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Morning Briefing: 10 Things You Should Know

Stocks in this article: MSFT NOK VZ VOD CBS TWC JAH MTRX

NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, Sept. 3:

1. -- U.S. stock futures were pointing to gains on Wall Street Tuesday as fears over an imminent U.S.-led attack against Syria faded.

European shares were trading lower. Asian stocks ended Tuesday's session with gains. Japan's Nikkei 225 index rose 3% to close at 13,978.44.


2. -- The economic calendar in the U.S. Tuesday includes the ISM Index for August at 10 a.m. EDT, and construction spending for July at 10 a.m.


3. -- U.S. stocks on Friday declined as traders hesitated to make any major moves amid the session's thin volumes heading into the long Labor Day weekend.

The S&P 500 closed down 3.1% for August, the largest monthly drop since the index fell 6.3% in May 2012.

The S&P 500 lost 0.32% on Friday to close at 1,632.97. The index dropped 1.8% for the week. The Dow Jones Industrial Average dropped 0.21% to close at 14,810.31. The blue-chip index fell 1.3% for the five-day trading period. The Nasdaq fell 0.84% on Friday to close at 3,589.87. The tech-heavy index slid 1.9% for the week.

U.S. stock markets were closed Monday for the Labor Day holiday.


4. -- Microsoft (MSFT) is buying Nokia's (NOK) devices and services business for €5.44 billion ($7.2 billion).

Microsoft will pay €3.79 billion ($5 billion) for the Nokia unit that makes mobile phones, including the line of Lumia smartphones that run Windows Phone software.

Microsoft is also paying €1.65 billion ($2.2 billion) for a 10-year license to use Nokia's patents, with the option to extend it indefinitely.

"We are very excited about the proposal to bring the best mobile device efforts of Microsoft and Nokia together," Microsoft CEO Steve Ballmer said in a memo to employees. "We are receiving incredible talent, technology and (intellectual property)."

Microsoft said it was acquiring Nokia's Asha brand of low to mid-level smartphones and will license the Nokia brand for current Nokia mobile products.


5. -- Verizon Communications (VZ) late Monday confirmed the details of its $130 billion cash-and-stock agreement to buy a 45% stake in Verizon Wireless from U.K. partner Vodafone (VOD).

It's the biggest deal since Vodafone bought Germany's Mannesmann for $238.8 billion in 2000.

New York-based Verizon said it will pay Vodafone $58.9 billion in cash, funded, as expected, with a $61 billion bridge loan from a number of banks including JPMorgan Chase. and Morgan Stanley.

Verizon said it will also issue common stock, currently valued at about $60.2 billion, to be distributed to Vodafone shareholders, as well as $5 billion in loan notes payable to Vodafone. It will also sell its 23.1% minority stake of Vodafone's Italian business, Vodafone Italia, or Vodafone Omnitel NV, to the British company for $3.5 billion. It said it will finance the remaining $2.5 billion through a "combination of other considerations."


6. -- CBS (CBS) and Time Warner Cable (TWC) ended their payment dispute and programming resumed in millions of homes on Monday evening.

The agreement ends a month-long blackout of CBS and CBS-owned channels, including Showtime Networks, CBS Sports Network and the Smithsonian channel, affecting 3 million homes in Dallas, Los Angeles and New York. The blackout began Aug. 2.

The agreement includes retransmission fees that the cable operator pays to CBS per subscriber, which had been a sticking point.

Added pressure was on the two companies to reach an agreement since the start of football season, plus the finals of the U.S Open tennis tournament, are slated for next weekend.


7. -- Jarden (JAH) agreed to buy Yankee Candle, the nation's largest maker of scented candles, for $1.75 billion in cash, The Wall Street Journal reported, citing people familiar with the matter.

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