BUZZ-U.S. STOCKS ON THE MOVE-City National, F5 Networks, Logitech, BlackBerry
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock index futures gained slightly as investors awaited confirmation that the European Central Bank would announce new economic stimulus measures at a meeting on Thursday. Dow Jones industrial average e-mini futures were up 0.26 percent at 17,536, S&P 500 e-mini futures were up 0.28 percent at 2,032.25 and Nasdaq 100 e-mini futures were up 0.15 percent at 4,189.
** CITY NATIONAL CORP, Wednesday close $74.57, +22.01 pct premarket
Royal Bank of Canada said it would buy the U.S. lender serving high net worth clients in a cash-and-stock deal valued at $5.4 billion. RBC offered $47.25 in cash and 0.7489 in shares for each City National share. The total offer of $93.80 per share, based on RBC's closing price of $62.16 on the New York Stock Exchange on Wednesday, represents a premium of nearly 26 percent to City National's last closing price.
** F5 NETWORKS INC, Wednesday close $125.95, -14.65 pct premarket
The network equipment maker reported revenue that missed Wall Street's estimates for the first time in eight quarters due to "a marked decrease in the number of deals greater than $1 million".
At least 8 brokerages cut price targets on the stock by as much as $25 to as low as $105; Median target price $133
"Comps become much more difficult in the coming quarters and the company will have to prove that newer initiatives like security can drive revenue re-acceleration and sustainable double-digit growth" Barclays analysts wrote in a note. Continued...