The daily business briefing: June 10, 2019
Stocks get a boost from the suspension of Trump's Mexico tariffs, United Technologies and Raytheon agree to merge, and more

- 1. Stocks get lift from suspension of Trump's Mexico tariffs
- 2. United Technologies and Raytheon to merge, creating aerospace giant
- 3. Brexit: U.K. Conservatives start process of replacing May
- 4. American Airlines extends Boeing 737 Max cancellations
- 5. Salesforce to buy Tableau Software in $15.7 billion all-stock deal

1. Stocks get lift from suspension of Trump's Mexico tariffs
U.S. stock index futures gained over the weekend following the announcement that President Trump was suspending plans to impose 5 percent tariffs on all Mexican goods after Mexico agreed to step up efforts to keep undocumented Central American migrants from entering the U.S. Dow Jones Industrial Average futures pointed to a gain of more than 100 points at Monday's open. That would extend Friday's gain of 263 points, or roughly 1 percent, after a surprisingly weak May jobs report stoked hopes that the Federal Reserve would soon cut interest rates to give the economy a boost. Fed Chair Jerome Powell said last week the central bank was "closely monitoring" the effects of U.S.-China trade tensions on the economy and would "act as appropriate to sustain the expansion."
2. United Technologies and Raytheon to merge, creating aerospace giant
United Technologies said Sunday that it would merge its aerospace business with Raytheon in a deal that would create the second largest U.S. aerospace company behind Boeing. If the deal goes through, the combined company will be a military-weapon and aircraft making giant, with $74 billion in expected 2019 sales. It would be one of the biggest mergers of the year. Raytheon makes missiles, radar systems, and other technology. The newly formed Raytheon Technologies Corp. will include United's jet-engine producers, Collins Aerospace and Pratt & Whitney. United is spinning off its Carrier air conditioner business and its Otis elevator company under an earlier deal. The Raytheon-United deal could close early next year if it wins regulatory approval.
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3. Brexit: U.K. Conservatives start process of replacing May
Britain's Conservative Party on Monday is opening and closing nominations for a new leader to replace Prime Minister Theresa May, who is stepping aside after failing to deliver a workable plan for the U.K.'s exit from the European Union. Conservative members of Parliament will nominate candidates, then narrow the list in a series of ballots, the first of which is expected Thursday. The party is aiming to be down to two contenders by June 20, with the final decision expected the week of July 22. Boris Johnson, who formerly served as London mayor and foreign secretary, is an early favorite. May will still be prime minister until a replacement is found.
4. American Airlines extends Boeing 737 Max cancellations
American Airlines said Sunday that it would extend cancellations of its Boeing 737 Max planes through Sept. 3. Previously, American had planned to keep the planes grounded until Aug. 19. Boeing Max jets were grounded worldwide in mid-March after two of the planes crashed within a span of five months, killing 346 people. The crashes, one in Indonesia and the other in Ethiopia, were partly blamed on a flight control system. Boeing has completed software changes intended to address the issue, but airline regulators, including the Federal Aviation Administration, have yet to give their stamp of approval. American said extending the cancellations would help its employees and customers "more reliably plan their upcoming travel on American."
5. Salesforce to buy Tableau Software in $15.7 billion all-stock deal
Salesforce.com announced Monday that it would buy data firm Tableau Software in a deal valued at $15.7 billion. In the all-stock deal, Tableau investors would get 1.103 shares of Salesforce for each share of Tableau. Salesforce said the deal would boost its fiscal 2020 revenue by up to $400 million. The deal still must be approved by the boards of both companies. Tableau shares gained 36 percent in pre-market trading after the announcement. Salesforce shares dropped by 3 percent.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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