A Peek Into The Markets: US Stock Futures Flat; Mylan To Combine With Pfizer's Upjohn Division

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade. The Dallas Fed manufacturing index for July is schedule for release at 10:30 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 7 points to 27,153, while the Standard & Poor’s 500 index futures fell 0.25 points to 3,024.25. Futures for the Nasdaq 100 index rose 1.5 points to 8,020.50.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $63.10 per barrel, while US WTI crude futures fell 0.2% to trade at $56.08 a barrel.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index falling 0.1%, STOXX Europe 600 Index gaining 0.2% and German DAX 30 index dropping 0.1%. The UK's FTSE index was trading higher by 1.5%, while French CAC 40 Index fell 0.2%.

In Asian markets, Japan’s Nikkei Stock Average fell 0.19%, Hong Kong’s Hang Seng Index fell 1.03%, China’s Shanghai Composite Index slipped 0.12% and India’s BSE Sensex fell 0.52%.

Broker Recommendation

Analysts at Macquarie downgraded Alaska Air Group, Inc. ALK from Outperform to Neutral and lowered the price target from $79 to $63.

Alaska Air shares rose 1.7 percent to close at $64.92 on Friday.

Breaking News

• Mylan NV MYL announced plans to combine with Pfizer Inc. PFE off-patent medicines unit, Upjohn and create a new company. Mylan also reported better-than-expected Q2 results.
• EXACT Sciences Corporation EXAS announced plans to acquire Genomic Health, Inc. GHDX for $72 per share. Genomic Health also reported better-than-expected Q2 EPS and sales results and raised its FY19 guidance.
• Cooper Tire & Rubber Co CTB reported downbeat earnings for its second quarter.
• Parker-Hannifin Corp PH announced plans to acquire Exotic Metals Forming Company for $1.725 billion in cash.