Some of the names on the move ahead of the open.» Read More
Stocks kicked off the week on a weak note as investors hesitated to jump in ahead of the Federal Reserve meeting and a slew of key economic reports.
*Drug firm Perrigo to buy Elan; Publicis, Omnicom in merger. Shares of Southwestern Energy slid 3 percent to $38.14 and shares of Noble Energy fell 2.1 percent to $62.07 following as a decline in natural gas prices.
*Shares in WPP, Interpublic, Havas leap on deal news. LONDON/ PARIS, July 29- A plan to merge Publicis and Omnicom into the world's biggest advertising group has rivals ready to poach their blue-chip clients that might leave the new agency as it faces potential conflicts of interest.
WASHINGTON/ BRUSSELS, July 29- Publicis and Omnicom will most likely have to shed some assets in order for their mega deal to win approval from regulators in the United States, Europe and 40 other countries where they operate. The deal would combine the world No. 2 agency, Omnicom, with the No. 3, Publicis, to create the world's largest agency.
*Drug firm Perrigo to buy Elan; Publicis, Omnicom in merger. The energy sector led the day's losses, with the S&P energy index down 0.9 percent, while Caterpillar was up 0.9 percent at $82.82 and gave the Dow its biggest boost after announcing a $1 billion accelerated stock repurchase program.
PARIS, July 29- The advertising giant to be formed from the merger of Publicis and Omnicom may resolve any clash between its French and U.S. arms by taking on a more American identity, some industry observers said on Monday. They have similar market capitalisations and the new group's board will be equally split between representatives of Publicis and Omnicom.
*ECB and Bank of England meetings also awaited. NEW YORK, July 29- U.S. stocks slipped and the dollar came off a five-week low on Monday, a day ahead of the start of the Federal Reserve's two-day policy meeting, which is being keenly awaited for signs on when the U.S. central bank will begin to scroll back on its bond-buying program.
*Investors turn focus to data, signals from Fed on stimulus. *Drug firm Perrigo to buy Elan; Publicis, Omnicom in merger. NEW YORK, July 29- U.S. stocks fell on Monday as investor sentiment turned wary before a U.S.
July 29- Interpublic Group of Cos does not see a need for a major merger or acquisition following the merger announcement from bigger rivals Omnicom and Publicis, the No. 2 U.S. advertising company's chief executive said on Monday.
European shares pared earlier gains to close flat on Monday following a late sell-off after reports that Barclays will seek to raise £5 billion ($7.69 billion) via a rights issue.
*Shares in WPP, Interpublic, Havas leap on deal news. LONDON/ PARIS, July 29- A plan to merge Publicis and Omnicom into the world's biggest advertising group has begun a scramble by rivals to poach their blue-chip clients worried the new agency might face conflicts of interest.
One of the biggest mergers of 2013—one set to create the world's largest advertising group—began with a casual exchange between two CEOs.
*Drug firm Perrigo to buy Elan; Publicis, Omnicom in merger. NEW YORK, July 29- U.S. stocks dipped on Monday as a week packed with data and central bank meetings got under way, with the S&P 500 within a few points of its record close set a week ago. Federal Reserve, which will be combed for clues on when the Fed will begin to pare its $85 billion in monthly asset purchases.
This is a big week for macro news: a Federal Reserve meeting, an advance look at second-quarter U.S. growth, and July's nonfarm payroll report. But the bigger story may be the weakness of the U.S. dollar.
*Drug firm Perrigo to buy Elan; Publicis, Omnicom in merger. Pending-home sales data due at 10 a.m.. NEW YORK, July 29- U.S. stocks were set to slip at the open on Monday as a week packed with data and central bank meetings gets under way, with the S&P 500 just 0.2 percent below its record close set a week ago.
Some of the names on the move ahead of the open.
LONDON, July 29- Shares in advertising groups jumped on Monday after Publicis and Omnicom said they would merge, as investors bet the deal would create an opening for rivals to poach defecting clients and potentially trigger more deals.
*Elan surges after $8.6 bln takeover offer from Perrigo. Shares in Irish drugmaker Elan jumped 9 percent after U.S. peer Perrigo agreed to buy the firm for $8.6 billion, sparking a rally in pharma stocks, with Shire up 1.5 percent and Qiagen up 1 percent. France's Havas soared 6.3 percent and UK's WPP added 1.5 percent.
David Jones, CEO of advertising agency, Havas, tells CNBC that he was very surprised by the Publicis, Omnicom deal, calling it 'an industrial age merger in the digital age'.
*Elan surges after $8.6 bln takeover offer from Perrigo. Shares in Irish drugmaker Elan jumped 8.3 percent after U.S. peer Perrigo agreed to buy the firm for $8.6 billion, sparking a rally in health care stocks, with Shire up 2.1 percent and AstraZeneca up 1.2 percent. France's Havas soared 5.7 percent and UK's WPP added 1.7 percent.