Stocks Began on a Cautious Note

U.S. stocks began on a cautious note on Monday as investors assessed disappointing quarterly results from Campbell Soup Company and deal news including AztraZeneca’s rejection of a $120 billion bid by Pfizer Inc. The Dow Jones Industrial Average lately fell 20.29 points, or 0.12%, at 16,471.02. The S&P 500 was up 0.78 point, or 0.04%, at 1,878.64. The Nasdaq Composite gained 7.54 points, or 0.18%, to 4,098.13.

Campbell Soup Co. said its profit rose 1.7% in its latest quarter, with its U.S. simple meals segment making up for weaker international sales. It expects its earnings on an adjusted basis will come in at the low end of its current outlook of $2.53 to $2.58 a share.

AstraZeneca PLC (AZN) Monday rejected U.S.’s peer Pfizer Inc.’s (PFE) increased offer, saying it falls short of its value as an independent science-led company and brings “uncertainty” and risks for shareholders.

Deutsche Bank (DB) plans to sell 8 billion euros ($11 billion) of new shares in a bid to quell concerns about its capital buffers in a challenging business and regulatory environment.

On Sunday, AT&T officially announced that it is buying DirecTV in a stock and cash transaction for $95 per share. The final price will be $48.5 billion.