June 20 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Friday, June 20:
1. -- U.S. stock futures were rising ahead of a day light on U.S. economic data.
European stocks were higher but were losing momentum in trading Friday. Asian shares ended the session mixed. Japan's Nikkei 225 index fell 0.08%.
2. -- The economic calendar in the U.S. on Friday is empty.
3. -- U.S. stocks on Thursday made up for slight losses earlier in the day with the Dow Jones Industrial Average and S&P 500 ending higher and the Nasdaq off only slightly.
The Dow rose 0.09% to 16,921.46. The Nasdaq slipped 0.08% to 4,359.33. The S&P closed with its second consecutive day of record-breaking highs, though up only 0.13% to 1,959.48.
4. -- Germany's Siemens
The two companies said Friday they were raising their cash offer by 1.2 billion euros ($1.63 billion) to 8.2 billion euros, which increases their overall valuation of Alstom's energy business by 400 million euros to 14.6 billion euros.
Siemens hopes to acquire Alstom's gas business entirely, while Mitsubishi would take a 10% stake in Alstom under their proposal.
GE has bid 12.35 billion ($17 billion) for Alstom's entire power business. GE on Thursday added new guarantees on sensitive concerns over jobs and decision-making, while leaving the cash value unchanged.
5. -- Shire, the U.K. drugmaker, rejected a $46.35 billion takeover bid from rival AbbVie
Shire said its board rejected the Abbvie proposal "on the basis that it fundamentally undervalued the company and its prospects."
"The board also had concerns regarding the execution risks associated with the proposed (tax) inversion structure, as AbbVie would redomicile in the U.K. for tax purposes," the company added.
AbbVie said Friday it had made three cash-and-stock proposals to the board of Shire; the first proposal was in early May. The latest proposal represented an indicative offer of 46.26 pounds (78.87), AbbVie said.
AbbVie has a deadline of July 18 to either make another offer for Shire or to walk away.
6. -- Business software maker Oracle
Net income fell 4% to $3.65 billion from $3.81 billion, in the three months that ended on May 31. Per-share earnings in each quarter were 80 cents a share.
On an adjusted basis, Oracle reported fourth-quarter earnings of 92 cents a share, below Wall Street estimates of 95 cents.
Revenue rose 3% to $11.32 billion; analysts expected $11.48 billion.
7. -- Representatives of Bank of America