U.s. Equity futures are pointing to a lower open, under modest pressure after Asian markets were mostly red across the board. The Nikkei Index fell 115 points to 16,205, the Shanghai Index fell 1.7% to close at 2,289 and the Hang Seng Index lost 350 points or 1.44% to close at 24,001 (2-month lows) Two M&A deals confirmed this morning, with Germany's Merck KGaA agreeing to buy Sigma Aldrich for $17B
U.s. Equity futures are pointing to a lower open, under modest pressure after Asian markets were mostly red across the board. The Nikkei Index fell 115 points to 16,205, the Shanghai Index fell 1.7% to close at 2,289 and the Hang Seng Index lost 350 points or 1.44% to close at 24,001 (2-month lows) Two M&A deals confirmed this morning, with Germany's Merck KGaA agreeing to buy Sigma Aldrich for $17B
U.s. Equity futures are pointing to a lower open, under modest pressure after Asian markets were mostly red across the board. The Nikkei Index fell 115 points to 16,205, the Shanghai Index fell 1.7% to close at 2,289 and the Hang Seng Index lost 350 points or 1.44% to close at 24,001 (2-month lows) Two M&A deals confirmed this morning, with Germany's Merck KGaA agreeing to buy Sigma Aldrich for $17B
Index Up/Down % Last DJ Industrials -40.00 0.23% 17,172 S&P 500 -7.00 0.35% 1,997 Nasdaq -14.00 0.35% 4,078
U.S. equity futures are pointing to a lower open, under modest pressure after Asian markets were mostly red across the board as The Nikkei Index fell 115 points to 16,205, the Shanghai Index fell 1.7% to close at 2,289 and the Hang Seng Index lost 350 points or 1.44% to close at 24,001 (2-month lows). Weakness coming after Chinas Finance Minister Lou Jiwei said his government wont make any major policy adjustments in response to changes in individual economic indicators, even as he said growth faces downward pressure. His comments quelled speculation that weaker economic data will spur further stimulus measures
The Dow is coming off 4 consecutive record high closes, while the S&P 500 closed just below a record close last Friday. Two M&A deals confirmed this morning, with Germanys Merck KGaA agreeing to buy Sigma Aldrich (SIAL) for $17B/paying $140 per share, and Siemens AG (SI) agreed to buy Dresser-Rand Group Inc. (DRC) for $7.6 billion including debt, paying $83 per share in cash. In regards to data, fairly quiet as Chicago Fed national activity index due at 8:30 am and Existing Home sales released at 10:00 am; silver hits 4-year lows as gold prices remain depressed, though the dollar softens slightly on profit taking; oil prices are down and treasuries slightly higher
Market Closing Prices Yesterday The S&P 500 Index fell -0.96 points, or 0.96%, to 2,010.40 The Dow Jones Industrial Average rose 13.75 points, or 0.08%, to 17,279.74 The Nasdaq Composite dropped -13.64 points, or 0.30%, to 4,579.79 The Russell 2000 Index fell -12.36 points, or 1.07% to 1,146.92
Events Calendar for Today 8:30 AM ET Chicago Fed, for Augest. 0.33 9:00 AM ET ECBs Draghi speaks in Brussels 10:00 AM ET Existing Home Sales, for Augest. up 1.0% to 5.25M 10:05 AM ET Feds Dudley speaks in New York 11:00 AM ET U.S. to announce plans for auction of 4W bills 11:30 AM ET U.S. to sell $24b 3M bills, $23b 6M bills
World News United States affirmed at AAA by Fitch; outlook stable; foreign holdings of Treasury securities have risen every month since the debt ceiling crisis in October 2013, suggesting the role of the US dollar has not been undermined, Fitch says Chinas Finance Minister Lou Jiwei said his government wont make any major policy adjustments in response to changes in individual economic indicators, even as he said growth faces downward pressure (news sent Asian markets lower) The Group of 20 (G20) industrial and developing nations agreed to raise global growth by 2% in the next five years via a wide-reaching package of structural measures. The undertaking is a centerpiece of the Australian G-20 presidency and will lead to the Brisbane Action Plan, due to be announced at the summit on November 15 and 16 http://goo.gl/IZYGOL OECD says BOJ inflation goal hard to meet, needs news commitment...The Bank of Japan must make a new commitment to meet its 2 percent inflation target because achieving that goal by around next spring will be difficult, a senior official at the Organization for Economic Cooperation and Development said on Monday Moody's spared France a fresh downgrade of its debt rating on Friday even though Paris has overrun its deficit targets, warning the outlook was negative in light of difficulties pushing through reforms. Moody's kept its rating on French bonds at Aa1, the second-highest level in its scale Germany, Scandinavia are most attractive among European equity markets as Daimler, Volkswagen and others benefit from U.S. export expansion; economic growth within euro zone may stay weak this year and next, Barrons said
Sector News Breakdown Consumer JBS SA has put off a plan to raise 4 billion reais ($1.7 billion) from the IPO of its pork, poultry and food-processing operations in Brazil, two sources said. http://goo.gl/p8Y02H Vitamin Shoppe (VSI) shares could get a power boost said Barrons, as an aging population and greater health awareness have fueled the growth of this vitamin and supplements retailer. Its shares could rally 20% or more http://goo.gl/3ORGFf General Motors (GM) has recalled more than 220,000 cars to correct a brake defect that could increase the risk of fire. GM says it is not aware of any deaths or injuries resulting from the defect Tesco PLC fell in Europe after a profit warning due to an accounting error Walgreen (WAG) downgraded to equal weight from overweight at Barclays Finish Line (FINL) downgraded to Equal Weight from Overweight at Morgan Stanley AutoZone (AZO) to report earnings this morning
Energy Chesapeake (CHK) and Weatherford (WFT) are two contrarian energy plays that seem attractive, Barron's contends in its 'The Trader' column http://goo.gl/a1B0Kh Carbo Ceramics (CRR) sees 3Q ceramic proppant sales vols. similar to 1Q vs. Sept. 2, when it forecast 3Q ceramic vols. similar to 2Q at Barclays presentation PSEG (PEG) downgraded to Hold from Buy at Jefferies
Financials Bank of America (BAC) shares could rise 50% or more, to around $25 in three years or less; says after paying out $65 billion in fines, legal fees and restitution, profits will soon start falling to the bottom line Barrons http://goo.gl/v01AEx Genworth (GNW) shares could surge 80%, according to Barrons, saying it deserves a price-to- book value closer to peers and shares could be worth over $24; notes worries about its long-term care unit offer another buying opportunity http://goo.gl/M33jKE Gramercy Property Trust (GPT) files to sell $100M of common stock Parkway Properties (PKY) files to sell 10M shares of common stock
Healthcare McKesson (MCK) may make more acquisitions in coming years to expand business, supported by $2.3B free cash flow and ample borrowing power, Barrons said, citing analysts; its CEO said in an interview, the co needs to grow at a pace that exceeds the expectations of our shareholders http://goo.gl/fDnRHs Horizon Pharma (HZNP) files automatic ordinary share shelf Heron Therapeutics (HRTX) files $100M mixed securities shelf Alcobra Ltd. (ADHD), said that all scheduled follow-up visits have been completed for patients enrolled in the company's Phase III clinical trial of Metadoxine Extended Release (MDX) in adult ADHD patients GlaxoSmithKline (GSK) upgraded to Buy from Neutral at Goldman Hologic (HOLX) upgraded to Overweight from Neutral at Piper Jaffray
Industrials & Materials Merck KGaA said it will acquire Sigma-Aldrich (SIAL) for $17B; Merck will acquire all of the outstanding shares of Sigma-Aldrich for $140 per share in cash, a 37% premium to Fridays closing price. http://goo.gl/UbsI7U Siemens AG (SI) agreed to buy Dresser-Rand Group Inc. (DRC) for $7.6 billion including debt, paying $83 per share in cash for the oil-and-gas equipment company http://goo.gl/a1zkbX Paper & Packaging/containerboard stocks International Paper (IP), Rock-Tenn (RKT), and Kapstone (KS) could see their shares rise 50% to 100% if they convert their mills into MLPs, Barrons mentioned over the weekend DuPont (DD) investors could benefit no matter what, Barron's said whether the company succumbs to Trian Partners' pressure to split the company or not Barrons Follow Up U.S. Steel Corp's (X) move to seek creditor protection for its Canadian operations throws into question the fate of the more than a century old steel operations in Hamilton, Ontario Reuters Boeing (BA) and Ethiopian Airlines announce $2.1B order for 20 737 MAX 8s Raytheon (RTN) and Germany's Lechmotoren signed a Letter of Intent to cooperate in mutually beneficial business opportunities related to Germany's air defense architecture, as well as significant exports to global markets
Technology, Media & Telecom Microsoft Corp (MSFT) has delayed the launch of its Xbox One game console in China, which had been set for release on Tuesday, but said it would be released by the end of the year Data storage products maker EMC Corp (EMC) held merger talks with rivals Dell and Hewlett- Packard Co (HPQ), the WSJ reported citing people familiar with the matter http://goo.gl/NGwpr1 French low-cost telecom operator Iliad has set a mid-October deadline to decide whether to improve its bid for T-Mobile (TMUS) or walk away as it faces resistance from seller Deutsche Telekom, Reuters reported. http://goo.gl/BvPc6h Yahoo (YHOO) looks like the best way to play Alibaba (BABA) and shares could have a 35% upside, Barrons said http://goo.gl/qNx5t5 Apple (AAPL) is expected to report first weekend iPhone 6, 6 Plus sales today; Bloomberg notes 10M the total bogey for the weekend, citing BTIG; says Piper found IPhone 6 Plus outselling smaller model.; AAPL said Sept. 15 that first day pre-orders of iPhone 6, 6 Plus reached >4m InvenSense (INVN) downgraded to Neutral from Outperform at RW Baird Yahoo (YHOO) downgraded to Market Perform at Bernstein Google (GOOG) selects HTC to make 9-Inch Nexus Tablet, WSJ reports; says HTC engineers have been flying to Googleplex in Mountain View in recent mos. to work on project, Wall Street Journal reports, citing unidentified people familiar with matter http://goo.gl/pY9u7u Softbank Corp. said its April-September results will include a special gain of about 500 billion yen ($4.55 billion) from receipts in Alibaba Group Holding Ltd (BABA)
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(Problem Books in Mathematics) Antonio Caminha Muniz Neto - An Excursion Through Elementary Mathematics, Volume III - Discrete Mathematics and Polynomial Algebra (2018, Springer)