Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Friday, May 24:

1. -- U.S. stock futures were pointing to a lower open Friday and signaling a third day of declines for the S&P 500 as investors awaited a report on durable-goods orders.

Sentiment remained subdued as the market continued to ponder the possibility of a pullback in Federal Reserve stimulus and remained jittery about the state of China's economic strength.


2. -- The economic calendar in the U.S. Friday includes durable-goods orders for April at 8:30 a.m. EDT.


3. -- U.S. stocks on Thursday closed lower after a choppy trading session, as investors worried the Federal Reserve would scale back stimulus and China could be headed for a slowdown.

The S&P 500 closed down 0.29% to 1,650.51.


4. -- Procter & Gamble ( PG) is bringing back A.G. Lafley as CEO of the consumer products giant in an effort to boost slow sales growth.

Lafley will replace CEO Bob McDonald, effective immediately. McDonald, who will retire June 30 after a transition period, has been CEO since 2009.

Lafley, who served as CEO of the company from 2000 to 2009, also was named chairman and president.


5. -- Lois Lerner, the Internal Revenue Service supervisor whose agents targeted conservative groups, was placed on administrative leave from her position as the director for the agency's tax-exempt organizations division as of Thursday, according to lawmakers, The Wall Street Journal reported.


6. -- The Federal Trade Commission is in the early stages of an antitrust probe into whether search giant Google ( GOOG) breaks antitrust law in how it handles some advertising sales, Reuters reported, citing a source.


7. -- Dish Network ( DISH) took a step closer to arranging $9 billion in committed financing for its $25.5 billion bid for Sprint ( S), the Journal reported, citing people familiar with the matter.

Dish received signed commitment letters from five banks , including Barclays Bank and Jefferies & Co., the people told the newspaper. Including about $2.6 billion it raised in bonds last week, Dish ow has raised close to $12 billion for the deal.


8. -- Pandora Media ( P), the online radio service, on Thursday posted first-quarter revenue that topped expectations.

The company's revenue outlook also topped Wall Street estimates as its mobile advertising sales accelerated and the company added more subscribers during the quarter.


9. -- Salesforce.com ( CRM) reported first-quarter results and an outlook on Thursday that either only matched or came in below estimates as its efforts to strengthen its presence in marketing software appears to going more slowly than expected.


10. -- Abercrombie & Fitch ( ANF) posted a first-quarter loss of 9 cents a share as sales fell 9% to $839 million.

Analysts expected the retailer Friday to post a first-quarter loss of 5 cents a share on revenue of $941.3 million.


-- Written by Joseph Woelfel

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

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