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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Monday, Aug. 26:

1. -- U.S. stock futures were pointing to slight losses when Wall Street opens Monday on continued uncertainty over the timing of the Federal Reserve's wind-down of its monetary stimulus program.

European stocks were trading lower; markets in the U.K. were closed. Asian shares rose Monday, except for Japan where the Nikkei 225 index declined 0.2%.


2. -- The economic calendar in the U.S. Monday includes durable-goods orders for July at 8:30 a.m. EDT.


3. -- U.S. stocks on Friday rose and the S&P 500 closed the week in positive territory after shrugging off a brief dip on a weak new-home sales report.

The S&P 500 added 0.39% to close at 1,663.50. The index increased 0.46% for the week. The Dow Jones Industrial Average rose 0.31% to 15,010.51. The blue-chip index slipped 0.47% for the week. The Nasdaq booked a 0.52% gain on Friday to finish at 3,657.79. The tech-heavy index jumped 1.52% for the week, despite having to shut down trading on the exchange for three hours Thursday after a rare technical malfunction.


4. -- Amgen (AMGN - Get Report), the world's largest biotechnology company by sales, reached a deal to buy cancer drugmaker Onyx Pharmaceuticals (ONXX) for about $10.4 billion in cash.

Amgen will acquire Onyx for $125 a share; the deal is expected to be completed at the beginning of the fourth quarter.

Under the deal, Amgen would gain full rights to Kyprolis, a new drug to treat multiple myeloma, according to Reuters. The drug could reach peak sales of more than $2 billion a year, the news agency said, citing analysts.

Onyx rejected an offer from Amgen worth $120 a share in June.


5. -- Microsoft (MSFT - Get Report) shares rose 7.3% on Friday to $34.75 after CEO Steve Ballmer said he would step down after his successor is chosen within the next 12 months.

"There is never a perfect time for this type of transition, but now is the right time," Ballmer said in a statement. "We have embarked on a new strategy with a new organization and we have an amazing Senior Leadership Team." Ballmer added that because of the company's ongoing transition into a device and services company, "we need a CEO who will be here longer term for this new direction."


6. -- New York Attorney General Eric Schneiderman sued Donald Trump for $40 million, saying the real estate mogul helped run a phony "Trump University" that promised to make students rich but instead steered them into expensive and mostly useless seminars, and even failed to deliver promised apprenticeships.

Trump said the lawsuit is false and politically motivated.

Schneiderman said many of the 5,000 students who paid up to $35,000 thought they would at least meet Trump but instead all they got was their picture taken in front of a life-size picture of "The Apprentice" TV star.

"Trump University engaged in deception at every stage of consumers' advancement through costly programs and caused real financial harm," Schneiderman said. "Trump University, with Donald Trump's knowledge and participation, relied on Trump's name recognition and celebrity status to take advantage of consumers who believed in the Trump brand."


7. -- Spain's Telefonica agreed to raise its bid for KPN's German unit E-Plus to a package worth $11.4 billion, and KPN's largest shareholder, America Movil, said it supported the deal.

But America Movil, Mexican billionaire Carlos Slim's group, which said it now owns 29.77% of KPN, reiterated it still plans to go ahead with its proposed €7.2 billion ($9.65 billion) bid in cash for the remaining shares in the Dutch group, Reuters reported.
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