Stocks Poised to Revisit Record Levels; Hillshire Brands Offers $6.6 Bln for Pinnacle
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%
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
(+) 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
(-) CGEN (-0.60%) Names Avihai Shen as interim CFO replacing Dikla Czaczkes Axselbrad
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