ITV gained 2.9% amid reports that NTL was planning to meet with the shareholders of the broadcaster to explain a takeover approach.

Rumours of a counterbid from the US pushed Scottish Power up 1.3%. Iberdrola, the Spanish energy company, has confirmed an interest in buying the Scottish power company.

Decliners

The falling price of copper sent miners south. Mining group Rio Tinto fell 4.1% while Antofagasta dropped 3.4% and Xstrata was 2.3% lower.

Biofuels lost 8.9% as Numis Securities reiterated its price target on the biodiesel producer. Biofuels said on Friday that the lower oil price and a recent rise in feedstock prices had led to tighter profit margins.

Other news

The Office for National Statistics announced that output prices climbed by 1.7% in the year to October, down from the increase of 1.8% seen the previous month and the lowest reading since March 2004.


9:00AM Stock futures pointed to a flat opening on weaker oil.
Stock futures turned flat, as crude oil retreated from an early rally toward $60, falling 77 cents to $58.82. S&P 500 futures were down 0.8 point, about flat with fair value. Dow Jones industrial average futures were down 7 points and Nasdaq 100 futures gained 0.25 point.

Among stocks to watch, SanDisk Corp. (SNDK: chart) was downgraded to neutral from buy at UBS, with the broker citing expectations for a likely oversupply in flash memory chips in 2006-2007.Citigroup raised utility operator Sierra Pacific Corp. ((SPP: chart) to ‘buy’ from ‘hold.’

Of companies in focus, Tyson Foods Inc. (TSN: chart), the world's largest meat processor, reported a wider-than-expected Q4 loss to 17 cents per share, compared with a profit of 33 cents per share last year, missing estimates of a 4-cent loss. The wider loss was attributed to one-time charges and losses in the chicken and beef sectors.


8:00AM Stock futures pointed to a positive start.
Stock market futures moved slightly higher Monday morning, with investors shifting their focus from election news toward inflation and CPI data later this week. Dow Jones futures were recently up 12 points, S&P 500 futures were unchanged and Nasdaq futures rose 2 points. Last week, stocks finished positive, as American International Group results and retreating crude oil helped offset disappointment with Walt Disney & Co.'s latest financial results.

Isis Pharmaceuticals (ISIS: chart) soared 36% in pre-open trading after the company said that results from Phase II trials showed that ISIS 301012 significantly reduced cholesterol.
Companies releasing quarterly earnings Monday include Tyson Foods (TSN: chart) and Dick's Sporting Goods (DKS: chart). In corporate news, KB Home (KBH: chart) announced late Friday that CEO Bruce Karatz is leaving after the conclusion of a stock-option grant price probe. He'll repay the company $13 million. International Business Machines (IBM: chart) is reportedly joining a consortium led by Citigroup that is bidding for China's Guangdong Development Bank.

Of the stocks, driven by analyst comments, SanDisk (SNDK: chart) was downgraded to neutral from buy at UBS, with the broker citing expectations for a likely oversupply in flash memory chips in 2006 and 2007. In contrast, Gannett (GCI: chart) was upgraded to buy from neutral at Merrill Lynch.

Among European movers, Deutsche Telekom (DT: chart) rose in Frankfurt after announcing that CEO Kai-Uwe Ricke had submitted resignation. Novartis (NVT: chart) moved down after the Swiss drugmaker said it is submitting more data to the U.S. Food and Drug Administration on its diabetes drug Galvus. The company expects that the new data will push back an FDA review by three months.


7:30AM Asian markets end mostly lower Monday, Japan leading the decline.
Asian markets declined on Monday. The Nikkei 225 Index shed 0.6% to finish at 16022.49. Traders were also cautious ahead of July-September GDP data due Tuesday. Commodity and domestic demand issues fell in early trading. Mizuho Financial Group posted a 2.1% fall and Shinsei Bank lost 2.6%. Nippon Oil shed 0.98% and trading company Itochu sank 3.2%. Major machinery maker Fanuc fell 0.9%.

The Hang Seng Index in Hong Kong fell 0.1% to 18868.54. Henderson Land fell 6.3% after it raised $710 million through a share placement over the weekend. Shares of other developers fell as concern grew that they may follow suit. Sun Hung Kai fell 1.27% and Cheung Kong Holdings declined 1.29%.

South Korean shares finished flat, with strong gains in technology shares offsetting losses in shipbuilders. The Korea Composite Stock Price Index, or Kospi, ended up 0.1% at 1396.69. Technology shares rose on bargain-hunting, with Samsung Electronics advancing 1.6% and Hynix Semiconductor gaining 2.6%. Hyundai Heavy Industries dropped 5.7%, Daewoo Shipbuilding & Marine Engineering lost 2.8% and Samsung Heavy Industries lost 5%.