The Dow Fell 14 Points, Nasdaq Gained 11

May 21, 2007 5:46 PM EDT

The Dow fell 13.65 points to close at 13,542.88, the Nasdaq gained 11.22 points to close at 2,578.79, and the S&P 500 added 2.35 points to close at 1,525.10. Another 'Merger Monday' hit Wall Street with Alltel (NYSE: AT) being acquired by private equity and General Electric's (NYSE: GE) plastic business was sold to Saudi Basic Industries for $11.6 billion. Also, Olin (NYSE: OLN) acquires Pioneer Companies (Nasdaq: PONR) for $35 per share, Hologic (Nasdaq: HOLX) merged with Cytyc (Nasdaq: CYTC), and Atlas America, Inc. (Nasdaq: ATLS) announced that Atlas Energy has signed a definitive purchase agreement to acquire DTE Gas & Oil Company, a wholly owned subsidiary of DTE Energy Company (NYSE: DTE), for $1.225 billion. Separately, Oil gained $1.33 a barrel to close at $66.27.

Volume was modest with 3.58 billion shares trading on the NYSE and 2.02 billion trading on the Nasdaq. Advancers topped Decliners by a margin of 19:13 on the NYSE and 20:10 on the Nasdaq.

In individual stories, Luna Innovations (NASDAQ: LUNA) jumped 68.7% after receiving a market clearance letter in response to its 510(k) application to the U.S. Food and Drug Administration for the EDAC(TM) (Emboli Detection and Classification) QUANTIFIER.

NetBank, Inc. (Nasdaq: NTBK) fell 66.3% after announcing that the bank has executed an asset purchase and liability assumption agreement with EverBank, an FDIC-insured, federal savings bank and subsidiary of EverBank Financial Corp., a privately held financial services holding company headquartered in Jacksonville, Fla., with approximately $4.7 billion in assets. The purchase price represents a discount to the current carrying value of the assets and liabilities being conveyed, and NetBank anticipates recording a loss on sale of between $60 and $70 million at close.

Tomorrow investors will be looking for earnings from Tech Data (NYSE: TECD), Staples (Nasdaq: SPLS), Dillard's (NYSE: DDS), BJ's Wholesale (NYSE: BJ) and AutoZone (NYSE: AZO).

Also, investors will be looking for economic data from the Richmond Fed Manufacturing Index (10:00AM EST).

Related Categories

Special Reports

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?