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Here are five things you must know for Wednesday, May 10:
 
1. -- U.S. stock futures pointed lower Wednesday, suggesting Wall Street would follow European markets lower after Donald Trump fired James Comey as director of the FBI in a surprise move.

"The president has accepted the recommendation of the attorney general and the deputy attorney general regarding the dismissal of the director of the Federal Bureau of Investigation," White House spokesman Sean Spicer told reporters in a briefing.

The FBI notified Congress earlier Tuesday that during a Capitol Hill hearing last week, Comey had misstated key findings from the agency's probe into former Democratic presidential candidate Hillary Clinton's private email server.
 
Comey had said that "hundreds and thousands" of Clinton's emails from her time as U.S. secretary of state had been forwarded to disgraced former New York Congressman Anthony Weiner from his wife, former Clinton aide Huma Abedin. But the FBI said Tuesday that only a "small number'" actually went to Weiner.
 
Comey's remarks over the past year about the e-mail investigation made him a controversial figure. Clinton said last week ahead of his testimony that comments he made made shortly before the November presidential election partly cost her the White House.
 
Comey was leading an investigation into Russian meddling in the 2016 election and potential ties between Russia and the Trump campaign.
 
"I think it's still another story that's going to slow down Trump's agenda," Greg Valliere, Horizon Investments chief global strategist, told CNBC. "We're going to have a budget fight in the next few months. Nobody has any idea what the Senate is going to do on health care. You have another huge story that's going to gobble up more time. It's a distraction for sure."
 
Gold prices were rising early Wednesday to $1,224.20 an ounce, a gain of 0.67%. Oil prices in the U.S. rose 1.2% to $46.41 a barrel.
 
The economic calendar in the U.S. on Wednesday includes Import and Export Prices for April at 8:30 a.m. EDT, and Oil Inventories for the week ended May 5, at 10:30 a.m.
 
Boston Federal Reserve Bank President Eric Rosengren will serve as the keynote speaker at a joint meeting of the Lake Champlain Regional Chamber and Central Vermont Chamber of Commerce in South Burlington, Vt., at 12:30 p.m., while 
Minneapolis Fed President Neel Kashkari will participate in a discussion about trust and ethical challenges in the financial industry at the Minnesota Business Ethics Awards in Minneapolis at 1:20 p.m.

2. -- Shares of Walt Disney (DIS)  were tumbling 2.1% early Wednesday after posting earnings that topped analysts' forecasts but sales that missed estimates.

Revenue for the quarter ended April 1 was $13.3 billion, missing estimates of $13.45 billion. Profit exceeded estimates largely because of strong results at Disney's parks and resorts. Profit excluding some items rose for the quarter to $1.50 a share, beating the average estimate of $1.41.

Sales and operating income at Disney's cable-TV group, which includes ESPN and the Disney Channel, fell 3%, as ratings slipped and a new multi-year contract priced at more than $600 million began with the National Basketball Association. Advertising at ESPN fell 1% in the quarter.

Disney's parks have become the most stable part of the company's many businesses, and over the next two years CEO Bob Iger said they should account for as much as two-thirds of earnings growth as new resorts open in Tokyo, Paris and Shanghai. The parks and resorts unit group posted a 20% growth in operating income on a 9% jump in sales. 

Disney's film business also posted better-than-expected results.

3. -- Toyota (TM)  posted weaker-than-expected full-year results Wednesday and cautioned that profit in the current fiscal year is likely to fall sharply as the yen strengthens and sales stall.

The Japanese automaker forecast total vehicle sales of around 10.25 million for the current fiscal year, little changed from the year that ended March 31, and net income of 1.5 trillion yen, a figure that falls significantly short of the FactSet consensus of 1.9 trillion yen.
 
Toyota based its projections, in part, on an average exchange rate of 105 yen against the U.S. dollar, a forecast that is 2.77% higher than last year and 12.5% higher than in the fiscal year that ended in 2015.

"I have said that we have entered the implementation phase of sustainable growth by pursuing our three main goals of making ever-better cars and developing people, which we improved during our intentional pause, taking up challenges for the future and reinforcing our management and financial foundation," said Toyota President Akio Toyoda.

4. -- Earnings are expected Wednesday from 21st Century Fox ( FOXA) , Snap ( SNAP) , Mylan ( MYL) , Sotheby's ( BID) , Wendy's ( WEN) , Sodastream ( SODA) and Whole Foods Market ( WFM) .
 
5. --  Abercrombie & Fitch ( ANF)  , the U.S. teen apparel retailer, is working with an investment bank to field takeover interest from other retailers, people familiar with the situation told Reuters.

Abercrombie has hired investment bank Perella Weinberg Partners to handle the takeover approaches, two sources told Reuters. There is no certainty that any deal will occur, the sources added.

Abercrombie and Perella Weinberg declined to comment.

Abercrombie's shares are trading at a 17-year low, as its styles once popular among teenagers have lost their appeal. 

 

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