U.S. stocks opened in positive territory, with the main indexes trading higher after the Senate passed tax reform legislation. Further, the U.S. dollar edged higher against a basket of currencies.
Shares of CVS Health Corp. (CVS, Financial) fell in premarket trading on the news it is acquiring Aetna Inc. (AET, Financial). According to the terms of the deal, Aetna shareholders will receive $145 per share in cash and 0.8378 CVS Health shares for each Aetna share, which gives Aetna a value of $207 per share.
"This combination brings together the expertise of two great companies to remake the consumer health care experience," CVS President and CEOĂ‚ Larry J. Merlo said. "With the analytics of Aetna and CVS Health's human touch, we will create a health care platform built around individuals. We look forward to working with the talented people at Aetna to position the combined company as America's front door to quality health care, integrating more closely the work of doctors, pharmacists, other health care professionals and health benefits companies to create a platform that is easier to use and less expensive for consumers."
Gainers
- Fastenal Co. (FAST, Financial)
- Macy's Inc. (M)
- Discovery Communications Inc. (DISCA, Financial)
- Kroger Co. (KR)
- Gap Inc. (GPS, Financial)
Losers
- Advanced Micro Devices Inc. (AMD, Financial)
- Adobe Systems Inc”‹. (ADBE)
- Thermo Fisher Scientific Inc. (TMO, Financial)
- Nvidia Corp.”‹ (NVDA)
- Signet Jewelers Ltd. (SIG, Financial)
Global Markets
The main European stock markets traded higher. The U.K.'s FTSE 100 gained 0.53%, Spain's IBEX 35 jumped 1.23%, Germany's Dax rose 1.53% and France's CAC 40 inched up 1.36%.
In Asia, Hong Kong's Hang Seng rose 0.22% and India’s BSE Sensex gained 0.11%, while Japan's Nikkei 225 lost 0.49% and China's SSE Composite fell 0.24%.
Disclosure: The author holds no positions in any stocks mentioned.
