U.S. stock futures were rising early this morning, but the gains began to ebb as optimism in Europe appeared to wane. European leaders met over the weekend to try to resolve their conflicts, but a spokesman for German Chancellor Angela Merkel may have doused the market’s flames by saying she did not expect European leaders to resolve all of their conflicts at the next meeting of ministers.
European stocks, which had been rising early, slid back after the comments out of Germany, and most of the major European indexes were trading flat or up slightly.
Dow futures fell 21 points to 11,6545; S&P 500 futures dropped 2.7 points to 1,216.5.
Manufacturing data for the New York region continued to show weak growth, helping dampen the mood.
Kinder Morgan (KMI) said it would buy El Paso (EP) for $26.87 per share (a 37% premium to its Friday close) and create the country’s biggest natural gas pipeline system, sending shares of both companies higher. El Paso was up 28% at $25, and Kinder Morgan was up 5%.
Both Citigroup (C) and Wells Fargo (WFC) beats analysts’ EPS estimates, but Wells Fargo’s revenue came in light, sending its shares lower.
No comments:
Post a Comment