Market Overview

A Peek Into The Market Before The Trading Starts

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FMC Corp To Sell Alkali Unit, Buy Pesticide Maker For $1.8 Billion

Pre-open movers US stock futures are higher this morning, as investors are awaiting earnings from Alcoa (NYSE: AA). Futures for the Dow Jones Industrial Average jumped 67 points to 15,143.00 and S&P 500 index futures rose 8.70 points to 1,636.00. Nasdaq 100 futures gained 17.75 points to 2,974.25.

A Peek Into Global Markets European markets were higher today. The STOXX Europe 600 Index rose 1.23%, London's FTSE 100 index gained 0.25%, French CAC 40 Index climbed 1.75% and German DAX 30 index rose 2.33%.

Asian markets ended lower, with Japan's Nikkei Stock Average dropping 1.40%, China's Shanghai Composite falling 2.44% and Australia's ASX/S&P500 dropping 0.60%. Hong Kong's Heng Seng Index declined 1.31% and India's Sensex tumbled 0.88%.

Broker Recommendation Analysts at Goldman Sachs downgraded FMC (NYSE: FMC) from “neutral” to “sell.” The target price for FMC has been lowered from $63 to $58.

FMC's shares closed at $62.32 on Friday.

Breaking news

  • McAfee today reached a major milestone in its acquisition of Stonesoft Oyj by completing the tender offer that was announced on May 6. To read the full news, click here.
  • ING (NYSE: ING) announced today that it has agreed to sell its 50% stake in its Chinese insurance joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif, the insurance arm of BNP Paribas (OTC: BNPQY). To read the full news, click here.
  • Novartis (NYSE: NVS) today announced that it has entered into a development and licensing agreement with Biological E Limited (BioE), a biopharmaceutical company based in India, for two vaccines to protect against typhoid and paratyphoid fevers. To read the full news, click here.
  • Astex Pharmaceuticals (NASDAQ: ASTX) announced today its plan to submit an Investigational New Drug or IND application to the Food and Drug Administration (FDA) for ASTX727, a novel oral hypomethylating agent (HMA) in the fourth quarter of this year. To read the full news, click here.

Posted-In: Goldman Sachs US Stock FuturesNews Futures Global Pre-Market Outlook Markets

 

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