TheStreet's SpeedDesk Pre-Market Newsletter
Monday, April 7, 2014
STOCK MARKET FUTURES TODAY
As of 8:45 a.m., the Dow Jones futures were down -50.00, the S&P futures were down -7.20, and the Nasdaq futures were down -29.00.
Here's Why: U.S. stocks were set for a lower open today, putting the S&P 500 on track for its third straight decline, as weakness in momentum names that sent the Nasdaq and benchmark S&P index to their worst drop since February in the prior session appeared poised to continue.
OVERSEAS MARKETS TODAY
In Europe, the FTSE 100 Index was down -54.98, the CAC 40 Index was down -33.68, and the Deutsche Boerse AG German Stock Index DAX was down -148.50.
Here's why: European equities retreated on Monday after a three-week rally, with technology shares falling the most on concern they had advanced too far, too fast and a correction was due.
In Asia, the Nikkei 225 fell -254.92 and the Hong Kong Hang Seng Index closed down -132.93.
Here's why: Japan's Nikkei share average fell to a one-week low today, dragged down by tech shares following a slide on Wall Street, while a strong yen hit exporters to round out a harsh day for the market.
Cement makers Holcim (HCMLY) and Lafarge (LFRGY) have agreed to an all-share merger of equals that will create a company with over $40 billion in annual sales and a market cap of $50 billion.
Vivendi (VIVHY) will sell its SFR unit to Luxembourg-based cable and mobile provider Altice despite Bouygues sweetening its offer for the mobile business at the last minute. Altice will give Vivendi a 20% stake in a company that will be created via the merger of SFR and Altice's French Numericable subsidiary. The entire deal is worth $23.3 billion.
Sun Pharmaceutical Industries will acquire Ranbaxy Laboratories (RBXLY) for $3.2 billion in an all-stock deal that will create the world's fifth-largest generic-drug maker Ranbaxy, which is owned by Japan's Daiichi Sankyo (DSKYF) banned from selling ingredients to the U.S., while Sun's Karkhadi facility is also not allowed to export products to the U.S.
Yahoo (YHOO) plans to acquire original programming usually seen on high-end cable-TV networks and streaming services like Netflix (NFLX), the Wall Street Journal reports
Mallinckrodt (MNK) will buy Questcor Pharmaceuticals (QCOR) for $5.6 billion to add specialty drugs in the latest industry deal that moves a U.S. company to Ireland for a lower tax rate, Bloomberg reports
Energen Corp. (EGN) agreed to sell its Alabama natural gas utility to the Laclede Group (LG) for $1.28 billion in cash, Bloomberg reports
Caterpillar (CAT) is likely to face tougher scrutiny from the IRS after being grilled over its tax strategies at a U.S. Senate subcommittee hearing last week, some tax experts say, the Wall Street Journal reports
Credit Suisse (CS) faces the threat of a new investigation into its role in helping wealthy Americans avoid paying taxes after New York state's top financial regulator requested documents from the Swiss bank, Reuters reports
No IPOs are expected to price on Monday.
After today's market close, notable earnings include: A Schulman (SHLM), Novagold Resources (NG), and Genco Shipping & Trading (GNK)