Stock Opened Lower ahead of PMI, Housing

U.S. stocks opened lower on Monday, as investors waited for the U.S. Markit PMI data and existing home sales report. The Dow Jones Industrial Average lately fell 24.24 points, or 0.14%, to 16,922.84. The S&P 500 was down 1.50 points, or 0.08%, to 1,961.37. The Nasdaq Composite was off 1.12 points, or 0.03%, to 4,366.92.

Economic activity accelerated in May, according to the Chicago Fed national activity index released Monday. The index rose to 0.21 in May from negative 0.15 in April, where a reading of zero is equal to trend growth.

Oracle Corp ORCL.N said it would buy Micros Systems MCRS.O in a $5.3 billion deal to expand its offerings for the hospitality and retail industries. The offer of $68 per share represents a premium of 3.4 percent to Micros’ Friday close.

Google Inc’s Nest Labs will buy home-monitoring camera startup Dropcam for about $555 million in cash, technology blog Re/code reported on Friday, taking another step deeper into consumers’ homes.

AbbVie (ABBV) on Monday raised the midpoint of its 2014 earnings-per-share guidance by 6 cents to reflect a strong business performance in the year so far and expectations that a positive trend will continue through the rest of the year.

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