Boston Scientific (BSX: 27.15, +0.47, +1.8%) shares jogged to a 2% premarket lead on rumors that the maker of drug-coated stents might make an inviting acquisition target. An ailing drug maker like Abbott Labs (ABT: 38.39, +0.76, +2.0%) would have an obvious need, while serial acquirer General Electric (GE: 35.57, -0.18, -0.5%) certainly has the money.
But takeover rumors are a dime a dozen these days, and UBS didn't think the ones surrounding U.S. Steel (X: 47.70, -1.21, -2.5%) warranted the 20% rally in the steel maker's stock over the last four sessions. The rating on the stock went to Reduce from Neutral, even as the price target crept up. The stock spilled 1% ahead of the opening bell.
Crude rose to nearly $59 a barrel ahead of a U.S. East Coast cold spell, while metals held historic peaks overnight.
Overseas markets remained in rally mode, with stocks up almost 2% to a new five-year high in Japan, nearly 1% in Hong Kong and posting smaller gains from multi-year peaks in Europe.
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