Energy & Biotech Tug-of-War Keeps Markets Flat in Midday Trading

U.S. markets teetered near the flat line in midday trading on Monday. Only the Nasdaq managed to climb over to the green on the back of biopharma stocks. Energy stocks are selling off. ConocoPhillips (COP) said its capital budget for next year would drop 20% due to the declining oil prices. Hess (HES) is down more than 3%. Devon Energy (DVN) shares are losing about 4.5%. Cubist Pharmaceuticals (CBST) is rising more than 35% after Merck (MRK) said it would buy the drugmaker for $8.4 billion. Other biotechnology companies propping up the Nasdaq include Celegene (CELG) and Amgen (AMGN).