Feb. 12 Premarket Briefing: 10 Things You Should Know

Here are 10 things you should know for Wednesday, Feb. 12:  

1.-- U.S. stock futures were rising Wednesday as investors around the world cheered Federal Reserve Chairwoman Janet Yellen's reassuring stance on monetary policy and better-than-expected data from China.

The stronger trade figures from China also gave a lift to European and Asian stocks. The Chinese government reported faster growth in imports and exports for January.

2.-- The economic calendar in the U.S. on Wednesday includes the Treasury Budget for January at 2 p.m. EST.

3.-- U.S. stocks on Tuesday closed higher for the fourth consecutive session as Federal Reserve Chairwoman Janet Yellen underscored in her testimony before the House Financial Services Committee that the central bank will continue to scale back its economic stimulus program at a guarded pace.

The S&P 500 ended 1.11% higher at 1,819.75. The Dow Jones Industrial Average rose 1.22% to 15,994.77 while the Nasdaq added 1.03% to finish at 4,191.04.

4.-- House Republicans backed away from a battle over the government's debt limit Tuesday and permitted President Obama's Democratic allies to drive quick passage of a measure extending Treasury's borrowing authority without any concessions from the White House.

The 221-201 vote on Tuesday came hours after Speaker John Boehner announced that his fractured GOP party would relent. Just 28 Republicans voted for the measure, including Boehner and his top lieutenants. However, 193 Democrats voted for the bill. 

Senate Democrats hoped to vote on the legislation as early as Wednesday and send it to Obama for his signature, according to The Associated Press.

5.-- Network equipment maker Cisco (CSCO) is expected by analysts to report on Wednesday fiscal second-quarter earnings of 46 cents a share on revenue of $11.03 billion.

6.-- Ford (F) said the automaker and its Chinese joint ventures sold 94,466 vehicles in China in January, an increase of 53% from a year earlier. 

Ford's sales in China jumped 35% in December and 47% in November, Reuters reported.

7.-- Zillow (Z), the real estate Web site, is forecast to report fourth-quarter earnings on Wednesday of 7 cents a share.

8.-- Whole Foods Market (WFM) is expected by Wall Street on Wednesday to report fiscal first-quarter earnings of 44 cents a share on revenue of $4.29 billion.

9.-- Procter & Gamble ( PG), the world's largest consumer product maker, cut its earnings outlook for the year, saying that currency rate changes in Venezuela, Argentina and other developing countries were hurting its profitability.

P&G said Tuesday it expects earnings will grow 3% to 5%, excluding one-time items, below its prior forecast of 5% to 7%. It still expects revenue to rise 3% to 4% when stripping out the effect of acquisitions and foreign exchange rates.

10.-- Sony (SNE) has entered negotiations with Apple (AAPL) to double its supply of camera components for a new iPhone slated to roll out as early as next year, according to a report Wednesday in the Nikkei Asian Review.

-- Written by Joseph Woelfel

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