2. -- The economic calendar in the U.S. Wednesday includes crude inventories for the week ended June 8 at 10:30 a.m. EDT, and Treasury budget data for May at 2 p.m.
3. -- U.S. stocks on Tuesday declined as investor hopes for an expansion of coordinated global stimulus measures ebbed after the Bank of Japan elected not to implement more government bond purchases. Adding to the uncertainty was sustained ambiguity as to when the Federal Reserve might scale back its easing efforts. The S&P 500 declined 1.02% to close at 1,626.13 while the Dow Jones Industrial Average lost 0.76% to 15,122.02. The Nasdaq fell 1.06% to 3,436.95.
4. -- Vodafone ( VOD), the U.K. mobile company, confirmed Wednesday it has offered to buy Germany's biggest cable television company, Kabel Deutschland. Vodafone has pursued a possible bid of €10 billion ($13.3 billion) for Kabel Deutschland since earlier this year, and hired Goldman Sachs as an adviser, sources previously told Reuters.
5. -- Institutional Shareholder Services, the proxy advisory firm, recommended that Sprint ( S) shareholders vote for the sweetened offer from Japan's Softbank. Softbank raised its offer for Sprint on Tuesday by $1.5 billion to $21.6 billion. Softbank also significantly increased the cash it will pay to Sprint's current investors.
6. -- An All Nippon Airways Dreamliner had engine trouble before takeoff Wednesday, a day after a Japan Airlines 787 had a problem with its de-icing system. Neither problem was with the lithium-ion batteries that were overheating and resulted in the Boeing ( BA) aircraft being grounded for four months. The 787s returned to commercial service last month.
7. -- The American Civil Liberties Union sued the federal government Tuesday in New York, asking a court to demand that the Obama administration end the sweeping surveillance programs by U.S. spy agencies and purge the phone records it has collected. The ACLU is claiming standing as a customer of Verizon ( VZ), which was named last week as the phone company the government had ordered to turn over daily records of calls made by all its customers.
8. -- PVH ( PVH), the clothing maker, is expected by analysts on Wednesday to post first-quarter earnings of $1.35 a share on revenue of $1.91 billion.
9. -- Tax preparer H&R Block ( HRB) is forecast to report fiscal fourth-quarter earnings of $2.61 a share on revenue of $2.28 billion.
10. -- The San Antonio Spurs topped the Miami Heat 113-77 on Tuesday to take 2-1 lead in the NBA Finals.
-- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.