US STOCKS-Futures edge lower after Dow, S&P hit records

* Existing home sales data on tap

* Goldman cuts Boeing to sell rating

* Valeant, Salix agree to merger deal

* Futures: Dow off 35 pts, S&P off 4 pts, Nasdaq up 1 pt

By Chuck Mikolajczak

NEW YORK, Feb 23 (Reuters) – S&P Futures dipped on Monday, after the Dow and S&P closed at records on the heels of an agreement by euro zone finance ministers to extend Greece’s bailout by four months provided it draws up a list of reforms.

* Greece will present its economic reform plans on Monday to seal the euro zone financial lifeline, but the government drew criticism from a veteran leftist and ruling party member that the deal let voters down. The deal is conditional on Greece’s European and IMF creditors accepting the reform list.

* The equity market gains led each of the three major Wall Street indexes to their third weekly advance on Friday, with the Nasdaq on an eight-session winning streak as it closed in on the 5,000 mark for the first time in nearly fifteen years.

* Existing home sales data is due at 10:00 a.m. (1500 GMT), the first in a flurry of economic reports this week that will help investors gauge the strength of the housing sector.

* Canada’s Valeant Pharmaceuticals International Inc agreed to acquire gastrointestinal drugmaker Salix Pharmaceuticals Ltd in an all-cash deal valued at about $ 10.1 billion, the companies said on Sunday. U.S. listed shares of Valeant gained 6.2 percent to $ 184 while Salix slipped 0.8 percent to $ 156.55 in premarket trading.

* Asahi Kasei Corp, a Japanese chemicals maker, said it would buy Polypore International Inc’s energy storage segment for $ 2.2 billion, as it seeks to expand in the energy and environment business. Polypore shares jumped 13.1 percent to $ 59.90 before the opening bell.

* Home Loan Servicing climbed 7.9 percent to $ 18.09 in premarket after the company agreed to be acquired by New Residential Investment Corp for about $ 1.3 billion. [ID:nASB097HM}

* Dow component Boeing fell 1.8 percent to $ 155.49 after Goldman Sachs cut its rating on the aerospace company to “sell” from “neutral. “

* European shares edged up in the wake of the Greece deal, although a slightly disappointing German business morale survey held gains in check.

* Japan’s Nikkei 225 stock index hit a 15-year high, though MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent as many countries in the region returned from Lunar New Year holidays.

Futures snapshot at 7:35 a.m. EST (1235 GMT):

* S&P 500 e-minis were down 4 points, or 0.19 percent, with 70,362 contracts changing hands.

* Nasdaq 100 e-minis were up 1 point, or 0.02 percent, in volume of 10,590 contracts.

* Dow e-minis were down 35 points, or 0.19 percent, with 13,272 contracts changing hands.

(Editing by Bernadette Baum)

You may also like...

Rules of Discussion on US STOCKS-Futures edge lower after Dow, S&P hit records

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is strictly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Members are requested to flag any violations to keep Forum Clean.
Loading comments …