Associates First Capital
was getting a boost this morning on news that
has agreed to acquire it for $31.1 billion. On
this morning, Associates was trading at $39 after closing yesterday at $28. The agreed price per share of $42.49 is a significant premium to Associates's closing price in regular market trading Tuesday.
Citigroup was trading at $56, down from yesterday's close of $57.57
Also on Instinet,
was fractionally higher at $86, after closing Tuesday at $85 11/16.
Elsewhere in preopen trading,
was up $2 to $20.62, while
was up $1.94 to $20 on
. Ameritrade and E*Trade were moving higher on upgrades from
Credit Suisse First Boston
At 7:29 a.m. EDT, futures were indicating a positive open.
S&P 500 futures were up 2 to 1514.3, about 5 points above fair value as calculated by
The thinly traded
futures were up 13.5 to 4012.5, about 19 points above fair value, as calculated by
, and indicating that investors will be shopping for tech stocks when the market opens. Fair value is a good gauge of how stocks will trade in early action.
Europe's major indices were mixed at midsession, with France's
0.2% lower, Germany's
up 0.2% and the U.K.'s
down 0.1%. Japan's
lost 0.3% overnight, while Hong Kong's
rose 0.1% (see today's
Asian Markets Update for more).
For Tuesday's postclose trading, see The Night Watch.