Here are five things you must know for Monday, May 14:
1. -- Stocks Push Higher
U.S. stock futures rose Monday, May 14, and Asian markets posted gains as Donald Trump's pledge to support a Chinese telecommunications company raised the prospect of a near-term agreement on trade with China.
Contracts tied to the Dow Jones Industrial Average
The Dow has risen for seven straight days - the index's longest streak of consecutive daily gains since November - and last week rose 2.34%. The S&P 500 last week gained 2.41% and the Nasdaq rose 2.68%.
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2. -- Trump Throws Lifeline to ZTE
Donald Trump appeared to throw a lifeline to China's ZTE Corp. (ZTCOY) , the China-based telecommunications giant that was banned from dealing with U.S. suppliers amid allegations it had violated Western sanctions on Iran and North Korea, in a tweet that urged officials to find a way to get the company "back into business fast."
3. -- Xerox Abandons Fujifilm Deal in Victory for Icahn
Xerox Corp. (XRX) late Sunday, May 13, terminated its merger with Fujifilm at the same time that it reached a deal to add five Carl Icahn-backed directors onto its board and replace its controversial CEO.
4. -- Tesla Loses Key Talent
A Tesla spokesman didn't confirm nor deny Schwall's departure via an email exchange with TheStreet.
"He [Schwall] joins a long list of Tesla Autopilot executives who have (mostly) gone to Google (GOOGL) /Waymo, which apart from operating its own pre-commercial experimental service, also has licensed its autonomous "brain" to Fiat Chrysler, Honda and Jaguar Land Rover, for incorporation into their 2020-2022 vehicles," said auto industry analyst Anton Wahlman.
Schwall's departurecame after Tesla's senior vice president of engineering, Doug Field, stepped away from the company to spend more time with his family.
"Doug is just taking some time off to recharge and spend time with his family. He has not left Tesla," the Tesla spokesman said.
With Tesla trying to ramp production of its Model 3 in the hopes of reaching profitability later this year, the exits of top engineers should be a concern for investors, said TheStreet's Brian Sozzi.
Tesla rose 1.3%.
5. -- NXP Surges as China Resumes Review of Qualcomm Deal
NXP Semiconductors NV (NXPI) surged 11.7% in premarket trading on Monday following reports that officials in China were reviewing Qualcomm Inc.'s (QCOM) planned $44 billion takeover of the U.S. chipmaker.
Bloomberg said China's Commerce Ministry was looking to speed up its assessment of the deal, as well as the remedies Qualcomm has offered to protect Chinese companies should the takeover get final approval. China said last month that Qualcomm's proposals fell short of what the Ministry needed in order to "solve the problems related to market competition."
Qualcomm withdrew and refiled its request for approval from China's regulators last month and extended the end date of its purchase agreement until July 25 from April 25.