Stocks Start Mostly Lower, GE to Acquire Lufkin
- Monday, April 8, 2013, 10:02
- Stock Market
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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.
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