NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, Sept. 28:
1. -- U.S. stock futures suggested Wall Street would open lower on Monday in a week filled with manufacturing data from China and employment data from the U.S.
Asian shares ended Monday's session mixed.
2. -- The economic calendar in the U.S. on Monday includes personal income and personal spending for August at 8:30 a.m. EDT, and pending home sales for August at 10 a.m.
3. -- U.S. stocks on Friday made a dramatic downward turn in the closing hour of trading as volatile, high-momentum health care stocks fell sharply in a continuation of trouble that began earlier in the week.
The S&P 500 ended the session flat, and the Nasdaq slid 0.9%. The Dow Jones Industrial Average rose 0.77%.
Alcoa said it would split into an "upstream" aluminum and mining company, and a "value-add" or "downstream" special metals group. The split is expected to be completed in the second half of 2016.
The commodity business will retain the Alcoa name.
The company's decision to separate is part of a long-term strategy, rather than an effort to appease an activist investor agitating to unlock value, people briefed on the matter told the New York Times.
5. -- Cypress Semiconductor (CY) - Get Report is working on an offer to acquire chipmaker Atmel (ATML) , which agreed to sell itself earlier this month to Dialog Semiconductor (DLGNF) , Reuters reported, citing people familiar with the matter.
Cypress is working with investment bankers and has informed Atmel it believes its offer will be superior to Dialog's cash-and-stock deal, which was worth $4.6 billion when it was announced on Sept. 20, the people told Reuters. A merger with Atmel would be transformational for Cypress, which has a market capitalization of just $2.9 billion.
6. -- Royal Dutch Shell (RDS.A) said will cease exploration in Arctic waters off Alaska's coast following disappointing results from an exploratory well backed by billions in investment and years of work.
The announcement was a huge blow to Shell, hich was counting on offshore drilling in Alaska to help it drive future revenue. Environmentalists, however, had tried repeatedly to block the project and welcomed the news, the Associated Press reported.
Shell has spent upward of $7 billion on Arctic offshore exploration, including $2.1 billion in 2008 for leases in the Chukchi Sea off Alaska's northwest coast, where an exploratory well about 80 miles off shore drilled to 6,800 feet but yielded disappointing results. Backed by a 28-vessel flotilla, drillers found indications of oil and gas but not in sufficient quantities to warrant more exploration at the site.
"Shell continues to see important exploration potential in the basin, and the area is likely to ultimately be of strategic importance to Alaska and the U.S.," Marvin Odum, president of Shell USA, said. "However, this is a clearly disappointing exploration outcome for this part of the basin."
Over recent days the world's two biggest brewers have begun "friendly" talks, sources told the newspaper. The discussions continued into this weekend, with Budweiser AB InBev expected to make a firm opening offer within days, possibly Monday.
SABMiller, the maker of Peroni and Grolsch, is understood to be playing hardball with rival AB InBev over price, but is receptive to a deal, the Sunday Times reported.
The British-based cellphone company said Monday the negotiations have been terminated but didn't offer any explanation for the cutoff.
Vodafone said in June it was in the early stages of discussions with Liberty Global about a possible exchange of selected assets between the two companies.