Midday Report: Bayer Could Make Bid for Monsanto; Stocks Fall

The S&P 500 and Dow gave up earlier crude-inspired gains. Crude has traded near $47 a barrel earlier in the session, only to come back to around $46. The Nasdaq sank into the red after iPhone manufacturer Foxconn Technology reported a nearly 10 percent decline in first-quarter profit, triggering fears over smartphone growth for Apple (AAPL) - Get Report . Apple reported its first sales decline in more than a decade in April. German company Bayer (BAYRY) - Get Report could make a $40 billion bid for Monsanto (MON) . A deal could create the world's largest agricultural chemicals company. Chinese microblogging site Weibo (WB) - Get Report swung to a first-quarter profit and reported a double-digit increase in sales.