Premarket futures were suggesting a higher open for U.S. stocks Monday as investors contemplated a new merger in the pharmaceutical space and prepared to hear earnings statements from several blue-chip names.
Futures for the
were up 2 points at 1263 and were 2 points ahead of fair value.
futures were up 7 points at 1836 and were 7 points above fair value.
As for corporate news, Swiss pharmaceutical company
made a $43.7 billion offer for the rest of
. Roche was already a 56% shareholder in the maker of cancer drug Avastin.
was another headliner, as the company agreed to give investor Carl Icahn, who wanted the Internet portal owner to work a deal with
, a seat on its board.
In the earnings department,
Bank of America
had second-quarter earnings of $3.41 billion, or 72 cents a share, down from $5.76 billion, or $1.28 a share, in the same quarter last year. Revenue, however, rose and topped expectations, as did profits. BofA also believes it will make money this year from the Countrywide takeover. Shares were climbing in early trading.
are also on the schedule.
After the close, traders will get results from
, as well as
Away from earnings, government-sponsored entity
, hamstrung by the credit crisis, may stop buying as many home loans and bonds backed by housing debt in an effort to raise capital.
In commodities, crude oil was gaining $1.69 to $130.57, and gold was up $8.20 at $966.20.
Looking at economic data, the Conference Board's leading indicators for June are due out later this morning.
Long-dated treasuries were climbing. The 10-year was adding 9/32 in price, yielding 4.05%, and the 30-year was up 1/32 to yield 4.63%. The dollar was weaker against the euro and yen, but stronger vs. the pound.
Abroad, European indices were mostly higher, while the Asian markets were mixed. The FTSE in London and the DAX in Frankfurt were both advancing, as was the Hang Seng in Hong Kong. Japan's Nikkei edged downward.