Here are 10 things you should know for Thursday, June 12:
1. -- U.S. stock futures were rising slightly Thursday ahead of a retail sales report while European shares were mostly higher after industrial production in the eurozone in April rose.
Asian stocks finished the session lower.
2. -- The economic calendar in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, retail sales for May at 8:30 a.m., export and import prices for May at 8:30 a.m., and business inventories for April at 10 a.m.
3. -- U.S. stocks on Wednesday fell and the S&P 500 index suffered its biggest daily decline in three weeks after the World Bank slashed its global economic outlook.
The S&P 500 declined 0.35% to 1,943.9, gapping from its record-breaking 1,950-level achieved at the beginning of the week. The Dow Jones Industrial Average lost 0.6% to 16,843.88. The Nasdaq dropped 0.14% to 4331.93.
4. -- Professional golfer Phil Mickelson didn't trade in the shares of Clorox (CLX) just as billionaire investor Carl Icahn was mounting an unsolicited takeover bid for the company in 2011, The New York Times reported, citing four people briefed on the matter.
The Times and other news outlets have been reporting that Clorox was among the stocks that federal authorities were examining as part of a two-year investigation into well-timed trades made by Mickelson and sports gambler William T. Walters. Initially, authorities pursued a theory that Icahn shared private details of his Clorox bid with Walters, who then traded on the information and passed on the tip to Mickelson.
Although Icahn and Walters remain under investigation over Clorox, The Times said the F.B.I. and the Securities and Exchange Commission have found no evidence that Mickelson traded Clorox shares. The overstated scope of the investigation came from information provided to the newspaper by other people briefed on the matter who have since acknowledged making a mistake.
5. -- Amazon.com (AMZN) launched a new streaming music service on Thursday that is part of its $99 Prime subscription service.
"Prime Music" users, under the $99 program, can stream or download more than a million songs without added fees or interruptions from advertisements.
Amazon's head of digital music, Steve Boom, acknowledged the company's music offerings aren't as robust as services from rivals like Spotify, but told Reuters that because the service is free with Prime, it offers more bang per buck than standalone streaming services that can cost $10 a month.
6. -- Twitter (TWTR) is undergoing a major reevaluation of its top management, including a possible shift in the duties of Chief Operating Officer Ali Rowghani, according to a report from Re/code.
Sources familiar with the company said Twitter already has made some moves to shift responsibility from Rowghani, who at one point was considered one of Twitter's most valuable assets, Re/code reported.
For instance, Re/code noted, product vice president Daniel Graf, who was hired in April, does not report to Rowghani, who had been overseeing product since last fall. Now the unit run run by Graf reports directly to CEO Dick Costolo.
7. -- Lululemon Athletica (LULU) posted adjusted fiscal first-quarter earnings of 34 cents a share, topping Wall Street estimates by 2 cents.
First-quarter earnings were $19 million, or 13 cents a share, down from $47.3 million, or 32 cents a share, a year earlier.
The yoga and athletic apparel retailer issued a second-quarter forecast for both revenue and earnings that was below analysts' expectations.
Lululemon announced a $450 million share buyback program.
8. -- Chipmaker Intel (INTC) on Thursday lost its challenge against a record 1.06 billion euros ($1.44 billion) European Union fine handed down five years ago, as Europe's second highest court said regulators didn't act too harshly, Reuters reported.
The European Commission in its 2009 decision said Intel tried to thwart rival Advanced Micro Devices (AMD) by giving rebates to PC makers Dell, Hewlett-Packard, NEC and Lenovo for buying most of their computer chips from Intel. The EU competition authority said Intel also paid German retail chain Media Saturn Holding to stock only computers with its chips, Reuters reported.
9. -- Infosys (INFY), the Indian outsourcing giant, appointed a new chief executive to help revive the company's flagging fortunes.
Vishal Sikka will lead India's second-largest technology outsourcer. The co-founder of the company, Narayana Murthy, stepped down as executive chairman on Thursday after returning to the company last year as part of its overhaul.
10. -- Finisar (FNSR) is expected by Wall Street to post fiscal fourth-quarter earnings on Thursday of 38 cents a share.
A maker of optical components, Finisar continues to be one of the best turnaround candidates on the market with a strong product portfolio and gains in market share.
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-- Written by Joseph Woelfel
To contact the writer of this article, click here:Joseph Woelfel