Updated from 5:57 a.m. ET

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Here are five things you must know for Friday, July 14:

1. -- U.S. stock futures pointed to a flat to slightly lower start for Wall Street on Friday, July 13, as earnings season kicks off with reports from some U.S. banking giants, and the U.S. government releases data on consumer inflation and retail sales.

European shares traded mixed while Asian stocks finished Friday's session mostly higher.

The Dow Jones Industrial Average posted a record close on Thursday, July 13, for the second day in a row as the retail sector rallied on higher hopes for the second quarter. The Dow rose 0.10%, enough to clinch a new record of 21,553. The S&P 500 added 0.19%, and the Nasdaq rose 0.21%.

For Friday, the economic calendar in the U.S. includes the Consumer Price Index for June at 8:30 a.m. ET, Retail Sales for June at 8:30 a.m., Industrial Production for June at 9:15 a.m., Business Inventories for May at 10 a.m., Consumer Sentiment for July at 10 a.m. and the weekly Baker Hughes Rig Count at 1 p.m.

2. -- JPMorgan Chase & Co. (JPM) - Get Report reported second-quarter profit of $1.82 a share, topping analysts' forecasts of $1.59.

The stock was rising slightl in premarket trading on Friday.

Earnings are also expected Friday from Citigroup Inc. (C) - Get Report , PNC Financial Services Group Inc. (PNC) - Get Report and Wells Fargo & Co. (WFC) - Get Report .

Citigroup and Wells Fargo are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells C or WFC? Learn more now.

3. -- AT&T Inc. (T) - Get Report CEO Randall Stephenson will have a redefined role following the telecommunication giant's $85.4 billion acquisition of Time Warner Inc. (TWX) , Bloomberg reported.

Stephenson, CEO for 10 years, will drop that title and become executive chairman, overseeing a pair of CEOs who will independently manage the company's telecommunications and media businesses, Bloomberg reported, citing people familiar with the matter. While Stephenson won't be CEO anymore he will still be the top executive of the company.

John Stankey, who now leads DirecTV and other entertainment businesses, will be CEO of the media division, including Time Warner, the people told Bloomberg. DirecTV will become part of a unit that includes AT&T's traditional phone businesses, which will be run by John Donovan, who will be promoted tp CEO from strategy chief, the people said.

Meanwhile, seven consumer advocacy groups, including Consumers Union and Consumer Federation of America, wrote to Attorney General Jeff Sessions on Thursday to ask him to consider blocking AT&T's planned purchase of Time Warner on the grounds that it will lead to higher prices and slow innovation in showing video online, Reuters reported.

4. -- Arconic Inc. (ARNC) - Get Report was sued Thursday, accused by a shareholder of defrauding investors over its supply of cladding panels that contributed to the fire last month at Grenfell Tower in London.

At least 80 people died June 14 from the fire at the London high-rise.

In a proposed class-action complaint, Michael Brave is seeking to recoup "significant" shareholder losses stemming from Arconic's failure prior to fire to properly disclose its use of "highly flammable" Reynobond PE panels, Reuters reported.

The lawsuit was filed in the federal court in Manhattan, where Arconic is based.

Arconic declined to comment for Reuters on the lawsuit, which also names former CEO Klaus Kleinfeld and current Chief Financial Officer Kenneth Giacobbe as defendants.

5. -- FanDuel Ltd. and Draft Kings Inc., which control about 90% of the U.S. market for paid fantasy sports leagues, called off their merger after the Federal Trade Commission pledged to block the combination.

In a joint statement, Fanduel CEO Nigel Eccles and DraftKinds CEO Jason Robins said the government's opposition to the proposed transaction had forced the two companies to withdraw their offers.

"We are disappointed by this decision and continue to believe that a merger is in the best interests of our players, our companies, our employees and the fantasy sports industry," read a statement from the companies. "We are considering all our options at this time."

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