Honolulu Star-Advertiser

Friday, April 26, 2024 73° Today's Paper


Business Breaking

U.S. stocks mixed in afternoon trading as oil prices slide

1/1
Swipe or click to see more

ASSOCIATED PRESS

A trader works at the New York Stock Exchange, Monday, Jan. 9, 2017. Stocks are opening mostly lower on Wall Street, led by declines in energy companies and banks. Oil and gas companies had some of the biggest losses in early trading Monday as energy prices fell.

Oil and natural gas companies led U.S. stock indexes mostly lower in afternoon trading Monday as the price of crude oil and other energy futures fell. Utilities stocks were also among the big decliners, while health care stocks were headed for the biggest gain. Investors had their eye on the latest company earnings and deal news.

KEEPING SCORE: The Dow Jones industrial average fell 59 points, or 0.3 percent, to 19,904 as of 2:10 p.m. Eastern Time. The Standard & Poor’s 500 index slid 5 points, or 0.2 percent, to 2,271. The Nasdaq composite index rose 11 points, or 0.2 percent, to 5,532. The S&P 500 and Nasdaq closed at all-time highs on Friday.

OIL SLIDE: Several energy companies were down as crude oil prices veered lower. Southwestern Energy fell 37 cents, or 3.6 percent, to $9.88, while Range Resources lost $1.32, or 3.9 percent, to $32.91. Devon Energy was off $1.58, or 3.3 percent, at $47.09.

DISAPPOINTING RESULTS: Acuity Brands slumped 14.1 percent after the lighting maker reported quarterly results that fell well short of what analysts were expecting. The stock led all the decliners in the S&P 500 index, sliding $33.34 to $204.02.

STRONG QUARTER: Electronic payment processing company Global Payments climbed 6.8 percent after it reported better-than-anticipated quarterly results. The stock was the biggest gainer in the S&P 500, adding $5.06 to $79.51.

SOLD: Surgical Care Affiliates surged 15.9 percent after the surgical care center operator agreed to be acquired by UnitedHealth for $2.3 billion in cash and stock. The deal comes as UnitedHealth, the nation’s biggest health insurer, looks to expand its Optum health business. Shares in Surgical Care Affiliates added $7.75 to $56.50. UnitedHealth slipped 61 cents, or 0.4 percent, to $161.80.

PHARMA DEAL: Merrimack Pharmaceuticals rose 4.1 percent on news the drugmaker is selling its first approved drug, a pancreatic cancer treatment called Onivyde, to French drugmaker Ipsen in a deal worth at least $575 million. Merrimack gained 15 cents to $3.75.

PET HEALTH: VCA vaulted 28.2 percent after the pet health care company agreed to be acquired by food and drinks company Mars Inc. for around $7.7 billion. The deal also includes $1.4 billion in debt. Shares in VCA added $19.96 to $90.74.

ENERGY: U.S. benchmark crude oil was down $1.60, or 3 percent, at $52.39 a barrel in New York. Brent crude, which is used to price oil sold internationally, was down $1.77, or 3.1 percent, at $55.33 a barrel in London.

MARKETS OVERSEAS: In Europe, Germany’s DAX fell 0.3 percent, while France’s CAC 40 slid 0.5 percent. Britain’s FTSE 100 rose 0.4 percent. Indexes in Asia were mixed. Hong Kong’s benchmark Hang Seng index rose 0.3 percent, while South Korea’s Kospi slipped 0.1 percent. Markets in Japan were closed for a holiday.

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.38 percent from 2.42 percent late Friday.

CURRENCIES: The pound fell to $1.2159 from $1.2408, its lowest level since October, amid indications the British government is inclined to opt for a full break away from the European Union’s single market. The dollar fell to 116.19 yen from 117.02 yen in late trading Friday. The euro rose to $1.0570 from $1.0532.

METALS: The price of gold rose $11.50, or 1 percent, to $1,184.90 an ounce. Silver added 16 cents, or 1 percent, to $16.68 an ounce. Copper fell a penny to $2.54 a pound.

Leave a Reply