NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Aug. 13:
1. -- U.S. stock futures were looking sunny this morning, building on a rise in the European markets.
European stocks were bouncing back this morning, ignoring the geopolitical gloom and even the troubling economic climate -- for now, anyway. Germany seemed more interested in first-half results from its biggest utility E.ON (EONGY) than in the eurozone’s slowing inflation rate. Some countries, including France and Spain, have even been showing deflationary tendencies.
2. -- The economic calendar in the U.S. on Wednesday includes the retail sales report at about 8:30 a.m. and data on business inventories at about 10 a.m., both from the Census Bureau.
3. -- U.S. stocks on Tuesday traded slightly down, after a period of consolidation in the afternoon.
4. -- King Digital (KING), maker of the addictive Candy Crush video game, reported weaker second-quarter revenue than analysts expected. Gross bookings fell by $30 million, or 5%. Earnings per share were 59 cents on revenue of $594 million, short of the expected $608 million.
The hand-wringing immediately began over whether the company is merely a flash in the pan. King's Chinese-market rollout and its newer video games like Bubble Witch didn't quiet the alarm much.
King stock cratered by 22.8% in premarket trading to $18.20, despite CEO Riccardo Zacconi's promise of a special $150 million dividend for shareholders and a lockup extension for existing shareholders.
5. -- Ahead of its IPO, Chinese Internet behemoth Alibaba (to trade as BABA) restructured its relationship with payments processor Alipay, reducing Alibaba's risk in financial services but assuring it of receiving hefty fees. Alibaba is estimated to make $9.4 billion from the deal at minimum.
Alibaba is partially owned by Yahoo! (YHOO), whose stock dropped 0.75% in premarket trading to $35.52.