Nov. 13 Premarket Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Nov. 13:
1.-- U.S. stock futures were pointing to a lower Wall Street open on Wednesday after Asian markets declined on disappointment over the lack of bold reforms to China's growth model.
European stocks were weaker in early trading.
Japan's Nikkei 225 index fell 0.2% on Wednesday while China's Shanghai Composite sank 1.8%.
Leaders of China's Communist Party, following a four-day meeting, failed to announce dramatic changes such as curbing the dominance of state industry, extending property rights to farmers or relaxing the one child birth control policy, The Associated Press reported.
2.-- The economic calendar in the U.S. Wednesday includes export and import prices for October at 8:30 a.m. EST, and the Treasury Budget for October at 2 p.m.
3.-- U.S. stocks on Tuesday slipped amid a slate of lackluster earnings while Dallas Federal Reserve President Richard Fisher warned investors to prepare for a pullback of central bank stimulus.
The S&P 500 dropped 0.2% to close at 1,767.68 while the Dow Jones Industrial Average retreated 0.2% to 15,750.67. The Nasdaq was little changed at 3,919.92.
The US Airways/American deal was stalled after the U.S. Department of Justice opposed it on the grounds a merger would reduce competition, increase airfare prices and create a monopoly in the industry.At the heart of the agreement, the two airlines are required to divest 52 slot pairs at Washington Reagan National Airport and 17 slot pairs at New York LaGuardia Airport.
The merger is expected to be completed next month.
Shares of US Airways closed 3.4% higher on Tuesday to $24.07.
The networking-equipment maker reported year-earlier adjusted earnings of 48 cents a share on revenue of $11.9 billion.
6.-- Starbucks (SBUX) must pay $2.76 billion to settle a dispute with Kraft over coffee distribution, an arbitrator has ruled. The two companies had been fighting for three years after Starbucks fired Kraft as its distributor of packaged coffee to grocery chains. Mondelez International (MDLZ), which spun off Kraft Foods Group (KRFT) in October 2012, will get the award. 7.-- Macy's (M) is forecast to report third-quarter profit on Wednesday of 39 cents a share on sales of $6.19 billion. The retailer, based in Cincinnati, posted year-earlier earnings of 36 cents a share on revenue of $6.08 billion.
8.-- Boeing's (BA) machinists union in Washington state is scheduled to vote Wednesday on an eight-year contract extension from the airplane maker.
Boeing has said it will consider taking work on the planned 777X airliner out of the state unless the International Association of Machinists union approves the new contract. Boeing said last week that approval of the labor deal and a package of state tax incentives were necessary for it to build the jet and its wings in Washington, Reuters reported. 9.-- Royal Dutch Shell (RDS.A) and the Iraqi government are nearing a deal to build an $11-billion petrochemical facility in southern Iraq, according to the government in Baghdad, The Wall Street Journal reported.
10.-- IntercontinentalExchange's (ICE) acquisition of NYSE Euronext (NYX) was completed on Wednesday. IntercontinentalExchange, a futures exchange based in Atlanta, agreed to buy NYSE Euronext in December in a cash-and-stock deal then valued at $8 billion. ICE valued the deal at $10.9 billion based on the Nov. 1 closing price of its shares.
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