Stock futures are higher this morning as a plethora of news out of biotech, mid-quarter updates and a hostile takeover from Oracle for PeopleSoft grab headlines, while economic data has the unemployment rate rising to 6.1%.
S&P futures (sp03m) current trade higher by 8.3 points to 999.00. NASDAQ futures (nd03m) are jumping 24 points higher to 1,258, while Dow futures (dj03m) are gaining 75 points at 9,115.
Fair value for the S&P 500 today is $-0.06. That price will not change during the day. HL Camp and company has their computers set for program buying at $1.19 and set for program selling at $-0.99. Fair value for the NSDAQ-100 today is $1.00.
A quick look at this morning's economic data has Nonfarm Payrolls for May falling 17,000 versus economists forecast for a 30,000 decline. This had the May unemployment rate rising to 6.1%, which was inline with consensus. Meanwhile, average hourly earnings for May rose 0.3%, which was slight higher than economists' forecast for a 0.2% rise.
Biotech's "heat up" in pre-market
Shares of ImClone Systems (NASDAQ:IMCL) $38.53 jumped as high as $50.15 in last night's extended-hours session after it and its Erbitux partner Bristol-Myers Squibb (NYSE:BMY) $26.90 said they plan to file with U.S. regulators approval for cancer drug Erbitux.
The news comes just one day after federal charges were filed against homemaking expert Martha Steward in relation to her allegedly selling shares of ImClone based on "insider information" just prior to previous failed trials for Erbitux, which is being developed for the treatment of metastatic colorectal cancer.
The news further fuels bullishness to yesterday's gains in the AMEX Biotech HOLDRS (AMEX:BBH) $128.90, which jumped 7.65% in yesterday's trade, with late evening trade of $132.00.
Just days after PeopleSoft (NASDAQ:PSFT) $15.11 offered to by rival JD Edwards (NASDAQ:JDEC) $12.79, Oracle's (NASDAQ:ORCL) $13.36 CEO Larry Ellison said Oracle has offered to buy PeopleSoft (PSFT) in a hostile bid of $16.00 per share, which would equate to approximately 5.1 billion.
Oracle has submitted a letter to PeopleSoft's Board of Directors expressing a desire to discuss the offer with. Oracle also said it will review the JD Edwards/PeopleSoft merger announced on June 2.
Shares of PeopleSoft (PSFT) are jumping to $18.40 in pre-market after finishing yesterday's trade at %15.11, while shares of Oracle (ORCL) trade hands at $13.69 after closing at $13.36 in Thursday's trade. JD Edwards (NASDAQ:JDEC) $12.79 are rising to $13.01 in pre-market trade.
All three stocks lead this morning's most active list.
Hong Kong Hang Seng 9,694 +55.62 +0.58%
Japan Nikkei 225 8,785 +128.64 +1.49%
Taiwan Taiwan Weighted 4,740 +2.11 +0.04%
France CAC 40 3,087 +53.04 +1.75%
Germany DAX 3,126 +86.85 +2.86%
Russia Moscow Times 5,471 -22.57 -0.41%
Switzerland Swiss Market 4,796 +90.30 +1.92%
United Kingdom FTSE 100 4,168 +63.70 +1.55%