Updated from 6:48 a.m. EDT
Here are 10 things you should know for Tuesday, June 3:
1. -- U.S. stock futures were pointing to a lower start on Tuesday as global stocks traded mixed.
European stocks declined. The European Union's statistics agency said that inflation in the eurozone was a lower-than-expected 0.5%, down from 0.7% in April.
Stocks in Asia closed mostly higher.
2. -- The economic calendar in the U.S. on Tuesday includes factory orders for April at 10 a.m. EDT.
3. -- U.S. stocks on Monday finished mixed with the S&P 500 and Dow Jones Industrial Average managing to cling onto miniscule gains to close at fresh highs.
The S&P 500 finished up 0.07% to 1,924.97 and the Dow rose 0.16% to 16,743.63. The Nasdaq slipped by 0.13% to 4,237.20.
4. -- The board of Hillshire Brands (HSH) has decided to hold talks with Pilgrim's Pride (PPC) and Tyson Foods (TSN), the maker of Jimmy Dean sausages said Tuesday.
Pilgrim's Pride raised its offer for Hillshire Brands by more than $1 billion to more than $6.7 billion, or $55 a share. That offer for Hillshire, which makes Jimmy Dean sausages and Sara Lee cheesecakes, trumps a $50-a-share offer for Hillshire on Thursday from Tyson. Pilgrim had made an offer on May 27 of $45 a share for Hillshire.
Hillshire shares were up 8.4% in premarket trading to $58.05.
Apple said iOS 8, complete with an iCloud Photo Library, is a simpler, faster and more intuitive user experience that will give users a lot of new functionality. Within iOS 8, Apple launched a new health application that will centralize a user's health and fitness data.
Apple shares fell 0.5% to $625.65 in premarket trading. 6. -- Automakers, including General Motors (GM) and Ford (F), are scheduled to release auto sales for May throughout the day.
7. -- France's foreign minister said a reported multibillion dollar fine that BNP Paribas is facing in the U.S. is unreasonable and could threaten a free-trade agreement between Europe and the United States.
BNP Paribas, France's largest bank, set aside $1.1 billion last year after the U.S. began investigating it for alleged sanctions violations, but this spring said the fines could be "far in excess." The Journal reported last week the fine could be $10 billion. 8. -- Bill Ackman said Monday he will move to replace most of Allergan's (AGN) board as part of a continuing battle for control of the company. Ackman's Pershing Square Capital Management and Canadian drugmaker Valeant Pharmaceuticals (VRX) want to buy Allergan, the maker of Botox, but the company has rejected their offers. Ackman now wants to call a special shareholder meeting where a vote would be held to replace most of Allergan's board. The meeting could happen between early August and late November if enough shareholders back Ackerman's call.
9. -- Kripsy Kreme (KKD), the doughnut chain, said first-quarter earnings rose 21% but the company slashed its earnings outlook for the year. Krispy Kreme forecast profit of 69 cents to 74 cents a share in the year ending Feb. 1, down from its previous outlook of 73 cents to 79 cents a share and below analysts' expectations of 78 cents.
The stock fell 11.4% in premarket trading to $16.84. 10. -- The Seattle City Council unanimously passed an ordinance Monday that gradually increases the minimum wage in the city to $15, which would make it the highest in the nation. The measure, which would take effect on April 1, 2015, includes a phase-in of the wage increase over several years, with a slower process for small businesses, The Associated Press reported. The plan gives businesses with more than 500 employees nationally at least three years to phase in the increase. Those providing health insurance will have four years to complete the move. Smaller organizations will be given seven years, AP reported. >> Read More: 10 Stocks Legendary Value Investor Benjamin Graham Would Buy Now >> Read More: People Express Revival - Airline Magic or Wishful Thinking? >> Read More: Only 10 States Have 'Stable' Housing Markets -- 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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