Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, May 28:

1. -- U.S. stock futures were pointing to a rebound Tuesday after the S&P 500 posted its first weekly decline in five weeks ahead of what's expected to be improved consumer confidence and home price reports and amid a pair of upbeat M&A developments.


2. -- The economic calendar in the U.S. Tuesday includes the S&P/Case-Shiller 20-city home-price index for March at 9 a.m. EDT, and consumer confidence for May at 10 a.m.


3. -- U.S. stocks on Friday closed mixed and posted their first weekly decline in five weeks on concern the Federal Reserve may wind down its stimulus program.

The S&P 500 finished down 0.06% on Friday to 1,649.60, off 1.07% for the week. It was the first weekly decline since the week ended April 19.

The Dow Jones Industrial Average settled up 0.06% on Friday to 15,303.10 and inched down 0.33% for the week. The Nasdaq closed down 0.01% to 3,459.14, off 1.14% for the week.

Stock markets in the U.S. were closed Monday for the Memorial Day holiday.


4. -- Valeant Pharmaceuticals ( VRX), Canada's largest drugmaker, announced it has agreed to acquire eye-care company Bausch & Lomb for $8.7 billion.


5. -- U.K. drugmaker AstraZeneca ( AZN) agreed to buy specialty pharmaceutical company Omthera ( OMTH) for $12.70 a share, or about $323 million, a premium of 88% to Omthera's closing price on Friday of $6.77.


6. -- Tiffany ( TIF), the jeweler, is expected by analysts to report on Tuesday first-quarter earnings of 52 cents a share on sales of $855.1 million.


7. -- Yahoo! has bid from $600 million to $800 million for the premium video site Hulu, according to AllThingsD, which cited numerous sources close to the situation.


8. -- A fire aboard Royal Caribbean's ( RCL) "Grandeur of the Seas," which was carrying about 3,000 passengers, on Monday led to the cancellation of the rest of the voyage.


9. -- United Natural Foods ( UNFI), a distributor of natural and organic foods to retailers in the U.S. and Canada, is forecast to post fiscal third-quarter earnings of 64 cents a share on revenue of $1.56 billion.


10. -- "Fast & Furious 6" debuted at No. 1 over the Memorial Day weekend with receipts of $120 million.

The record-breaking four-day weekend generated estimated receipts of $316 million.


-- Written by Joseph Woelfel

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

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