The S&P 500 was down 1.84 points, or 0.14%, to 1,323 intraday Monday.
Shares of Progress Energy rose 3.42% to $60.12. The company announced that it expects its proposed merger with Duke Energy (DUK) to be completed on July 1 following a positive conditional order from the Federal Energy Regulatory Commission on Friday.
Shares of Progress Energy hit a 52-week high Monday of $60.59. The stock's 52-week low of $42.06 was set on Aug. 9.Progress Energy trades at an estimated price-to-earnings ratio for next year of 21.22 times; the average among its peers is 15.75. For comparison, Duke Energy trades at a lower forward P/E of 15.97. Eighteen of the 19 analysts who cover Progress Energy rated it hold; one analyst gave the stock a sell rating. The stock has gained 7.35% year to date. -- Written by Alexandra Zendrian
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