Updated from 5:54 a.m. EDT following Bayer's confirmation it reached a deal to buy Monsanto.

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Here are five things you must know for Wednesday, Sept. 14:

1. -- U.S. stock futures were pointing to a rebound for Wall Street Wednesday following steep losses a day earlier as oil prices slumped.

Stocks on Tuesday gave back all the gains achieved earlier in the week, as a selloff in crude oil punished the energy sector and fueled a dour mood on Wall Street. 

The S&P 500 fell nearly 1.5% on Tuesday, the Dow Jones Industrial Average declined 1.4%, and the Nasdaq fell 1.1%.

Crude oil in the U.S. early Wednesday was rising 0.4% to $45.09 a barrel. Crude fell 3% on Tuesday.

The economic calendar in the U.S. Wednesday includes Import and Export Prices for August at 8:30 a.m. EDT, and Crude Inventories for the week ended Sept. 10, at 10:30 a.m.

2. -- Monsanto  (MON)  shares were rising 0.8% in premarket trading Wednesday to $106.96 after Bayer (BAYRY)   confirmed it reached an agreement to buy the U.S. seeds company for $128 a share.

The breakthrough in negotiations, which follows more than four months of talks, came after Bayer, the German chemicals and health care company, further improved on the sweetened offer of $127.50 a share in cash it disclosed last week, Reuters reported earlier.

The deal, however, values Monsanto at less than $130 a share, which the company was previously hoping to fetch, people familiar with the matter told Reuters.

The acquisition is the biggest deal of 2016.

3. -- John Stumpf, CEO of Wells Fargo (WFC - Get Report) , told TheStreet's Jim Cramer on Mad Money Tuesday that he doesn't plan on resigning but does hold himself accountable for the alleged abusive account opening practices at the bank.

"I think the best thing I could do right now is lead this company, and lead this company forward," Stumpf told Cramer.

Stumpf apologized to Wells Fargo customers who found themselves with products they didn't want. He said Wells Fargo is built on a culture of doing right by customers and he personally takes responsibility for any case where that did not happen.

The bank said Tuesday it would end the retail-bank sales targets that regulators said helped motivate thousands of employees to illegally open unauthorized customer accounts to meet performance goals.

Wells Fargo last week was fined $185 million by the Consumer Financial Protection Bureau and two other regulators for employees opening bank accounts and credit cards that were not authorized by customers in order to meet sales goals. 

Wells Fargo is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells WFC? Learn more now.

4. -- Samsung plans to issue a software update for its recalled Galaxy Note 7 smartphones that will prevent them from overheating by limiting battery recharges to 60%.

The Associated Press reported that the front page of the Seoul Shinmun, a South Korean newspaper, carried a Samsung Electronics advertisement on Tuesday announcing the software update for any users of the Note 7 who may be disregarding a recall notice and continuing to use the smartphone.

"It is a measure to put consumer safety first but we apologize for causing inconvenience," the advertisement said. The update for South Korean users will start Sept. 20, it said.

It was unclear when the update may be issued overseas and if it will be forced on existing Note 7 phones regardless of user consent. Yonhap News Agency reported that Samsung is in talks with global mobile carriers to deliver the same update to keep battery power at 60% or below at all times, the AP reported.

The company plans to begin issuing new Note 7s with batteries it said won't be prone to overheating starting Sept. 19 in South Korea. 

5. -- Herbalife (HLF - Get Report) shares were up 2.4% to $61.25 in premarket trading after billionaire activist Carl Icahn said during a CNBC conference that he was looking to own up to 50% of the Los Angeles-based supplements maker.

Icahn already has permission to buy up to 35% while hedge fund manager Bill Ackman, of Pershing Square Capital, expects the company's shares to wither and has built up a short position, according to CNBC.