December 3 Premarket Briefing: 10 Things You Should Know

NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Dec. 3:

1. -- U.S. stock futures were pointing to a mixed start for Wall Street on Wednesday after European shares edged lower and oil prices climbed.

Asian stocks finished Wednesday's session mixed. Japan's Nikkei 225 index rose 0.3%.

2. -- The economic calendar in the U.S. on Wednesday includes the ADP National Employment Report for November at 8:15 a.m. EST, The Labor Department's revised third-quarter productivity report at 8:30 a.m., the ISM Services Index for November at 10 a.m., and the Federal Reserve's 'Beige Book" for December at 2 p.m.

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3. -- U.S. stocks on Tuesday rose and the Dow Jones Industrial Average set a new record high as energy shares led gainers despite a drop in oil prices.

The Dow rose 0.58% to close at 17,879.55, the S&P 500 rose 0.64% to 2,066.55, and the Nasdaq composite rose 0.6% to 4,755.81.

4. -- Takata refused to comply with a U.S. government demand for an expanded recall of its air bags that can explode and shoot out shrapnel, and instead passed along the decision to automakers.

The response from the Japanese company sets the stage for a showdown between the National Highway Traffic Safety Administration and Takata when they appear before Congress on Wednesday.

Fourteen million vehicles worldwide so far have been recalled due to the air bag problem, including 8 million in the U.S. Takata has yet to pinpoint a cause, even though the recalls started a decade ago.

The U.S. government wants Takata and automakers to add millions of cars across the U.S. to recalls now limited to areas with high humidity. 

5. -- Wall Street expects Abercrombie & Fitch (ANF)  to report fiscal third-quarter earnings on Wednesday of 41 cents a share on sales of $916 million.

6. -- Aeropostale (ARO) is forecast to report a loss of 45 cents a share in the third quarter on revenue of $444.7 million.

7. -- Sony Pictures Entertainment was still struggling to restore some systems on Tuesday evening as investigators combed for evidence to identify the culprit in a massive cyber attack on the Hollywood studio.

Some employees at the Sony (SNE)  entertainment unit were given new computers to replace ones that had been attacked with the rare data-wiping virus, which had made their machines unable to operate, Reuters reported, citing a person with knowledge of Sony's operations.

In a memo to staff seen by Reuters, studio co-chiefs Michael Lynton and Amy Pascal acknowledged that "a large amount of confidential Sony Pictures Entertainment data has been stolen by the cyber attackers, including personnel information and business documents."

The cyber attack was launched on Nov. 24.

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8. -- Pacific Investment Management Co. said withdrawals from its flagship Total Return Fund (BOND) slowed in November to $9.5 billion, a steep drop from outflows of $27.5 billion in October.

The Pimco fund has seen withdrawals rise since Bill Gross left the fund to oversee a smaller fund at Janus Capital (JNS) .

The Total Return Fund, now led by three managing directors, posted a net gain in November of 1%.

9. -- Guess (GES) is forecast to post third-quarter profit of 18 cents a share on sales of $595.3 million.

10. -- Hershey (HSY) could replace the high-fructose corn syrup in some of its products with sugar.

Will Papa, chief research and development officer at Hershey, told The Associated Press the company uses a mix of sugar and high-fructose corn syrup in its products but that it is "moving more toward sugar."

"We take into account what consumers want. And consumers are telling us between the two, they prefer sugar," Papa said.

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-- Written by Joseph Woelfel

To contact the writer of this article, click here:Joseph Woelfel

Follow @JoeWTheStreet

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