April 7 Premarket Briefing: 10 Things You Should Know
Updated from 6:53 a.m. EDT
Here are 10 things you should know for Monday, April 7:
1.-- U.S. stock futures were lower and European and Asian shares fell amid a selloff in technology stocks that started on Wall Street last week.
Japan's Nikkei 225 declined 1.7%.
2.-- The economic calendar in the U.S. on Monday includes Consumer Credit for February at 3 p.m. EDT.
3.-- U.S. stocks on Friday closed lower Friday and technology stocks tumbled as investors took profits after a week when the S&P 500 hit new records. The monthly U.S. jobs report showed signs that the labor market was beginning to shake off the effects of the winter chill.The Dow Jones Industrial Average fell 0.94% to close at 16,417.59, while the S&P 500 shed 1.25% to 1,865.09. The Nasdaq declined 2.6% to finish at 4,127.73.
4. -- India's Sun Pharmaceutical Industries agreed to buy generic drugmaker Ranbaxy Laboratories in a $4 billion deal, creating India's biggest pharmaceutical firm, with annual revenue estimated at $4.2 billion.
Ranbaxy is the leading drugmaker in India's $26 billion generic pharmaceutical industry, but it has faced penalties from U.S. regulators for years. The U.S. has banned imports of drugs from two of its factories because of concerns about quality control.
5. -- BlackRock
Fink and BlackRock President Rob Kapito will maintain their current roles.
Among those moving into new roles are Rob Goldstein, a 20-year BlackRock veteran, who will be taking on the role of chief operating officer from Charlie Hallac, a longtime veteran of the company who has been battling colon cancer and will be stepping out of his role to become co-president of BlackRock. They will assume their new roles June 1, Reuters reported.
BlackRock shares fell 12 cents in premarket trading on Monday.
6. -- Two of the world's largest suppliers of building materials, Swiss-based Holcim and its French counterpart, Lafarge, announced plans on Monday for a "merger of equals."
The combination would create an industry giant with 32 billion euros ($44 billion) in annual revenue.
The new company would be named LafargeHolcim and be headquartered in Switzerland. The two companies are global leaders in the supply of cement, crushed stone, sand and gravel.
7. -- Yahoo!