Futures indicate a higher open for the mkt. Per usual, the first day of the trading week is packed with more deal-making news, which is helping to keep an underlying bid in stocks. The RBS Group has launched a revised $95.5 bln for ABN, while URS said it is paying $2.6 bln for WNG. Among today's takeover speculation, it has been reported that AL is drawing interest from the likes of RTP and NHY. Also, AV is reportedly in talks with Silver Lake Partners about a leveraged buyout, ASN is rumored to be nearing a sale for more than $12 bln and private equity suitors may be eyeing CDWC. In addition, now that the summer driving season is upon us, falling oil prices also bode well for the bulls coming back from an extended weekend.
Notable pre-market Calls include Upgrades: AZN and MRK at HSBC, APC at BofA; Downgrades: STLD at UBS, LTD at Morgan Stanley, NFLX at Piper Jaffray, LUV at Pru... On the Earnings calendar: ALKS, APSG, BCSI, BMC, BGP, CWTR, DCI, PVH and PAY are confirmed to report after the close... On the Economic calendar, as mentioned above May Consumer Confidence (consensus 104.5) will be released at 10:00ET.
Gapping Down: CUP -17.5% (co announces expiration of exclusivity period granted to a third party to facilitate discussions), EYE -12.7% (announced the voluntary recall of Complete MoisturePlus multipurpose solution), JSDA -8.1% (mentioned negatively in Barron's), BOL -4.2% (gapping down in sympathy with EYE; also on Friday EYE confirmed an interest in Bausch & Lomb), BRLC -3.7% (Barron's raises questions about the accounting practices at BRLC), VRSN -2.0% (co announces new CEO following resignation of prior CEO).
Gapping up on strong earnings/guidance: VOD +3.3%... Announced M&A and newspaper reports of potential M&A: WNG +14.6% (to be acquired by URS), BDY +22.5% (CEO offers to buy co for $21.50/share), AV +16.3% (WSJ reports AV may be next telecom takeover call), INSP +8.7% (Bloomberg reports that LaNetro may buy co for $800 mln Euros), CDWC +8.5% (WSJ reports buyout firms are in talks to purchase co), ASN +6.8% (WSJ reports that co is near a sale)... Other news: BLG +11.2% (Chap Cap Activist Partners recommends co explore sale, stock upgraded to Outperform at CIBC), RTK +5.6% (Peabody and Rentech enter into development and coal supply agreements), CHINA +5.0% (expands strategic partnerships with Google and China Mobile), LWSN +3.9% (WSJ highlights co), CCL +3.1%.
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