On the Nasdaq, advancers narrowly edged out decliners on volume of 1.93 billion shares. On the New York Stock Exchange, winners beat losers by nine to seven on volume of 1.56 billion shares. In addition, Caremark Rx (up $0.29 to $56.64, Charts) turned down a $26 billion bid from Express Scripts (down $0.08 to $68.78, Charts) and instead opted for a stock swap with CVS (up $0.18 to $31.35, Charts) worth around $21 billion. The company supplies drilling and production equipment.įorest Oil (down $1.09 to $30.13, Charts) said it will buy Houston Exploration (up $2.00 to $50.69, Charts) for $1.5 billion in cash and stock.
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Rival Nokia (down $0.20 to $19.64, Charts) slipped Monday despite unveiling a series of new phones, including one that allows users to make wireless calls.īoth Wal-Mart Stores (down $0.39 to $47.00, Charts) and Home Depot (down $0.30 to $39.49, Charts) got downgraded by Goldman Sachs, reported.ĭow component General Electric (down $0.01 to $37.55, Charts) said it will buy privately owned Vetco Gray for $1.9 billion.
Motorola (down $0.34 to $18.60, Charts) fell for a second session after lowering its earnings estimates late Friday. Gap (up $1.37 to $20.26, Charts) rose on reports that it has hired Goldman Sachs ( Charts) to help it look into strategic alternatives, including the possibility of putting itself up for sale. RadioShack (up $1.95 to $18.76, Charts) jumped on news that it expects stronger fourth-quarter earnings versus a year ago. Unusually warm winter weather in the Northeast and signs that supplies are ample have contributed to a nearly 9 percent slide in oil prices since last week.Īmong tech gainers, IBM ( Charts) gained 1.5 percent after a UBS analyst upgraded the world's largest technology services company to "Buy" from "Neutral" and raised the price target, according to a research note.Ĭomputer data storage maker EMC (up $0.47 to $14.08, Charts) was also upgraded by brokerage UBS. light crude oil prices for February delivery fell 22 cents to settle at $56.09 a barrel on the New York Mercantile Exchange. "Is this just another pullback or is this decline we've been seeing going to mean something more to the outlook for inflation and for growth?" "The big story now is what is the true direction of energy prices," said Barry Hyman, equity strategist at EKN Financial Services. Stocks slipped Friday - capping a down first week of 2007 - after a surprisingly strong December jobs report raised bets that the Fed won't begin cutting interest rates anytime soon.įed Vice Chairman Donald Kohn said in a speech Monday that the economy looked set for a soft landing despite the downturn in housing, reinforcing expectations that Fed rate cuts may be delayed. Merger news was led by GE's $1.9 billion purchase of privately-owned Vetco.Īlthough the tone improved as the session wore on, investors remain confused about the direction of interest rates after last week's events, analysts said.
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