NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Aug. 6:
1. -- U.S. stock futures were lower on Wednesday following a global selloff on worries that Russian troops were amassing near the Ukraine border.
Both European and Asian stocks declined. An unexpected fall in German factory orders also dented sentiment.
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2. -- The economic calendar in the U.S. on Wednesday includes the trade balance for June at 8:30 a.m. EDT.
The Dow Jones Industrial Average fell 0.84% to 16,429.47. The S&P 500 declined 0.97% to 1,920.21. The Nasdaq fell 0.71% to 4,352.83. 4. -- 21st Century Fox (FOXA) withdrew its $80 billion stock-and-cash offer to acquire Time Warner (TWX - Get Report), a deal that promised to once again remake the industry.
In a statement, Chairman Rupert Murdoch said Fox viewed a merger with its long-time rival as a "unique opportunity to bring together two great companies, each with celebrated content and brands." But the proposed combination, firmly rejected by Time Warner's board and its CEO Jeff Bewkes, was not to be.
"Time Warner management and its board refused to engage with us to explore an offer which was highly compelling," Murdoch added in the statement.
Murdoch coveted Time Warner both for its extensive sports contracts, a lineup of profitable cable-TV channels and the very successful HBO, a property that Fox envisioned as a platform to challenge Netflix's (NFLX) domination in over-the-top content streaming.
Read More: What Chesapeake Energy Is Doing to Energize Its Investors 5. -- Sprint (S) decided Tuesday to end its pursuit of T-Mobile (TMUS) in the face of stiff opposition from regulators and replace CEO Dan Hesse with Marcelo Claure, a billionaire entrepreneur who is untested as a wireless operator, The Wall Street Journal reported. The decisions were made at a Sprint board meeting Tuesday, the Journal said, and they put an end to a deal that would have valued T-Mobile at $32 billion and created a more muscular rival to market leaders such as Verizon (VZ) and AT&T (T).
Sprint is the third-largest wireless carrier in the U.S. It has lost money every year back to 2007, according to the Journal. 6. -- Walgreen (WAG) said it will acquire rest of U.K. drug chain Alliance Boots, but won't pursue a tax inversion by moving its tax domicile overseas.
Walgreen, based in Deerfield, Ill., said it wasn't in the best long-term interest of its shareholders to re-domicile outside the United States.
Walgreen said it would buy the 55% of Alliance Boots it doesn't already own for 3.13 billion pounds ($5.27 billion) in cash and 144.3 million Walgreen shares.
Walgreen acquired a 45% stake in Alliance Boots in 2012.