The Dow Jones Industrial Average (DJIA) is headed toward a weak start this Monday morning, as Wall Street digests weak Chinese economic data released over the weekend. Additionally, Greece will be back in the headlines again today, as a Euro-zone meeting is slated for later this morning to work on finalizing the country?s debt swap and bailout funds.
Against this backdrop, futures on the DJIA Mini are trading about 3 points below fair value, while the S&P 500 Index (SPX) and Nasdaq Composite (NASDAQ) are trading 1.25 points and 3.9 points below fair value, respectively.
In equity news, the shares of Zoll Medical (ZOLL) have surged more than 24% in pre-market trading. Investors are responding to Asahi Kasei?s agreement to purchase ZOLL for $93 per share, or roughly $2.21 billion. Asahi has set a tender offer for ZOLL shares that will begin in 10 trading days and remain open for 20 The Tokyo-based maker of chemicals, housing materials and synthetic fibers said it will buy Massachusetts-based Zoll Medical for $93 per share in a tender offer set to start within 10 working days. The offer will remain open for a minimum of 20 business days, the company said.
Also in merger and acquisition news, shares of China?s Tudou Holdings (TUDO) have rocketed nearly 200% higher in pre-market trading, after the online video company?s competitor Youku (YOKU) said it would buy the company in an all-stock deal. YOKU shares have jumped more than 17% on the news.
The earnings calendar is light, with only FuelCell Energy (FCEL), Silver Standard (SSRI), and Urban Outfitters (URBN) among today?s highlighted company?s releasing their quarterly reports.
Options activity was brisk heading into the weekend on Friday, with 2.28 million calls and 2.05 million puts changing hands on the Chicago Board Options Exchange (CBOE). Overall, the CBOE put/call volume ratio arrived at 0.90, well below the ratio?s 10-day (0.95) and 20-day (0.95) moving averages.
Call volume crept higher among index traders, with the CBOE index put/call volume ratio falling to 1.16 from Thursday?s perch at 1.28. However, puts were the contract of the day for VIX traders. Specifically, the CBOE Market Volatility Index (VIX) put/call volume ratio soared 77% to 1.38 ? its highest reading in more than three months. That said, a spike in VIX puts shouldn?t be too surprising, given that the index has plunged more than 18% since last Tuesday.
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