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4:18 PM, Sep 27, 2010 --

  • NYSE down 37.6 (-0.5%) to 7,263.07
  • DJIA down 48.14 (-0.4%) to 10,812
  • S&P 500 down 6.51 (-0.6%) to 1,142
  • Nasdaq down 11.5 (-0.5%) to 2,370


GLOBAL SENTIMENT

  • Hang Seng up 1%
  • Nikkei up 1.39%
  • FTSE down 0.45%


UPSIDE MOVERS

(+) ACV sold to Unilever (NYSE:UL) for $36.50 per share.

(+) LDK inks financing pact with China Development Bank.

(+) YRCW inks tentative pact with Teamsters.

(+) AAI sold to Southwest (NYSE:LUV) for $3.4 bln cash and stock.

(+) JBLU gets favorable Barron's coverage.

(+) BBY gets favorable Barron's coverage.

(+) SGEN reports positive trial results for lymphoma study.

DOWNSIDE MOVERS

(-) ESRX downgraded.

(-) NOK downgraded.

(-) NKE downgraded.

(-) ZLC loss narrows but revenue lower.

(-) GE firmer as Vivendi completes selling 7.66% stake in NBC Universal.

(-) CALM swings to profit.

MARKET DIRECTION


Stocks close just in negative territory, ending a volatile session marked by merger news and declines in financial shares. Bank stock declines accelerated late led by a 2.7% fall for Bank of America (NYSE:BAC). Stocks are in a bit of a consolidative mode following four straight weekly gains.

Wall Street is taking a defensive stance ahead of a pick up in the economic calendar this week. Consumer sentiment, weekly jobless claims, manufacturing and gross domestic product reports are due for release.

The Dow Jones Industrial Average falls after ranging between 10,823 and 10,873.

The S&P 500 is down 0.6%, after ranging between 1,142 and 1,150.

The Nasdaq Composite is down 0.5% after ranging between 2,369 and 2,386.

Oil futures end just higher Monday after trading in a mixed, but narrow range. Crude for November delivery rose 3 cents to $76.52 a barrel on the New York Mercantile Exchange. Natural gas for October delivery retreated 8 cents, or 2.1%, to $3.80 per million British thermal units.

Gold closes at a record, just shy of $1,300, after earlier trading above this line. The dollar is just firmer against the euro.

In deal news, Southwest Airlines Co. (LUV) is buying AirTran Holdings (AAI) for about $1.4 billion. Consumer-products maker Unilever NV agreed to purchase beauty-products maker Alberto Culver Co. (NYSE:ACV) for $3.7 billion and Wal-Mart Stores Inc. (NYSE:WMT) offered to pay nearly $4.3 billion for South African distributor Massmart Holdings.

Source: Equities: Uncertainty Sinks Indices Late