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 after close 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 hit hardest 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.
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