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Pre-Market: BlackBerry Takeover Bid Due Today; Euro Manufacturing Expands


Two months of US factory orders data are also due.

After four straight weeks of gains on US stock indices, futures indicated a higher opening on Monday.

Before the start of the trading day, stock futures pointed toward a higher opening. Dow (INDEXDJX:.DJI) futures were up 0.35% at 15,596.00 while futures on the S&P 500 (INDEXSP:.INX) rose 0.34% to 1,760.70. Nasdaq (INDEXNASDAQ:.IXIC) futures climbed 0.49% to 3,384.50.

On today's economic calendar, US factory orders for August are expected to have increased 0.3% after plunging 2.4% in July. September orders will come out as well. Economists forecasts point to a 1.7% rise in September.

European shares are up this morning after countries published purchasing managers' indexes. France was the only country in the region besides Greece to go into a contraction in October. France's PMI reading came in at 49.1, below the breakeven threshold of 50. The pace of German expansion accelerated in October to 51.7 from 51.1 in September. Ireland shot up to a 30-month high of 54.9 and Austria rose to a 28-month high of 52.7. Italy slowed to 50.7 from 50.8. Spain rose to 50.9 from 50.7 as it had the sharpest rise in new orders since February 2011. The European Union as a whole picked up to 51.3 from 51.1.

China's services sector also showed strong growth last month. The country's non-manufacturing PMI rose to 56.3 from 55.4 in September.

Today is the due date for Fairfax Financial Holdings (OTCMKTS:FRFHF) to seal its $4.7 billion bid for BlackBerry (NASDAQ:BBRY). Fairfax has had trouble getting financing for the deal. The firm also saw its losses grow to $569.1 billion in the third quarter. If Fairfax cannot execute the preliminary offer, it might ask for more time. Cerberus Capital, Qualcomm (NASDAQ:QCOMM), and the original co-founders of the smartphone company might make a joint offer as well. There were even reports that Facebook (NASDAQ:FB) might have an interest in BlackBerry.

The Department of Justice is demanding that US Airways (NYCE:LCC) and AMR Corporation (OTCMKTS:AAMRQ) to divest airport takeoff and landing slots at several airports before it approves of the merger of the two. The DOJ listed 1,000 routes that the two carriers dominate and competition could be further affected by a merger.

Federal Reserve members Jerome Powell and Eric Rosengren will deliver speeches today that could shed some more light on the central bank's thinking after the recent Federal Open Markets Committee meeting. On CNBC this morning, St. Louis Fed President James Bullard said that the Fed doesn't need to hurry to scale back its $85 billion monthly asset purchases and that inflation is not a concern yet.

Twitter: @vincent_trivett
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