Futures suggest a modestly higher start to the trading day (S&P futures +4.7, Nasdaq futures+9.0). Crude oil is trading up 1.9% at $131.29 per barrel. Merck and Schering-Plough are
delaying their earnings reports until after the stock market close
instead of this morning, according to Reuters.com. The delay will allow
the companies to provide an update regarding a new study of the
cholesterol drug Vytorin.
In earnings news, Bank of America
reported earnings of $0.72 per share, which is $0.19 better than the
consensus estimate. In deal news, European pharmaceutical company Roche
Holdings offered to acquire the remainder of Genentech , around 44%, for $43.7 billion, or $89 per share in cash.