NEW YORK ( TheStreet) -- The dollar strengthened slightly so far today, setting it up for a rise in the month of May, and oil was trading up as well. European stocks were trading slightly lower, as strong doubts linger over Greece's ability to meet its near-term debt obligations. Chinese stocks settled down, closing just 0.2% lower after yesterday's rout. U.S. stock index futures were trading off modestly.
In today's market rumorville roundup, we have a widely-quoted New York Post report that Intel (INTC) is nearing an agreement to buy Altera (ALTR) for approximately $15 billion, with an announcement expected in the next week. Altera was reported to have rejected a $54 per share bid from Intel a few months ago, but a weak quarter may have forced its hand to make a deal as Intel could go hostile.
Also being rumored is that Monsanto (MON) may make another run at Syngenta (SYT) after its $45 billion bid was rejected. The Financial Times is reporting that Cellectis (CLLS) is in discussion with Pfizer (PFE) about a potential sale. Pfizer already owns 9.5% of the company as is looking to beef up its immune-oncology presence.
We expect biotech and pharmaceutical stocks to see some volatility, with the start of the American Society of Clinical Oncology annual meeting (May 29 through June 2), in Chicago.