Nov. 13 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Friday, Nov. 13:
1. -- U.S. stock futures were pointing to a slightly lower open Friday ahead of data on retail sales and consumer sentiment.
European markets slipped Friday as worries continued about slumping commodities prices and weak global growth.
Asian stocks ended Friday's session in the red.
2. -- The economic calendar in the U.S. on Friday includes the Producer Price Index for October at 8:30 a.m. EST, retail sales for October at 8:30 a.m., the University of Michigan Sentiment Index for November at 10 a.m., and business inventories for September at 10 a.m.
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3. -- U.S. stocks on Thursday fell just as they did the day before on skidding oil prices and forecasts of higher interest rates.
The S&P 500 closed down 0.69%, the Dow Jones Industrial Average fell 0.89%, and the Nasdaq slid 0.37%.
4. -- CiscoSystems (CSCO) - Get Report reported better-than-expected profit for its fiscal first quarter, but the networking giant issued a weak forecast.
Cisco predicted fiscal second-quarter revenue in a range from unchanged to up to 2% growth. In a statement, CEO Chuck Robbins cited "lower-than-expected order growth" in the last quarter. He blamed economic uncertainty and changes in currency values.
In the first quarter that ended Oct. 24, revenue rose 3.6% to $12.68 billion. Adjusted earnings were 59 cents a share, above analysts' estimates.
5. -- Switzerland's Syngenta (SYT) rejected a buyout offer from China National Chemical Corp., according to Bloomberg.
ChemChina offered about 449 francs a share in cash, which values Syngenta at 41.7 billion francs ($42 billion), a person with knowledge of the matter told Bloomberg. Syngenta said the figure was too low, citing the regulatory risks to a deal, but it served as a basis for discussions, the person said. Pesticides maker Syngenta spurned a cash-and-stock offer at the same price this year from Monsanto (MON) , as well as Monsanto's subsequent 470-franc-a-share bid.
According to Bloomberg, if the deal is completed it would be the largest acquisition ever by a Chinese company.
While a deal isn't imminent, the two sides are still talking and an agreement could be reached in the next few weeks. Syngenta is also talking to other potential suitors as it explores options, people close to the matter told Bloomberg.
6. -- Mylan (MYL) - Get Report is poised to lose its hostile bid for Perrigo (PRGO) - Get Report , people familiar with the matter told The Wall Street Journal.
A minority of Perrigo shareholders tendered their stock into Mylan's $26 billion takeover proposal by late Thursday night, the people said. Mylan needs at least 50% to take control of its smaller rival, which it has pursued for the past seven months.
The cash-and-stock offer expires Friday morning at 8 a.m., and shares could continue to come in, the Journal noted. But most institutional investors had to tender by Thursday night in order to be counted by the national stock clearinghouse, some of the people said, meaning the biggest holders already have made up their minds.
Mylan has been trying since April to acquire Perrigo, a maker of store-brand versions of cold and allergy medicines.
7. -- Time Warner (TWX) is in discussions about taking a stake in Hulu, the subscription streaming services jointly owned by Disney (DIS) - Get Report , Comcast's (CMCSA) - Get Report NBCUniversal and 21st Century Fox (FOXA) - Get Report , the Journal reported.
Time Warner, owner of HBO, Turner Networks and Warner Bros. studios, would become an equal owner of the video-on-demand platform that old-line media companies have been trying to bolster in large part to offset the clout carried by Netflix (NFLX) - Get Report . The proposed transaction, which would involved a content licensing with Time Warner, would value Hulu at $5 billion to $6 billion.
Netflix shares closed down 3.5% on Thursday.
8. -- Online mortgage lender LoanDepot, which was expected to price its initial public offering Thursday night, delayed the offering because of market conditions, Reuters reported, citing people familiar with the situation
It couldn't be determined whether the company would pursue an IPO again in the near term.
LoanDepot was looking to sell shares to the public at a valuation of up to $2.6 billion, according to the Journal.
9. -- Kentucky Fried Chicken has started delivering its buckets of fried chicken to customers in two U.S. cities.
It will be the first time the chicken chain has delivered in the United States. People in Los Angeles and San Francisco, starting Thursday, were able to have food delivered. KFC said it expects to expand the delivery service into Houston by the end of this year. More cities may come later.
KFC, which is owned by Yum! Brands (YUM) - Get Report , is working with online delivery company DoorDash to deliver its chicken, biscuits and coleslaw. Customers will have to make orders through DoorDash's app or Web site.
10. -- Earnings are expected Friday from J.C. Penney (JCP) - Get Report and Tyco International (TYC) .