Here are five things you must know for Tuesday, Sept. 11:
1. -- Stocks Fall Amid Trade Stress
U.S. stock futures fell and global shares were mostly lower on Tuesday, Sept. 11, as persistent weakness in Asia suggested investors remain acutely concerned over developments in the ongoing trade war between Washington and Beijing, and separate trade talks with Canada.
Contracts tied to the Dow Jones Industrial Average
Reports Tuesday said China would seek permission from the World Trade Organization to impose tariffs on U.S. goods based on a five-year old anti-dumping dispute.
Meanwhile, Canadian Foreign Minister Chrystia Freeland will meet U.S. Trade Representative Robert Lighthizer in Washington on Tuesday in an effort to re-start talks aimed a reaching a trade deal before the end of September.
The economic calendar in the U.S. on Tuesday includes the Labor Department's Job Openings and Labor Turnover Survey for July at 10 a.m. ET.
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2. -- Japan's Renesas to Buy IDT for $6.7 Billion
The purchase price is a nearly 30% premium over IDT's stock price as of Aug. 30, when Renesas first said it was considering buying IDT. Shares of Integrated Device Technology rose 11.2% in premarket trading on Tuesday to $46.80.
The acquisition by Renesas is a move to strengthen its push into autonomous driving and electric vehicles. According to Reuters, Renesas is second only to NXP Semiconductors NV (NXPI) in in auto-related chips and holds 30% of the global market for microcontrollers used in cars. It's weak, however, in analog chips that process signals from things such as sound, light or temperature into digital data.
The transaction is expected to close in the first half of 2019.
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3. -- Sonos Tumbles After Loss Widens
Sonos Inc. (SONO) , the wireless speaker company that went public a month ago, tumbled 17% in premarket trading on Tuesday after its fiscal third-quarter loss widened from a year earlier.
The loss in the latest quarter was 45 cents a share on sales of $208.4 million, compared with a year-earlier loss of 26 cents a share on revenue of $223.1 million. Analysts expected Sonos to report third-quarter revenue of $208 million.
Sonos said revenue from wireless speakers, its biggest segment, rose 1% to $93.9 million, while sales from home theater speakers fell 20%.
Shares jumped 13.3% on Monday ahead of the earnings release. It was the stock's biggest one-day gain since its initial public offering in August.
4. -- Tesla Trims Number of Available Paint Colors
Tesla Inc. (TSLA) , the electric vehicle company, will remove two of seven colors from choices offered to buyers on Wednesday to simplify manufacturing, CEO Elon Musk said in a tweet.
Obsidian Black and Metallic Silver only will be available as a special request and will cost more, Musk said.
Moving 2 of 7 Tesla colors off menu on Wednesday to simplify manufacturing. Obsidian Black & Metallic Silver will still be available as special request, but at higher price.— Elon Musk (@elonmusk) September 11, 2018
Tesla -- and its shareholders - have been on a wild ride, most recently after Musk smoked marijuana on a podcast hosted by Joe Rogan.
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5. -- The 17th Anniversary of 9/11
Tuesday marks the 17th anniversary of 9/11, the September day in 2001 when nearly 3,000 people died in the worst terrorist attacks on U.S. soil.
Thousands of 9/11 victims' relatives, survivors, rescuers and others are expected at Tuesday's anniversary ceremony at the World Trade Center in New York.
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