Sarina Penn
Wall Street was headed for a lower open Monday as prospects unraveled for a Microsoft (MSFT Quote - Cramer on MSFT - Stock Picks) tie-up with Yahoo! (YHOO Quote - Cramer on YHOO - Stock Picks).
S&P 500 futures were sliding 7 points to 1409 and were more than 5 points below fair value. Futures on the Nasdaq 100 were off 11 points to 1979 and were 8 points below fair value. Over the weekend, Microsoft announced it had thrown in the towel on its months-long efforts to take out Yahoo!. The software maker said it was willing to sweeten its offer by some $5 billion, to $33 a share, but claimed Yahoo! wanted at least $5 billion more than that. As for Microsoft's prior threats that it would go hostile if Yahoo! didn't accept its original bid, the company decided against that path, believing that Yahoo! would in that case try to make itself unattractive as a buyout target. Yahoo! shares were plummeting 22.4% to $28.67. Microsoft added 5.2%. Last time out, the major averages finished mixed. At the end of the day, the Dow Jones Industrial Aveage rose 48 points to 13,058, and the S&P 500 added 5 points to 1413. The Nasdaq Composite shed 4 points to 2477 amid miserable first-quarter results from Sun Microsystems (JAVA Quote - Cramer on JAVA - Stock Picks). On the data side for the new session, the Institute for Supply Management is due to release its April services-sector survey at 10 a.m. EDT. Among commodities, crude oil was rising 45 cents at $116.77 a barrel, and gold futures were gaining $10.60 to $868.60 an ounce.
Featured Photo Galleries
Sign up for our FREE newsletters now.
See All
Sponsored by:
Get Cramer's portfolio stock picks at Action Alerts PLUS — 
RSS
