NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Nov. 12:
1. -- U.S. stock futures were slipping early Wednesday and European stocks declined amid a string of disappointing earnings.
Asian shares ended mostly higher. Chinese stocks rose after Hong Kong scrapped a daily limit on how much yuan residents can buy as the countries prepare for the start of cross-border share trading next week. The Nikkei 225 in Japan touched a seven-year high.
2. -- The economic calendar in the U.S. on Wednesday includes wholesale inventories for September at 10 a.m. EST.
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3. -- U.S. stocks on Tuesday rose in light Veterans Day volume as the Dow Jones Industrial Average and S&P 500 climbed to new record highs.
The Dow closed up just 0.01%, enough for a record close at 17,615.57. The S&P 500 added 0.07% for an all-time high of 2,039.69. The Nasdaq added 0.19% to close at 4,660.55, its highest level since the dotcom bubble of March 2000.
4. -- At least two top-10 Yahoo! (YHOO) shareholders are so unhappy with CEO Marissa Mayer's turnaround efforts that they are making a direct plea to AOL (AOL) CEO Tim Armstrong to explore a merger and run the combined company, Reuters reported.
Their move follows an activist campaign by hedge fund Starboard Value, which is pushing Yahoo! to consider a deal with AOL and unlock the value in Yahoo!'s Asian Web companies, Reuters noted.
Armstrong has been receptive to these Yahoo! shareholders and acknowledged the potential benefits of a deal, the Yahoo! investors said. He has, however, downplayed the possibility of a transaction, according to the investors and two sources close to AOL. There are no talks between the two companies and Armstrong has indicated he would only consider a friendly deal, the investors told Reuters.
Separately, Yahoo! said Tuesday it was buying digital video advertising service BrightRoll for $640 million in a bid to turn around Yahoo!'s declining display advertising business.
5. -- U.S., British and Swiss regulators fined five global banks $3.4 billion for attempting to manipulate foreign exchange markets -- the latest penalties for an industry previously criticized for rigging interest rates and for their role in triggering the global financial crisis.
The U.S. Commodity Futures Trading Commission, the U.K. Financial Conduct Authority and the Swiss Financial Market Supervisory Authority said Wednesday that Citibank (C) , JPMorgan Chase (JPM) , Royal Bank of Scotland (RBS) , HSBC (HSBC) and UBS (UBS) agreed to settlements totaling almost $3.4 billion. The FCA said it is continuing to investigate Barclays (BCS) .
6. -- Wall Street expects J.C. Penney (JCP) to report on Wednesday a third-quarter loss of 80 cents a share on sales of $2.81 billion.
7. -- Walmart (WMT) is abandoning the one-day-only "Black Friday" sales model used to jump-start the annual holiday-shopping season, The Wall Street Journal reported.
The world's biggest retailer instead will offer its best deals on gifts over a five-day period beginning in the last week of November into early December. Walmart also will have some of its deepest discounts online, according to the Journal.
"It used to be called Black Friday, then it became Thursday, now it's a week long," Walmart U.S. chief merchant Duncan Mac Naughton told the Journal. "Maybe we should just call it November."
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8. -- Networking equipment maker Cisco Systems (CSCO) is forecast to report fiscal first-quarter earnings on Wednesday of 52 cents a share on sales of $12.16 billion.
9. -- Macy's (M) is expected by analysts to post third-quarter profit of 50 cents a share on sales of $6.34 billion.
10. -- Fossil (FOSL) , the watch and accessories maker, posted third-quarter earnings that topped forecast and said it expects full-year earnings of $7 to $7.30 a share.
-- Written by Joseph Woelfel
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