Updated from 6:53 a.m. EDT
Here are 10 things you should know for Monday, April 7:
1.-- U.S. stock futures were lower and European and Asian shares fell amid a selloff in technology stocks that started on Wall Street last week.
Japan's Nikkei 225 declined 1.7%.
2.-- The economic calendar in the U.S. on Monday includes Consumer Credit for February at 3 p.m. EDT.
3.-- U.S. stocks on Friday closed lower Friday and technology stocks tumbled as investors took profits after a week when the S&P 500 hit new records. The monthly U.S. jobs report showed signs that the labor market was beginning to shake off the effects of the winter chill. The Dow Jones Industrial Average fell 0.94% to close at 16,417.59, while the S&P 500 shed 1.25% to 1,865.09. The Nasdaq declined 2.6% to finish at 4,127.73.4. -- India's Sun Pharmaceutical Industries agreed to buy generic drugmaker Ranbaxy Laboratories in a $4 billion deal, creating India's biggest pharmaceutical firm, with annual revenue estimated at $4.2 billion. Ranbaxy is the leading drugmaker in India's $26 billion generic pharmaceutical industry, but it has faced penalties from U.S. regulators for years. The U.S. has banned imports of drugs from two of its factories because of concerns about quality control. 5. -- BlackRock (BLK) is reorganizing its senior management ranks as the world's largest money manager works toward an eventual succession plan for Larry Fink, its CEO and co-founder. BlackRock, which manages $4.3 trillion in assets, is shifting at least 10 senior executives into new or expanded roles, Reuters reported, citing an internal memo the news agency saw. Fink and BlackRock President Rob Kapito will maintain their current roles. Among those moving into new roles are Rob Goldstein, a 20-year BlackRock veteran, who will be taking on the role of chief operating officer from Charlie Hallac, a longtime veteran of the company who has been battling colon cancer and will be stepping out of his role to become co-president of BlackRock. They will assume their new roles June 1, Reuters reported.
BlackRock shares fell 12 cents in premarket trading on Monday. 6. -- Two of the world's largest suppliers of building materials, Swiss-based Holcim and its French counterpart, Lafarge, announced plans on Monday for a "merger of equals."
The combination would create an industry giant with 32 billion euros ($44 billion) in annual revenue. The new company would be named LafargeHolcim and be headquartered in Switzerland. The two companies are global leaders in the supply of cement, crushed stone, sand and gravel. 7. -- Yahoo! (YHOO) is raising its ambitions in online video, with plans to acquire the kind of original programming that typically winds up on high-end cable-TV networks and streaming services like Netflix (NFLX), The Wall Street Journal reported, citing people briefed on the company's plans.
Yahoo! fell 0.5% in premarket trading to $34.09. 8. -- Square, the mobile payments company, secured a new revolving credit facility as the burgeoning startup seeks more permanent capital to grow, CNBC reported. Goldman Sachs led the deal, which was signed over the weekend, and Morgan Stanley, JPMorgan Chase, Barclays and Silicon Valley Bank also participated, people familiar with the situation told CNBC.
10. -- Zep (ZEP) is forecast by Wall Street on Monday to report fiscal second-quarter earnings of 8 cents a share. -- Written by Joseph Woelfel
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