Sliding oil prices and a hawkish central-banking tone over potential rate hikes continued to pull down U.S. markets across the board Monday, with oil dropping about 2.4% to $44.76 a barrel and the Dow Jones industrials and S&P 500 futures each down about 0.6% before the opening bell.
And it looks like activist fund Starboard Value is not impressed with the progress of Perrigo (PRGO) since the Dublin-based drugmaker spurned an April 2015 takeover offer from industry peer Mylan (MYL) The the activist fund's managing member Jeffrey Smith said in a Sunday letter to Perrigo CEO John Hendrickson that since that spring "promises have been woefully unfulfilled."
Smith, who also disclosed that Starboard has taken a roughly 4.6% stake in Perrigo, noted that the Mylan offer would have created a current value of about $167 per share, or 88%, from Perrigo's closing stock price Friday of about $89. Perrigo shares were up about 4% in morning trading Monday.
Meanwhile, it also appears the market was generally unimpressed with HP Inc.'s (HPQ) plans to "disrupt and reinvent" the copier industry in its $1.05 billion bid to to acquire Samsung's printing businesses, which will include taking on about 6,000 employees. The deal is expected to close in about 12 months, subject to approval.
HP said in a Monday statement that the deal will bolster HP's existing partnership with Canon (CAJ) by expanding its laser printing portfolio and paves the way for future printing innovation. Shares of HP were trading down more than 1% in premarket trading.
Meanwhile, falling crude oil prices, which are down about 6% since Thursday, continue to hammer oil-and-gas stocks across the board, with shares of Marathon Oil (MRO) and Transocean (RIG) , a member of Real Money's Stressed Out watch list, each down about 2% before the opening bell.