Here are the five things you need to know before the opening bell rings in New York:
1. Potential market movers — Yahoo, Etsy: Shares in Yahoo (YHOO, Tech30) are posting a modest 3% rebound premarket after they tanked by about 8% late Tuesday. Investors hit the sell button on concerns that the company would be hit by new tax rules when it spins off its stake in Alibaba (BABA, Tech30). But the tech giant has reportedly issued a statement saying it will not be affected by any IRS tax rule changes.
Shares in Etsy (ETSY) are down by roughly 17% premarket after the company reported a big quarterly loss. It was the company’s first earnings report since its IPO.
2. International market movers — Takata, Hanergy, UBS, Burberry: Shares in Japanese auto parts maker Takata (TKTDY) dropped by just over 10% in Tokyo after it was revealed the company will nearly double the size of its recall for faulty airbags. The recall affects 34 million autos, a record for the industry.
Trading in solar equipment manufacturer Hanergy (HNGSF) was suspended in Hong Kong after the stock dropped by 47% in a single day. Investors were running for the doors after finding out that the chairman, who is also the firm’s biggest shareholder, missed the company’s annual meeting.
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