Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Wednesday, June 5:

1. -- U.S. stock futures were pointing to a lower open for Wall Street on Wednesday as investors awaited a report on U.S. labor market conditions and a spate of other economic reports to look for clues into the pace of the U.S. recovery and the Federal Reserve's next move on its stimulus program.


2. -- The economic calendar in the U.S. Wednesday includes the ADP Employment Change index for May at 8:15 a.m. EDT, first-quarter productivity at 8:30 a.m., factory orders for April at 10 a.m. and the ISM Services index for May at 10 a.m.


3. -- U.S. stocks on Tuesday declined on concern the Federal Reserve may cut back its stimulus measures after Kansas City Fed President Esther George warned that current policy may lead to higher inflation and financial instability.

The S&P 500 fell 0.6% to close at 1,631.38.


4. -- The U.S. International Trade Commission ruled Tuesday that certain of Apple's ( AAPL) iPod and iPad devices violated a patent held by rival Samsung.

The victory for Samsung means a ban on imports of Apple's iPhone 4 and a variant of the iPad 2.

Because the devices are assembled in China, the import ban would end Apple's ability to sell them in the U.S., The Associated Press reported.

The ruling from the ITC could be vetoed by President Obama, who has 60 days to invalidate Tuesday's order.

Apple said it would appeal the ruling.


5. -- Amazon.com ( AMZN) is planning a major roll-out of an online grocery business that it has been quietly developing for years, Reuters reported, citing two people familiar with the situation.

One of the people familiar with AmazonFresh's expansion plans told Reuters that new warehouses will have refrigerated areas for food, but also space nearby to store up to 1 million general merchandise products, in some cases.


6. -- Homebuilder Hovnanian ( HOV) is expected by analysts to report on Wednesday a fiscal second-quarter loss of 5 cents a share on revenue of $408.6 million.


7. -- VeriFone Systems ( PAY) is expected by Wall Street to report fiscal second-quarter earnings of 47 cents a share on revenue of $440.3 million.


8. -- Brown-Forman ( BFB), the maker of Jack Daniels whiskey, is forecast to report fiscal fourth-quarter earnings of 46 cents a share on revenue of $861.7 million.


9. -- IBM ( IBM) is buying cloud computing company SoftLayer Technologies, which has 13 data centers in the U.S., Asia and Europe, for an undisclosed amount.


10. -- Toyota ( TM) said it recalling about 242,000 of its Prius and Lexus hybrid vehicles because of problems with their braking systems.


-- Written by Joseph Woelfel

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