This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Empire State Index: Monday's Headlines

NEW YORK ( TheStreet) -- Here are the top stock market headlines for the morning of Monday, May 17, 2010.

Monday's Early Headlines

  • Manufacturing Activity in New York Shows Surprise Decline in May -- The New York Federal Reserve's Empire State manufacturing index fell to a reading of 19.11 this month, down from a reading of 31.86 in April. Economists had forecasted a slight dip to 30, according to The new orders index fell to 14.30 in May from 29.49 in previous month. Even so, the number of employees rose to 22.37 from 20.25 in April, a fifth consecutive month of increased employment.
  • BP Makes Progress in Gulf Oil Spill -- BP (BP - Get Report) engineers on Sunday attached a mile-long tube to funnel oil gushing from a blown well out of the Gulf of Mexico into a tanker ship. However, The Associated Press reports that researchers said some of the millions of gallons of crude that has spilled into the water may have entered a major current that could carry it through the Florida Keys and around to the East Coast in the Atlantic Ocean.
  • Asian Markets Drop on Europe Debt Fears -- The Associated Press reports that Asian investors were worried that cost-cutting by Greece, Portugal and Spain in the wake of last week's $1 trillion bailout package could hamper a recovery in the eurozone economy and undermine export demand. Japan's Nikkei 225 stock average dropped 2.2%, China's Shanghai tumbled 5.1% to a one-year low, and Hong Kong's Hang Seng index lost 2.1%.
  • Psychiatric Solutions Agrees to $3.1 Billion Bid -- Universal Health Services (UHS) will acquire Psychiatric Solutions (PSYS) for $33.75 a share in cash, or about $2 billion. Universal Health, the hospital operator, also will assume about $1 billion of Psychiatric Solutions' debt, bringing the total value of the deal to about $3.1 billion. Excluding one-time costs related to the acquisition, Universal Health said Monday the transaction of Psychiatric Solutions, which operates mental-health facilities, is expected to be significantly accretive to its per-share earnings.
  • Astellas Agrees to Buy OSI Pharma for $4 Billion -- Astellas Pharma, the No. 2 drugmaker in Japan, reached an agreement to acquire OSI Pharmaceuticals (OSIP) for $4 billion. Astellas increased its offer for OSI to $57.50 a share, up from $52 the Japanese company had offered in March. The offer is a premium of 55% to the $37.02 closing price of OSI on Feb. 26, the last trading day Astellas announced its bid.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
PSYS $0.04 0.00%
BP $41.53 0.00%
LOW $74.02 0.00%
SIRI $3.94 0.00%
AAPL $128.54 0.00%


DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs