May 20 Premarket Briefing: 10 Things You Should Know

Updated from 6:24 a.m. EDT

Here are 10 things you should know for Tuesday, May 20:

1. -- U.S. stock futures were pointing to a lower start for Wall Street on Tuesday as markets around the globe traded mixed.

European stocks moved lower in early trading while Asian shares ended mostly higher. Japan's Nikkei 225 index rose 0.5%.

2. 
-- The economic calendar in the U.S. on Tuesday includes the ICSC-Goldman Store Sales report at 7:45 a.m. EDT, and the Redbook weekly chain-store sales report at 8:55 a.m.

3. -- U.S. stocks on Monday gained Monday as small-cap and tech stocks surged against a backdrop of mixed M&A success. 

The Dow Jones Industrial Average added 0.15% to 16,516.46, while the S&P 500 was up 0.4% to 1,885.45. The Nasdaq jumped 0.88% to 4,126.40.

4. -- Swiss bank Credit Suisse (CS) pleaded guilty to helping wealthy Americans avoid paying taxes through secret offshore accounts and agreed to pay about $2.6 billion to the U.S. government and regulators.

The Justice Department said it was the largest penalty imposed in any criminal tax case. It is also the largest bank to plead guilty in more than 20 years, according to The Associated Press.

Credit Suisse shares rose 1.2% in premarket trading $29.44.

5. -- Microsoft (MSFT) is expected at an event in New York on Tuesday to introduce new Surface and Surface Pro tablets.

Some experts believe the company will unveil a smaller "mini" tablet with a 7- or 8-inch screen, USA Today reported.

"The consensus on (Tuesday's) event seem to be centered on the announcement of a new Surface 'mini' running Windows RT, which seems a likely scenario to me," Charles King, president and principal analyst at Pund-IT, told USA Today. "The fact is that the tablet market has evolved to support both mini (7-8 inch) and maxi (10-inch) sized products, to the point where even Apple, the longest major holdout, finally threw in the towel with the iPad mini."

Microsoft fell 0.3% in premarket trading.

6. -- No. 1 home-improvement retailer Home Depot (HD) reported earnings of $1 a share in the first quarter on sales of $19.7 billion. 

Analysts expected first-quarter earnings of 99 cents a share on revenue of $19.95 billion.

Home Depot raised its full-year guidance to $4.42 a share, matching forecasts.

The stock fell 1% in premarket trading to $75.71.

7. -- GoPro, the maker of durable digital cameras that can be used to capture adventure sports, filed for an initial public offering on Monday with a $100 million placeholder. The company, which reported nearly $1 billion in 2013 revenue, will look to list its shares on Nasdaq under ticker "GPRO."

GoPro's IPO filing comes at a transition period for the camera-maker. Since launching its first HD device in 2009, the company has sold more than 8.5 million HD cameras and 3.8 million in 2013 alone. Now, as sales growth slows, GoPro is seeking to expand into a growing market for video content sharing.

8. -- Big box retailer TJX (TJX) is expected by Wall Street to report earnings of 67 cents a share in the first quarter on sales of $6.6 billion.

9. -- Twitter (TWTR) is considering a deal to acquire SoundCloud, the music and audio-sharing company, Re/code.net reported, citing people familiar with both companies.

Berlin-based SoundCloud is a free service that lets users upload and share audio files around the Web. It has more than 250 million users.

If the deal goes forward, it likely would be Twitter's most expensive acquisition by some margin, according to Re/code. SoundCloud announced a $60 million funding round that valued the company at $700 million earlier this year.

Twitter shares rose 0.4% to $32.20 in premarket trading on Tuesday.

10. -- Burger King (BKW) is scrapping its 40-year-old "Have It Your Way" slogan in favor of the more personal "Be Your Way."

The chain said the new tag line will roll out across its marketing in the U.S., including in a TV ad that began airing Monday night. 

>> Read More: DISH Not Running Out of Dance Partners

>> Read More: An Apple Acquisition That Could Squash Netflix

>>Read More: Hedge Funds Hate These 5 Stocks - Should You?

-- Written by Joseph Woelfel

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

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Follow @josephwoe58

 

Copyright 2014 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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