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Here are 10 things you should know for Tuesday, May 31:
1. -- U.S. stock futures were rising slightly Tuesday while European stocks moved lower after official data confirmed that the eurozone remains in the grip of deflation with a stagnant jobless rate.
Deflation in the eurozone narrowed to 0.1% in May from a 0.2% year-on-year price decline in April, according to figures from the European Union's statistics agency.
Asian stocks finished the session higher. The Shanghai Composite Index jumped 3.3%.
2. -- The economic calendar in the U.S. Tuesday includes Personal Income and Personal Spending for April at 8:30 a.m. EDT, the Case-Shiller 20-City Index for March at 9 a.m., Chicago PMI for May at 9:45 a.m., and Consumer Confidence for May at 10 a.m.
3. -- U.S. stocks on Friday added to gains in the final hour of trading even as Federal Reserve Chair Janet Yellen suggested the central bank could implement another rate hike this summer.
The S&P 500 rose 0.43%, and the Nasdaq increased 0.65%. The Dow Jones Industrial Average gained 0.25%.
Markets were closed Monday in the U.S. for Memorial Day.
Dublin-based Jazz said it will pay $30.25 a share for Ewing, N.J.-based Celator, almost double its $17.53 closing price on Friday. Celator shares were soaring in premarket trading on Tuesday, up 74.2% to $30.54.
The stock was trading at $1.64 as of March 14 but surged after Celator said Phase 3 trials of its lead candidate, Vyxeos, to treat acute myeloid leukemia, showed the drug had prolonged patients' lives.
Jazz faces the prospect of a steep decline in revenue when its narcolepsy drug Xyrem loses patent protection from 2019 and has in recent months been engaged in court fights to stop generic manufacturers copying the medicine already. It said on Tuesday the purchase of Celator would broaden its hematology and oncology portfolio and generate unspecified synergies with its own "commercial expertise and infrastructure."
The Wolfsburg, Bavaria company said first-quarter revenue dropped 3.4% to just under 51 billion euros ($56.7 billion), just short of analysts' forecasts of 51.7 billion euros, as unit sales declined and foreign exchange movements worked to its disadvantage. First-quarter operating profit after one-time gains rose 3.4% to 3.44 billion euros. Net profit fell by 19.3% to 2.37 billion euros.
The results come after Volkswagen posted a loss for 2015 of 1.36 billion euros compared with a profit of just more than 11 billion euros a year earlier, after taking 16.2 billion of provisions related to a scandal involving falsified emissions tests. It also waved goodbye to CEO Martin Winterkorn in the wake of the scandal.
"In light of the wide range of challenges we are currently facing, we are satisfied overall with the start we have made to what will undoubtedly be a demanding fiscal year 2016," said Volkswagen Chairman Matthias Müller in a statement. "In the first quarter, we once again managed to limit the economic effects of the diesel issue and achieve respectable results under difficult conditions."
Volkswagen reiterated that it expects 2016 sales to fall by up to 5% and that it will achieve an operating return on sales of between 5% and 6%; the first-quarter return was 6.8%.
6. -- Nearly 40,000 striking Verizon (VZ) - Get Report employees will return to work Wednesday after reaching a tentative contract agreement that includes 1,300 new call center jobs and nearly 11% in raises over four years but also makes health care plan changes to save the company money, the company and unions said Monday.
The pact, subject to approval by union members, stands to end one of the largest strikes in the United States in recent years. Workers and Verizon had reached an agreement in principle Friday but hadn't released details or a date for the workers' return. The strike began in mid-April.
7. -- Directors at Viacom (VIAB) - Get Report have vowed to fight any potential moves by ailing media mogul Sumner M. Redstone and his daughter, Shari Redstone, to eject them from the company's board, according to reports
The New York Times reported that Viacom's lead independent director said in a letter Monday that an attempt to remove Viacom directors from the board "would be completely inconsistent with Sumner's lifetime commitment to an independent board and professional management for Viacom after his incapacity or death."
The letter underscores how the board has sided with Philippe P. Dauman, Viacom's CEO, in a fight that has erupted over Redstone's companies. Sent on behalf of Viacom's independent directors, the letter pre-empts any public moves by Sumner Redstone or Shari Redstone to remove board members, the Times noted. Changing Viacom's board would signal a step toward dismissing Dauman from the helm.
8. -- Tesla's (TSLA) - Get Report annual shareholders' meeting will be held Tuesday in Mountain View, Calif., and while shareholders will vote on a number of routine matters, the real action will come when CEO Elon Musk takes questions from investors in the electric-vehicle company.
Earlier this month, Tesla announced it was selling about $1.4 billion of stock to help bring its lower-cost Model 3 to market.
Analysts had expected the move after Tesla announced it wanted to produce 500,000 cars per year in 2018, two years earlier than planned.
9. -- Walt Disney's (DIS) - Get ReportAlice Through the Looking Glass, starring Johnny Depp, bombed over the Memorial Day weekend with just $28.1 million through Sunday in North American theaters, while Fox's (FOXA) - Get ReportX-Men: Apocalypse debuted on top with an estimated $65 million.