NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, Dec. 9:
1. -- U.S. stock futures were lower, European stocks tumbled and China's Shanghai Composite sank 5.4% after a Chinese regulator raised the minimum rating for corporate bonds it would accept in exchange for short-term credit.
Despite the decline, Chinese stocks remain up by 6.6% over the past week amid a rally that has lasted for months.
2. -- The economic calendar in the U.S. on Tuesday includes the Treasury budget for November at 2 p.m. EST.
3. -- U.S. stocks on Monday fell and the S&P 500 closed 0.73% lower, its largest drop in nearly two months, after crude oil prices hit a five-year low. West Texas Intermediate fell 4.2% to just more than $63 a barrel after several investment banks, including Morgan Stanley and Bank of America, cut 2015 forecasts for oil.
The S&P 500 ended at 2,060.31, the Dow Jones Industrial Average declined 0.59% to 17,945.44 and the Nasdaq fell 0.84% to 4,733.40.
4. -- Verizon (VZ) said fourth-quarter earnings would be pressured by promotional offers and discounts it made during the period.
Verizon, the largest U.S. wireless carrier, said "its promotional offers, together with the strong customer volumes this quarter, will put short-term pressure" on EBITDA in its wireless segment and margins.
The company releases earnings on Jan. 22, 2015.
The stock fell 0.8% in premarket trading on Tuesday.
5. -- Federal authorities in New York sued Deutsche Bank (DB) and other financial firms, alleging they dodged more than $100 million in taxes by using shell companies to make tax liabilities disappear nearly 15 years ago.
The lawsuit was filed Monday in Manhattan federal court. It seeks to recover more than $190 million in taxes, penalties and interest.
A Deutsche Bank spokeswoman told The Associated Press that the bank addressed the government's concerns about the transaction in a 2009 agreement with the IRS. She said the government had abandoned its theory the bank was liable. She said it's unclear why the government is pursuing the issue again but Deutsche Bank will defend vigorously against the claims.
Amazon said to start more than 150,000 items from sellers will be part of the "Make an Offer" feature for such things as sports collectibles and fine art. The new feature will expand to hundreds of thousands of items from sellers in 2015, Amazon said in a statement on Tuesday.
Meanwhile, Amazon is practicing one-hour deliveries with bike messengers in New York and pressing regulators to let it test package drop-offs with drones, The Wall Street Journal reported.
7. -- Valeant Pharmaceuticals (VRX) is abandoning its growth-by-acquisitions strategy for the time being to try to reduce debt, boost its stock price and one day return to its traditional deal-making in a stronger position, people familiar with the matter told Reuters.
After spending $19 billion on 40 acquisitions since 2008, the Canadian drugmaker is regrouping after failing last month to acquire Botox maker Allergan (AGN) , the people said.
The new strategy is targeted for the next two to three quarters.
The startup Khan, the former head of Internet banking at Credit Suisse, as its first chief strategy officer, a Snapchat spokeswoman said. Khan will report directly to Spiegel, she said.
10. -- Wall Street expects Krispy Kreme Doughnuts (KKD) to report earnings of 19 cents a share for the quarter ended in October.
-- Written by Joseph Woelfel
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