Seven To Ten

Stocks futures rose as investors eyed a possible $22 billion deal for chewing gum giant Wrigley, an investor’s $170 million bid for more shares of Ford, and turned their focus to this week’s Federal Reserve meeting.

Investors are expecting the Fed to lower rates yet again at the end of its two-day meeting on Wednesday. Many economists expect the central bank will hold rates steady after that cut in a bid to keep inflation in check.

A slew of high-profile economic reports will come out this week - Tuesday (consumer confidence report), Thursday (Inflation issues for personal and income spending report) and Friday (government’s monthly jobs report).

Oil prices hit another record trading high near $120 a barrel after a refinery strike in the U.K. Shares of automaker Ford soared in pre-market trading after billionaire investor Kirk Kerkorian’s Tracinda Corp. said it would make a bid for 20 million shares valued at $170 million. The $8.50 a share offer represents a 13.3% premium to Friday’s close. Kerkorian, who already owns 4.7% of Ford, is looking to control more than 5% of the company.

Verizon posted first-quarter earnings results that met Wall Street’s expectations. Sales were up 5.5%, but shares were flat in pre-market trading.

In major deal news, Mars and Warren Buffett’s Berkshire Hathaway are near a deal to buy chewing gum giant Wm. Wrigley Jr. for more than $22 billion. Microsoft’s deadline for Yahoo to respond to its takeover passed on Saturday, which means the three-month battle for Yahoo may soon turn hostile.

Also over the weekend, Continental Airlines said it would not pursue a merger with another carrier. Media conglomerate Walt Disney could be hurt by a controversial photo of 15-year old singing and acting superstar Miley Cyrus which appears in an upcoming June issue of Vanity Fair.

The photo which shows her posing topless, although with her chest covered by a bedsheet, was seen as too racy for the wholesome “Hannah Montana” franchise, which produced $1 billion in sales for Disney last year. Disney shares were up nearly 1% in early trading in Frankfurt despite the news of the photo over the weekend.

In global trade, Asian markets headed mostly higher. European shares also rose in early trading.

Everybody is concerned about the weak dollar. But even as the greenback sinks to new lows against the euro and other global currencies, experts say this is not necessarily a bad thing for the U.S. economy.

The falling dollar pose problem for an economy in recession and facing higher inflation. Consumers have to pay more for imported goods like toys made in China or a bottle of wine from France’s Bordeaux region.

It also drives up the cost of commodities priced in dollars. And unless you’ve been living under a rock, commodities have skyrocketed to historic highs.

Confidence by international investors in buying dollar-denominated securities is also affected. Although many foreigners are still buying more U.S. securities than they are selling, there are signs that these investors are slowly shifting away from assets tainted by the greenback, such as U.S. Treasurys.