[3:30 PM New York City, New York – Stocks meandered on Wall Street after SAB Miller agreed to be acquired by InBev for $106 billion. Financials were under pressure ahead of earnings this week. Mixed trade data from China also muted trading sentiment across Atlantic.
Stocks in New York traded sideways and financials were under pressure ahead of earnings announcements later in the week.
Molson Coors soared nearly 10% after SAB Miller agreed to be acquired by AB InBev for about $106 billion after the fifth price revision in less than two weeks.
The deal is also likely to prompt the disposal of a 58% stake in a joint venture with Molson Coos held by SABMiller.
On Wall Street, Tollbooth Strategy Index gained 17.95 or 0.2% to 10,604.14.
S&P 500 index edged down 0.89 to 2,016.55 and the Nasdaq Composite Index added 2.62 to 4,841.05.
Crude oil in New York rose 60 cents to $47.70 a barrel and gold gained $3 to $1,166.85 an ounce.
The health care company lifted earnings per share forecast for the year between $6.15 and $6.20 from the earlier guidance in July between $6.10 and $6.20.
Wausau Paper Corp
) surged 38.8% or $2.82 to $10.11 after the towel and tissue products maker agreed to be acquired by Sweden-based privately held SCA GmbH for about $513 million in cash.
The transaction is expected to complete in the first-quarter of 2016.
) increased as much as 4% after the micro messaging company said third-quarter revenues are expected to be ahead of market estimate.
In addition, the social media company said it plans to trim its workforce by 8%.
UK producer prices index for all manufactured products decreased 1.8% in September from 1.9% pace in August.
Between August and September output price fell 0.1% from 0.5% decline in August. In September, total input prices index declined 13.3% from 14.6% decline in August, Office for National Statistics reported.
Separately the department said UK annual inflation measured at consumer prices fell 0.1% in September from break even in August.
In London trading, FTSE 100 index fell 17.26 or 0.3% to 6,354.36 and in Frankfurt the DAX index decreased 87.23 or 0.9% to 10,030.92.
In Paris, CAC 40 index slipped 42.56 or 0.9% to 4,646.14.
tumbled 33.7% to €35.45 after the Germany-based wires, optical fibers and cables provider said operating profit for the year likely to be less than the earlier estimate of €200 million after weaker performance in the wiring systems division.
Leoni reported consolidated sales for the year are still expected to be at least €4.3 billion.
The company also lowered its revenues forecast for the fiscal 2016 to €4.6 billion compared to previous guidance of about €4.8 billion.
jumped 9.1% to 3,950 pence after the U.K.-listed brewing and the beverage maker agreed to $106 billion offer from the rival Anheuser Busch InBev.
Anheuser agreed to pay a $3 billion break-up fee to SABMiller in the event regulators reject the deal.
soared 5.8% to €64.04 after the Germany-based analytics software developer reported total revenues in the third-quarter ending in September surged 17% from a year ago to €4.98 billion.
Operating profit in the quarter jumped 5% from a year ago to €1.21 billion compared to €1.16 billion and earnings per share increased to €0.75 from €0.74.
SAP is schedule to report its third-quarter results on October 20.
, the payments processor listed its stock on the London Stock Exchange in an initial public offering valuing the company at £4.8 billion or $7.4 billion, the largest U.K. public offering in the year so far.
The company priced its 900 million share offering at 240 pence a share and stock rose 6% on the first day of trading.
Exports in September declined 20.4% in the dollar terms from a year ago and exports declined 3.7%, resulting in a trade surplus of $60.34 billion. The data was released by the customs department in Beijing.
The decline in exports fell less than expected and the slowed from 5.5% fall in August. Imports declined from a year ago in September for the 11th month in a row.