Investors cautious ahead of Fed meeting
The Dow and S&P 500 come off a week of very little movement, as investors await this week's meeting of Federal Reserve policymakers as well as Friday's July employment report. The Dow rose 15 points for the week, while the S&P 500 was virtually unchanged. With three trading days to go in July, the S&P 500 is on pace for its biggest monthly gain since October 2011.
A busy week for economic numbers will get off to a relatively slow start, with just one economic report set for today. The National Association of Realtors will issue its June report on pending home sales at 10 a.m. ET, after they rose to their highest level in more than six years during May.
It's a similar story where earnings are concerned, with another busy week starting with a light Monday calendar. Hertz Global (HTZ), Cal-Maine Foods (CALM), Lowes (L), Roper Industries (ROP), and Wynn Resorts (WYNN) are among the companies set to report this morning, while today's after the bell reports include Anadarko Petroleum (APC), Denny's (DENN), Eastman Chemical (EMN), Express Scripts (ESRX), and Hartford Financial (HIG).
Elan (ELN) leads our list of stocks to watch this morning, agreeing to be acquired by Perrigo (PRGO) for $8.6 billion in cash and stock. Perrigo plans to become an Irish-based company, a plan which could cut its tax liabilities nearly in half.
Omnicom (OMC) will combine with France's Publicis Groupe in what the two are calling a merger of equals. The new firm will be called Publicis Omnicom Group and will be the world's largest advertising company, though the deal is expected to face a great deal of regulatory scrutiny both in the U.S. and in France.
Saks (SKS) will announce a deal this morning to be acquired by Hudson's Bay, according to CNBC's Brian Sullivan quoting a source involved in the transaction. The price is $16/share, compared to the $15.31 closing price for Saks on Friday.
Boeing (BA) is requesting expanded inspections of aircraft that use Honeywell emergency locator beacons. In addition to 787 jets, Boeing is now asking customers of its 717, Next Generation 737, 7477-400, 767, and 777 aircraft to inspect the beacons, following possible issues with those transmitters aboard the 787.
Amazon.com (AMZN) plans to add 7,000 jobs in 13 states, including 5,000 full-time jobs at U.S. distribution centers.
PPG Industries (PPG) will sell its controlling stake in Transitions Optical to its business partner Essilor International (ESLOY) for $1.73 billion. The unit is the maker of popular variable-tint plastic lenses for glasses.
Dell (DELL) founder Michael Dell tells the Wall Street Journal he will stay at the company whether or not shareholders approve the buyout deal he is offering in conjunction with Silver Lake Partners.
Visa (V) is being sued by U.K. retailers, who seek refunds of a decade's worth of credit card payment processing fees, according to London's Daily Telegraph. A Visa Europe spokesman told the paper he had not seen the retailers' claims.
Yahoo (YHOO) is close to buying e-commerce app platform Lexity, according to All Things Digital. Lexity CEO and founder Amit Kumar was a long time Yahoo employee.