Yahoo Finance Investors' hangover; Target's health food kick; AMC's new dawn
Investors starting the week in a more cautious mood after the S&P 500 (^GSPC) finished last week with two-straight days of record closes.
Yahoo Finance's Aaron Task says among the focus on Wall Street this week--the Fed--with comments today from Chicago President Charles Evans and the release of minutes from the last meeting coming Wednesday.
"The reality is that Fed speakers--including Charles Evans--want us to think that the June rate hike is still on the table, even though I think that's long gone, it's not going to happen," he argues. "But they want us to know that the Fed is data-dependent so anything can happen."
Task adds we also may finally be coming to a climax over the Greek financial drama.
"I know we've been talking about this it seems like for years, maybe because we have been talking about it for years," he jokes. "We might finally be getting to the end of the road. That proverbial can has been kicked for a very, very long time. We're at the very edge of the road now."
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Merger Monday
Deals dominating the headlines this Monday morning.
ANN (ANN) shares are soaring before the bell. The retailer behind Ann Taylor stores is being bought by Ascena Retail Group (ASNA) which owns Dress Barn and Lane Bryant for about $2.2 billion dollars in cash and stock, or $47 dollars a share. Shares of Ascena are sharply higher on the news.
Related: ANN soars on Ascena buyout; Altera, Intel talks back on?; Endo buys Par
Endo International (ENDP) shares are up in early trading after the company said it would buy generic drugmaker Par Pharmaceutical from private equity firm TPG Capital for about $8 billion, in cash, stock and debt. The deal will help Endo expand its presence in the generic drug market.
Altera (ALTR) shares are surging in early trading following a report in the New York Post that the company has resumed negotiations with rival Intel (INTC) about a potential buyout. The two companies broke off talks in April after Altera turned down a $54 per share offer.
Related: Can AMC remain competitive after 'Mad Men'?
AMC Networks (AMCX) shares are also in the spotlight this morning. The network aired the final episode of its Mad Men series Sunday night. The show won over 80 major awards during the course of its seven seasons.
Target targeting packaged food?
Target (TGT) has reportedly informed some major suppliers of packaged foods that their products will be featured less prominently in the store. The Wall Street Journal reports that representatives from Campbell Soup (CPB), Kellogg (K), and Kraft (KRFT) were told their food would be de-emphasized in favor of fresh foods.
U.S. airline travel is expected to reach record levels this summer, according to trade group Airlines for America. Carriers are reportedly increasing available seats by 4.6% to accommodate the demand.
