(Adds Forest Labs, BofA, updates trading)
* Forest Labs to buy Furiex for up to $1.46 bln
* Pfizer works on next move in takeover bid for Astrazeneca
* Obama announces new U.S. sanctions on Russia over Ukraine
* Futures up: Dow 40 pts; S&P 3.5 pts; Nasdaq 4.5 pts
By Angela Moon
NEW YORK, April 28 Wall Street was set for a
higher open on Monday, rebounding from a decline in the previous
session, amid merger and acquisition activity in the
* U.S. drugmaker Pfizer Inc is working on its next
move in a potential $100 billion bid to take over Britain's
AstraZeneca Plc after two earlier bids were rejected.
* Pfizer made a 58.8 billion pounds ($98.9 billion) bid to
AstraZeneca in January and said it had contacted its British
rival again on April 26 to further discuss a takeover, which
would be one of the biggest ever in the pharmaceuticals
* Forest Laboratories Inc said it would buy Furiex
Pharmaceuticals Inc for up to $1.46 billion, including
milestone payments to access Furiex's promising treatment for
irritable bowel syndrome.
* Furiex Pharmaceuticals shares jumped nearly 31 percent in
premarket trading while Forest Laboratories shares rose 2.3
* Bank of America Corp said it would suspend a $4
billion stock buyback program and a planned increase in its
quarterly dividend after it miscalculated the treatment of
certain structured notes related to its acquisition of Merrill
Lynch in 2009. The company also said it would resubmit its 2014
capital plan to the Federal Reserve.
* Bank of America shares were down 4 percent in premarket
* Charter Communications Inc reported a 15 percent
jump in first-quarter revenue due to a rise in the number of
residential video subscribers. The stock rose 1.5 percent in
* U.S. March pending home sales data is due at 10:00 a.m. ET
(1400 GMT), followed by the Dallas Fed Manufacturing Survey at
* S&P 500 e-mini futures rose 3.5 points and were
above fair value, a formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration on
the contract. Dow Jones industrial average futures rose
40 points and Nasdaq 100 futures added 4.5 points.
* U.S. President Barack Obama announced new sanctions
against some Russians on Monday to stop President Vladimir Putin
from fomenting a rebellion in eastern Ukraine, but said he was
holding broader measures against Russia's economy "in reserve."
* U.S. stocks dropped Friday, weighed by consumer
discretionary stocks, as bellwether names Amazon.com and Ford
Motor fell after releasing their quarterly earnings. Amazon.com
shares were down 0.6 percent in premarket trading on Monday.
* Despite Friday's decline, the S&P 500 finished nearly flat
for the week and within 2 percent of its all-time intraday high.
(Editing by Bernadette Baum)