Futures Drift Lower After Friday's Highs; Tyson Trumps Pilgrim Bid With $63/Share Offer For Hillshire

Stock futures are marginally lower into Monday's open after record highs on Friday triggered the obligatory round of light profit-taking, especially with a dearth of any economic data during today's session. Merger activity, however, should help underpin equities with Tyson Foods ( TSN ) sweetening its deal for Hillshire Brands ( HSH ) to $63 per share, Analog Devices ( ADI ) buying Hittite Microwave ( HITT ) for $78 per share, and Idenix Pharmaceutical ( IDIX ) being acquired by Merck (MRK) for $24.50 per share. Also, Apple's (AAPL) 7 for 1 stock split became effective today, making the stock a more affordable $92.

European markets are extending gains achieved on the heels of last week's rate cut by the European Central Bank. In addition, bullish trade data from China coupled with steady gains in emerging markets is also contributing to the constructive tone overseas as global economic stability encourages demand for riskier assets.

Dow Jones Industrial down 0.09%

-S&P 500 futures down 0.14%

-Nasdaq 100 futures down 0.12%


Nikkei up 0.31%

Hang Seng up 0.73%

Shanghai Composite up 0.03%

FTSE-100 up 0.16%

DAX-30 up 0.09%%


(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+) Software stocks: higher

(+/-) Hardware stocks: mixed

(+) Internet stocks: higher

(-) Drug stocks: lower

(-) Financial stocks: lower

(+) Retail stocks: higher

(-) Industrial stocks: lower

(+) Airlines: higher

(-) Autos lower


(+) FDO (+11.93%) Carl Icahn revealed a 9.4% active stake in the company

(+) HITT (+28.73%) Analog Devices ( ADI ) offers $78 per share for the company

(+) IDIX (+234.72%)To be acquired by Merck (MRK) for $24.50 per share

(+) HSH (+4.92%) Tyson Food upps offer to $63 per share

(+) ACHN (+34.72%) Trading higher in concert with anti-hepatitis peer IDIX


(-) NSR (-6.26%) Email mistakenly posted in FCC docket indicates next LNPA contract will go to Ericsson (ERIC)

(-) TSN (-0.17%) Raised bid for Hillshire ( HSH ) to $63/share, knocking Pilgrim's Pride (PPC) out

(-) GM (-0.14%) Announced four more recalls on Friday of more than 105,000 cars and trucks

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

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

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