Stock index futures pointed to a lower open for Wall Street, but were off the day's lows as Dow component Merck announced it will merge with Schering-Plough in a cash and stock deal. The companies value the merger at $41.1 billion, or $23.61 per share of Schering stock, which is a 34% premium compared to Friday's closing price. Schering-Plough shareholders will receive 0.5767 Merck shares and $10.50 in cash for each share of Schering-Plough. The deal comes less than two months after Pfizer Inc., the world’s biggest drug maker, agreed to buy Wyeth for about $62 billion, and would make Merck the second-biggest drug maker.
The early part of the week is light on economic data. Thursday will be the release of the Commerce Department’s retail-sales report for February and the weekly initial jobless claims. On Friday, we will get trade data, along with a report on consumer sentiment.
- Harrington Wealth Management
- Our firm provides comprehensive trust and investment management services by employing a customized asset allocation approach. By focusing on the individuality of each client, Harrington Wealth Management Company has helped high net worth individuals, families, and small institutions grow and sustain their wealth through proven investment practices since 1994. A fee-only advisor, we also offer other financial services from our offices in California, Kansas and Indiana that include custody, estates, land trusts, probate administration, guardianships, personal trust administration, retirement plan services, and investment consulting services.
