Here are five things you must know for Monday, Nov. 6:
Brent crude, the global benchmark, rose 0.7% to $62.51 a barrel, the highest since July 2015, following the weekend's news, which included not only the arrest of Prince Alwaleed but also the ouster of Prince Miteb in Abdullah as head of Saudi Arabia's powerful National Guard.
Crown Prince Mohammed bin Salman could be using the purge to tighten his grip on power both at home and in the broader Gulf region following his elevation by King Salman earlier this year.
Sprint and T-Mobile officially called off merger talks on Saturday, Nov. 4, saying they were "were unable to find mutually agreeable terms."
Softbank said on Sunday, Nov. 5, that it intends to increase its stake in Sprint. Softbank already owns 82.87% of Sprint, according to FactSet, and said that it doesn't intend to increase its stake to more than 85%.
Broadcom's offer consists of $60 in cash and $10 in stock for each of Qualcomm's nearly 1.5 billion shares. A deal would be the largest ever in tech. Broadcom has reportedly been working on a deal for months.
Earlier deal chatter suggested Broadcom would offer Qualcomm $103 billion, but that the deal would be funded 75% by cash.
The Broadcom proposal still stands whether Qualcomm's pending acquisition of NXP Seminconductors NV (NXPI) comes to fruition.
Qualcomm stock surged over 12% by the market close Friday, Nov. 3 amid speculation of a deal. Shares closed at $61.81. In premarket action Monday, Qualcomm shares gained 3.4% to $63.90. Broadcom stock gained 5.5% to $273.63 by the market close Friday.
According to records obtained by the International Consortium of Investigative Journalists, Ross is an investor in Navigator Holdings, a shipping giant that counts Russian gas and petrochemical producer Sibur among its major customers. Putin's son-in-law, Kirill Shamalov, once owned more than 20% of the company, but now holds a much smaller stake, according to the AP.
Commerce Department spokesman James Rockas said Ross "never met" Shamalov and has generally supported the Trump administration's sanctions against Russia, according to the ICIJ report. Rockas added that Ross has withdrawn from matters related to transoceanic shipping vessels and has met the "highest ethical standards," the AP reported.
This has been updated to include details of Broadcomm's bid for Qualcomm.
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