Updated from 6:40 a.m. EDT:
Here are 10 things you should know for Monday, May 19:
1. -- U.S. stock futures were pointing to a lower start for Wall Street on Monday amid major deals news and after Asian stocks declined.
European stocks fell. China's Shanghai Composite Index fell 1.1% month-on-month gains in housing prices in China slowed to 0.1% in April from March's 0.3%. Tokyo's Nikkei 225 slid 0.6%.
2. -- The economic calendar in the U.S. on Monday is bare.
3. -- U.S. stocks on Friday closed in positive territory, shaking off poor consumer sentiment data as small caps and Internet stocks picked up in the final hour of trading.
The Dow Jones Industrial Average gained 0.27% to close at 16,491.31, while the S&P 500 increased 0.37% to 1,877.86. The Nasdaq rose 0.52% to finished at 4,090.59.
While DirecTV doesn't help the telecom company compete in the online video space immediately, cost savings from the merger and the extra cash flow will improve AT&T's ability to compete with the cable giant that would be formed by Comcast's (CMCSA) proposed $45 billion takeover of Time Warner Cable (TWC).With 5.7 million U-verse TV customers and 20.3 million DirecTV customers in the U.S., the combined AT&T-DirecTV would serve 26 million. That would make it the second-largest pay TV operator behind a combined Comcast-Time Warner Cable, which would serve 30 million under a $45 billion merger proposed in February. AT&T is already the largest mobile service provider in the U.S., serving 116 million customers compared to Verizon's 103 million. "What it does is it gives us the pieces to fulfill a vision we've had for a couple of years -- the ability to take premium content and deliver it across multiple points: your smartphone, tablet, television or laptop," AT&T's Chairman and CEO Randall Stephenson said on a conference call with journalists Sunday.
AT&T shares fell 2.4% in premarket trading to $35.87. DirecTV shares fell 0.09% to $86.10. 5. -- AstraZeneca's (AZN - Get Report) board rejected Pfizer's (PFE) improved $119 billion takeover offer, saying it "reiterates its confidence in AstraZeneca's ability to deliver on its prospects as an independent, science led business."
Pfizer has been courting U.K. drugmaker AstraZeneca since January, On Sunday, Pfizer said it was ready to raise its stock-and-cash offer by 15% to $118.8 billion.
Pfizer has said it won't raise the offer again or launch a hostile takeover bid for AstraZeneca. Pfizer has said it hopes AstraZeneca's shareholders will push for a deal.
AstraZeneca shares fell 10.6% in premarket trading to $71.81. Pfizer rose 2% to $29.70. 6. -- Apple (AAPL) and Google (GOOG) said they are dropping nearly two dozen lawsuits in U.S. and European courts against each other. The disputes revolved around the operating systems Apple uses for its iPhone and Google's Android software as well patent infringement accusations from Motorola Mobility, which Google acquired two years ago.
Apple fell less than 1% in premarket trading on Monday while Google fell 0.5%. 7. -- Facebook (FB) is taking on Snapchat and has been working for several months on a video-chat app, known internally as Slingshot, with a simple and speedy user interface, people familiar with the plans told The Financial Times.
Facebook CEO Mark Zuckerberg has been overseeing the top-secret project after failing to woo Snapchat's creators Evan Spiegel and Bobby Murphy with a $3 billion takeover offer late last year, the newspaper reported.
Facebook fell 0.03% in premarket trading to $58.
10. -- "Godzilla," the 3-D movie from Warner Bros. and Legendary Pictures had the second-largest debut of the year this weekend with $93.2 million, according to studio estimates.
"Godzilla" trails Disney-Marvel's "Captain America: The Winter Soldier," which opened with $95 million last month. -- Written by Joseph Woelfel
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