Stocks Opened Lower, Weak German Data Weighed

U.S. stocks retreated in the early trading on Monday, as weak data from Germany was weighing on sentiment. The Dow Jones Industrial Average lately fell 66.95 points, or 0.40%, to 16,738.46. The S&P 500 fell 11.69 points, or 0.60%, to 1,952.89. The Nasdaq Composite was down 26.31 points, or 0.59%, to 4,457.40.

President Barack Obama will launch a series of executive actions on Monday to strengthen U.S. advanced manufacturing, including a $300 million investment in three technologies considered crucial to the country’s industrial competitiveness.

German business confidence slumped in October, a key indicator showed Monday, suggesting that significant growth risks remain in Europe’s largest economy. The closely watched Ifo Institute’s survey’s lead indicator for Germany fell to 103.2 in October from 104.7 in the previous month.

Valeant Pharmaceuticals International Inc. hinted at the prospect of a higher takeover offer for Botox maker Allergan Inc., which raised its guidance for the year on Monday, as both companies angle for shareholder support ahead of a key deadline.

Merck & Co reported lower than expected third quarter revenue, hurt by sharply lower sales of its Gardasil vaccine against cervical cancer, but cost cuts enabled the company to beat earnings forecasts. It earned $895 million, or 31 cents per share, in the third quarter. That compared with $1.12 billion, or 38 cents per share, in the year-earlier period.

Brazilian juice maker Grupo Cutrale and investment firm Safra Group agreed on Monday to acquire U.S.- based banana producer Chiquita Brands International Inc (CQB.N), in a deal valued at $1.3 billion.