Stocks Higher With Merger Action
After a drop on Thursday, U.S. stock futures on Friday opened higher with the telecom and media sectors seeing some action.
MCI went up 4% with news that Qwest communications will submit a new bid to buy the company after it agreed to a deal with Verizon.
New York Times Co. is buying About.com for $410 million from Primedia in order to build internet advertising revenue.
According to an MSN Money article,
“S&P 500 futures (SPH5) climbed 2.5 points, above fair value accounting for interest rates, dividends and time to expiration on the contract, indicating the S&P would open higher.
Dow Jones industrial index futures (DJH5) were up 16 points, while Nasdaq 100 (NDH5) futures rose 4 points.
On the earnings front, online travel company Priceline.com Inc. (PCLN) said on Thursday its quarterly profit doubled due to strong sales of published airline fares, but growth will slow in 2005 and advertising costs will rise.”
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