Midday Report: Valeant Spikes on C-Suite Shakeup; U.S. Stocks Stall

U.S. stocks hovered near the flat line to begin the week as energy sector sold off on oversupply worries. Crude oil pressed pause on a recent rally which pushed it to its highest levels of the year. Sales of existing homes hit a three-month low in February, tumbling just over 7%. Home sales have been constrained by high prices and lower inventory which have deterred first home buyers. Valeant Pharmaceuticals (VRX) spiked after announcing plans to replace Michael Pearson as CEO and add activist investor Bill Ackman to its board. Financial data firm Markit (MRKT) climbed after IHS (IHS) announced plans to merge in an all-stock deal worth more than $13 billion. The deal is expected to close in the second half of the year with the combined company to be headquartered in London. TheStreet's Keris Lahiff reports from Wall Street.