Equities Market Recap: Stocks End Mix; Oil Slides

Brittney Barrett |

Stocks ended mixed on the first day of the trading week with the Nasdaq and S&P falling lower. Reports on the effect of rising commodities and raw material costs put investors on edge and led company outlooks lower for the second quarter.

Lower oil prices prompted energy shares to fall. U.S. crude futures declined with a rise in profit-taking. Crude futures were 2.5 percent lower for the day. The S&P energy index slid 1.9 percent today. Occidental Petroleum (NYSE: OXY) led to the decline, down 3.2 percent to $100.42. U.S. crude oil futures

Low volume in anticipation of earnings defined trading today. The first companies began releasing earnings today and investors are looking for more reports scheduled for this week before diving in.

For the day, the Dow Jones added1.06 points, or 0.01 percent to close at 12,381.11. The Standard & Poor's 500 Index slid 3.71 points, or 0.28 percent to 1,324.46.  Nasdaq was hardest hit today, down 8.91 points, or 0.32 percent to 2,771.51.

Though slow on volume, there was no shortage of M&A today. Global Crossing Limited (NASDAQ: GLBC) was the biggest winner today, shooting up 68.72% to $24.97 following the company’s agreement to be acquired by Level 3 Communications, Inc. (NASDAQ: LVLT) for roughly $1.9 billion in stock. Level 3 rose 18.06% after the announcement. American Medical Systems Holdings (NASDAQ:  AMMD) added 32 percent, or $7.17, to close at $29.50 after accepting a purchase offer from Endo Pharmaceuticals (NASDAQ: ENDP) for $2.9 billion.

Not all healthcare companies were so lucky in trading to. Community Health Systems, Inc. (NYSE: CYH) shares plummeted  36 percent, or $14.46, to $25.84 on news that the company is now being sued by Tenet Healthcare (NYSE: THC) for overbilling insurers. Tenet also plummeted 15 percent following the suit.

 

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
VII Vicon Industries Inc 0.73 0.02 2.82 49,178

Comments

Emerging Growth

Breathtec BioMedical Inc.

Breathtec Biomedical Inc is a medical diagnostics company. It is engaged in developing & commercializing breath analysis devices for the early detection of infections & life threatening diseases including cancers,…

Private Markets

D-Wave

D-Wave Systems is the first quantum computing company. Its mission is to integrate new discoveries in physics, engineering, manufacturing, and computer science into breakthrough approaches to computation to help solve…

POMM

POMM Inc. unveils new Android and iPhone Security and Privacy Solution – a must-have add on to any smartphone user. POMM (Privacy on My Mind™) is a mini-computer encased inside…