U.S. stocks were set to open higher Wednesday, as investors welcomed a $20 billion merger in the pharmaceutical sector.
After a long flirtation, French drugmaker Sanofi-aventis agreed to buy Genzyme for $20.1 billion in cash. The deal was announced before the opening bell. Sanofi (SA) shares rose 1.4% higher, while Genzyme (GENZ, Fortune 500)'s stock edged up about 1% in premarket trading.
Tech stocks will likely gain some traction as well after Dell (DELL, Fortune 500) reported a fourth-quarter profit that more than doubled from a year earlier, even as revenue came in just shy of estimates. Shares of Dell jumped 7% in premarket trading.
Companies: Discount retailer Family Dollar (FDO, Fortune 500) confirmed Wednesday that it had received an unsolicited proposal from Nelson Peltz's Trian Group, to buy the company for a price between $55 and $60 per share in cash.
Economy: Before the bell PPI report showed index rose 0.8% in Jan with core rose +0.5% (above the median +0.2%).
Separate report showed Jan housing starts rose 14.6% to 596k, well above 540k expected but permits fell 10.4% to 562k.
At 1530GMT, the EIA Crude Oil Stocks data is released.
Also on traders radar screens will be the 1900GMT release of the Fed's January 26 FOMC meeting minutes.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.