Updated from 5:59 a.m. EDT
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Here are five things you must know for Thursday, June 1:
1. -- U.S. stock futures suggested Wall Street would open with slight gains on Thursday, rebounding from losses in the previous session.
The S&P 500 fell 0.05% on Wednesday, the Dow Jones Industrial Average fell 0.11%, and the Nasdaq slid 0.08%. But for May overall, each of the indices posted gains. It was the S&P 500's second month of gains in a row and its best month since February. The Nasdaq fared even better, and has risen for seven months in a row. 

"Everybody's always tempted to use the [Alan] Greenspan phrase 'irrational exuberance,' and that's what it is," said Dan North, Euler Hermes North America's chief economist. "Stocks run on emotions, and they're running on optimism and hope for the pro-growth Trump agenda." 

The economic calendar in the U.S. on Thursday includes the ADP National Employment Report for May at 8:15 a.m. EDT, weekly Jobless Claims at 8:30 a.m., the PMI Manufacturing Index for May at 9:45 a.m., the ISM Manufacturing Index for May at 10 a.m., and Construction Spending for April at 10 a.m. 
Dollar General ( DG - Get Report)  reported first-quarter earnings of $1.02 a share, including a charge of 1 cents a share for debt retirement. Analysts expected profit of $1 A SHARE.
Earnings reports are also expected Thursday from  Broadcom  ( AVGO - Get Report) , Ciena  ( CIEN - Get Report) , Express  ( EXPR - Get Report) , Five Below  ( FIVE - Get Report) , Lululemon  ( LULU - Get Report) , VMWare ( VMW - Get Report) and Workday  ( WDAY - Get Report) .
U.S. carmakers, such as Ford ( F - Get Report) and General Motors ( GM - Get Report) , will be releasing sales for May throughout the month.
2. --  PPG Industries  ( PPG - Get Report) walked away from a potential $29 billion takeover bid for chemicals group Akzo Nobel ( AKZOY)  , after failing to convince a Dutch court to force a shareholder vote to oust its chairman.
"We were hopeful throughout this process that Akzo Nobel's boards would see the merits of our compelling proposal to combine our two great companies and create significant shareholder value and a more sustainable business for the future," said CEO Mike McGarry. "We strongly believe a combined company would create more opportunities and provide more benefits for our collective customers, employees, shareholders and society in general." 

Akzo Nobel shares traded in Amsterdam declined 1.1%. 

PPG had sought to have the Enterprise Chamber, a division of the Amsterdam Court of Appeal that handles corporate proceedings, launch an investigation into board mismanagement at Akzo Nobel and force a shareholder vote to oust Chairman Antony Burgmans for failing to engage in talks with PPG despite numerous takeover attempts. The panel rejected that request Tuesday, meaning Pittsburgh-based PPG had until Thursday to make a formal bid for Akzo Nobel or walk away for at least six months.

3. -- Conagra Brands ( CAG - Get Report) approached Pinnacle Foods ( PF) , the maker of packaged foods such as Vlasic pickles, to express interest in an acquisition, people familiar with the matter told Reuters.

Conagra's approached Pinnacle Foods in the last few weeks, the sources told Reuters. There is no certainty that Pinnacle Foods will choose to engage, or that Conagra will pursue a potential deal further, the sources said on Wednesday.

Conagra's interest shows that Pinnacle Foods remains an acquisition target, three years after its $4.3 billion sale to Hillshire Brands was canceled after Hillshire agreed to sell itself to Tyson Foods for $7.7 billion, Reuters noted.

Hillshire was led at the time by Sean Connolly, who is now CEO of Conagra. His second attempt at an acquisition of Pinnacle Foods underscores the need for further consolidation in the frozen food and condiments sectors, as sales continue to decline with consumers opting for healthier choices, Reuters said.

Conagra has a market value of $16.2 billion, while Pinnacle Foods' market value is $7.2 billion.

Pinnacle Foods shares rose 5.2% in premarket trading on Thursday. 

4. -- Hewlett Packard Enterprises (HPE - Get Report) shares fell 1.1% in after-hours trading after the enterprise technology company posted weaker-than-expected earnings in its fiscal second quarter and forecast third-quarter adjusted profit below Wall Street estimates.

The company reported a second-quarter loss of $612 million, or 37 cents a share, a swing from a year-earlier profit of $320 million, or 18 cents. Adjusted earnings in the period were 25 cents a share, 10 cents below forecasts. HPE said it expects adjusted earnings in the third quarter of 24 cents to 28 cents a share; analysts are calling for earnings of 31 cents.
Though the company's second-quarter results reflected issues with its server unit and competitive pricing, CEO Meg Whitman said HPE's massive corporate restructuring will soon produce a leaner and more-focused company.
"I'd say we have largely overcome most of the execution issues," Whitman said of the major changes at HPE. The company split off its enterprise services business and merged it with Computer Sciences Corp. to create DXC Technology in April.
Hewlett Packard Enterprises is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells HPE? Learn more now.
"While we remain confident in the long-term story, mostly as a result of our belief that the parts are worth more than the whole and that the future cash optionality will be substantial, we have purposely kept from growing this position in the short term as we recognize the challenges facing the core business," wrote Cramer and the AAP team.

5. -- Uber, the ride-sharing company, lost more than $700 million in its first quarter, and said its finance head, Gautam Gupta, was leaving the company to join a start-up.

A year earlier, Uber posted a loss of $991 million. Revenue in the quarter rose 18% to $3.4 billion.

The company noted that while it has incurred losses, it still has more than $7 billion in cash. 

"These results demonstrate that our business remains healthy and resilient as we focus on improving our culture, management and relationship with drivers," an Uber spokesman told TheStreet

"The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability," the spokesman added.
CEO Travis Kalanick said Gupta "is a world-class financial talent." 

"Over the last four years," Kalanick said, "he has been indispensable in helping build Uber from an idea into the business it is today. We couldn't have done it without him, and I will miss his energy, focus and infectious enthusiasm. All of us at Uber wish him well in this next challenge."

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