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 Here is what you need to know. Italy just sold $6.5 billion of debt — and it shows how little faith the markets have in the country. While it succeeded in selling its debt, Italy was forced to pay a major premium in yields. The euro is bouncing back. The single currency trades up 0.4% at 1.1593 versus the US dollar after touching an 11-month low on Tuesday. Ad guru Martin Sorrell is back. The former WPP boss — forced out amid an investigation into allegations of improper behavior and misuse of assets, which he denied — has formed a new investment vehicle, S4 Capital. The annual bidding for lunch with Warren Buffett is open. Bidding, which continues through 10:30 p.m. ET on Friday, reached $1.55 million Wednesday morning. Microsoft surpasses Alphabet's market cap for the first time in 3 years. Microsoft on Tuesday became the world's third-most-valuable company as its market cap ended the day at $753 billion, passing Alphabet's $739 billion. The owner of MoviePass pops after Citadel Securities discloses a stake. The MoviePass owner Helios and Matheson spiked more than 15% Tuesday after the market maker Citadel Securities disclosed a 5.4% stake in the company. Salesforce blows past targets. The cloud-computing giant beat on both the top and bottom lines and said it expected to earn an adjusted $2.29 to $2.31 a share for its 2019 fiscal year on revenue of $13.08 billion to $13.13 billion, well ahead of the $2.13 and $12.75 billion that analysts were expecting. Stock markets around the world are mixed. Japan's Nikkei (-1.52%) trailed in Asia, and Germany's DAX (+0.29%) leads in Europe. The S&P 500 is set to open up 0.57% near 2,705. Earnings reports keep coming. Dick's Sporting Goods and Michael Kors will report ahead of the opening bell. US economic data flows. ADP employment change will be released at 8:15 a.m. ET before GDP — Second Estimate crosses the wires at 8:30 a.m. ET. The US 10-year yield is up 8 basis points at 2.86%. | 
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