(By Salman - iStockAnalyst Writer) US stock futures climbed higher on Monday as increased M&A activity boosted investor sentiment.
At 8:26 am ET, the S&P 500 futures rose 5.70 points to 1046.80. The Dow Jones Industrial average futures climbed 35 points to 9654. The Nasdaq Composite futures adcanced 6.25 points to 1703.25.
Xerox (NYSE:
XRX) on Monday said that it has agreed to buy Affiliated Computer Systems (NYSE:
ACS) for $6.4 billion in cash and stock in order to bolster its position in providing outsourcing services.
U.S. diversified health care company Johnson & Johnson (NYSE:
JNJ) announced Monday that it has bought an 18 percent stake in biotech firm Crucell (NASDAQ:
CRXL) for 302 million euros ($444 million) as part of a flu vaccine development deal.
Abbott (NYSE:
ABT) on Monday said that it has agreed to buy Belgian drugs, chemicals and plastics maker Solvay for 4.5 billion euros ($6.6 billion).
China Unicom Ltd. announced on Monday that it will begin offering Apple Inc.'s (NASDAQ:
AAPL) iPhone in China in October at a retail price of around 5,000 yuan ($732).
Cal-Maine Foods Inc. (NASDAQ:
CALM) reported Monday that it swung to a fiscal first-quarter net loss of $3.8 million, or 16 cents a share, from a profit of $11.1 million, or 47 cents a share, in the year ago quarter. Quarterly revenue declined 9.3% to $187.7 million.
On the economic front, Case-Shiller housing price index and consumer confidence data is due for release at 09:00 am ET.
US stocks slumped for the third consecutive session Friday as disappointing durable goods and housing data rattled investors. Research In Motion's weaker-than expected quarterly results and guidance also pressurized stocks
European stocks advanced in afternoon trade. At 12:44 pm London time, the UK FTSE gained 19.93 points or 0.39% to 5,102.13. The German DAX and French CAC increased 1.42% and 0.43% respectively.
Asian stocks finished down. The Nikkei 225 dropped 256.46 points or 2.50% to 10,009.52. The Hang Seng index of Hong Kong fell 435.99 points or 2.07% to 20,588.41.
NYMEX crude oil for November delivery declined as much as 61 cents or 0.9% to $65.41 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
