Nov 14 - Cisco Systems is in the spotlight after reporting first-quarter results that beat estimates but the tech bellwether expects flat earnings, and Facebook gets set for its biggest lockup expiration yet.
The fiscal -- still lose but so does the stock market weren't looking at some possible movers and shakers let's kick off your morning call for Wednesday. Shares of Cisco up over 8% in premarket after rising nearly 7% in after hours trading. The company reported first quarter results that beat estimates but expects flat earnings and slower revenue growth for the current quarter. CEO John Chambers -- you're getting worse before it gets better. But added they are seeing signs of improvement in the US. Analysts frequently look at Cisco's performance as a gauge for predicting the health of the US economy. Facebook's stock bracing for its biggest lock up expiration today. Roughly 804 million shares will be released adding to the company's existing float at 921. Million shares according to the FCC. Facebook's stocks. -- limited after the last lock up expiration but seeing more bullish activity this week shares up over three and a half percent since Monday's open. FaceBook insiders including chief operating officer Sheryl Sandberg sold off shares at the last expiration. Mark Zuckerberg saying help hold on to hits for at least a year. US stock futures signaling a rebound at the open following Tuesday's selloff. President Obama whining indicting with top CEOs today what's on the menu and then not so tasty fiscal -- The guests include Wal-Mart CEO Michael duke Xerox's Ursula burns and CEOs of Pepsi GE and PNG. On the economic front we've got retail sales data expected to show a decline in October for the first time in three months. Pre storm purchases are expected to have boosted sales of building materials. But not enough to offset the drag from autos. Excluding autos sales are expected to have increased modestly. Kicking it on European markets stocks are down as investors worried about anti austerity strikes across the southern region. The IMF's Christine Lagarde shedding every bit of optimism saying quote there is no -- hide in the global economy. As the slowdown spreads to Asia. Now for stocks to watch starting with staples there's bad news there as the largest US office supply chain swung to a loss. Her lower sales in Europe and Asia. Microsoft CEO Steve -- in the spotlight today as he discusses the company's future and that California. Moderated by Linkedin founder Reid Hoffman. Expect questions about the departure of windows masterminds Stephenson not ski and the ensuing drop in share price. Stay with tech sources say Intel and Qualcomm are in talks to jointly invest about 378. Million dollars. In debt stricken Japanese electronics maker sharp. That's stopped getting a boost today on the Tokyo Stock Exchange it's up over 7%. And stay in Japan auto maker Toyota were calling two point seven million vehicles globally to his steering wheel and water pump problems. Including one and a half million in Japan and what will be the largest -- domestic recall. That's all there Wednesday morning call for more news follow us on Twitter at Reuters Insider and check out our -- YouTube channel at Reuters dot com slash Reuters TV. I'm Lisa Bernhard this is Reuters.