May 9 Premarket Briefing: 10 Things You Should Know

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Updated from 6:50 a.m. EDT

Here are 10 things you should know for Friday, May 9:

1. 
-- U.S. stock futures were pointing to a weaker start for Wall Street on Friday and European stocks slipped amid an easing of inflation in China and renewed concerns over the crisis in Ukraine.

Asian shares ended the session mixed. Japan's Nikkei 225 gained 0.3%.

2. -- The  economic calendar  in the U.S. on Friday includes wholesale inventories for March at 10 a.m. EDT.

3. -- U.S. stocks  on Thursday closed mixed as  Federal Reserve  Chair Janet Yellen reiterated her positive economic outlook and as tech stocks tumbled again.

The Dow Jones Industrial Average  rose 0.2% to finish at 16,550.97, while the  S&P 500  lost 0.14% to 1,875.63. The  Nasdaq dropped 0.4% to close at 4,051.50.

4. -- Apple could make its largest acquisition with the planned $3.2 billion purchase of Beats Electronics , the headphone maker and music streaming operator founded by music producer Jimmy Iovine and hip-hop star Dr Dre, The Financial Times reported.

The deal could be announced as early as next week, people familiar with the negotiations told the newspaper. But they cautioned that some details had yet to be agreed and talks could still fall apart.

Apple will acquire Beats' streaming music service , which launched earlier this year, and its audio equipment business, which includes its brand of headphones and audio equipment. The Beats management team will report to Apple CEO Tim Cook, people familiar with the deal told the FT. Apple and Beats declined to comment.

Apple shares fell 0.4% in premarket trading on Friday to $585.80.

5. -- Omnicom and France's  Publicis scrapped merger plans that would have created the world's largest advertising firm.

The companies issued a joint statement late Thursday saying they mutually agreed to call off the $35 billion deal announced in July because they weren't able to complete the merger in a reasonable time frame.

They didn't give details, but The Wall Street Journal reported that issues included getting tax and regulatory approvals, and debates over which company would be listed as the acquirer of the other.

Omnicom shares fell 1.1% to $65.48 in premarket trading. 

6. -- Publisher News Corp  said fiscal third-quarter earnings declined from a year earlier, but adjusted profit of 11 cents a share topped Wall Street estimates because of better book publishing thanks to strong sales of the "Divergent" series, which was launched as a movie in March.

Revenue fell 5% to $2.08 billion, but topped analysts' forecasts of $2.07 billion.

7. -- Pfizer would cut its yearly tax bill by hundreds of millions of dollars if it buys rival  AstraZeneca   but thousands of Pfizer shareholders face a tax hit if a deal goes through, the Journal reported.