U.S. shares fluctuated today as investors assessed a mixed bag of economic reports including consumer spending, construction and manufacturing. The S&P 500 (INDEXSP:.INX) was little changed at 2,108 at 11:39 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) added less than 0.1 percent at 18,022, and the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) was up less than 0.1 percent at 5,071. Most followed shares included Intel, Altera, Microsoft, Rosetta Stone, Bristol-Myers Squibb, Celladon, CTi BioPharma, Moycorp, OM Group, Dollar Tree, and Citigroup.
In technology shares, Intel (NASDAQ:INTC) surrendered 1.5 percent to $33.93 as the world’s largest chipmaker said it agreed to buy Altera (NASDAQ:ALTR) for $16.7 billion in a deal that will take out yet another chipmaker and add to a record year for industry consolidation. Intel will pay $54 a share in cash for the maker of programmable logic semiconductors, the companies said in a statement today. That’s a premium of 11 percent over Altera’s closing share price on Friday. Shares of Altera gained 6.2 percent to $51.86.
Microsoft (NASDAQ:MSFT) added 0.5 percent to $47.11 as the world's largest software company said today that its new Windows 10 operating system will be available worldwide on July 29, as a free upgrade for users of the most recent versions of Windows.
Rosetta Stone (NYSE:RST) slipped 0.5 percent to $7.58 after saying it is evaluating an “expression of interest” it received from New York investment firm RDG Capital Fund Management.
In health-care shares, Bristol-Myers Squibb (NYSE:BMY) added 3.8 percent to $67.04 as a cancer drug that works by unleashing the body’s immune system extended survival rates for lung-cancer patients compared with chemotherapy in a clinical trial. But the results fell short of Wall Street expectations.
Celladon (NASDAQ:CLDN) climbed 4.3 percent to $2.41 after the clinical-stage biotechnology company said it will seek an acquisition or partnership and named Paul Cleveland chief executive.
CTi BioPharma (NASDAQ:CTIC) jumped 16 percent to $2.24 in heavy trading after the drug developer presented positive data on its blood cancer drug.
In materials, Molycorp (NYSE:MCP) fell 12.1 percent to $0.466 after the Wall Street Journal reported the rare earth miner is expected to skip a loan payment, which might lead to a bankruptcy filing.
OM Group (NYSE:OMG) jumped 28 percent to $33.90 after the technology-driven industrial company agreed to be taken private by Apollo Global Management (NYSE:APO) for $34 a share, or a total of about $1 billion.
In other stocks, Dollar Tree (NASDAQ:DLTR) plans to sell 330 stores to private-equity firm Sycamore Partners, addressing regulatory concerns related to its planned merger with Family Dollar Stores (NYSE:FDO).
In financial stocks, Citigroup (NYSE:C) gained 1.1 percent to $54.68 on a Wall Street Journal report that the bank is expected to close its troubled Banamex USA unit. Goldman Sachs boosted the stock to "buy" from "neutral".