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US Futures Slip Amid Iraq Unrest; Acquisitions Boost Some Stocks

U.S. stock futures slipped Monday amid concerns about possible U.S. intervention in Iraq unrest while a handful of large acquisitions boosted individual stocks.

In economic data, the Empire State manufacturing index for June rose to 19.28 from 19.01 in May and was well ahead of the 15.0 consensus compiled by Econoday.

Later this morning, at 09:15 a.m. E.T. industrial production in May is expected to have risen 0.5% compared to the 0.6% month-on-month decline seen in April, while capacity utilization is expected to have edged higher to 78.9% from 78.6%. Industrial manufacturing is seen rising 0.6% from April compared to the 0.4% decline in April from March. At 10:00 a.m., the NAHB housing market index for June is expected to have gained 2 points to 47 from 45 in May.

In equities, medical technology company Medtronic ( MDT ) gained more than 6% in recent pre-market trade after agreeing to buy healthcare products company Covidien ( COV ), up 30%, for $42.9 billion in cash and stock. Meanwhile, Level 3 Communications ( LVLT ) is buying managed network services provider TW telecom ( TWTC ). LVLT was up 3.2% and TWTC added 13%.

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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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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