The Dow Falls 15 Points, Nasdaq Drops 6

The Dow fell 15.36 points today to close at 11,850.21, the Nasdaq dropped 6.35 points to close at 2,299.99 and the S&P 500 lost 3.64 points to close at 1,349.58. Two big "G's" flooding the day with news. This morning, The WSJ, citing a source, said Google (Nasdaq: GOOG) was in talks to buy YouTube.com for $1.6 billion. The story was first reported at Techcrunch.com. This afternoon, Kerkorian's Tracinda Group said it will not buy additional General Motors (NYSE: GM) shares and director Jerry York was resigning from the board. General Motors shares dropped 6.3% on the news and York made comments on GM's outlook.

Volume was modest with 2.78 billion shares trading on the NYSE and 1.71 billion on the Nasdaq. Decliners topped Advancers by a margin of 22:12 on the NYSE and 17:13 on the Nasdaq.

In individual stories, Chattem, Inc. (NASDAQ: CHTT) gained 28% today after the Company entered into an agreement to acquire the U.S. rights to five leading consumer and over-the-counter brands from Johnson & Johnson (NYSE: JNJ) and the consumer healthcare business of Pfizer Inc. (NYSE: PFE) for $410 million in cash. Products include ACT, UNISOM, CORTIZONE, KAOPECTATE & BALMEX.
Micron Technology (NYSE: MU) fell 14% on heavy volume after the company reported Q4 EPS of $0.08, vs the consensus of $0.14. Revenues came in at $1.37 billion vs. the consensus of $1.41 billion.

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