December 1 Premarket Briefing: 10 Things You Should Know

NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, Dec. 1:

1. -- U.S. stock futures were pointing to a lower open on Wall Street on Monday, as manufacturing in China and the eurozone declined and oil prices continued tumbling.

European stocks declined while Asian shares ended Monday's session mixed. 

Moody's downgraded the Japanese government's credit rating on Monday because of Prime Minister Shinzo Abe's decision to delay a sales tax increase. 

2. -- The economic calendar in the U.S. on Monday includes the ISM Index for November at 10 a.m. EST.

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3. -- U.S. stocks on Friday ended mixed with the S&P 500 slipping slightly in a short trading session.

A drop in crude oil prices pulled down shares in oil and gas companies on Friday.

The S&P 500 fell 0.3% to close at 2,067.56. The Dow Jones Industrial Average rose a tad but still managed to hit another record high of 17,828.24. The Nasdaq rose less than 0.1%.

4. -- A survey released Sunday by the National Retail Federation found 133.7 million people shopped at stores and online over the four-day holiday weekend, down 5.2% from last year.

Total spending for the weekend was expected to fall 11% to $50.9 billion from an estimated $57.4 billion last year. Shoppers, on average, were expected to spend $380.95 over the four days, down 6.4% from a year earlier.

Shoppers, on average, are expected to spend $380.95 over the four days, down 6.4 percent from $407.02 last year.

Research firm comScore expects people to spend about $2.5 billion on Cyber Monday, the Monday after Thanksgiving. Cyber Monday is's (AMZN)  single biggest day of online shopping.

5. -- GlaxoSmithKline (GSK)  is planning a reorganization that will include hundreds of job cuts in the U.S., Bloomberg reported, citing people familiar with the situation.

The drugmaker is poised to announce a work force restructuring as soon as this week, the people told Bloomberg. The changes will involve operations in the U.S., where sales are flagging.

Deirdre Connelly, president of North American operations, is scheduled to speak to U.S. employees on Wednesday, two people said.

6. -- Procter & Gamble (PG)   is working with Goldman Sachs to explore the sale of its Wella hair care business that could be worth around $7 billion, sources familiar with the matter told Reuters.

P&G is exploring all options for the unit, which includes a professional and a trade business. That may result in selling the whole or parts, the sources told Reuters on Friday. No final decision had been taken, the sources said.

A P&G spokesman told Reuters the company didn't comment on rumor or speculation. 

7. -- Apple (AAPL) has lost its longstanding lead over Google (GOOGL) in U.S. schools, with Chromebook laptops overtaking iPads for the first time, reported the Financial Times, which analyzed data from market research firm IDC. 

Google shipped 715,500 of the low-cost laptops into U.S. schools in the third quarter, compared with 702,000 iPads, according to IDC. Chromebooks have gone from a standing start two years ago to more than a quarter of the market, the report said.

The third quarter marks the first time Google has outsold Apple, the FT said.

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8. -- Freeport-McMoRan (FCX) is nearing a settlement of more than $100 million to resolve allegations its board and executives had conflicts of interest while negotiating the natural-resource company's $9 billion purchase of two affiliates last year, The Wall Street Journal reported.

The agreement would resolve a lawsuit filed by some of Freeport's shareholders alleging that the company overpaid when it bought McMoRan Exploration Co. and Plains Exploration & Production Co., according to people familiar with the matter.

Shareholders have alleged that the deals were an effort to rescue a struggling McMoRan, in which Freeport, its board members and key executives owned shares, according to the Journal.

9. -- Samsung retained Shin Jong-kyun, the chief of its mobile business, despite a steep decline in mobile profit.

Some analysts expected Shin to step down after the company's third-quarter mobile profit fell to just one quarter of the previous year's level.

10. -- The Hunger Games: Mockingjay - Part One ruled the Thanksgiving box office for a second weekend in a row with $56.9 million, according to studio estimates Sunday. The total haul for the latest installment of the Lionsgate (LGF) series stands at $225.7 million domestically and $254.4 million internationally.

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-- Written by Joseph Woelfel

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

Follow @JoeWTheStreet

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