AI
Monday, April 07, 2008 7:22:13 PM
Market Update 080407
http://biz.yahoo.com/mu/update.html
4:25 pm : The final numbers don't tell the whole tale of today's session, which had a split personality of buying in the morning and selling in the afternoon. The end result was a market that was little changed and, for many bulls, that's just fine given the scope of last week's 4.2% gain in the S&P 500.
A familiar catalyst got things going this morning, namely a report surrounding the prospect of a capital raise for another leading financial institution. This time it was Washington Mutual (WM 13.15, +2.98) that found itself in the spotlight after The Wall Street Journal carried an article that suggested private equity firm TPG, and other investors, are close to a deal to invest $5 billion in the company.
Shares of Washington Mutual soared 29% on the report in yet another relief rally tied to the idea that such an investment would ensure the company won't face a liquidity crisis.
This is the same belief that jumpstarted the market last week in the wake of UBS's $19 billion write-down warning. Sure enough, the market caught a bid on the WaMu news and the financial stocks helped lead an early advance that saw the S&P 500 gain as much as 1.2% at its highs for the session.
A separate report that Novartis (NVS 50.00, -2.12) was going to pay $39 billion for a 77% stake in Nestle's Alcon unit, and carryover momentum from last week's rally, also contributed to the early buying interest. Another M&A item of note involved Microsoft (MSFT 29.16, unch), which threatened Yahoo! (YHOO 27.70, -0.66) that it would turn into a hostile suitor if Yahoo! didn't agree to a sale in the next three weeks. Microsoft made a $44.6 billion offer for Yahoo! at the end of January.
Around 1:00 ET, though, the rally effort began to fade. Presumably, a burgeoning sense that the market has gone too far, too fast, led to the broad-based pullback. From its low last Monday to its high today, the S&P 500 gained 5.6%.
Despite the selling pressure, the market still managed a slight gain for the session on the relative strength of the financial sector (+1.0%) and gains in other areas like telecom services (+1.0%), health care (+0.4%) and energy (+0.2%).
Separately, the gains in the energy sector trailed that of oil prices themselves, which jumped 2.5% in Monday's trade to $108.87 per barrel.DJ30 +3.01 NASDAQ -6.15 NQ100 -0.3% R2K -0.2% SP400 +0.3% SP500 +2.14 NASDAQ Dec/Adv/Vol 1518/1418/1.76 bln NYSE Dec/Adv/Vol 1410/1736/1.25 bln
3:35 pm : The major indices have made a modest recovery off their lows. The Nasdaq remains in negative territory.
Looking ahead, aluminum company Alcoa (AA 37.58, -1.42) kicks off the first quarter earnings season tonight after the close. Tomorrow, February pending home sales and the minutes from the FOMC's March 18 meeting are set for release.DJ30 +17.18 NASDAQ -4.47 SP500 +3.66 NASDAQ Dec/Adv/Vol 1465/1432/1.48 bln NYSE Dec/Adv/Vol 1319/1804/1.00 bln
3:00 pm : The major indices fall to new intraday lows as an economic report hits. The Nasdaq is in the red, while the S&P 500 holds onto a slight gain.
This session's sole economic report is just hitting the wires. February consumer credit fell to $5.2 billion from the prior reading of $10.3 billion. Economists expected a reading of $6.0 billion.
The materials sector (-1.1%) is now posting the largest decline of the day. Dow component Alcoa (AA 37.55, -1.45) is the main laggard ahead of its earnings report after the close. Fellow Dow component DuPont (DD 48.92, -0.58) is also showing weakness.DJ30 +1.79 NASDAQ -7.78 SP500 +1.62 NASDAQ Dec/Adv/Vol 1416/1458/1.33 bln NYSE Dec/Adv/Vol 1269/1850/892 mln
2:30 pm : The major indices continue to drift lower, with three of the ten economic sectors falling into the red. The Nasdaq has fallen to the unchanged mark.
Within the Nasdaq 100, 47 stocks are posting a loss. Cisco (CSCO 24.00, -0.39) and Research In Motion (RIMM 118.31, -1.68) are the main laggards. Apple (AAPL 156.47, +3.39) and Google (GOOG 477.18, +6.09) are providing leadership.DJ30 +40.22 NASDAQ +0.01 SP500 +5.65 NASDAQ Dec/Adv/Vol 1338/1520/1.19 bln NYSE Dec/Adv/Vol 1135/1954/806 mln
2:00 pm : The major indices retreat well off their session highs, but remain in the green. The pullback has been led by a retreat in the materials sector, as it is up only 0.1% after being up as much as 1.9%. There does not appear to be a specific catalyst for the selling interest.
In currency trading, the dollar is posting a decent gain of 0.3%, and has been in the green for most of the session. It is up 0.5% against the yen.DJ30 +73.19 NASDAQ +6.30 SP500 +10.48 NASDAQ Dec/Adv/Vol 1250/1595/1.09 bln NYSE Dec/Adv/Vol 1005/2084/724 mln
1:30 pm : The stock market dips off its best level, but is still holding onto healthy gains.
Word that Novartis (NVS 50.50, -1.62) is planning to issue debt to finance its stake in Alcon (ACL 152.72, +4.28), prompted Standard & Poor's to cuts its AAA rating on Novartis by three levels to AA-, according to Bloomberg.com. Only six companies still have AAA ratings at S&P and Moody's, including Automatic Data Processing (ADP 43.42, -0.47), Berkshire Hathaway (BRK-A, 131.300.01, +500.01), Exxon-Mobil (XOM 89.59, +0.85), General Electric (GE 37.50, -0.06) and Johnson & Johnson (JNJ 65.94, +0.21).DJ30 +95.01 NASDAQ +11.62 SP500 +12.58 NASDAQ Dec/Adv/Vol 1181/1647/980 mln NYSE Dec/Adv/Vol 937/2144/655 mln
1:00 pm : News has slowed considerably, but that has not stopped the stock market from extending its gains. Financials (+2.4%) continue to lead the way higher, as the sector hits its session high.
Within the Dow, 24 of the 30 components are trending higher. Merck (MRK 41.50, +1.50) and IBM (IBM 117.16, +1.40) are leading the way. Alcoa (AA 38.18, -0.82), which kicks of first quarter earnings season after the close, is the main laggard.
At the same time, crude oil continues to rally. It is now up 2.8% to $109.24 per barrel. After gaining 7.6% during the last five sessions, the commodity is now only $2.56 shy of its all-time high of $111.80.DJ30 +108.94 NASDAQ +14.05 SP500 +14.41 NASDAQ Dec/Adv/Vol 1151/1661/902 mln NYSE Dec/Adv/Vol 871/2190/599 mln
12:30 pm : The major indices are holding near their best levels of the session. Financials (+1.9%) led the recent buying interest, taking the leadership spot from the energy sector (+1.5%).
Market breadth leans bullish. Advancers outpace decliners by more than 2-to-1 on the NYSE and by 4-to-3 on the Nasdaq. New 52-week highs outpace new lows by 61-to-1 on the NYSE, and are even on the Nasdaq. Volume is on the light side.DJ30 +93.30 NASDAQ +14.61 SP500 +12.43 NASDAQ Dec/Adv/Vol 1180/1616/802 mln NYSE Dec/Adv/Vol 951/2097/530 mln
12:00 pm : The stock market has maintained last week’s bullish bias. At midday, the stock market is posting a substantial gain, with all ten economic sectors in positive territory. Market moving news has been relatively slow this session, with only one economic report set for release later in the afternoon, and no earnings reports.
Shares of Washington Mutual (WM 23.99, +2.44) have soared 24% on reports that it is close to a deal that will supply the struggling company with $5 billion in capital. The Wall Street Journal reports the deal will be funded by private-equity firm TPG and other investors.
Meanwhile, UBS (UBS 35.29, +1.64) is posting a healthy gain after being upgraded to Buy from Neutral at Merrill Lynch.
As a result, the financials sector has climbed 1.7%, and is providing leadership.
Microsoft (MSFT 29.27, +0.11) sent Yahoo! (YHOO 27.81, -0.55) a letter, warning that if Yahoo does not accept its Jan. 31 $44.6 billion offer, Microsoft will take its offer hostile by going directly to shareholders, according to reports. Yahoo responded that it is open to a deal with Microsoft, but feels the current offer undervalues the company.
In other deal news, Novartis (NVS 50.82, -1.30) is paying $11 billion to acquire a 25% stake in Alcon (ACL 153.61, +5.17) from Nestle.
Crude oil has rallied 2.9% to $109.25 per barrel. There does not appear to be a specific catalyst for the gains. As a result, the energy sector (+1.7%) has been a standout.
DJ30 +86.87 NASDAQ +13.81 SP500 +11.96 NASDAQ Dec/Adv/Vol 1138/1641/710 mln NYSE Dec/Adv/Vol 914/2095/471 mln
11:30 am : The stock market is trying to recover back to its session highs. The recent gains have been broad-based, with all ten economic sectors making it back to positive territory. Treasuries are facing some selling interest, with the 10-year note shedding 24 ticks.DJ30 +68.55 NASDAQ +10.16 SP500 +9.25 NASDAQ Dec/Adv/Vol 1140/1608/601 mln NYSE Dec/Adv/Vol 927/2046/396 mln
11:00 am : The Nasdaq fell to the unchanged mark, but has since recovered a bit as it posts a modest gain. All sectors have slipped off their best levels. Materials is now up only 0.8%, after being up as much as 1.9%. It remains the only sector in positive territory year-to-date, with a 3.7% advance.DJ30 +47.17 NASDAQ +8.46 SP500 +7.75 NASDAQ Dec/Adv/Vol 1167/1555/505 mln NYSE Dec/Adv/Vol 921/2005/328 mln
10:30 am : The major indices continue to post a gain, but are off their best levels of the morning. Four of the ten economic sectors are in negative territory, although their losses are modest.
The stock market is now up 9.6% from its 52-week low that was reached on March 17, with financials rebounding 17.8%.DJ30 +34.36 NASDAQ +7.02 SP500 +6.55 NASDAQ Dec/Adv/Vol 1190/1409/364 mln NYSE Dec/Adv/Vol 954/1903/235 mln
10:05 am : After dipping a bit, the major indices are trading near their opening highs. Washington Mutual (WM 11.95, +1.78) is spiking 17.5% on the capital infusion report.
The energy sector (+1.7%) is showing strength as crude rallies 2.1% to $108.45 per barrel. There is not a specific catalyst for the gain in crude oil prices. The materials sector (+1.8%) is providing leadership, as the fertilizer & agricultural chemicals group extends its rally.
Defensive oriented utilities (-0.2%), consumer staples (flat) and healthcare (+0.2%) are underperforming on a relative basis.
This session's economic calendar is light, with only the February consumer credit report at 15:00 ET.DJ30 +56.18 NASDAQ +13.14 SP500 +8.26 NASDAQ Dec/Adv/Vol 937/1516/229 mln NYSE Dec/Adv/Vol 780/2002/159 mln
09:45 am : The major indices open on a high note. Financials (+0.9%) are outperforming after the Wall Street Journal reported Washington Mutual (WM) is close to getting a $5 billion capital infusion from a private equity group and other investors.
Also topping headlines, is news that Microsoft (MSFT) sent Yahoo! (YHOO) a letter that stated Yahoo has three weeks to accept Microsoft's offer. Yahoo responded it is not against a deal with Microsoft, but the current offer is not in the best interest for Yahoo's shareholders.
DJ30 +43.90 NASDAQ +9.97 SP500 +6.91
09:15 am : S&P futures vs fair value: +9.7. Nasdaq futures vs fair value: +6.2.
09:00 am : S&P futures vs fair value: +9.4. Nasdaq futures vs fair value: +6.0.
08:32 am : S&P futures vs fair value: +11.9. Nasdaq futures vs fair value: +10.8. Current indications suggest a positive start to trading. In commodity trading, crude oil is up 1.1% to $107.38 per barrel. Gold is up 0.7% to $915.40 per ounce.
08:00 am : S&P futures vs fair value: +11.3. Nasdaq futures vs fair value: +10.3. Futures suggest a higher open to the trading day. Washington Mutual (WM) is close to completing a deal to get a $5 billion capital infusion from private-equity firm TPG and other investors, according to the Wall Street Journal. Microsoft (MSFT) has threatened a hostile takeover of Yahoo!(YHOO), if Yahoo does not agree to a merger within the next three weeks, according to the Wall Street Journal. Yahoo responded that it is not opposed to a deal with Microsoft, but feels the current offer undervalues Yahoo. In other deal news, pharmaceutical company Novartis AG (NVS) is buying a 25% stake in eye-care product maker Alcon (ACL), and may purchase another 52%.
06:13 am : S&P futures vs fair value: +12.0. Nasdaq futures vs fair value: +12.0.
06:13 am : FTSE...5990.30...+43.20...+0.7%. DAX...6826.34...+62.34...+0.9%.
06:13 am : Nikkei...13450.23...+157.01...+1.2%. Hang Seng...24578.76...+314.13...+1.3%.
http://biz.yahoo.com/mu/update.html
4:25 pm : The final numbers don't tell the whole tale of today's session, which had a split personality of buying in the morning and selling in the afternoon. The end result was a market that was little changed and, for many bulls, that's just fine given the scope of last week's 4.2% gain in the S&P 500.
A familiar catalyst got things going this morning, namely a report surrounding the prospect of a capital raise for another leading financial institution. This time it was Washington Mutual (WM 13.15, +2.98) that found itself in the spotlight after The Wall Street Journal carried an article that suggested private equity firm TPG, and other investors, are close to a deal to invest $5 billion in the company.
Shares of Washington Mutual soared 29% on the report in yet another relief rally tied to the idea that such an investment would ensure the company won't face a liquidity crisis.
This is the same belief that jumpstarted the market last week in the wake of UBS's $19 billion write-down warning. Sure enough, the market caught a bid on the WaMu news and the financial stocks helped lead an early advance that saw the S&P 500 gain as much as 1.2% at its highs for the session.
A separate report that Novartis (NVS 50.00, -2.12) was going to pay $39 billion for a 77% stake in Nestle's Alcon unit, and carryover momentum from last week's rally, also contributed to the early buying interest. Another M&A item of note involved Microsoft (MSFT 29.16, unch), which threatened Yahoo! (YHOO 27.70, -0.66) that it would turn into a hostile suitor if Yahoo! didn't agree to a sale in the next three weeks. Microsoft made a $44.6 billion offer for Yahoo! at the end of January.
Around 1:00 ET, though, the rally effort began to fade. Presumably, a burgeoning sense that the market has gone too far, too fast, led to the broad-based pullback. From its low last Monday to its high today, the S&P 500 gained 5.6%.
Despite the selling pressure, the market still managed a slight gain for the session on the relative strength of the financial sector (+1.0%) and gains in other areas like telecom services (+1.0%), health care (+0.4%) and energy (+0.2%).
Separately, the gains in the energy sector trailed that of oil prices themselves, which jumped 2.5% in Monday's trade to $108.87 per barrel.DJ30 +3.01 NASDAQ -6.15 NQ100 -0.3% R2K -0.2% SP400 +0.3% SP500 +2.14 NASDAQ Dec/Adv/Vol 1518/1418/1.76 bln NYSE Dec/Adv/Vol 1410/1736/1.25 bln
3:35 pm : The major indices have made a modest recovery off their lows. The Nasdaq remains in negative territory.
Looking ahead, aluminum company Alcoa (AA 37.58, -1.42) kicks off the first quarter earnings season tonight after the close. Tomorrow, February pending home sales and the minutes from the FOMC's March 18 meeting are set for release.DJ30 +17.18 NASDAQ -4.47 SP500 +3.66 NASDAQ Dec/Adv/Vol 1465/1432/1.48 bln NYSE Dec/Adv/Vol 1319/1804/1.00 bln
3:00 pm : The major indices fall to new intraday lows as an economic report hits. The Nasdaq is in the red, while the S&P 500 holds onto a slight gain.
This session's sole economic report is just hitting the wires. February consumer credit fell to $5.2 billion from the prior reading of $10.3 billion. Economists expected a reading of $6.0 billion.
The materials sector (-1.1%) is now posting the largest decline of the day. Dow component Alcoa (AA 37.55, -1.45) is the main laggard ahead of its earnings report after the close. Fellow Dow component DuPont (DD 48.92, -0.58) is also showing weakness.DJ30 +1.79 NASDAQ -7.78 SP500 +1.62 NASDAQ Dec/Adv/Vol 1416/1458/1.33 bln NYSE Dec/Adv/Vol 1269/1850/892 mln
2:30 pm : The major indices continue to drift lower, with three of the ten economic sectors falling into the red. The Nasdaq has fallen to the unchanged mark.
Within the Nasdaq 100, 47 stocks are posting a loss. Cisco (CSCO 24.00, -0.39) and Research In Motion (RIMM 118.31, -1.68) are the main laggards. Apple (AAPL 156.47, +3.39) and Google (GOOG 477.18, +6.09) are providing leadership.DJ30 +40.22 NASDAQ +0.01 SP500 +5.65 NASDAQ Dec/Adv/Vol 1338/1520/1.19 bln NYSE Dec/Adv/Vol 1135/1954/806 mln
2:00 pm : The major indices retreat well off their session highs, but remain in the green. The pullback has been led by a retreat in the materials sector, as it is up only 0.1% after being up as much as 1.9%. There does not appear to be a specific catalyst for the selling interest.
In currency trading, the dollar is posting a decent gain of 0.3%, and has been in the green for most of the session. It is up 0.5% against the yen.DJ30 +73.19 NASDAQ +6.30 SP500 +10.48 NASDAQ Dec/Adv/Vol 1250/1595/1.09 bln NYSE Dec/Adv/Vol 1005/2084/724 mln
1:30 pm : The stock market dips off its best level, but is still holding onto healthy gains.
Word that Novartis (NVS 50.50, -1.62) is planning to issue debt to finance its stake in Alcon (ACL 152.72, +4.28), prompted Standard & Poor's to cuts its AAA rating on Novartis by three levels to AA-, according to Bloomberg.com. Only six companies still have AAA ratings at S&P and Moody's, including Automatic Data Processing (ADP 43.42, -0.47), Berkshire Hathaway (BRK-A, 131.300.01, +500.01), Exxon-Mobil (XOM 89.59, +0.85), General Electric (GE 37.50, -0.06) and Johnson & Johnson (JNJ 65.94, +0.21).DJ30 +95.01 NASDAQ +11.62 SP500 +12.58 NASDAQ Dec/Adv/Vol 1181/1647/980 mln NYSE Dec/Adv/Vol 937/2144/655 mln
1:00 pm : News has slowed considerably, but that has not stopped the stock market from extending its gains. Financials (+2.4%) continue to lead the way higher, as the sector hits its session high.
Within the Dow, 24 of the 30 components are trending higher. Merck (MRK 41.50, +1.50) and IBM (IBM 117.16, +1.40) are leading the way. Alcoa (AA 38.18, -0.82), which kicks of first quarter earnings season after the close, is the main laggard.
At the same time, crude oil continues to rally. It is now up 2.8% to $109.24 per barrel. After gaining 7.6% during the last five sessions, the commodity is now only $2.56 shy of its all-time high of $111.80.DJ30 +108.94 NASDAQ +14.05 SP500 +14.41 NASDAQ Dec/Adv/Vol 1151/1661/902 mln NYSE Dec/Adv/Vol 871/2190/599 mln
12:30 pm : The major indices are holding near their best levels of the session. Financials (+1.9%) led the recent buying interest, taking the leadership spot from the energy sector (+1.5%).
Market breadth leans bullish. Advancers outpace decliners by more than 2-to-1 on the NYSE and by 4-to-3 on the Nasdaq. New 52-week highs outpace new lows by 61-to-1 on the NYSE, and are even on the Nasdaq. Volume is on the light side.DJ30 +93.30 NASDAQ +14.61 SP500 +12.43 NASDAQ Dec/Adv/Vol 1180/1616/802 mln NYSE Dec/Adv/Vol 951/2097/530 mln
12:00 pm : The stock market has maintained last week’s bullish bias. At midday, the stock market is posting a substantial gain, with all ten economic sectors in positive territory. Market moving news has been relatively slow this session, with only one economic report set for release later in the afternoon, and no earnings reports.
Shares of Washington Mutual (WM 23.99, +2.44) have soared 24% on reports that it is close to a deal that will supply the struggling company with $5 billion in capital. The Wall Street Journal reports the deal will be funded by private-equity firm TPG and other investors.
Meanwhile, UBS (UBS 35.29, +1.64) is posting a healthy gain after being upgraded to Buy from Neutral at Merrill Lynch.
As a result, the financials sector has climbed 1.7%, and is providing leadership.
Microsoft (MSFT 29.27, +0.11) sent Yahoo! (YHOO 27.81, -0.55) a letter, warning that if Yahoo does not accept its Jan. 31 $44.6 billion offer, Microsoft will take its offer hostile by going directly to shareholders, according to reports. Yahoo responded that it is open to a deal with Microsoft, but feels the current offer undervalues the company.
In other deal news, Novartis (NVS 50.82, -1.30) is paying $11 billion to acquire a 25% stake in Alcon (ACL 153.61, +5.17) from Nestle.
Crude oil has rallied 2.9% to $109.25 per barrel. There does not appear to be a specific catalyst for the gains. As a result, the energy sector (+1.7%) has been a standout.
DJ30 +86.87 NASDAQ +13.81 SP500 +11.96 NASDAQ Dec/Adv/Vol 1138/1641/710 mln NYSE Dec/Adv/Vol 914/2095/471 mln
11:30 am : The stock market is trying to recover back to its session highs. The recent gains have been broad-based, with all ten economic sectors making it back to positive territory. Treasuries are facing some selling interest, with the 10-year note shedding 24 ticks.DJ30 +68.55 NASDAQ +10.16 SP500 +9.25 NASDAQ Dec/Adv/Vol 1140/1608/601 mln NYSE Dec/Adv/Vol 927/2046/396 mln
11:00 am : The Nasdaq fell to the unchanged mark, but has since recovered a bit as it posts a modest gain. All sectors have slipped off their best levels. Materials is now up only 0.8%, after being up as much as 1.9%. It remains the only sector in positive territory year-to-date, with a 3.7% advance.DJ30 +47.17 NASDAQ +8.46 SP500 +7.75 NASDAQ Dec/Adv/Vol 1167/1555/505 mln NYSE Dec/Adv/Vol 921/2005/328 mln
10:30 am : The major indices continue to post a gain, but are off their best levels of the morning. Four of the ten economic sectors are in negative territory, although their losses are modest.
The stock market is now up 9.6% from its 52-week low that was reached on March 17, with financials rebounding 17.8%.DJ30 +34.36 NASDAQ +7.02 SP500 +6.55 NASDAQ Dec/Adv/Vol 1190/1409/364 mln NYSE Dec/Adv/Vol 954/1903/235 mln
10:05 am : After dipping a bit, the major indices are trading near their opening highs. Washington Mutual (WM 11.95, +1.78) is spiking 17.5% on the capital infusion report.
The energy sector (+1.7%) is showing strength as crude rallies 2.1% to $108.45 per barrel. There is not a specific catalyst for the gain in crude oil prices. The materials sector (+1.8%) is providing leadership, as the fertilizer & agricultural chemicals group extends its rally.
Defensive oriented utilities (-0.2%), consumer staples (flat) and healthcare (+0.2%) are underperforming on a relative basis.
This session's economic calendar is light, with only the February consumer credit report at 15:00 ET.DJ30 +56.18 NASDAQ +13.14 SP500 +8.26 NASDAQ Dec/Adv/Vol 937/1516/229 mln NYSE Dec/Adv/Vol 780/2002/159 mln
09:45 am : The major indices open on a high note. Financials (+0.9%) are outperforming after the Wall Street Journal reported Washington Mutual (WM) is close to getting a $5 billion capital infusion from a private equity group and other investors.
Also topping headlines, is news that Microsoft (MSFT) sent Yahoo! (YHOO) a letter that stated Yahoo has three weeks to accept Microsoft's offer. Yahoo responded it is not against a deal with Microsoft, but the current offer is not in the best interest for Yahoo's shareholders.
DJ30 +43.90 NASDAQ +9.97 SP500 +6.91
09:15 am : S&P futures vs fair value: +9.7. Nasdaq futures vs fair value: +6.2.
09:00 am : S&P futures vs fair value: +9.4. Nasdaq futures vs fair value: +6.0.
08:32 am : S&P futures vs fair value: +11.9. Nasdaq futures vs fair value: +10.8. Current indications suggest a positive start to trading. In commodity trading, crude oil is up 1.1% to $107.38 per barrel. Gold is up 0.7% to $915.40 per ounce.
08:00 am : S&P futures vs fair value: +11.3. Nasdaq futures vs fair value: +10.3. Futures suggest a higher open to the trading day. Washington Mutual (WM) is close to completing a deal to get a $5 billion capital infusion from private-equity firm TPG and other investors, according to the Wall Street Journal. Microsoft (MSFT) has threatened a hostile takeover of Yahoo!(YHOO), if Yahoo does not agree to a merger within the next three weeks, according to the Wall Street Journal. Yahoo responded that it is not opposed to a deal with Microsoft, but feels the current offer undervalues Yahoo. In other deal news, pharmaceutical company Novartis AG (NVS) is buying a 25% stake in eye-care product maker Alcon (ACL), and may purchase another 52%.
06:13 am : S&P futures vs fair value: +12.0. Nasdaq futures vs fair value: +12.0.
06:13 am : FTSE...5990.30...+43.20...+0.7%. DAX...6826.34...+62.34...+0.9%.
06:13 am : Nikkei...13450.23...+157.01...+1.2%. Hang Seng...24578.76...+314.13...+1.3%.
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
