NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, Sept. 5
1. -- U.S. stock futures pointed lower on Friday ahead of the U.S. jobs report for August.
European and Asian stocks wavered ahead of the jobs data and after Thursday's surprise rate cut from the European Central Bank.
2. -- The economic calendar in the U.S. on Friday includes the nonfarm payrolls report for August at 8:30 a.m. EDT.
The U.S. government is expected to report on Friday that nonfarm payrolls increased by 225,000 last month after rising by 209,000 in July, according to a Reuters survey. The unemployment rate is expected to fall to 6.1% from 6.2% in July.
3. -- U.S. stocks on Thursday finished lower. After a big climb, the markets needed to take a breather.
The major indices touched fresh intraday highs Thursday after the European Central Bank fulfilled market hopes with its version of a quantitative easing program and economic data continued to bolster confidence that the low interest rate environment in the U.S. is here to stay.
The Dow Jones Industrial Average
4. -- Apple (AAPL) plans additional steps to keep hackers out of user accounts, but denied that a lax attitude toward security had allowed intruders to post nude photos of celebrities on the Internet, The Wall Street Journal reported.
In an interview with the Journal, Apple CEO Tim Cook said celebrities' iCloud accounts were compromised when hackers correctly answered security questions to obtain their passwords or when they were victimized by a phishing scam to obtain user IDs and passwords.
He told the newspaper that none of the Apple IDs and passwords leaked from the company's servers.
To make such leaks less likely, Cook said Apple will alert users via email and push notifications when someone tries to change an account password, restore iCloud data to a new device, or when a device logs into an account for the first time, the Journal reported.
5. -- U.S. regulators are proposing to label insurer MetLife (MET) as a potential threat to the financial system, a designation that brings stricter government oversight.
The New York-based company said it "strongly disagrees" with the decision by the Financial Stability Oversight Council on Thursday to propose designating the company as "systemically important." That would mean the company was deemed so big and interconnected that it could cause damage to the financial system if it failed.
If the designation becomes final, MetLife would have to increase its cushion of capital against losses, limit its use of borrowed money and submit to inspections by examiners. The company would come under the supervision of the Federal Reserve.
6. -- Nevada Gov. Brian Sandoval unveiled on Thursday the package of tax breaks and incentives worth as much as $1.3 billion that his economic development team negotiated with Tesla (TSLA) to bring the electric car maker's $5 billion lithium battery factory plant to an industrial park 15 miles east of Sparks, a suburb of Reno, Nev.
Tesla CEO Elon Musk confided Nevada's wasn't the most lucrative among the offers from California, Texas, Arizona and New Mexico.
But "it wasn't just about incentives," he said, citing Nevada's pro-business regulatory climate and his "high confidence" the plant will be ready to open in 2017. "That was truly the most important thing."
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Michael Kors won't receive any proceeds from the offering that was launched Thursday.
Lawrence Stroll and Silas Chou, Sportswear Holdings' representatives on the board, also will step down as directors.
8. -- BP (BP) could be looking at close to $18 billion in additional fines over the nation's worst offshore oil spill after a federal judge ruled Thursday that the company acted with "gross negligence" in the 2010 Gulf of Mexico disaster.
U.S. District Judge Carl Barbier concluded that the U.K. oil giant showed a "conscious disregard of known risks" during the drilling operation and bears most of the responsibility for the blowout that killed 11 rig workers and spewed millions of gallons of oil over three months.
In the next stage of the case, set to begin in January, the judge will decide precisely how much BP must pay.
10. -- Mexican restaurant El Pollo Loco (LOCO) posted fiscal second-quarter earnings of 21 cents a share on revenue of $86.9 million.
Adjusted earnings were 16 cents a share, in line with analysts' estimates.
The stock surged as much as 4.7% to $36.01 in after-hours trading on Thursday.
To contact the writer of this article, click here:Joseph Woelfel