U.S. markets were relatively flat in premarket trading Monday as earnings season mounts, with investors awaiting quarterly performance numbers on the day from companies including Yahoo (YHOO) and Netflix (NFLX) .
The S&P 500 and Dow Jones industrials were up about 0.1% and 0.2% before the opening bell, as oil fell about 0.6% to $45.66 a barrel, based on U.S. benchmark West Texas Intermediate.
Shares of British semiconductor giant ARM Holdings (ARMH) were surging about 43% to $67.36 on news that Softbank -- the Japanese investment giant and Sprint (S) parent -- had negotiated an all-cash takeover bid for ARM for about $32 billion, representing a 43% premium to Friday's closing trading levels.
"The Board of ARM, which has been so advised by Goldman Sachs and Lazard as to the financial terms of the acquisition, considers the terms of the acquisition to be fair and reasonable," ARM said in a Monday statement.
Meanwhile, shares of discount e-commerce site Groupon (GRPN) were trading up about 12% before the opening bell on news that Piper Jaffray had upgraded the stock to Overweight from Neutral, while upping its price target on Groupon stock to $6 from $4, with analyst Samuel Kemp noting that consensus estimates undervalue significant growth in customer volume and profit for the year.
Bank of America (BAC) also posted second-quarter earnings on Monday of $0.37 a share, topping analyst estimates by about 12% while sales of $20.56 beat forecasts by about 9%. Net income of $4.23 billion, however, fell roughly 21% year-over-year ,as wealth-management sales declined.
Total deposit balances grew by about 8% to $43.5 billion from the first quarter, while average loan balances increased 5% to about $12.2 billion over the period. Bank of America shares were trading evenly before the opening bell.