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News
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Financial News
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The major indexes turned early gains into losses Monday as tech and financial stocks weighed on the broad market.
The S&P 500, NYSE composite and Dow were down 0.2% each, while the Nasdaq lost 0.7%. Volume fell 50% on the NYSE and 24% on the Nasdaq compared with the same period Friday. Warner Chilcott (WCRX) rose 5% in huge trade. The Irish drugmaker said it completed a loan and debt offering needed to pay a special dividend. Informatica (INFA) climbed 3% in nearly triple its usual turnover. The maker of enterprise data integration software reached its highest point since February 2001. [Read the full article] The major indexes traded slightly lower at midday Monday, as investors overlooked a spate of merger-and-acquisition activity that initially propelled the market higher. The S&P 500, NYSE composite and Dow were down 0.1% each, while the Nasdaq lost 0.6%. Volume fell 45% on the NYSE and 15% on the Nasdaq compared with the same period Friday. Ebix (EBIX) tumbled 5% in more than three times its normal trade. The maker of IT software applications is working on a long base dating back to October 2009. Financial management software maker Intuit (INTU) lost 4% in five times its usual turnover. [Read the full article] The NYSE composite rose 0.1%, while the Dow and S&P 500 were essentially flat. The Nasdaq fell 0.5%, up from a 0.7% deficit. Earlier the tech-heavy index was up 1%, but it turned tail after poking above the 2200 level. Last week, the index hit technical resistance at its 50-day moving average. Volume was again tracking sharply lower on both major exchanges compared with Friday's options-expiration levels. Salesforce.com (CRM) fell 3% in fast trade as it pulled back from Friday's 17% surge. Late Thursday, the cloud computing firm delivered Q2 results above views and raised its full-year outlook. [Read the full article] Stocks remained mixed but continued to slowly come off session lows in afternoon trading Monday. The Dow rose 0.1%, while the NYSE composite and S&P 500 each gained a fraction. The Nasdaq fell 0.4%. Turnover continued to track sharply lower across the board. Akamai Technologies (AKAM) reversed from a three-year high and fell 2%. Despite the reversal, the stock remains 2% past a 46.09 buy point from a double-bottom base cleared Friday. Akamai has climbed in recent sessions on takeover chatter. Deere (DE) erased early gains and fell 3% in heavy volume. [Read the full article]
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