Market Hustle: Futures Fall; AT&T Slips Following DirecTV Deal
NEW YORK (TheStreet) -- U.S. stock futures were leaning toward a lower open Monday after two straight weeks of losses following mixed economic data.
Dow Jones Industrial Average futures were down 31 points, or 26.31 points below fair value, to 16,434. S&P 500 futures were down 3 points, or 3.01 points below fair value to 1,871.75. Nasdaq futures were down 5.8 points, or 8.15 points below fair value, to 3,577.
- AT&T shares were off 2.42% in premarket trading and DirecTV was down 0.03% after the two entered an agreement for AT&T to buy DirecTV for $48.5 billion.
- AstraZeneca was sinking 9.67% after rejecting what Pfizer said would be its final offer for the British rival. AstraZeneca said the sweetened offer of 55 pounds ($95.52) a share undervalued the company. Pfizer was up 1.65%.
- Campbell Soup (CPB) was stumbling more than 4.5% after cutting sales guidance for fiscal 2014.
- European markets were being weighed down by the tanking AstraZeneca shares. The DAX was down 0.39% and the FTSE lower by 0.45%. Asian markets were also weak, down on headlines that the Chinese government may tighten interbank lending to reduce the risks associated with the shadow banking system. The Hong Kong Hang Seng settled down 0.04% and the Nikkei 225 fell 0.64%. The Shanghai Composite declined 1.05%.
- The U.S. economic calendar was sparse Monday. Federal Reserve speeches are expected to throughout the week, beginning with Dallas Fed President Richard Fisher and San Francisco Fed President John Williams on Monday at 12:10 p.m. EDT in Dallas. Remarks on any pick-up in job market traction and any signs of rising inflation will be watched alongside their thoughts on monetary policy.
- U.S. markets closed in positive territory on Friday, shaking off poor consumer sentiment data as small caps and internet stocks picked up in the final hour of trading. Major U.S. indices still finished off lower for the week.
-- By Andrea Tse in New York>>Read More: May 19 Premarket Briefing: 10 Things You Should Know Europe Stocks Slip; AstraZeneca Rejects 'Final' Pfizer Offer
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