journal: "I fully support the combined Chairman and CEO role at J.P. Morgan under the superb leadership of Jamie Dimon."

7. -- Yahoo! ( YHOO) is holding serious talks with Tumblr about a strategic alliance and investment in or an outright buy of the New York-based blogging service, AllThingsD reported, citing sources close to the situation.

8. -- Saturday marks the one-year anniversary of Facebook's ( FB) initial public offering. Its IPO price last May was $38; the stock closed Thursday at $26.13, down 31% from the IPO price.

9. -- Videogame hardware, software and accessory sales in U.S. retail stores fell to $495.2 million in April, a 25% drop from a year earlier, according to research company NPG Group.

10. -- The Powerball jackpot for Saturday's drawing climbed to $550 million, thanks to a nationwide surge in sales.

-- Written by Joseph Woelfel

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