Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, May 21:

1. -- U.S. stock futures were little changed Tuesday, after the S&P 500 eased from its record high during the prior session as investors suspected the Federal Reserve will slow its quantitative easing after officials hinted at the possibility because of a better economic outlook.


2. -- The economic calendar in the U.S. Tuesday is empty.


3. -- U.S. stocks on Monday closed lower on investor concern that the Fed may curb its bond-buying economic stimulus program.

The S&P 500 closed off 0.07% to 1,666.29 while the Dow Jones Industrial Average lost 0.12% to 15,335.51. The Nasdaq slid 0.07% to 3,496.43.


4. -- JPMorgan Chase ( JPM) holds its annual meeting on Tuesday and among the various proxy items subject to a shareholder vote is a proposal to split Jamie Dimon's dual roles as CEO and chairman.

Press reports suggest Dimon could quit if the vote goes against him.


5. -- Home Depot ( HD) posted first-quarter earnings of $1.2 billion, or 83 cents a share, up from $1 billion, or 68 cents a share, in the year-earlier quarter, as sales rose 7.4% to $19.1 billion.

Analysts were calling for the world's biggest home-improvement retailer to post first-quarter earnings of 77 cents a share on revenue of $18.68 billion.

The company lifted its earnings guidance for 2013, saying it sees earnings rising about 17% to $3.52 a share.


6. -- Best Buy ( BBY), the electronics retailer, posted adjusted first-quarter earnings of 29 cents a share on revenue of $9.38 billion.

Wall Street was looking for earnings of 25 cents a share on revenue of $10.66 billion in the first quarter ended April 30.


7. -- Yahoo! ( YHOO) announced Monday the complete upgrade of its popular Flickr photo sharing service, and the leasing of new space for a Yahoo! New York office.

The news followed the Internet giant's announcement earlier in the day that it had reached a deal to buy microblogging site Tumblr for $1.1 billion.


8. -- Urban Outfitters ( URBN), owner of Anthropologie, Free People and its name brand, posted sales on Monday that fell short of analyst expectations.

The retailer said revenue rose 14% for the three months ended April 30 to a record $648.1 million, but than an average forecast of $655.1 million, according to Yahoo! Finance. Profit jumped 39% to $47 million from the same period a year earlier, while earnings per share adjusted for some items totaled 32 cents for the quarter, beating the forecast of 29 cents.


9. -- Apple ( AAPL) employs a group of affiliate companies located outside the U.S. to avoid paying billions of dollars in U.S. income taxes, a Senate investigation has found, The Associated Press reported.

The iPhone maker is holding overseas some $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to the report issued Monday by the Senate Permanent Subcommittee on Investigations.


10. -- A massive tornado cut a swath of destruction across the suburbs of Oklahoma City on Monday, killing at least 91 people, 20 of them children, according to published media reports.


-- Written by Joseph Woelfel

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

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Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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