The first day of trading in the fourth quarter was rough as stocks declined. However, crude oil added to its recent rally, closing 1.2% higher at $48.81 a barrel as Iran urged oil producers to help increase oil prices. The utilities sector was the leading laggard on Monday. The Dow Jones Utilities Average Index fell over 1%. Shares of Winnebago Industries (WGO) - Get Winnebago Industries, Inc. Report jumped over 20% after the company agreed to buy Grand Design Recreational Vehicles for $500 million in cash and stock. Bass Pro Shops agreed to buy Cabela's (CAB) in a deal valued at $5.5 billion. Cabela's shares rose over 14% in trading on Monday. Bass Pro Shops offered to buy Cabela's for $65.50 a share. Shares of Merrimack Pharmaceuticals (MACK) - Get Merrimack Pharmaceuticals, Inc. Report fell after President and CEO Robert Mulroy resigned and the company announced a restructuring. It plans to cut 22% of its workforce and reduce costs by $200 million over the next two years. TheStreet's Valerie Young reports from Wall Street.
This article was written by a staff member of TheStreet.