08/07/2003 12:56
Investors cautious after previous session's rally amid EMC buy of Legato, Yellow buy of Roadway.
Stocks were mixed early Tuesday as investors took it slow following the previous session's rally and in response to two large deals announced in the software and trucking sectors.
At around 9:35 a.m. ET, the Dow Jones industrial average (down 14.22 to 9202.57, Charts), the Standard & Poor's 500 (down 1.56 to 1002.86, Charts) index and the Nasdaq composite (up 2.09 to 1722.80, Charts) all traded near breakeven. Stocks had surged Monday on continued investor optimism about a second-half economic recovery.
Among the deals announced early Tuesday, data storage maker EMC (EMC: down $0.39 to $11.35, Research, Estimates) said it will buy business software developer Legato Systems (LGTO: Research, Estimates) in a stock deal worth $1.3 billion. Separately, EMC said it will meet or beat earnings forecasts for the second quarter.
In addition, trucking firm Yellow (YELL: Research, Estimates) has said it will buy rival Roadway (ROAD: up $0.12 to $30.14, Research, Estimates) for $966 million in a cash and stock deal.
Aluminum maker Alcoa (AA: up $0.09 to $25.80, Research, Estimates) will become the first Dow stock to report earnings. The firm -- set to release results after the close -- is forecast to have earned 24 cents per share in the second-quarter, down 11 percent from the 27 cents it earned a year earlier, according to a consensus of analysts surveyed by First Call.
European markets were mixed at midday, while Asian stocks finished higher overnight.
Treasury prices rose, pushing the 10-year note yield down to 3.71 percent. The dollar gained versus the euro and the yen.
Brent crude oil futures fell 33 cents to $27.42 a barrel in London. COMEX gold lost $1.60 to $346.80 in New York.
Stocks were mixed early Tuesday as investors took it slow following the previous session's rally and in response to two large deals announced in the software and trucking sectors.
At around 9:35 a.m. ET, the Dow Jones industrial average (down 14.22 to 9202.57, Charts), the Standard & Poor's 500 (down 1.56 to 1002.86, Charts) index and the Nasdaq composite (up 2.09 to 1722.80, Charts) all traded near breakeven. Stocks had surged Monday on continued investor optimism about a second-half economic recovery.
Among the deals announced early Tuesday, data storage maker EMC (EMC: down $0.39 to $11.35, Research, Estimates) said it will buy business software developer Legato Systems (LGTO: Research, Estimates) in a stock deal worth $1.3 billion. Separately, EMC said it will meet or beat earnings forecasts for the second quarter.
In addition, trucking firm Yellow (YELL: Research, Estimates) has said it will buy rival Roadway (ROAD: up $0.12 to $30.14, Research, Estimates) for $966 million in a cash and stock deal.
Aluminum maker Alcoa (AA: up $0.09 to $25.80, Research, Estimates) will become the first Dow stock to report earnings. The firm -- set to release results after the close -- is forecast to have earned 24 cents per share in the second-quarter, down 11 percent from the 27 cents it earned a year earlier, according to a consensus of analysts surveyed by First Call.
European markets were mixed at midday, while Asian stocks finished higher overnight.
Treasury prices rose, pushing the 10-year note yield down to 3.71 percent. The dollar gained versus the euro and the yen.
Brent crude oil futures fell 33 cents to $27.42 a barrel in London. COMEX gold lost $1.60 to $346.80 in New York.
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