Markets

Stocks Poised to Revisit Record Levels; Hillshire Brands Offers $6.6 Bln for Pinnacle

An image of stock prices rising and declining in value
Credit: Shutterstock photo

Stock futures were higher into the open taking the lead from their European counterparts which were holding conservative gains as a result of some diffusion in tensions in Ukraine, and Chinese efforts to jump-start the economy by relaxing foreign investments. U.S. traders were also betting that this week's economic data on everything from the housing market to manufacturing will continue to show a robust economy emerging from the strain of a severe winter.

Merger news was also giving a boost to equity markets in the wake of a $6.6 billion offer by Hillshire Brands ( HSH ) for Pinnacle Foods ( PF ), while Allergan ( AGN ) rejected Valeant's ( VRX ) $46 billion bid.

There is no economic data today but Philadelphia Fed President Charles Plosser (voting) will deliver a speech on labor and economic trends in Philly this afternoon.

-Dow Jones Industrial up 0.30%

-S&P 500 futures up 0.35%

-Nasdaq 100 futures up 0.49%

SENTIMENT

Nikkei down 0.35%

Hang Seng up 1.82%

Shanghai Composite up 2.08%

FTSE-100 up 0.35%

DAX-30 up 0.89%

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

UPSIDE MOVERS:

(+) RLYP (+4.59%) Phase 1 onset-of-action study of its Patiromer drug met its primary endpoint

(+) GOGO (+8.72%) Reports narrower loss, beats street on revenues

(+) PF (+21.05%) Hillshire Brands ( HSH ) made $6.6 billion offer

(+) ACT (+16.77%) RBC Capital Markets upgraded the stock to Top Pick

DOWNSIDE MOVERS:

(-) CGEN (-0.60%) Names Avihai Shen as interim CFO replacing Dikla Czaczkes Axselbrad

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.


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

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More