Midday Report: Sysco to Cut 1,200 Jobs; Crude Pulls Stocks Higher

U.S. stocks broke into positive territory as crude oil added to gains at midday on Monday.
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U.S. stocks broke into positive territory as crude oil added to gains at midday on Monday. Prices were higher after Saudi Arabia voiced its support for cooperation among members of OPEC to stabilize prices. Key OPEC members and Russia have engaged in negotiations over a production cap in recent weeks. Economic activity in the Chicago area looked worse for wear after its PMI index fell into contraction in February. Sysco (SYY) was slightly higher after announcing plans to cut 1,200 jobs in the next 15 months, roughly 2% of its workforce. Lumber Liquidators (LL) slumped after swinging to a fourth-quarter loss far deeper than analysts had expected. The flooring retailer has suffered slumping sales tied to concerns over the safety of its products. TheStreet's Keris Lahiff has details from Wall Street.