June 20 Premarket Briefing: 10 Things You Should Know

Here are 10 things you should know for Friday, June 20:

1. -- U.S. stock futures were rising ahead of a day light on U.S. economic data.

European stocks were higher but were losing momentum in trading Friday. Asian shares ended the session mixed. Japan's Nikkei 225 index fell 0.08%.

2. -- The economic calendar in the U.S. on Friday is empty.

3. -- U.S. stocks on Thursday made up for slight losses earlier in the day with the Dow Jones Industrial Average and S&P 500 ending higher and the Nasdaq off only slightly. 

The Dow rose 0.09% to 16,921.46. The Nasdaq slipped 0.08% to 4,359.33. The S&P closed with its second consecutive day of record-breaking highs, though up only 0.13% to 1,959.48.

4. -- Germany's Siemens (SI) and Japan's Mitsubishi Heavy Industries raised their joint proposal for Alstom following General Electric's (GE) sweetened bid for the French company's energy business. 

The two companies said Friday they were raising their cash offer by 1.2 billion euros ($1.63 billion) to 8.2 billion euros, which increases their overall valuation of Alstom's energy business by 400 million euros to 14.6 billion euros.

Siemens hopes to acquire Alstom's gas business entirely, while Mitsubishi would take a 10% stake in Alstom under their proposal.

GE has bid 12.35 billion ($17 billion) for Alstom's entire power business. GE on Thursday added new guarantees on sensitive concerns over jobs and decision-making, while leaving the cash value unchanged.

5. -- Shire, the U.K. drugmaker, rejected a $46.35 billion takeover bid from rival AbbVie (ABBV).

Shire said its board rejected the Abbvie proposal "on the basis that it fundamentally undervalued the company and its prospects."

"The board also had concerns regarding the execution risks associated with the proposed (tax) inversion structure, as AbbVie would redomicile in the U.K. for tax purposes," the company added.

AbbVie said Friday it had made three cash-and-stock proposals to the board of Shire; the first proposal was in early May. The latest proposal represented an indicative offer of 46.26 pounds (78.87), AbbVie said.

AbbVie has a deadline of July 18 to either make another offer for Shire or to walk away.

6. -- Business software maker Oracle  (ORCL) posted fourth-quarter earnings and revenue that missed analysts' estimates.

Net income fell 4% to $3.65 billion from $3.81 billion, in the three months that ended on May 31. Per-share earnings in each quarter were 80 cents a share.

On an adjusted basis, Oracle reported fourth-quarter earnings of 92 cents a share, below Wall Street estimates of 95 cents.

Revenue rose 3% to $11.32 billion; analysts expected $11.48 billion.

7. -- Representatives of Bank of America (BAChave asked U.S. Attorney General Eric Holder to meet with CEO Brian Moynihan in an attempt to resolve differences over a possible multibillion-dollar settlement involving shoddy mortgage securities sold by the bank, Reuters reported, citing people familiar with the negotiations.

Negotiators for Bank of America and the Justice Department have not met in more than a week and have no plans to do so after a series of meetings didn't bring them close to a settlement amount, sources told Reuters.

Bank of America has discussed paying about $12 billion, including more than $5 billion to help struggling homeowners, under the settlement. The Justice Department suggested a $17 billion settlement in the latest round of negotiations, according to Reuters.

8. -- Darden Restaurants (DRI) is forecast by Wall Street to report on Friday fiscal fourth-quarter earnings of 94 cents a share on revenue of $2.33 billion.

9. -- Carl Icahn urged discount retailer Family Dollar (FDO) to put itself up for sale immediately, saying its performance is weakening and it faces mounting competition.

Icahn, the billionaire activist investor, also called for three of his representatives to be added to Family Dollar's board. He made the case in a letter Thursday to Family Dollar CEO Howard Levine published in a regulatory filing.

Icahn disclosed earlier this month a 9.4% stake in the retailer. Family Dollar adopted a shareholder rights plan in response.

10. -- Taiwan's Quanta Computer will start mass production of Apple's (AAPL) first smartwatch in July, a source familiar with the matter told Reuters.

The watch has yet to be named but devotees have dubbed it the iWatch.

Larry Ellison Wants to Make Oracle King of the Cloud

How Intel Wants to Be More Than Just a Chip Company

Regulatory Risks in Sprint and T-Mobile Deal Outweigh Stretched Finances

-- Written by Joseph Woelfel

To contact the writer of this article, click here:Joseph Woelfel

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