Stocks Fall on Tech Worries and Oil Stocks
U.S. stocks fell on Monday, with the Nasdaq off 1 percent, as worries about the sustainability of technology companies' profits offset earlier gains after at least $82 billion in corporate takeovers were announced. Shares of Web search leader Google Inc. (GOOG.O: Quote, Profile , Research) suffered the biggest tumble in a month, falling 3.4 percent to $463.80, after The Wall Street Journal said earnings growth at the Web search company may stall. The Dow Jones industrial average <.DJI> was down 7.21 points, or 0.06 percent, at 12,438.31. The Standard & Poor's 500 Index <.SPX> was down 4.92 points, or 0.34 percent, at 1,422.17. The Nasdaq Composite Index <.IXIC> was down 24.02 points, or 0.98 percent, at 2,433.18. Shares of Apple Computer Inc. (AAPL.O: Quote, Profile , Research) were the biggest drag on the Nasdaq, falling 2.8 percent to $85.23. Falling oil prices also hit energy shares as traders worried mild U.S. weather was curbing demand for heating oil. Shares of Exxon were down 2.3 percent to $75.50, while crude for January delivery fell $1.22 to settle at $62.21 a barrel. The CBOE Oil Index <.OIX> was down 2.6 percent. Among Monday's mega-deals, pharmacy benefits manager Express Scripts Inc. (ESRX.O: Quote, Profile , Research) offered to buy rival Caremark RX (CMX.N: Quote, Profile , Research) for about $26 billion. The offer threatened to disrupt a deal brokered last month with drugstore chain CVS Corp. (CVS.N: Quote, Profile , Research). Caremark shares jumped 10.5 percent to $55.57, while CVS shares fell 1.8 percent to $29.96, both on the NYSE.
posted by Stock Administrator @ 4:14 PM
Stocks Fall on Tech Worries and Oil Stocks
U.S. stocks fell on Monday, with the Nasdaq off 1 percent, as worries about the sustainability of technology companies' profits offset earlier gains after at least $82 billion in corporate takeovers were announced. Shares of Web search leader Google Inc. (GOOG.O: Quote, Profile , Research) suffered the biggest tumble in a month, falling 3.4 percent to $463.80, after The Wall Street Journal said earnings growth at the Web search company may stall. The Dow Jones industrial average <.DJI> was down 7.21 points, or 0.06 percent, at 12,438.31. The Standard & Poor's 500 Index <.SPX> was down 4.92 points, or 0.34 percent, at 1,422.17. The Nasdaq Composite Index <.IXIC> was down 24.02 points, or 0.98 percent, at 2,433.18. Shares of Apple Computer Inc. (AAPL.O: Quote, Profile , Research) were the biggest drag on the Nasdaq, falling 2.8 percent to $85.23. Falling oil prices also hit energy shares as traders worried mild U.S. weather was curbing demand for heating oil. Shares of Exxon were down 2.3 percent to $75.50, while crude for January delivery fell $1.22 to settle at $62.21 a barrel. The CBOE Oil Index <.OIX> was down 2.6 percent. Among Monday's mega-deals, pharmacy benefits manager Express Scripts Inc. (ESRX.O: Quote, Profile , Research) offered to buy rival Caremark RX (CMX.N: Quote, Profile , Research) for about $26 billion. The offer threatened to disrupt a deal brokered last month with drugstore chain CVS Corp. (CVS.N: Quote, Profile , Research). Caremark shares jumped 10.5 percent to $55.57, while CVS shares fell 1.8 percent to $29.96, both on the NYSE.
posted by Stock Administrator @ 4:14 PM
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