Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Wednesday, Sept. 11:

1. -- U.S. stock futures were pointing to a mostly flat open for Wall Street on Wednesday.

European shares were trading mixed early Wednesday. Asian stocks finished flat. Japan's Nikkei 225 index gained 0.01% and China's Shanghai Composite Index gained 0.2%.


2. -- The economic calendar in the U.S. Wednesday includes wholesale inventories for July at 10 a.m. EDT.


3. -- U.S. stocks on Tuesday gained as China extended a trend of strong economic data and the possibility of a diplomatic resolution over Syria appeared to outpace the likelihood of a military strike.

The S&P 500 gained 0.73% to close at 1,683.99 while the Dow Jones Industrial Average advanced 0.85% to 15,191.06. The Nasdaq added 0.62% to finish at 3,729.02.


4. -- President Obama, in a national address Tuesday night, said diplomacy suddenly holds ''the potential to remove the threat of chemical weapons'' in Syria without the use of force. But he also vowed the U.S. military will be ready to strike against President Bashar Assad if other measures fail.

Obama said, for now, he has asked congressional leaders to postpone a vote on legislation he has been seeking to authorize the use of military force against Syria.

The president offered reassurances that even the failure of diplomacy -- in promised talks at the U.N. or elsewhere -- would not plunge America into another war.

''I will not put American boots on the ground in Syria,'' he promised in his 16-minute speech. ''I will not pursue an open-ended action like Iraq or Afghanistan. I will not pursue a prolonged air campaign like Libya or Kosovo.''

''This would be a targeted strike to achieve a clear objective: deterring the use of chemical weapons and degrading Assad's capabilities,'' he said.


5. -- Apple ( AAPL) unveiled its latest iPhone hardware on Tuesday, launching its new iPhone 5s and 5c offerings at the company's headquarters in Cupertino, Calif.

Apple's shares had run up in anticipation of the news, but in keeping with the company's recent launches, sold off following the announcement. The tech giant's stock closed down 2.28% on Tuesday to $494.64. The stock was trading lower in premarket trading Wednesday

Described as the "most forward thinking phone ever," by Phil Schiller, Apple's senior vice president of worldwide marketing, the 5s contains a new 64-bit A7 chip and M7 "motion coprocessor" which eases the burden on the A7 for better power efficiency.

The iPhone 5s will be available in the U.S. on Sept. 20. The 16GB model is priced at $199, while the 32GB and 64 GB models are priced at $299 and $399, respectively.

Apple's low-cost iPhone 5c also will be available in the U.S. on Sept. 20. It starts at $99 for a 16 GB model. The 32 GB version is priced at $199.


6. -- Verizon Communications ( VZ) will sell as much as $49 billion worth of bonds to raise funds to buy Vodafone ( VOD) out of their Verizon Wireless joint venture, The Wall Street Journal reported.

The sale by Verizon is expected to dwarf the previous biggest corporate-bond sale, a $17 billion offering in April by Apple, the Journal noted.

Verizon is expected to sell the debt Wednesday, the newspaper reported, citing people familiar with the company's plans.


7. -- Texas Instruments ( TXN) narrowed its earnings and revenue guidance for the third quarter.

The chipmaker said Tuesday it now expects to earn between 51 cents and 55 cents a share in the quarter ending Sept. 30. It previously forecast earnings between 49 cents and 57 cents a share.

The company said it expects third-quarter revenue of $3.15 billion and $3.29 billion; Texas Instruments' previous forecast was for revenue of between $3.09 billion and $3.35 billion.

Analysts forecast third-quarter earnings of 53 cents a share on revenue of $3.23 billion.


8. -- Men's Wearhouse ( MW) is expected by Wall Street to post on Wednesday fiscal second-quarter earnings of $1.14 a share on revenue of $669.55 million.


9. -- American Airlines ( AAMRQ) and US Airways ( LCC), whose proposed merger is being delayed by a Justice Department antitrust complaint that is set to go to trial Nov. 25, on Tuesday told AMR creditors they plan to ask their respective boards to extend the merger termination date beyond its current Dec. 17 expiration, two people familiar with the matter told the Journal.


10. -- Manhattan Borough President Scott Stringer won the Democratic primary for New York City comptroller Tuesday night, ending disgraced ex-Gov. Eliot Spitzer's surprise bid to reclaim his political career.


-- Written by Joseph Woelfel

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

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Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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