Stocks Set for Quiet Post-Holiday Open
Updated from 7:53 a.m. EDT
The U.S. stock market may be in for a sluggish open Monday as traders in New York returned from a long holiday weekend.
Futures on the S&P 500 were down 2 points at 1263 and were about a point under fair value, while Nasdaq 100 futures were up 4 points at 1826, almost 2 points ahead of fair value.
Domestic shares haven't traded since last Thursday, and that was a half session. The market was closed Friday for the Independence Day holiday.As the new week got underway, investors were greeted with a host of merger news, but thus far the dealmaking wasn't inspiring much buying interest. The biggest transaction will see Germany's Fresenius, a seller of intravenous drugs, buy APP Pharmaceuticals (APPX) for roughly $3.7 billion. Also, China Oilfield Services, a unit of CNOOC (CEO), is set to pay $2.5 billion for Norway's Awilco Offshore. Back in the U.S., the directors of Anheuser-Busch (BUD) could be in for a fight to keep their jobs after Belgium's InBev, which is trying to take over the Budweiser maker for $46 billion, said it would try to replace the board. On the friendlier side, GE's (GE) NBC Universal division is being joined by Blackstone (BX) and Bain Capital to purchase The Weather Channel. Terms of the acquisition weren't released, but reports put the value at around $3.5 billion. Elsewhere, General Motors (GM), whose shares have been trading at multidecade lows amid worries about its financial health, may be close to firing thousands of white-collar workers, according to a published report. The Wall Street Journal also said GM might part ways with or end additional brands.
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