Last Friday's better than expected jobs report continues to
provide modest support to the equities market this morning with
futures holding onto conservative gains ahead of a flurry of
remarks expected from some of the more hawkish members of the
Federal Reserve. Without any economic data, comments from Fed
Presidents Lacker, Bullard and Fisher will be closely examined for
clues as to the Fed's bias especially after the November jobless
rate fell to 7.0%.
Overseas markets were mixed with bullish Chinese trade data
unable to prevent weakness in European markets. Bearish EU-zone
economic data including German industrial production, Swiss retail
sales and a decline in EU investor confidence all weighed on
European bourses with the FTSE currently trading in the red.
Merger Monday kicks off with the long-awaited merger between
American Airlines and US Airways (
) who have been cleared for take-off after the U.S. Supreme Court
declined a challenge from a consumer group that the merger would
lead to higher airfares. The new company will trade on the Nasdaq
exchange under the symbol AAL.
Also, SYSCO Corp (
) has agreed to acquire US Foods from private-equity firm Clayton,
Dubilier & Rice and Kohlberg Kravis Roberts (
) for $3.5 billion. WhiteWave Foods (
) has acquired privately-owned Earthbound Farm, the largest organic
producer in North America, for $600 million, while Covidien (
) is buying Given Imaging (GIVN) for $860 million.
-Dow Jones Industrial up 0.04%
-S&P 500 futures up 0.11%
-Nasdaq 100 futures up 0.15%
Nikkei up 2.29%
Hang Seng up 0.29%
Shanghai Composite up 0.05%
FTSE-100 down 0.09%
DAX-30 up 0.37%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: higher
(+) Chip stocks: higher
(+) Software stocks: higher
(+) Hardware stocks: higher
(+) Internet stocks: higher
(+/-) Drug stocks: mixed
(+) Financial stocks: higher
(+) Retail stocks: higher
(+) Industrial stocks: higher
(+) Airlines: higher
(+) Autos higher
SYY (-27.60%) Agreed to acquire private food distributor US
Foods for about $3.5 billion excluding debt.
UQM (+24.10%) Received approval Friday from the U.S. Department
of Energy for the continuation of a grant to manufacture and deploy
electric drive vehicles, batteries and electric drive vehicle
ADXS (34.54%) Licensing deal under which Taiwan's Global
BioPharma will develop and commercialize its ADXS-HPV for the
treatment of human papillomavirus (HPV)-associated diseases.
LAYN (-4.5%) Reports Q3 revenue of $216.5 mln, down from $281.3
mln in the year ago quarter and below the analyst consensus of
$244.6 mln on Capital IQ. Pre-tax loss was $0.99, vs. year ago
income of $0.38 per share.
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