Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Wednesday, May 29:

1. -- U.S. stock futures were slipping Wednesday as the Organization for Economic Cooperation and Development issued a pessimistic economic forecast for the eurozone and China but was more upbeat about the U.S., as investors braced for a tapering of Federal Reserve stimulus amid signs of domestic improvements.

2. -- The economic calendar in the U.S. Wednesday is light.

3. -- U.S. stocks on Tuesday rose, bouncing back after last week's first weekly decline in five following a report that reaffirmed improvements in U.S. home values and data that showed better-than-expected consumer confidence in the economic recovery.

The S&P 500 gained 0.63% to 1,660.06.

4. -- Apple ( AAPL) CEO Tim Cook told a conference Tuesday that the iPod and iPhone maker was "incredibly interested" in wearable computers.

"It's an area where it's ripe for exploration. It could be a profound area," Cook said at a conference sponsored by the All Things Digital technology blog.

"It's ripe for us all getting excited about. I think there will be tons of companies playing in this," Cook said.

Rumors have circulated this year that Apple is developing and testing a "smart watch" type of device which will run on Apple's iOS software. Cook didn't say at the conference whether Apple was working on any wearable products.

5. -- Sprint ( S) and Japan's Softbank reached an agreement in principle with the U.S. government on a plan designed to protect national security as the two companies seek to close their $20 billion takeover deal, The Wall Street Journal reported, citing people familiar with the matter.

6. -- Nike ( NKE) said it will stop making its Livestrong line of apparel after the 2013 holiday season, in the latest fallout from the doping scandal of former cyclist Lance Armstrong.

7. -- Scott London, a former partner at accounting firm KPMG, agreed to plead guilty Tuesday to a securities fraud charge that carries a maximum 20-year prison term.

He's scheduled to appear in court Friday.

8. -- The Organization for Economic Cooperation and Development said Wednesday that protracted economic weakness in Europe "could evolve into stagnation with negative implications for the global economy."

The OECD again slashed its forecast for the 17 European Union countries that use the euro, saying it will shrink by 0.6% this year, after a 0.5% drop in 2012.

The U.S. economy will continue to outpace Europe, the OECD said, with growth of 1.9% in 2013 and 2.8% in 2014.

9. -- Smithfield Foods ( SFD) is close to a deal to be bought for $4.5 billion to $5 billion by Chinese meat producer Shuanghui Group, the Journal reported.

The sale of Smithfield Foods could be announced as soon as Wednesday morning.

10. -- Michael Kors ( KORS) is forecast to report fiscal fourth-quarter earnings of 39 cents a share.

-- Written by Joseph Woelfel

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