Monday's Pre-Market Buzz
Posted by Brooks McFeely on Mon, Jul 21, 2008 @ 08:40 AM
The weather on Wall Street
is sultry, but the mood is sunny after Bank of America Corp. reported a
bigger-than-expected quarterly profit. Investors are hoping that the latest
earnings beat by a big financial services company means the sector is finally stabilizing,
and stock futures are pointing higher.
The dollar is down against an index of major currencies. U.S. Treasuries are
mostly flat.
Oil prices are up after talks on Iran's nuclear program ended in a stalemate,
and the market is greeting the Yucatan-bound tropical storm with a resounding,
"Hello, Dolly!"
On a relatively light day for economic news, the Chicago Fed is releasing its
national activity index.
Swiss drug company Roche (RHHBY) has offered to buy the remaining outstanding shares of
U.S. partner Genentech (DNA) for nearly $44 billion.
Citigroup (C) says Vice Chairman Michael Klein has left to pursue other
opportunities, the latest of many executives to leave since Vikram Pandit
became CEO.
This just in: Yahoo YHOO) has announced a settlement with activist shareholder Carl
Icahn in their proxy battle.