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[video] Quick Take: Tech Stocks Lead the Retreat

NEW YORK (TheStreet) -- All three major stock indices are lower, with the Nasdaq leading the way. TheStreet's Gregg Greenberg is analyzing Monday's top headlines. 

Not helping equities is the better-than-expected November factory orders reading of 1.8%, beating economists' expectations of 1.7%. However, the December ISM reading decreased to 53, down from 53.9 last month, Greenberg said. 

He added that J.P. Morgan (JPM) is expected to announce that it will pay $2 billion to settle the investigation of its involvement with the Bernie Madoff fraud scheme.

If this is the case, JPM will have paid $20 billion in penalties to settle investigations over the past year. 

Turning to Jos. A. Bank Clothiers (JOSB), shares are higher by roughly 5%, after Men's Wearhouse (MW) increased its buyout offer to $57.50 per share, from $55 per share.  

Must Read: [video] Jim Cramer Quick Take: My Thoughts on Twitter and Sirius XM

Of course, MW is also enjoying a boost in share price, up nearly 3%, Greenberg said.

Finally, he reported that the Senate is expected to confirm Janet Yellen as the Federal Reserve's new chairwoman. She will replace chairman Ben Bernanke, who orchestrated the important quantitative easing programs that helped the U.S. economy recover from its collapse in 2007-08.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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AAPL $93.74 0.00%
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GOOG $693.01 0.00%
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YHOO $36.60 0.00%


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