Wall Street was poised to open with losses today as some major dealmaking and a handful of earnings reports fill the news, according to the Associated Press. Futures for the S&P 500 and the Dow Jones Industrial Average each tumbled 0.6% before the bell.
ConocoPhillips said that it is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion, or $22.5 billion including debt.
Global pharmaceutical giant Merck is buying privately held ophthalmology biotech EyeBio in a deal valued at up to $3 billion, according to EyeBio lead investor Jeito Capital.
American Airlines skidded 8.6% before the bell after it slashed its profit guidance and announced that Vasu Raja, its chief commercial officer, was leaving the company in June.
Dick’s Sporting Goods rose 7.2% after it reported better earnings than analysts expected and raised its full-year profit guidance.
In other trading, benchmark U.S. crude rose 61 cents to $80.44 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added 57 cents to $84.51 per barrel.
In currency trading, the U.S. dollar rose to 157.28 from 157.12 Japanese yen.
