The economic calendar in the U.S. includes the Conference Board's employment trend index for December at 10 a.m. EST. The Federal Reserve is scheduled to issue consumer credit data at 3 p.m.
Alcoa ( AA) posts results after the closing bell Monday, marking the unofficial start to the earnings season. The aluminum maker last week said its global smelting capacity will be reduced by 12% after the closure of certain plants. Alcoa said it would record fourth-quarter restructuring charges of $155 million to $165 million. Analysts' expectations on Alcoa's results vary from a loss of 5 cents a share to a profit of 1 cent.
Bristol-Myers Squibb ( BMY) plans to acquire Inhibitex ( INHX) for $2.5 billion. Bristol-Myers' all-cash tender offer values Inhibitex at $26 a share, or more than two-and-a-half times the company's closing stock price on Friday of $9.87. For all that cash, Bristol-Myers gains control of Inhibitex's INX-189, a pill in phase II studies which has the potential to become a component in the first all-oral therapies against hepatitis C.
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