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US stock futures edge lower to start the week

Published: Monday, May 19, 2014 11:02 a.m. CDT

US stock futures edge lower to start the week 

NEW YORK (AP) ‗ U.S. stock futures are down slightly today in the wake of news on a possible merger between AT&T and DirecTV.

Shortly before the market opened, Dow Jones industrial average futures are down 39 points to 16,426. Standard & Poor’s 500 index futures are down four points to 1,871 and Nasdaq composite futures are down six points to 3,577.

AT&T Inc. said late Sunday that it plans to buy satellite TV provider DirecTV for $48.5 billion. The proposed deal, announced Sunday, would create the second-largest pay TV operator behind a combined Comcast-Time Warner Cable. The proposal could face tough regulatory scrutiny from the Federal Communications Commission and Department of Justice.

Ahead of the opening bell, shares in AT&T were down 2 percent, or 90 cents, to $35.84. DirectTV was down 3 cents to $86.15.

The board of AstraZeneca rejected an improved takeover offer from U.S. drugmaker Pfizer. Pfizer Inc., which has been courting AstraZeneca PLC since January, announced Sunday that it was ready to raise its stock-and-cash offer by 15 percent to $118.8 billion.

Pfizer’s shares rose 2 percent, or 58 cents, to $29.70 in in premarket trading.

In the market for government bonds, the yield on the 10-year U.S. Treasury slipped to 2.50 percent, down from 2.52 percent late Friday. Gold rose $10.70 to $1,304.10 an ounce. Crude oil rose 65 cents to $102.22.

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