Stocks in New York sold off Monday as traders digested a heavy dose of earnings and deals. The big deal of the day was Oracle's ( ORCL) acquisition of Sun Microsystems ( JAVA), a mega merger that sent both companies to TheStreet.com's 10 most-searched stocks.
Oracle was heavily searched after it entered into a definitive agreement to acquire Sun Microsystems for $9.50 a share in cash. The deal is valued at $7.4 billion, or $5.6 billion net of Sun's cash and debt, the companies said in a statement Monday. The news comes after negotiations between IBM ( IBM) and Sun fell apart. Bank of America ( BAC) also makes the top 10 after becoming the latest big bank to top analysts' profit expectations. CEO Ken Lewis, however, says the bank is facing "extremely difficult challenges" primarily due to deteriorating credit quality. That sent BofA's shares lower at the start of the new week. Citigroup ( C) and Wells Fargo ( WFC) joined BofA as popular tickers after rumors of an early leaking of stress test results permeated the market. Swiss bank UBS ( UBS) also made the list after it agreed to sell its Brazilian operation for about $2.5 billion to BTG Investments in an effort to reduce its risk profile and strengthen its balance sheet Another heavily searched deal was PepsiCo ( PEP) bid to acquire the outstanding shares Pepsi Bottling Group ( PBG) and PepsiAmericas ( PAS) that it doesn't already own, valuing those companies at $29.50 a share and $23.27 a share, respectively. Also, drugmaker GlaxoSmithKline ( GSK) was a torridly typed ticker after the company confirmed that it will acquire privately held Stiefel Laboratories for $2.9 billion in cash. Finally, back in earnings, pharmaceutical giant Eli Lilly ( LLY) got past analysts' estimates with help from rising sales of antidepressant Cymbalta and a drop in costs related to the insulin Humalog.