Midday Report: Stocks Hold Lower While Oil Prices Soar on Potential OPEC Deal
The National Retail Federation estimates that nearly 122 million Americans will be taking advantage of online deals Monday, but that hasn't helped stocks that are down, putting in jeopardy a four-day winning streak for the S&P 500 and the Dow Jones Industrial Average. However, oil prices skyrocketed on hopes an agreement to cut output could be reached at an OPEC meeting this week. West Texas Intermediate crude oil gained as much as 2.2% Monday after trading in and out of positive territory for much of the morning.
Time's (TIME) shares gained 18% in early trading after its board didn't accept a buyout offer of $18 a share from Edgar Bronfman Jr., according to the New York Post. Bronfman is reported to have worked with Access Industries and an Israeli businessman on the bid. Shares of information technology services company Cognizant Technology Solutions (CTSH) - Get Report jumped more than 8% after activist investor Elliott Management, who owns 4% of the stock, sent a letter to the company saying it should start paying dividends to shareholders and complete a $2.5 billion share-repurchase plan. Elliott also called for new members on the board.
TheStreet's Valerie Young has details from Wall Street.
