Nov. 11 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Wednesday, Nov. 11:
1. -- U.S. stock futures were pointing higher after the S&P 500 on Tuesday ended a four-day losing streak.
European stocks were trading higher Wednesday after Asian markets took a mixed set of Chinese data in stride.
2. -- The economic calendar in the U.S. on Wednesday is bare. Bond markets and banks are closed for Veterans Day in the U.S.
Must Read: Tired of Stocks? Here Are Other Ways to Invest Your Money
3. -- U.S. stocks on Tuesday closed up slightly after being down for most of the day as the prospect of higher interest rates continued to hang over the market.
The S&P 500 closed up 0.05%, and the Dow Jones Industrial Average gained 0.07%. The Nasdaq fell 0.38%.
4. -- Anheuser-Busch InBev (BUD) - Get Report announced Wednesday a final agreement to buy SABMiller (SBMRY) for 71 billion pounds ($107 billion), in a deal that will combine the world's two biggest brewers and create a company that makes almost a third of the beer consumed worldwide.
In an effort to gain regulatory approval of the transaction, SABMiller agreed to sell its 58% stake in a venture with fellow brewer Molson Coors (TAP) - Get Report for $12 billion. The deal, which also includes rights to the Miller brand name worldwide, should ease concerns that AB InBev would have a stranglehold on the U.S. market after the merger.
5. -- New York Attorney General Eric Schneiderman ordered the daily fantasy sports companies DraftKings and FanDuel to stop accepting bets in the state, saying their operations amount to illegal gambling.
In a pair of letters sent to the companies, Schneiderman said that after a one-month investigation, his office had concluded that the daily contests are essentially games of chance, not skill.
Both companies insisted that their games are legal and based on skill and said they were reviewing their legal options. Schneiderman's letter gave the companies five days to respond and show why he shouldn't initiate legal action, The Associated Press reported.
6. -- Anadarko Petroleum (APC) - Get Report approached Apache (APA) - Get Report with a potential acquisition, Reuters reported, citing a person familiar with the matter.
Bloomberg on Sunday reported that Apache, which has operations in Egypt, the North Sea and Texas, had rejected a takeover approach and hired investment bankers from Goldman Sachs for advice.
Representatives for Apache and Anadarko declined to comment for Reuters on the matter.
7. -- Executives inside Alphabet's (GOOGL) - Get ReportGoogle are once again discussing whether to build an Android phone from scratch, according to The Information.
People who work at Google said there is debate and discussion about the topic right now, The Information reported. The fact the issue is on the table shows how Google's Android strategy remains in flux.
It isn't clear which people inside Google are arguing in favor of building phones or whether there will be a decision any time soon, though Android Chief Hiroshi Lockheimer has been party to conversations on the topic, The Information reported.
8. -- McDonald's (MCD) - Get Reportwon't be spinning off its property holdings into a real estate investment trust after months of evaluating such a transaction with the help of outside advisers.
"The risk is too great," said CEO Steve Easterbrook.
The decision stands in stark contrast to the views of one prominent hedge fund manager. Larry Robbins of Glenview Capital Management, which owns a small stake in McDonald's, said in a March letter to investors that McDonald's could unlock at least $20 billion in value if it were to spin off its U.S. real estate.
9. -- Two men held in Israel and one U.S. citizen believed to be living in Moscow have been charged with stealing the contact information of more than 100 million customers of U.S. financial institutions to generate hundreds of millions of dollars in illegal profits, authorities said Tuesday.
The summer 2014 theft of data such as names, addresses, emails and phone numbers of more than 83 million customers of JPMorgan Chase (JPM) - Get Report was described at a news conference by U.S. Attorney Preet Bharara as "the single largest theft of customer data from a U.S. financial institution ever."
10. -- Earnings are expected Wednesday from Macy's (M) - Get Report and Dillard's (DDS) - Get Report .