April 22 Premarket Briefing: 10 Things You Should Know
Updated from 6:46 a.m. EDT
Here are 10 things you should know for Tuesday, April 22:
1.-- U.S. stock futures were pointing to a weaker start on Tuesday ahead of earnings from a number of sector heavyweights and home-sales data.
European stocks rose. Asian shares ended the session mixed; Japan's Nikkei 225 fell 0.9%.
2.-- The economic calendar in the U.S. on Tuesday includes existing-home sales for March at 10 a.m. EDT.
3.-- U.S. stocks on Monday closed higher as investors awaited critical earnings reports this week.
The Dow Jones Industrial Average added 0.25% to finish at 16,449.25, the S&P 500 gained 0.38% to 1,871.89 and the Nasdaq climbed 0.64% to close at 4,121.55. The gains marked the S&P's fifth straight positive session.
4. -- Valeant Pharmaceuticals
The offer was confirmed Tuesday by Valeant.
Ackman's Pershing Square Capital Management said it owns a 9.7% stake in Allergan worth $4.1 billion. Ackman's stake would make an Allergan deal worth around $40 billion.
Valeant shares rose 11.3% in premarket trading to $140.30. Allergan rose 21.9% to $173.15.
5. -- Switzerland's Novartis
The two drugmakers also are creating a new consumer health care business through a joint venture.
Novartis also said it would sell off its animal health division to Eli Lilly
Novartis shares were up 1% in premarket trading to $86.34; GlaxoSmithKline shares rose 4.4% to $55.48; Lilly shares fell 3.1% to $59.
6. -- Netflix
Netflix earned 86 cents a share on revenue of $1.27 billion in the first quarter; analysts were expecting earnings of 83 cents a share on revenue of $1.27 billion.
Netflix said streaming margins hit 25.2% in the first quarter.
CEO Reed Hastings said there would be an increase for new members of $1 or $2, depending on the country.
Netflix shares rose 6.9% in premarket trading to $372.50.
7. -- Ford
Mulally, 68, will step down before the end of the year and be succeeded by Fields, 53, now chief operating officer, according to the people. The automaker may announce the moves as soon as May 1, the people told Bloomberg.