This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Market Hustle: Futures Edge Higher; Men's Wearhouse Ups Offer for Jos. A. Bank

NEW YORK (TheStreet) -- Stock futures were edging higher Monday as deal news heated up, with Men's Wearhouse (MW) sweetening its cash tender offer for Jos. A. Bank Clothiers (JOSB).

Investors were largely unfazed by indications of a slowdown in U.S. services sector output growth, as underlying data appeared upbeat.

  • Dow Jones Industrial Average futures were rising 25 points, or 38.7 points above fair value, to 16,118. S&P 500 futures were up 4.25 points, or 4.7 points above fair value, to 1,838.5. Nasdaq futures were up 9.5 points, or 12.4 points above fair value, to 3,674.
  • Men's Wearhouse was popping more than 6% to $48.01 and Jos. A. Bank Clothiers was jumping nearly 8% to $59.40 after Men's Wearhouse said that it has increased its cash tender offer for all outstanding shares of Jos. A. Bank to $63.50 a share from $57.50 a share.
  • RF Micro Devices (RFMD) was surging 24.78% to $7.25 and TriQuint Semiconductor (TQNT) was soaring 28.6% to $11.89 after the two announced an all-stock merger agreement creating a new company with combined revenue of more than $2 billion and representing an implied price of $9.73 for each TriQuint share, representing a 5.4% premium for TriQuint investors.
  • Boeing (BA) shares were trading slightly higher after the company said that members of the machinists' union in St. Louis have approved a long-term contract extension intended to better position Boeing to compete for work that's critical to its St. Louis site's future.
  • United Technologies (UTX) was edging up after Reuters reported that the company's Sikorsky Aircraft division plans to layoff 600 workers, citing challenging and unstable economic conditions.
  • The Markit Flash U.S. Services PMI Business Activity Index registered 52.7 in February, down from a four-month high of 56.7 in January. Markit reported that service sector output growth slowed amid weather disruptions in February, and added that new business volumes actually continued to rise at a "robust" pace. Combined with continued job hiring, indications are that "underlying demand remained resilient."
  • The Dallas Fed manufacturing survey for February will be released at 10:30 a.m. EST.
  • On Thursday, Federal Reserve Chairwoman Janet Yellen will testify before the Senate Banking Committee.
  • Many international markets were trading lower on Monday following Chinese media reports that said banks in China were tightening lending to property developers and after data showed a slowdown in January in Chinese new-home price growth for the first time in more than a year.
  • The Shanghai Composite closed down by 1.75%, Hong Kong's Hang Seng finished off 0.8%, and Japan's Nikkei 225 fell 0.19%. The FTSE in the U.K. and DAX in Germany were down on the heels of the losses in Asia, off 0.21% and 0.03%, respectively, and paring losses amid an upbeat February German business confidence reading, which rose to its highest level since July 2011. 
  • Ukrainian equities were rallying after President Viktor Yanukovych was voted out by parliament following his signing of a deal with opposition leaders amid efforts to dissolve the country's tensions.
  • U.S. stocks dropped on Friday as comments from the Federal Reserve suggested that the central bank will continue to scale back its economic stimulus program. "U.S. equities have now recovered all of the emerging market related declines, as has the MSCI World Index, but at 1840 or so, the S&P 500 is simply back to where it spent the three weeks prior to the dip," Dan Greenhaus, the New York-based chief strategist at BTIG, commented in a client note.

-- Written by Andrea Tse in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
JOSB $64.98 -0.05%
MW $16.94 -1.11%
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs