Ahead of Wall Street - November 21, 2011 - Ahead of Wall Street
November 21 2011 - 3:56AM
Zacks
U.S. stock futures are down following reports the the U.S.
congressional "super-committee" has again failed to reach an
agreement to cut $1.2 trillion in spending. The official deadline
for an agreement to be reached is this Wednesday, but nobody seems
to be holding out much hope. Perhaps what everyone could agree upon
is to take the term "super" out of the name "super-committee."
At 10:00am ET, new data on existing home sales will be released.
October numbers are expected to slip to 4.85 million from 4.91
million in September. This, plus the months of supply numbers (8.5
months in September -- notably higher than the normal level of 6
months), are expected to keep downward pressure on home prices.
In mergers and acquisitions news this morning, Gilead
Sciences (GILD) is reportedly buying hepatitis-C treatment
maker Pharmasset (VRUS) for $11 billion, or $137
per share. This is nearly a 90% premium from VRUS' Friday closing
price. Gilead expects this transaction to be dilutive through 2014
and profitable thereafter. Property and casualty insurer
Alleghany (Y) has agreed to purchase
TransAtlantic (TRH) for $3.4 billion.
Tyson Foods (TSN) reported a weaker-than-expected
26 cents per share, down 54% year over year. The Chicken business
-- Tyson's "bread and butter," if you'll pardon the expression --
reported a Q4 loss, and the company is cutting chicken production
going forward. IT distributor Tech Data (TECD)
missed earnings expectations slightly this morning on 7%
year-over-year growth.
GILEAD SCIENCES (GILD): Free Stock Analysis Report
TECH DATA CORP (TECD): Free Stock Analysis Report
TRANSATLAN HLDG (TRH): Free Stock Analysis Report
TYSON FOODS A (TSN): Free Stock Analysis Report
PHARMASSET INC (VRUS): Free Stock Analysis Report
ALLEGHANY CORP (Y): Free Stock Analysis Report
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