Stocks Turn Defensive; Apple in Talks to Buy Beats for $3.2 Bln

Stock futures were lower as Wall Street continued to take profits off recent gains with the pressure again heaviest on the tech-heavy Nasdaq. The profit-taking was triggered in Europe after stocks touched a six-year high Thursday following dovish comments from ECB President Mario Draghi, spilling into the pre-market session in the U.S. Compounded by strong technical resistance at 1885.00 in the S&P 500, equities are likely to trade defensively, putting the Nasdaq and S&P 500 on track to close the week lower.

This morning's economic data is not expected to provide much of a boost to equities as job openings are forecast to increase 4.125 million in March, less than the 4.173 million increase recorded the month prior. Also, wholesale inventories should increase 0.5%, same as the increase noted in February.

In corporate news, Apple ( AAPL ) is reportedly in talks to purchase headphone maker Beats Electronics for $3.2 billion, while the $35 billion merger between Omnicom ( OMC ) and Publicis has been shelved as the two companies were unable to agree on terms such as leadership and the combined corporate culture.

-Dow Jones Industrial down 0.10%

-S&P 500 futures down 0.11%

-Nasdaq 100 futures down 0.11%


Nikkei up 0.25%

Hang Seng up 0.12%

Shanghai Composite down 0.21%

FTSE-100 down 0.33%

DAX-30 down 0.60%


(-) Large cap tech: lower

(-) Chip stocks: lower

(-) Software stocks: lower

(-) Hardware stocks: lower

(+/-) Internet stocks: mixed

(-) Drug stocks: lower

(+/-) Financial stocks: mixed

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(+/-) Airlines: flat

(+) Autos higher


(+) PLUG (+8.24%) Central Grocers placed order for 182 next-generation GenDrive fuel cell units

(+) PBMD (+26.53%) FDA granted Fast Track Designation to the CVac clinical development program

(+) OLED (+11.58%) Reported a profit in Q1 2014 compared to a loss for year ago period


(-) RL (-6.47%) Posted better-than-expected Q4 earnings, but warned of margin pressure in 2015.

(-) UBNT (-17.74%) Beats on both earnings and revenue

(-) FUEL (-28.26%) Reported a miss on Q1 revenue, sets Q2 revenue view below Street

(-) ZGNX (-12.99%) Reported a Q1 loss $0.05 lower estimates and missed on revenue

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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