US stocks looking for direction Monday morning, Monday, May 19, 2008 6:34:49 AM
US stocks were poised for a lackluster open Monday morning as Microsoft made new overtures to Yahoo and oil prices stayed near record highs. With little economic data set for release on Monday, market players will be looking ahead to this week`s FOMC minutes from the April monetary policy meeting, April PPI, home price index and existing homes sales data.Stocks were little changed on Friday as sentiment dampened due to high oil prices and a report showing that US consumer sentiment plunged to a 28 year low in May.
Despite having walked away from acquisition talks with Yahoo! (YHOO), Microsoft (MSFT) has been carrying on low-profile discussions on a relationship between the two internet giants.
Microsoft issued a statement Sunday saying it `is considering and has raised with Yahoo! an alternative that would involve a transaction with Yahoo but not an acquisition of all of Yahoo!`
Yahoo`s refusal to accept Microsoft`s un-written $33 dollar-per-share offer for the company led to a move by activist investor and Yahoo stakeholder Carl Icahn to launch a hostile bid to replace the company`s CEO and board of directors.
In other merger news, Manitowoc Co., Inc. (MTW) on Monday announced a higher offer of about $2.4 billion for UK-based kitchen equipment firm Enodis Plc (ENO.L), as it strives to expand its share in the ice-machine market.
The dollar was on the defensive versus other majors Monday morning, slipping to a 2 1/2 week low of 1.5630. At 10 am ET, April`s leading indicators will be released, which are expected to slip 0.1% following March`s 0.1% rise.
The price of light sweet crude was down $0.19 at $126.10, staying near its record highs despite comments from a Saudi oil official indicating the nation has boosted oil output by 300,000 barrels per day to meet demand.
posted by Kalin Tasev @ 4:52 AM
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