U.S. markets are set to open low after the biggest percentage gain in one week, with a rising dollar and higher bond yields.
Shares of Merck & Co. Inc. (MRK, Financial) lost ground after a patent loss to Gilead Sciences (GILD, Financial). A federal judge in Delaware has revoked a jury’s verdict requiring the company to pay Gilead $2.54 billion because its hepatitis C drugs (Sovaldi and Harvoni) infringed a patent held by Merck. Meanwhile, Gilead shares rose in morning trading.
Ubiquiti Networks (UBNT, Financial) fell after the SEC issued subpoenas to the company. The SEC asked for "documents and information relating to a range of topics, including metrics relating to the UbiquitiCommunity, accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties." Despite Ubiquiti saying it will cooperate with the requests, shares are well in the red.
Gainers
• Mosaic Co. (MOS, Financial)
• Allegion PLC (ALLE, Financial)
• CF Industries Holdings Inc. (CF, Financial)
• Analog Devices Inc. (ADI, Financial)
• Applied Materials Inc. (AMAT, Financial)
Losers
• Walmart Inc. (WMT, Financial)
• Genuine Parts Co. (GPC, Financial)
• Qualcomm Inc. (QCOM, Financial)
• Dollar General Corp. (DG, Financial)
• Target Corp. (TGT)
Global Markets
The main European stock markets closed in positive territory. The U.K.'s FTSE lost 0.04%, while France's CAC gained 0.54%, Germany's Dax advanced 0.66%and Spain's Ibex jumped 0.79%.
In Asia, Japan's Nikkei lost 1.01%, Hong Kong's Hang Seng slid 0.78% and India’s BSE Sensex retreated 0.21%, while China's SSE Composite jumped 0.45%.
Disclosure: The author holds no positions in any stocks mentioned.
