US open: Stocks steady ahead of ISM report

Date: Monday 02 Jul 2012

-UBS cuts S&P 500 year-end target to 1,375 from 1,475

Dow Jones: 0.06%
Nasdaq Comp.: 0.23%
S&P 500: 0.20%

The main US equity benchmarks have started today´s session trading marginally lower. That ahead of the release of relevant economic data this afternoon, not to mention this next Friday´s all-important employment report.

Ahead of those data-points investors are now digesting a small barrage of M&A news at the open.

Foremost amongst these is the announcement that Micron Technology is to acquire Japanese rival Elpida Memory.

Bristol Myers Squibb, for its part, will purchase Amylin for another $5.3bn.

Dell may buy Quest Software at a price of 28 dollars per share.

Deutsche Bank has downgraded its recommendation on shares of UPS to hold from buy.

ISM data on tap

The ISM´s manufacturing sector purchasing managers´ index will be released at 3PM, along with the latest construction spending data.

Profit talking in oil futures

Front month West Texas crude futures are now off by 1.27% to the $83.88/barrel level in NYMEX trading.

10 year US Treasuries are standing higher by 8/32 dollars, with yields at 1.62%.

AB

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