Stocks Start Mostly Lower, GE to Acquire Lufkin

U.S. stocks mainly fell on Monday with Alcoa kicking off the U.S. earnings season after the bell. The Dow  industrials lately were off 49.00 points, or 0.34%, at 14,516.25. The S&P 500 index fell 2.49 points to  1,550.79. The Nasdaq Composite was down 1.06 points, or 0.03%, to 3,202.80.

General Electric Co (GE.N) said it will buy oilfield services provider Lufkin Industries Inc (LUFK.O) for  about $2.98 billion to boost its presence in the energy business.

HTC Corp reported a record-low quarterly profit on Monday that missed analysts’ estimates after it delayed  the full launch of its 2013 flagship smartphone model. HTC said its unaudited net profit was T$85 million  ($2.85 million) in its January-March first quarter, compared with T$1 billion in the prior quarter and T  $10.9 billion in the same period last year. It was the lowest since HTC began reporting quarterly profits  in 2004.

John Malone’s Liberty Global will get unconditional EU clearance for its $15.8 billion bid for Virgin  Media, two people familiar with the matter said on Monday, in a move which pits the U.S. billionaire  against rival Rupert Murdoch.

The price of oil rose to near $94 a barrel on Monday. By early afternoon in Europe, benchmark oil for May  delivery was up 97 cents to $93.67 a barrel in electronic trading on the New York Mercantile Exchange.






Leave a Reply