Hot Stock Minute

S&P 500 aiming for best year in 16 years; Twitter continues slide; Cooper Tire falls after merger fallout

Hot Stock Minute

U.S. stocks remained relatively flat after the release of pending home sales numbers for November went up 0.2%. Nonetheless it has been a banner year for stocks in 2013. The S&P 500 (^GSPC) finished the day flat but is still poised to finish 2013 as its best year since 1997.

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Twitter (TWTR) continued its descent back down to Earth today. After hitting an intraday high of $74.73 last Thursday, Twitter shares slumped 13% on Friday after news of its stock being downgraded to underperform from neutral by Macquarie Capital. That slumping trend continued today with Twitter ending the day down over 5%.

Cooper Tire (CTB) shares popped, closing up more than 5%, after it terminated its $2.2 billion merger agreement with Apollo Tyres Ltd, which would have created the world's seventh-largest tire maker. The deadline to complete the deal, which was reached back in June, had been set for Tuesday, but disintegrated after Ohio based Cooper Tire, the U.S.'s fourth largest tire maker, said Indian based Apollo Tyres failed to find financing to complete the deal. Both companies have been mired in a bitter legal battle against each other over the deal, with Apollo wanting to amend the original agreement seeking a price cut of as much as $9 a share.

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