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Stock Futures Buoyant on Bargain Hunting, Higher Oil Prices


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Stock futures continued to trade higher but were off their best levels with bargain hunting and continued gains in oil giving a modest lift to Dow futures into Monday's open.

Today's economic data was also adding some support as a pair of manufacturing indices should reassure the Federal Reserve to maintain current monetary policy.

The final purchasing manager's manufacturing index for April is expected to be revised up slightly from April's initial 50.8 but lower than March's final read of 51.5.

Also, the Institute for Supply Management's manufacturing index for April is forecast to decline to 51.5 from March's 51.8.

Monday's other data is March construction spending, expected to increase 0.5%.

In corporate news, Halliburton ( HAL ) has shelved its $28 billion acquisition of Baker Hughes ( BHI ) amid regulatory and competitive challenges. Baker Hughes said it will use the $3.5 billion termination fee to buy back the company's stock.

Oracle ( ORCL ) acquired cloud-based software developer Opower ( OPWR ) for $10.30 per share, a 30% premium over Opower's closing price on Friday.

Also, International Paper ( IP ) said it would buy Weyerhauser's (WY) pulp business for $1.9 billion.

-Dow Jones Industrial up 0.19%

-S&P 500 futures up 0.23%

-Nasdaq 100 futures up 0.17%

SENTIMENT

Nikkei down 3.11%

Hang Seng down 1.50%

Shanghai Composite down 0.24%

FTSE-100 Closed

DAX-30 up 1.12%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: Higher

(+/-) Chip stocks: Higher

(+/-) Software stocks: Flat

(+/-) Hardware stocks: Higher

(+/-) Internet stocks: Higher

(+/-) Oil stocks: Higher

(+/-) Biotech stocks: Higher

(+/-) Drug stocks: Higher

(+/-) Financial stocks: Flat

(+/-) Retail stocks: Flat

(+/-) Industrial stocks: Mixed

(+/-) Airlines: Flat

(+/-) Autos: Higher

UPSIDE MOVERS:

(+) PTX (+57.31%) Reported on Friday that Point 72 has taken a 5.8% stake in Pernix

(+) OPWR (+30.09%) To be acquired by Oracle ( ORCL ) for $532 million

(+) APOL (+11.54%) Confirmed a revised buyout offer from consortium of investors for $10 per share

DOWNSIDE MOVERS:

(-) NRX (-69.39%) Filed Chapter 11 bankruptcy and is looking to begin sale procedures under Section 363

(-) BIND (-65.51%) Filed Chapter 11 bankruptcy

(-) UPL (-58.36%) Filed Chapter 11 bankruptcy

(-) PRGN (-15.09%) Disclosed that it will file 20-F late

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Stocks
Referenced Symbols: HAL , ORCL , IP



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