Futures Rise on Durable Goods Surprise, Dovish ECB, M&A Activity

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Stock futures were adding to their overnight gains as April durable goods orders surprised Wall Street with a 0.8% gain versus the consensus for a 0.8% decline. Global equities were bolstered overnight by dovish comments from ECB President Mario Draghi who continued to signal more accommodation by the central bank to offset deflationary pressure and its negative impact on the EU economy.

In corporate news, Pilgrim's Pride ( PPG ) made a $6.4 billion bid for Hillshire Brands ( HSH ), just weeks after Hillshire agreed to buy Pinnacle Foods ( PF ) for $4.3 billion. In other merger news, Pfizer ( PFE ) abandoned its attempt to buy Astra-Zeneca ( AZN ) causing shares of the British drug-maker to drop nearly 2% in pre-market while Pfizer shares are higher before the open.

-Dow Jones Industrial up 0.39%

-S&P 500 futures up 0.41%

-Nasdaq 100 futures up 0.44%

SENTIMENT

Nikkei up 0.23%

Hang Seng down 0.08%

Shanghai Composite down 0.34%

FTSE-100 up 0.46%

DAX-30 up 0.06%

PRE-MARKET SECTOR WATCH

(+) 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 mixed

UPSIDE MOVERS:

(+) ARO (+14.0%) $150 million financing with Sycamore closes, board reshuffled

(+) NWBO (+8.92%) Positive cancer treatment data

(+) VRNG (+13.1%) Seeking Alpha predicts $12-$15 stock price

(+) HSH Pilgrim's Pride makes $6.4 billion offer

DOWNSIDE MOVERS:

(-) PF (-6.1%) Purchase by Hillshire Brands appears in jeopardy as Pilgrim's Pride ( PPG ) offers to buy Hillshire ( HSH )

(-) DRTX (-11.2%) Reversing gains on FDA approval of Dalvance

(-) JKS (-6.46%) Q1 results top street estimates, but profit misses expectations



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: PPG , HSH , PF , PFE , AZN

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