The S&P 500 touched a new intraday high and the Nasdaq was briefly trading above 3,500 before reversing course to close slightly in the red. This after four straight weekly gains on the major indexes. It will be a light week for market-moving economic data, so traders may be more focused on the finale of earnings season which will see 27 S&P 500 companies reporting this week.
Yahoo! (YHOO) a the top attention-getter today on Wall Street as the company announced it's buying micro-blogging site Tumblr. Shares edged higher on the news of the plan. This will be Yahoo's seventh and biggest acquisition since Marissa Mayer became company CEO last July. The web portal will pay $1.1 billion dollars for Tumblr which boasts 108 million members and a very young user base with a high "cool factor."
Campbell Soup Co. (CPB) is hot, although investors seemed to cool to the stock today. Shares fell 4% despite the company beating on earnings. Excluding items, it posted profits of 62-cents a share when analysts had expected 56-cents. Sales were up 15% beating expectations and topping $2 billion. The company also raised its outlook for the year. Campbell shares are up over 30% year0to-date.
Shares of Quihoo (QIHU) 360 Technology climbed 7% on quarterly results even though its earnings are down. The China-based provider of internet security software said its profit fell to 3-cents a share down from 8-cents a year earlier. However, quarterly revenue rose nearly 60% to $109.9 million. Today's rise extends a recent rally for the stock. Qihoo shares are up 19% this month alone.
Acquity Group (AQ) more than doubled in price today on news of a takeover bid. The tech consulting firm Accenture (ACN) says it's buying Acquity for $13 a share. Acquity is the second-largest independent digital marketing company in the U.S. But it's still relatively small with annual revenue of about $140 million. Prior to the announcement of the deal, Acquity was down 21% year-to-date.
Shares of Anadarko Petroleum (APC) climbed more than 1% following a momentary flash crash on Friday. The drop was so brief, you can't even see it on a chart, but at 3:59, for a fraction of a second, the stock dropped from more than $90 to just a penny. Anadarko trades on the NYSE which canceled all trades executed below $87.56. The cause of the crash remains a mystery.