Stock futures edged lower Tuesday but remained close to all-time highs.
S&P 500 futures slipped 0.17%, Dow Jones Industrial Average futures fell 0.14%, and Nasdaq futures slid 0.21%.
Markets surged more than 1% on Monday after Shire's (SHPG) deal to buy Dyax (DYAX) triggered a rally in the health care sector. Health care stocks, particularly biotech, have seen volatile trading since mid-September when Democratic presidential candidate Hillary Clinton vowed to address "price gouging."
Benchmark indexes remained close to all-time intraday highs after October's rally helped to overturn a pullback in August and September. The S&P 500 is down just more than 1% from its intraday record, while the Dow hovers around 500 points below its own.
King Digital (KING) spiked more than 14% after Activision Blizzard (ATVI) agreed to buy the video game maker in a deal worth a total $5.9 billion. The offer of $18 a share is a 20% premium to King Digital's closing price on Monday. The acquisition brings together Activision, the maker of popular role-playing game Call of Duty, with the creator of mobile app game Candy Crush.
Sprint (S) said its second-quarter loss widened from a year earlier to 15 cents a share from a penny a share a year earlier. Analysts had expected a net loss of 7 cents. The telecom generated revenue of $7.98 billion, below estimates of $8.12 billion. However, wireless net additions rose significantly as promotional efforts paid off. Additions jumped 1.06 million, up from 675,000 a year earlier.
Office Depot (ODP) shares were on watch after reporting an in-line third quarter. The office supplies chain earned adjusted profit of 16 cents a share, while revenue of $3.69 billion fell just shy of $3.72 billion. The company also increased its expected store closures to 180 locations by the end of this year, up from 175.
FitBit (FIT) fell more than 6% after announcing that it will offer 21 million shares in a stock offering. The company plans to sell 7 million of its own shares and 14 million from existing shareholders. The wearables company also said lockup restrictions for 2.3 million shares will end on Nov. 4.
Avis Budget (CAR) slumped after missing analysts' quarterly estimates on its top- and bottom-lines. The rental car company earned $1.98 a share, 4 cents below estimates, while revenue of $2.58 billion fell shy by $20 million.