Posted: Jun 9, 2014 7:24 AM
Updated: Jun 9, 2014 7:24 AM
NEW YORK (AP) U.S. stock futures are drifting lower Monday, after major indexes ended last week at record highs. Family Dollar's stock jumped following news that investor Carl Icahn has taken a stake in the company.
KEEPING SCORE: A half hour before the market opened, Dow Jones industrial average futures slipped 13 points, or 0.1 percent, to 16,919.
Standard & Poor's 500 index futures fell two points, or 0.1 percent, to 1,947 while Nasdaq 100 futures sank three points, or 0.1 percent, to 3,796.
On Friday, the S&P 500 index notched another record high, its eighth in 10 trading days. The index notched its third straight week of solid gains.
TYSON WINS: Tyson Foods emerged as the winner in a bidding war for Hillshire Brands, beating an offer by Pilgrim's Pride for the meat-processing company. Tyson raised its offer to $63 a share, beating Pilgrim's Pride's offer of $55 a share. Hillshire said Monday that its board has yet to sign off on the deal. In premarket trading, Hillshire Brands jumped $4.90 to $61.81, while Tyson Foods slipped 5 cents to $40.10.
ICAHN: In a regulatory filing on Friday, Carl Icahn said he and his affiliates have picked up a 9 percent stake in Family Dollar, a discount store, and plan to look for changes to boost the company's value. Family Dollar's stock jumped $7, or 12 percent, to $67.52.
MERGER MONDAY: Merck announced a deal to buy Idenix Pharmaceuticals for $3.85 billion. Merck & Co. said Indenix has built a promising array of treatments for hepatitis C. Indenix soared $16.97, or 234 percent, to $24.20, while Merck sank 78 cents to $57.40.
BONDS AND COMMODS: In the market for U.S. government bonds, the yield on the 10-year Treasury inched up to 2.60 percent from 2.59 percent late Friday. Yields rise when bond prices fall. The price of oil rose 87 cents to $103.53 a barrel.