“In the business world, the rearview mirror is always clearer than the windshield.” – Warren Buffett

1. Elon Musk’s Plans Internet Satellites — WSJ, Elon Musk is working with Greg Wyler on building and launching cheap, lightweight satellites that would blanket the Earth with Internet access. Musk and Wyler are said to have “discussed launching around 700 satellites, each weighing less than 250 pounds.” The constellation would be 10x as large as Iridium’s (NASDAQ:IRDM), currently the world’s largest, and would likely cost $1B+ to finance.
2. The Fed and DOJ probing bank conduct in forex markets — Reuters, the U.S. Federal Reserve is investigating possible improper conduct in foreign exchange markets by large banking institutions. The announcement was made as global regulators fined five major banks, including UBS, HSBC and Citigroup, $3.4 billion for failing to stop their traders from trying to manipulate the foreign exchange market.
3. U.S., China to Drop Tariffs on Range of Tech Products — WSJ, the U.S. and China have reached an agreement to drop tariffs on a wide range of tech products, expanding upon their previous Information Technology Agreement at a time of strained relations. Eliminating tariffs on sales of roughly $1T, the deal would liberalize trade in more than 250 categories ranging from semiconductors to medical devices.
4. Ackman Takes Stake in Animal-Health Company Zoetis (ZTS) — WSJ, Bill Ackman’s Pershing Square has taken a $2B stake in Zoetis (NYSE:ZTS) and could push the animal-health company to sell itself to a large drug maker such as Valeant Pharmaceuticals (NYSE:VRX). The stake amounts to a roughly 10% in Zoetis, and includes an investment by fellow hedge fund Sachem Head Capital Management.
5. Sony unveils web-based TV service PlayStation Vue — Sony’s PlayStation Vue will allow users to access live TV and on-demand content without a cable or satellite service. PlayStation Vue will begin an invite-only beta preview during November for select PlayStation owners, consisting of about 75 channels, and will later offer the service to more Sony (NYSE:SNE) and non-Sony devices. The new cloud-based TV is expected to be commercially launched during the first quarter of 2015.

The week ahead — Economic data from Econoday.com: