May 23 Premarket Briefing: 10 Things You Should Know

Updated from 6:47 a.m. EDT

Here are 10 things you should know for Friday, May 23:

1. 
-- U.S. stock futures were rising slightly Friday while European stocks were mixed after a closely watched gauge of German business sentiment fell short of expectations, feeding hopes that the eurozone will receive monetary stimulus.

Asian shares ended the session mostly higher. Japan's Nikkei 225 index rose 0.9%.

2. 
-- The economic calendar in the U.S. on Friday includes new home sales for April at 10 a.m. EDT.

3. -- U.S. stocks on Thursday closed higher after the release of better manufacturing data and a rise in existing home sales, which offset higher jobless claims.

The Dow Jones Industrial Average rose 0.6% to 16,543.08, while the S&P 500 added 0.24% to finish at 1,892.49. The Nasdaq climbed 0.55% to 4,154.34.

4. -- Hewlett-Packard (HPQ) on Thursday boosted the size of job cuts at the printer and computer maker, saying it aims to cut another 11,000 to 16,000 jobs by October, bringing the total number of planned layoffs to a maximum of 50,000.

HP's move revised upward a previous target of 34,000 job cuts. In May 2012, eight months after former eBay CEO Meg Whitman took the reins, HP unveiled its initial restructuring plan, which called for a headcount reduction of 27,000.

HP said the reductions would save an extra $1 billion annually by the fiscal year through October 2016 and reap 2-3 cents per share of savings in the year through October 2014.

HP posted fiscal second-quarter earnings in-line with estimates but revenue that fell short of Wall Street forecasts.

HP shares fell 0.3% in premarket trading to $31.69.

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