Stocks Opened Lower as Greece Weighed

U.S. stocks opened lower on Monday, following a decline in European equities on the collapse of weekend negotiations between Greece and its creditors. The Dow Jones Industrial Average lately dropped 174.37 points, or 0.97%, to 17,724.47. The S&P 500 fell 19.21 points, or 0.92%, to 2,074.90. The Nasdaq Composite was down 58.88 points, or 1.17% to 4,992.22.

Weekend negotiations on Greece’s bailout terms produced no breakthroughs and Greek officials and creditors remained far apart as a deadline for a debt payment nears. Greek leaders want to get access to the final 7.2 billion euros ($8.2 billion) of the 240 billion euro bailout that’s needed to repay debts and avoid a possible default that could trigger an exit from the euro; the bailout package expires at the end of the month.

U.S. industrial production unexpectedly fell in May, likely as a strong dollar and energy spending cuts continued to weigh on manufacturing and mining output, bucking signs of an acceleration in the broader economy.The Federal Reserve said Monday that manufacturing output declined 0.2 percent last month, as productivity has basically been flat since January.

New York state business conditions in June are contracting for the second time in three months, according to data released Monday by the Federal Reserve Bank of New York. The Empire State’s business conditions index unexpectedly dropped to -1.98 in June from 3.09 in May and -1.19 in April.

Cox Automotive, a provider of digital marketing and e-commerce services for the automotive industry, said on
Monday that it would buy Dealertrack Technologies for $4 billion in cash. Under the deal, Cox will pay $63.25
a share in cash for Dealertrack, a 59 percent premium to Dealertrack’s closing price on Friday.

CVS Health Corp. will pay $1.9 billion to buy Target Corp.’s pharmacies and clinics, expanding its reach by
adding stores bearing its name inside the U.S. retail chain. CVS, which already has 7,800 drugstores, will
acquire Target’s more than 1,660 pharmacies across 47 states, renaming them as CVS/pharmacy, the companies
said today in a statement.

United Technologies Corp. announced Monday it’s shedding helicopter maker Sikorsky Aircraft as it focuses on
high-technology products for the aerospace and building industries.