Futures indicate a higher open for stocks as 10-yr yields are trading lower this morning. While today is the third Monday in a row without any large M&A deals, there has been speculation for new deals, including BHP reportedly reconsidering a bid for AA and more details on PSO talking with GE about a joint bid for DJ. Dow futures are currently +39; Nasdaq futures are currently +3; S&P futures are currently +3.8.
Notable pre-market Calls include Downgrades: X at UBS, WDC at JP Morgan... On the Earnings calendar: ASHW and CWST are confirmed to report after the close... Today's Economic calendar is empty.
Gapping down on weak earnings/guidance: MOLX -6.4%... Other news: ENCY -49.3% (FDA issues approvable letter, says development program for Thelin did not demonstrate the evidence of effectiveness needed for approval), CDNS -4.7% (NY Times reports buyout talks between Cadence Design Systems and two private equity firms appear to have stalled over price), X -2.5% (downgraded to Reduce at UBS), NMX -1.7% (CME says they are not currently in any discussion with NYMEX regarding a merger or acquisition).
Gapping up on strong earnings/guidance: CMED +10.1%... M&A: AMK +42% (to be acquired by AVX for $24.75 per share, GCO +9.2% (to be acquired by FINL for $54.50 per share)... Other News: LXRX +24.3% (announces two agreements to finance long-term drug development strategy), VICL +14.9% (licensee AnGes MG announces positive results of Phase 3 angiogenesis trial in Japan), DDSS +8.7% (once-daily Tramadol approved for sale in Canada), ORCT +7.8% (Ma'ariv reports co is close to signing a contract worth about $40 mln with a new Japanese customer), CVTX +7.3% (positive Cramer mention), CRNT +4.5% (upgraded to Strong Buy at First Albany), STEM +4.5% (announces that Phase I clinical trial of HuCNS-SC has successfully completed enrollment), JSDA +3.4% (upgraded to Buy at ThinkEquity), ECIL (co confirms it is in discussions on possible takeover at $10/share), AA +2.6% (The Times reports BHP may consider a takeover).
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