Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Friday, Sept. 13:

1. -- U.S. stock futures were trading flat Friday ahead of a U.S. retail sales report.

European stocks were falling early Friday while Asian shares ended the session mostly lower. Hong Kong's Hang Seng index fell 0.2% but Japan's Nikkei 225 index bucked the trend and posted a 0.1% gain.

2. -- The economic calendar in the U.S. Friday includes retail sales for August at 8:30 a.m. EDT, the Producer Price Index for August at 8:30 a.m., the University of Michigan Sentiment Index for September at 9:55 a.m., and business inventories for July at 10 a.m.

3. -- U.S. stocks on Thursday slipped after a weekly jobless claim report was seen as sufficient enough to prompt the Federal Reserve to curb the bond-buying stimulus measures that have fueled the best year in equities since 1997.

The S&P 500 lost 0.3% to 1,683.42 while the Dow Jones Industrial Average fell 0.2% to 15,300.64. The Nasdaq dropped 0.2% to 3,715.97.

4. -- Twitter, the popular micro-blogging site, plans to file for an initial public offering of its stock. Twitter took to its own network to make the announcement.

"We've confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale," Twitter said at about 5 p.m. EDT on Thursday.

Unlike a traditional filing disclosed to public investors, companies like Twitter with revenue less than $1 billion in their most recent fiscal year can submit S-1 IPO filings confidentially with the Securities and Exchange Commission under the Jumpstart Our Business Startups, or JOBS Act.

While details of the listing remain unclear, Twitter's pending IPO will likely be the most watched listing since Facebook's ( FB) blockbuster May 2012 share sale.

eMarketer projected in March that Twitter will earn $582.8 million in global ad revenue in 2013 before nearing $1 billion next year, with the majority of the company's growth coming from mobile users.

TheDeal's Jon Marino reported in August that a shareholder pegged Twitter's market capitalization at about $12 billion. That source suggested Twitter's valuation would rise, but not past $15 billion, by the time it listed on public markets.

5. -- President Barack Obama will name former U.S. Treasury Secretary Lawrence Summers as the next chairman of the Federal Reserve, Japan's Nikkei newspaper reported, citing unnamed sources.

The newspaper said Obama could make the announcement as early as late next week.

Summers would succeed Ben Bernanke, whose term expires in January. Summers and Fed Vice Chair Janet Yellen have been considered as the front-runners to be the next central bank chief.

6. -- JPMorgan Chase ( JPM) plans to spend an additional $4 billion and commit 5,000 extra employees this year to clean up its risk and compliance problems, The Wall Street Journal reported, citing people close to the bank.

As part of a company-wide effort, the bank is spending an additional $1.5 billion on managing risk and complying with regulations, including a 30% increase in risk-control staffing, the people told the Journal. In addition, the bank expects to add $2.5 billion to its litigation reserves in the second half of the year, the people said.

7. -- Vodafone ( VOD) said Friday it is poised to seal the €7.7 billion ($10.23 billion) takeover of Kabel Deutschland, after it won the backing of the German cable operator's shareholders.

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