May 12 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Monday, May 12:
1. -- U.S. stock futures rose, European markets were mixed and Asian shares finished Monday's session mostly higher on promises of financial reform.
China's Shanghai Composite rose 2.1% and Hong Kong's Hang Seng gained 1.8%. China's State Council over the weekend reiterated a commitment to financial market liberalization.
2. -- The economic calendar in the U.S. on Monday includes the Treasury Budget for April at 2 p.m. EDT.
3. -- U.S. stocks on Friday rallied in the final hour of trading on Friday, boosting the Dow Jones Industrial Average to an all-time closing high.
The Dow gained 0.2% to 16,583.34, while the S&P 500 added 0.15% to close at 1,878.48. The Nasdaq closed up 0.5% to 4,071.87. The Dow for the week climbed 0.43%, while the S&P 500 and Nasdaq dropped 0.14% and 1.26%, respectively.
4. -- Nearly 90% of voters in the Donetsk region voted in favor of independence from Ukraine and 10% voted against it, CNN reported, citing an election official.
Pro-Russian separatists eager to declare independence from Kiev held the vote Sunday.
A similar question was put to voters in Luhansk. Preliminary results were expected Monday, officials said, CNN reported.
Acting Ukrainian President Oleksandr Turchynov slammed the results. "This propagandist farce will not have any legal consequences, only criminal responsibility of its organizers," Turchynov said in a statement Monday.
Russia, however, welcomed the vote.
"Moscow respects the will of the population of the Donetsk and Luhansk regions, and hopes that the practical implementation of the outcome of the referendums will proceed along civilized lines, without repeat outbreaks of violence," the Kremlin said in a statement.
5. -- Pfizer
In four videos on Pfizer's Web site, CO Ian Read sought to allay concerns that the deal would lead to a loss of stature in science in the United Kingdom. He said Pfizer had expanded its research in Cambridge, Mass., and envisions pursuing a similar strategy for Britain's Cambridge, north of London, where many scientists work.
Pfizer has been trying to buy its British rival since January, but has been rebuffed three times. AstraZeneca said Pfizer's latest offer of $106 billion in cash and stock undervalues the company and that a takeover would disrupt its work on a potentially lucrative pipeline of new drugs.
Pfizer shares rose 0.5% to $29.17 in premarket trading on Monday; AstraZeneca rose 0.9% to $77.93.
6. -- Nasdaq OMX Group