Futures Higher on Active Merger Market, Citigroup Earnings


Stock futures are building on Friday's conservative gains as a flurry of mergers in the pharmaceutical sector and better than expected earnings from Citigroup ( C ) overshadow weak production data from Japan and the EU-zone, as well as any lingering concerns about the future of Portugal's Banco Espirito Santo. Banking stocks are buoying both Dow and S&P futures while tech stocks such as Apple ( AAPL ) and Facebook ( FB ) are helping Nasdaq futures outperform.

In M&A activity, Mylan ( MYL ) offered to buy Abbott Laboratories' ( ABT ) specialty and branded generics business outside the U.S. in an all-stock transaction valued at approximately $5.3 billion, while Abbie (ABBV) upped its offer for Shire Plc (SHPG) to more than $53 billion. Outside of the health care sector, AECOM Technology (ACM) paid $56.31 per share for URS Corp (URS), Synchronoss Technologies (SNCR) paid $26 million for address book personal cloud solutions company Voxmobili, and ConAgra Foods (CAG) acquires Inner Mongolia potato processor TaiMei for $93 million.

Global equities were also trading higher thanks to Friday's gains in the U.S. and waning worries about the health of Portugal's banks. Not surprisingly, Germany DAX outperformed its European peers as euphoria swept through the financial markets after Germany's win over Argentina in the World Cup finals.

-Dow Jones Industrial up 0.45%

-S&P 500 futures up 0.42%

-Nasdaq 100 futures up 0.49%


Nikkei up 0.88%

Hang Seng up 0.49%

Shanghai Composite up 0.96%

FTSE-100 up 0.67%

DAX-30 up 0.82%


(+) Large cap tech: higher

(+) Chip stocks: higher

(+) Software stocks: higher

(+) Hardware stocks: higher

(+) Internet stocks: higher

(+) Drug stocks: higher

(+) Financial stocks: higher

(+) Retail stocks: higher

(+) Industrial stocks: higher

(+) Airlines: higher

(+) Autos higher


(+) URS (+8.23%) To be acquired by AECOM Techology (ACM) for $56.31 per share

(+) PGNX (+12.74%) FDA approved Salix Pharmaceuticals (SLXP) and Progenics Pharmaceuticals' RELISTOR

(+) EXEL (+11.88%) Positive results on Phase 3 Trial of melanoma treatment

(+) C (+3.60%) Q2 Results top expectations, settlement reached with Justice Department


(-) RVBD (-4.77%) Lowers Q2 guidance below street, sees EPS at lower end of outlook

(-) HLIT (-12.90%) Cuts Q2 guidance below prior view, street estimates

(-) ABBV (-2.71%) Specialty and branded generics business sold to Mylan ( MYL ) for $5.3 billion

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: C , AAPL , FB , MYL , ABT

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