Here are five things you must know for Monday, Nov. 12:
1. -- Stocks Set for Lower Open, Oil Prices Jump
U.S. stock futures were slipping on Monday, Nov. 12, as investors continued to reset interest rate expectations from the Federal Reserve and prepared for quarterly reports this week from a number of U.S. retail giants such as Walmart Inc. (WMT) , Home Depot Inc. (HD) and Macy's Inc. (M) .
The U.S. dollar index, which tracks the greenback against a basket of six global currency peers, traded past a 16-month high overnight at 97.56 as both the euro and the pound drifted lower and investors raised bets on faster rate hikes from the Fed, which is essentially the only major central bank pushing a hawkish monetary policy stance.
Global oil prices spiked Monday after Saudi Arabia said it would trim exports by around half a million barrels a day next month in order to address the market's steep October declines while a meeting of OPEC's monitoring committee hinted at extending production cuts into next year.
Brent crude for January delivery, the global benchmark, rose 1.4% to $71.16 a barrel, while West Texas Intermediate crude, the U.S. benchmark, rose 1.13% to $60.87 a barrel.
Contracts tied to the Dow Jones Industrial Average fell 84 points, futures for the S&P 500 declined 8.50 points, and Nasdaq futures fell 43 points.
2.-- Sales for Alibaba Singles' Day Hit Record $30.8 Billion
Alibaba Group Holding Ltd. (BABA) generated a record $30.8 billion in sales on Singles' Day - the 10th anniversary of the sales event.
The e-commerce giant announced on Twitter by 8 a.m. China time on Sunday, Nov. 11, that the holiday had "continued to roll fast and furiously overnight," and before 10:30 a.m. the company claimed it hit $20 billion in gross sales. The event surpassed last year's record $25.3 billion of sales by late Sunday China time with hours still to go. By the end, Alibaba claimed $30.8 billion in total on a Twitter post.
However, the annual sales growth rate for Singles' Day fell to 27% from 39%, the smallest rate in the event's 10-year history, according to Reuters.
Often compared to America's Cyber Monday and Black Friday, the unofficial Chinese commercial holiday started in 2009 so that singles could learn they really can find happiness by buying stuff (at least for a day).
American depositary receipts of Alibaba fell 0.6% in premarket trading.
3. -- Athenahealth Confirms to Be Bought for $135 a Share
Athenahealth Inc. (ATHN) confirmed Monday it will be acquired by private-equity firm Veritas Capital and Evergreen Coast Capital for $135 a share in cash, or $5.7 billion.
Evergreen is a subsidiary of hedge fund Elliott Management Inc. Reuters reported over the weekend that the healthcare software maker has been under pressure to sell itself from Elliott, which has roughly a 9% percent stake in the company
Athenahealth rose 8.4% in premarket trading on Monday to $130.47.
4. -- SAP Buys Survey Software Company Qualtrics for $8 Billion
Qualtrics last week filed for an initial public offering. Qualtrics said in a regulatory filing that it has more than 9,000 customers including more than 75% of Fortune 100 companies.
The acquisition is expected to close in the first half of 2019. The boards of both companies and Qualtrics shareholders have approved the transaction.
The deal is one of its biggest for Germany's SAP, the Associated Press reported. In 2014, SAP paid about $8.3 billion for travel software company Concur.
5. -- SoftBank's IPO of Its Japanese Mobile Unit Could Raise $20 Billion
SoftBank Group Corp. (SFTBY) said it plans an initial public offering of its Japanese mobile unit, in what likely will be one of the world's biggest IPOs.
SoftBank received approval from the Tokyo Stock Exchange for the listing of 1.6 billion shares of the unit, known as SoftBank Corp., at ¥1,500 yen. The IPO could raise more than $20 billion. The IPO is set for Dec. 19.
The offering may be expanded to include more shares to as many as 1.7 billion shares, and could be the biggest ever, according to the AP and others. Alibaba's $25 billion initial public stock offering on Wall Street in 2014 was the biggest by a Chinese company. Facebook Inc. raised $16 billion in 2012.