U.S. Market
Stocks were lower this morning as the energy sector weighed.
The price of oil slid further today after last week’s OPEC meeting ended with no decision to cut production. At midday, oil futures in New York were down over 4% to $38.13 a barrel.
At midday the Dow and S&P 500 were each down 1.1% while the Nasdaq was 0.9% lower.
Stocks on the Move
Keurig Green Mountain (GMCR) is being purchased for $13.9 billion by an investor group led by JAB Holdings. The investors are paying $92 a share, a 78% premium to Friday’s closing price. The company will continue to operate independently and the deal is expected to close in April.
Bowing to regulatory pressure, General Electric (GE) said today that it has scuttled the $3.3 billion sale of its appliance business to Electrolux (ELUXY). The announcement comes as GE continues to shed businesses to focus on its core industrial products. GE shares were down less than 1% while Electrolux shares plunged nearly 15%.
Foreign Markets
European shares were mixed this morning after suffering big losses last week. The FTSE 100 was down 0.3%, the Paris CAC rose 0.7% and Germany’s
DAX rose 1%.
Asian markets were also mixed on the day. The Shanghai Composite and Nikkei 225 were up 0.3% and 1% respectively while the Hang Seng shed 0.2%.