July 8 Premarket Briefing: 10 Things You Should Know
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This article has been updated from 6:05 a.m.
Here are 10 things you should know for Friday, July 8:
1. -- U.S. stock futures suggested a higher start for Wall Street on Friday on better-than-expected U.S. jobs report for June.
European stocks edged higher on Friday despite data that showed U.K. consumer confidence slumped after the Brexit vote.
Asian shares finished the session mostly lower. Japan's Nikkei 225 fell 1.1% and China's Shanghai Compose index declined nearly 1%.
Oil prices in the U.S. early Friday rose 0.3% to $45.30 a barrel. On Thursday, oil prices tanked 4.8%.
2. -- The labor market added 287,000 jobs to the U.S. economy in June. The number was above economists' expectations for 175,000 jobs to be added to U.S. nonfarm payrolls, according to Reuters. The economic calendar in the U.S. on Friday also includes Consumer Credit figures for May at 3 p.m.
3. -- U.S. stocks on Thursday declined as a sharp selloff in crude kept stocks mostly in the red, though a glint of optimism ahead of Friday's jobs report helped pare losses in the final hour.
The S&P 500 closed down 0.09%, and the Dow Jones Industrial Average fell 0.13%, while the Nasdaq moved 0.36% higher.
4. -- Humana (HUM) - Get Report shares fell nearly 10% on Thursday after it was reported the Department of Justice had significant concerns about Aetna's (AET) proposed acquisition of the health insurer.
The Justice Department's significant concerns come as the department is due to meet with officials from Aetna and Humana on Friday, according to Reuters. The news was first reported by antitrust trade publication MLex.
The source confirmed the department's concerns but didn't expound on the exact nature of its worries, Reuters said. It wasn't immediately clear if those concerns were enough to derail the deal.
Reuters reported last week that Aetna had begun a process to divest about $1 billion of Medicare Advantage assets to address antitrust concerns.
5. -- Theranos founder Elizabeth Holmes was banned by federal health regulators from operating a blood-testing laboratory for at least two years.
The Centers for Medicare and Medicaid Services also removed regulatory approval for Theranos' California lab.
"We accept full responsibility for the issues at our laboratory in Newark, California, and have already worked to undertake comprehensive remedial actions. Those actions include shutting down and subsequently rebuilding the Newark lab from the ground up, rebuilding quality systems, adding highly experienced leadership, personnel and experts, and implementing enhanced quality and training procedures," Holmes said in a statement, The Wall Street Journal reported.
The Journal raised questions in October about the company's ability to perform a wide variety of blood tests with just a few drops of blood.
6. -- Gap (GPS) - Get Report said same-store sales in June rose 2%, while total sales for the month were $1.57 billion, up 2% from a year earlier.
Same-store sales at the Gap brand declined 1% and were down 4% at Banana Republic. But same-store sales at Old Navy gained 5% in June.
7. -- Uber Technologies raised $1.15 billion from a new high-yield loan, the Journal reported, citing a person familiar with the matter.
The new leveraged loan, Uber's first, brings the amount raised in debt and equity to more than $15 billion and helps its existing shareholder base avoid stock dilution, according to the Journal.
Uber, which is getting more creative in seeking out sources of capital to fuel its global expansion, will pay a yield of about 5% on the leveraged loan, the person told the Journal. Last month, the Journal reported that Uber hired banks to issue debt of up to $2 billion with a yield of 4% to 4.5%.
8. -- The Internal Revenue Service said Facebook (FB) - Get Reportmay have understated the value of intellectual property it transferred to Ireland by "billions of dollars," unfairly cutting its tax bill in the process, according to court papers, Reuters reported.
The Justice Department filed a lawsuit on Wednesday in federal court in San Francisco seeking to enforce IRS summonses served on Facebook and to force the social networking giant to produce various documents as part of the probe.
The IRS is examining whether Facebook understated its U.S. income by selling rights to an Irish subsidiary too cheaply.
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9. -- The Republican-led House approved measures aimed at blocking U.S. companies from selling commercial passenger aircraft to Tehran.
By voice vote Thursday, lawmakers passed two amendments directed at Boeing (BA) - Get Report , which had offered Iranian airlines three models of new aircraft to replace the country's aging fleet. Reports said Boeing and Iran have signed a contingent agreement for the sale and lease of 100 Boeing aircraft worth about $18 billion.
The amendment was added to a financial services spending bill that the House cleared by vote of 239-185. The House must reconcile differences between its bill and the Senate's version. The Obama administration is certain to threaten to veto any legislation that undermines the nuclear agreement with Iran, according to the Associated Press.
10. -- The Mega Millions jackpot, ahead of Friday's drawing, has grown to $540 million.
The odds of winning the jackpot have been estimated at roughly 1 in 259 million. A $1 Mega Millions ticket gives a player a 0.0000000039% chance at a win, according to a report in the Los Angeles Times.