Comcast bid breaks profit-warning parade
The Dow is set to open slightly lower as Wall Street ponders Comcast's bid for AT&T's cable unit.
Last week the Nasdaq lost ground as British telecom company Marconi lowered estimates, weighing on U.S. and European telecom companies. Marconi's pull may continue on technology stocks Monday, especially since Deputy Chief Executive John Mayo has just resigned from the company, two weeks before he was supposed to take the reigns as CEO.
Stocks to Watch
• AT&T will be the center of attention after cable television company Comcast made an unsolicited $44.5 billion stock bid on Sunday to acquire its broadband cable television unit.
But AT&T had said it had no plans to sell the unit. AT&T had planned an initial public offering to create a tracking stock for AT&T Broadband later this year, as part of its plan to spin off more than $100 billion into separate companies.
• SportsLine.com warned that its second-quarter loss will be bigger than expected. The provider of Internet sports content expects to lose $1 to $1.10 a share before non-recurring charges, instead of the 90- to 95-cent loss estimated earlier. First Call had expected it to lose 92 cents. It also estimated sales would be $14 million, instead of $18 million to $20 million.
At the Bell
The Dow Jones industrial average may open 7 points lower. The Standard & Poor's 500 index for June futures contracts was off 0.8 points to 1193 at 7:10 a.m. EDT in 24-hour electronic trading.
Reuters contributed to this report.