Posted on February 18, 2014 at 12:14 PM
NEW YORK - Stock futures were pointing to a flat open on Wall Street Tuesday, following disappointing results from food giant Coca-Cola and the news of a large merger in the pharmaceutical sector.
KEEPING SCORE: The Dow Jones industrial average futures were down a point to 16,126 as of 9 a.m. Eastern. The Standard & Poor’s 500 index futures lost less than a point to 1,834 and the Nasdaq futures were up a point to 3,662.00.
M&A IN PHARMACEUTICALS: Drugmaker Forest Laboratories was up 30 percent in premarket trading after another drugmaker, Actavis, agreed to buy it for $25 billion. Actavis makes the generic versions of hyperactivity disorder medication Concerta and cholesterol drug Lipitor, while Forest makes the Alzheimer’s disease treatment Namenda.
COCA-COLA LOSES FIZZ: The beverage giant was down more than 2 percent in premarket trading after reporting a decline in fourth-quarter profit and sales from a year ago.