Stocks Open Lower, Yahoo Gets Tumblr

U.S. stocks wavered in the early trading on Monday, with Yahoo Inc.’s acquisition of Tumblr and other deal news dominating
investor attention. The Dow Jones Industrial Average lately dropped 25.37 points to 15,329.03 and the S&P 500 index slipped 1.22 points to 1,666.25. The Nasdaq Composite was up 0.51 point to 3,499.48.

Yahoo Inc(YHOO.O) said it is acquiring blogging service Tumblr for $1.1 billion cash, a bold bet by Chief Executive Marissa
Mayer to revitalize the struggling Internet pioneer by co-opting a Web property with strong visitor traffic but little revenue.

Generic drugmaker Actavis Inc (ACT), which has been the subject of takeover speculation, plans to buy specialty pharmaceutical
company Warner Chilcott Plc for $5 billion in stock.The companies said the deal had an enterprise value, including debt, of
$8.5 billion.

Goldman Sachs (GS.N) launched on Monday the sale of about $1.1 billion worth of Hong Kong-traded shares in Industrial and
Commercial Bank of China (1398.HK), offering to sell its entire remaining stake in the world’s biggest bank by market value.