By Bryan McCormick
US stock index futures turned negative overnight after a strong start. Asian markets all finished higher on the emergency policy meeting in Japan which sought to minimize the rise of the yen. While that worked for a time, the yen is now trading higher against the dollar than it was on Friday. That reversal in currency markets pushed Europe lower after a stronger start and now the US is following. Commodities first gained but now are fading, with crude lower and industrial metals pricing flat to down.
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Against this macro backdrop, further mergers-and-acquisition news has failed to move the broader tape. Intel has agreed to acquire the mobile chip division of Infineon (OTCQX:IFNNY) in a deal worth $1.4 billion. At time of writing Intel's (NYSE:INT) stock had not reacted to the news. Genzyme (GENZ) ejected Sanofi-Aventis's (NYSE:SNY) takeover bid of $18.5 billion and is up more than 4 percent on heavy pre-market volume. Cogent Systems (NASDAQ:CCOI) is up popped more than 20 percent after 3M (NYSE:MMM) agreed to acquire the company for $10.50 per share. In an earnings warning, DG FastChannel (NASDAQ:DGIT) is trading lower by over 15 percent after drastically cutting its third-quarter revenue outlook.
Disclosure: No positions