Stocks close down on corporate news
Traders work on the floor of the New York Stock Exchange moments before the closing bell on Friday, Oct. 3, 2014. Credit: Getty Images / Spencer Platt
Financial markets closed slightly lower Monday, giving up an early gain. Tax preparer H&R Block slumped 6 percent after the company said that its attempt to sell a banking unit was getting bogged down. Hewlett-Packard rose nearly 5 percent after announcing that it is splitting itself in two.
At the close on Wall Street, the Standard & Poor's 500 index was off 3.08 points, about 0.16 percent, at 1,964.82. The Dow Jones industrial average lost 17.78 points, or 0.10 percent, to 16,991.91. The Nasdaq composite gave up 20.82 points, or 0.47 percent, to 4,454.8.
BLOCK SALE: H&R Block logged the biggest drop in the S&P 500 after saying that its latest attempt to sell its banking business is getting delayed in the regulatory approval process. The tax preparer said it would not be able to complete the deal before the next tax season. Shares closed down $1.75, about 5.53 percent, at $29.91.
MINUTE TIME: The Fed is due to release minutes on Wednesday of its policy meeting last month. Investors will be watching for clues about the likely timing of any interest rate hike.
BIG SPLIT: Hewlett-Packard gained after announced that it is splitting itself in two. One company will focus on personal computer and printing and the other on technology services such as data storage, servers and software. Shares closed up $1.67, or 4.74 percent, at $36.87.
BANKRUPTCY SHOCK: Apple supplier GT Advanced Technologies plunged $9.85, or 89 percent, to $1.21 after the company said that it was filing for bankruptcy. The company is developing sapphire materials for Apple's products. Shares lost $10.25, or 92.76 percent, at 80 cents.
HEALTHY MERGER: New Jersey medical equipment maker Becton Dickinson and Co. says it will pay $12.2 billion for rival CareFusion in a combination focused on medication systems for hospitals and pharmacies. Carefusion's stock jumped $10.58, or 22.92 percent, to close at $56.75.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
