Drug stocks could see some downticks today, as shares of
were bid lower in premarket trading on news that their plans are suffering a setback.
, Glaxo Wellcome was bid at $53.63, down 97 cents from Friday's closing price of $54.56, while SmithKline Beecham was bid at $60.50, off $1.31 from Friday's close of $61.81, reported
. According to the companies, an investigation by
Federal Trade Commission
into their share of the quit-smoking market is causing the combination's delay.
was up 32 cents to $16.38 from Friday's closing price of $16.13 on Instinet, reported
The Wall Street Journal
has launched an offer to buy the medical device maker, which specializes in treating epilepsy, for $480 million.
Stocks are set to head lower at the opening bell. The
S&P 500 futures on
lately were down 3.90 to 1515.10, about 2 points below fair value as calculated by
. Fair value is a good gauge of how stocks will perform in the early going.
futures were off 29 to 3841.50, about 39 points below fair value, as calculated by
, and indicating that tech stocks are poised to open to the downside.
Europe's major indices were tentatively higher, with France's
off 0.4%, Germany's
down 0.8% and the U.K.'s
0.9% lower. Japan's
lost 2.25% overnight, while Hong Kong's still-rallying
slipped 1.55% (see today's
Asian Markets Update for more).