Photo: Lucie Debelkova
U.S. stock futures are up this morning as investors get ready for the ADP employment release.Stocks rebounded in Asia as well on news that businesses were starting to recover from the earthquake. Europe has also started to the day strong led by mining, auto and utility stocks.
Cephalon is surging in pre-market trading this morning on Valeant Pharmaceutical’s $5.7 billion bid for the company. In other acquisition news, DuPont extended its $6 billion takeover offer period for Danisco by another four weeks.
There is already a bunch of earnings news out and more will come out later today including bankrupt Borders Group and the Mosaic Company.
Here is a roundup:
- Family Dollar came out ahead of expectations
- Tibco Software narrowly beat the Street
- Sealy missed expectations
EARNINGS BEAT: Family Dollar came out slightly ahead of analyst predictions with earnings of $0.98 per share for its Q2.
ACQUISITION: Valeant Pharmaceuticals made an unsolicited $5.7 billion bid to buy Cephalon. Cephalon shares are up 31% in pre-market trading.
EARNINGS BEAT: Tibco Software narrowly beat analyst expectations with earnings of $0.16 a share. Shares are down over 1% in pre-market trading.
EARNINGS MISS: Sealy Corp missed expectations with earnings of $0.01 per share. Shares were down over 7% in after-hours trading.
ANALYST DOWNGRADE: Goldman Sachs downgraded Kohl's from buy to neutral because of inflation pressures.
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