News Summary (GS, JAV, RDS.A, BP)

US stocks are headed to a moderately lower opening today and the stock index futures tried to erase their early morning losses, as the worldwide markets again followed the euro, which moved-off from its 4-year low of $1.2146 and moved back up to $1.2246. Before the markets opened today, Dow Jones industrial average futures had shed 36 points, or 0.3%, to 10,454. Standard & Poor's 500 index futures dropped 4.70 points, or 0.4%, to 1,114.00, while Nasdaq 100 index futures lost 5 points, or 0.3%, to 1,883.00. According to Jim O’Neill, Goldman Sachs GS economist, the plunge of the euro has eased its "overvaluation." However, Jim worries that the monetary union could undo this easing by urging European policy makers to take steps to stabilize the currency. O’Neill added, "People need to remember that for the past couple of years the euro’s been very expensive." Shares of Javelin Pharmaceuticals Inc JAV came rolling down after the leading developer of novel acute care pain products commented on the tender offer extension by Hospira Inc HSP to June 2. While HSP said that the conditions to the tender offer have not been fully satisfied, which is why it wanted to delay the date of tender offer to June 2, JAV believed otherwise. Javelin continues to honor its obligations under the terms of the merger agreement. By 9:48 am, JAV had plummeted 30.45% to $1.54. Shell Oil RDS is in the process of seeking final permits for exploratory drilling in Alaska's Arctic Ocean. This project would be the first offshore drilling in Alaska in many years. The company promised an "unprecedented" response in case of spills, stepping cautiously in the wake of BP's BP deepwater accident. Read more from Benzinga's Markets.