Updated from 6:49 a.m. EDT
Here are 10 things you should know for Monday, June 2:
1. -- U.S. stock futures were rising Monday following manufacturing expansion in China.
European stocks were mixed. Asian shares closed the session mostly higher. Chinese markets were closed for a holiday. Japan's Nikkei 225 index rose 2.1% after China Federation of Logistics and Purchasing said its monthly manufacturing index rose to 50.8 points in May, up from April's 50.4, and was the highest level this year.
2. -- The economic calendar in the U.S. on Monday includes the ISM index for May at 10 a.m. EDT, and construction spending for April at 10 a.m.
3. -- U.S. stocks on Friday closed mixed following weaker-than-expected consumer spending, which accounts for 70% of overall economic activity. A consumer sentiment reading also was weaker.
The Dow Jones Industrial Average rose 0.11% to close at 16,717.11, while the Nasdaq declined 0.13% to 4,242.62. The S&P 500 settled higher by 0.18% to 1,923.57.
4. -- Dai-ichi Life, the Japanese insurer, is in advanced talks to buy Protective Life (PL) in a deal that could be worth more than $5 billion, Reuters and other media outlets reported.
The deal would be the biggest so far in a string of overseas acquisitions by Japan's insurers, according to Reuters.
Dai-ichi Life, Japan's second-largest private-sector life insurer, plans to buy 100% of Protective Life, a source with direct knowledge of the matter told Reuters.
Protective Life shares rose 13% in premarket trading to $59.08.
6. -- Apple (AAPL) kicks off its Worldwide Developers Conference, and while the event has seen some bombshells in the past, including the iPhone in 2007, it's largely been run of the mill in recent years. That may be about to change, however. "My take is that with the dearth of hardware announced this spring, a publicly streamed keynote and the 7-1 stock split happening soon thereafter, we're in for some BIG announcements," said John Martellaro of The Mac Observer Web site, and a former Apple executive.
WWDC, held this year as it is in most years at the Moscone Center West in San Francisco, will largely focus on updates to iOS 8, as well as Mac OS X. Given all the talk of a drastic redesign in user interface to match that of iOS 7, OS X, for which there isn't a code name yet, may get the majority of the attention this year.
Apple rose 0.2% in premarket trading to $634.21. 7. -- Google (GOOG) plans to spend more than $1 billion on a fleet of satellites to extend Internet access to unwired regions of the world, people familiar with the project told The Wall Street Journal.
The project is expected to start with 180 small, high-capacity satellites orbiting the earth at lower altitudes than traditional satellites, and then could expand, the people told the Journal. Google's satellite venture is led by Greg Wyler, founder of satellite-communications startup O3b Networks, who recently joined Google with O3b's former chief technology officer, the people said. Google has also been hiring engineers from satellite company Space Systems/Loral LLC to work on the project, according to another person familiar with the hiring initiative, the Journal reported.
Google shares rose 0.2% to $561.09 in premarket trading. 8. -- Marathon Oil (MRO) is selling its Norwegian business to Det Norske Oljeselskap in a deal valued at about $2.7 billion as it streamlines operations and hones its focus on the U.S. The sale includes the Marathon Oil-operated Alvheim floating production, storage and offloading vessel, 10 company-run licenses and some non-operated licenses on the Norwegian Continental Shelf in the North Sea. Last year's net production in Norway averaged about 80,000 barrels of oil equivalent per day. Marathon Oil said it anticipates roughly $2.1 billion in net proceeds from the sale.
9. -- Krispy Kreme Doughnuts (KKD) is forecast to post on Monday first-quarter earnings of 23 cents a share on revenue of $126.7 million. 10. -- Cadbury chocolates sold in Malaysia have been cleared of containing pork, the country's top Islamic body said Monday in a statement that should lessen calls for a boycott of the British confectionary company after earlier tests suggested two types of chocolate bar contained pig DNA.
>> Read More: Tim Cook Is Doing Just Fine, One 'Incremental' Step at a Time >> Read More: Is Google Crazy for Selling a Desktop PC at $350? Definitely Not >> Read More: Best News in Years for International Air Travel: Passport Kiosks -- Written by Joseph Woelfel To contact the writer of this article, click here:Joseph Woelfel To submit a news tip, send an email to:firstname.lastname@example.org.
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