Updated from 6:42 a.m. EST
NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, Nov. 17:
1. -- U.S. stock futures fell and European stocks were lower after data showed that Japan slipped back into a recession.
Preliminary data showed that Japan's economy, the second biggest in Asia, shrunk 1.6% in the July-September period, following a 7.1% contraction in the previous quarter. Housing and business investment declined following a sales tax hike in April to 8% from 5%.
2. -- The economic calendar in the U.S. on Monday includes the Empire State Manufacturing Index for November at 8:30 a.m. EST, and industrial production and capacity utilization for October at 9:15 a.m.
The Dow Jones Industrial Average slipped 0.1% to finish at 17,634.74, while the S&P 500 rose 0.02% and the Nasdaq added 0.18%.
5. -- Actavis (ACT) is nearing a deal to acquire Allergan (AGN) that could help shield Botox maker Allergan from a hostile takeover, The Wall Street Journal reported, citing people familiar with the matter.
The boards of Actavis and Allergan are expected to meet in coming days to review a cash-and-stock takeover. An announcement is expected this week. The price under discussion couldn't be learned by the Journal, but the newspaper said it likely would be at a premium to Allergan's market capitalization of $59 billion.
Hostile suitor Valeant Pharmaceuticals (VRX) could improve its offer for Allergan, which Valeant already has done several times, the Journal noted.
Merck will get an upfront payment of $850 million from Pfizer, and could receive $2 billion more in milestone payments.
Pfizer said it expects its 2014 earnings to be reduced because of the deal. Pfizer said it expects earnings of $1.40 and $1.49 a share, down from previous expectations of $1.50 to $1.59
7. -- Urban Outfitters (URBN) , the parent company of its namesake brand and retail outlets Anthropologie and Free People, is forecast by analysts on Monday to report third-quarter earnings of 41 cents a share on sales of $815.2 million.
Citing an anonymous source familiar with the matter, the Journal reported that the talks, which were at a "very early stage," are unlikely to resume.
Facebook is developing a new product designed to allow users to chat with colleagues, connect with professional contacts and collaborate over documents, competing with Google Drive and Microsoft Office, according to people familiar with the matter, the FT reported.
10. -- Kenneth Feinberg, the lawyer hired by General Motors (GM) to compensate victims of crashes caused by faulty ignition switches, is giving people another month to file claims.
Feinberg announced Sunday night that the deadline has been extended until Jan. 31, 2015.
-- Written by Joseph Woelfel
To contact the writer of this article, click here:Joseph Woelfel