Updated from 5:55 a.m. EDT
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Here are five things you must know for Monday, Aug. 15:
1. -- Alphabet (GOOGL) , the parent of Google, is rethinking its high-speed Internet business after initial rollouts proved more expensive and time consuming than anticipated, The Wall Street Journal reported.
Google Fiber has spent hundreds of millions dollars laying fiber-optic cables in a handful of cities to offer Web connections roughly 30 times faster than the U.S. average. The business launched six years ago.
Now the company is hoping to use wireless technology to connect homes, rather than cables, in about a dozen new metro areas, including Los Angeles, Chicago and Dallas, the Journal reported, citing people familiar with the company's plans. As a result, Alphabet has suspended projects in San Jose, Calif., and Portland, Ore.
The company also is trying to cut costs and accelerate its expansion elsewhere by leasing existing fiber or asking cities or power companies to build the networks instead of building its own.
Today, Google Fiber has reached just six metro areas, according to the Journal.
2. -- U.S. stock futures were rising Monday and crude oil moved higher on reports that Russia's energy minister has been in talks with Saudi Arabia to achieve oil market stability. West Texas intermediate crude oil gained 0.4% to $44.67 a barrel early Monday.
The economic calendar in the U.S. Monday includes the Empire State Manufacturing Index for August at 8:30 a.m. EDT, and the NAHB Housing Market Index for August at 10 a.m.
In a press release, the companies said the combination is expected to have a pro forma equity market capitalization of about $12 billion and a total market capitalization of roughly $17 billion.
Post investors are to get 0.71 share of new MAA stock for each share they own in a deal that brings together two major apartment owners who have benefited from a boom in rental demand. The Wall Street Journal reported the merger could be announced Monday.
Post shares were inactive in premarket trading. MAA rose 2.8%.
In other merger news, the Journal also is reporting that Honeywell (HON) is nearing a deal to acquire JDA Software Group, a maker of software that helps businesses manage their supply chains, for about $3 billion, including debt.
4. -- Tesla (TSLA) removed the word "autopilot" and a Chinese term for "self-driving" from its China Web site after a driver in Beijing who crashed in "autopilot" mode complained that the carmaker overplayed the function's capability and misled buyers, Reuters reported.
The Tesla driver crashed earlier this month while on a Beijing highway after the car failed to avoid a vehicle parked on the left side, partially in the roadway, damaging both cars but causing no injuries.
It was the first known such crash in China, Reuters reported, though it follows a fatal accident in Florida earlier this year.
"At Tesla we are continuously making improvements, including to translations," a Tesla spokeswoman said in an emailed statement to Reuters.
The deal comes soon after two recent reports from analysts raised questions about IBM's ability to compete with Amazon.com, Microsoft and Alphabet in the market for computing horsepower delivered over the Internet, the Journal reported.
Workday will use IBM's SoftLayer cloud-computing service to test and develop new programs.