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Tuesday November 21st, 2017 3:23AM

Stocks waver between small gains and losses in morning trade

By The Associated Press

US stocks are wavering between small gains and losses in morning trading Monday. Investors are sizing up a batch of corporate deal news, including a report that Hasbro has made an offer to buy rival toymaker Mattel. Consumer goods companies posted some of the biggest gains, offsetting losses by industrial and health care stocks.

KEEPING SCORE: The Standard & Poor's 500 index was little changed at 2,583 as of 11:32 a.m. Eastern time. The Dow Jones industrial average gained 13 points, or 0.1 percent, to 23,436. The Nasdaq composite added 3 points, or 0.1 percent, to 6,754. More stocks fell than rose on the New York Stock Exchange.

LET'S PLAY TOGETHER: Toymaker Mattel soared 20.1 percent following a report that rival Hasbro made an offer to buy the company. Mattel was the biggest gainer in the S&P 500, climbing $3.03 to $17.65. Hasbro added $5.72, or 6.3 percent, to $97.17.

SHOPPING FOR MALLS: GGP climbed 6.4 percent after Brookfield Property Partners offered to buy the rest of shopping mall owner for $14 billion, or $23 a share. Shares in GGP rose $1.43 to $23.63.

NO, THANKS: Qualcomm rose 1.9 percent after the company rejected an unsolicited takeover offer from Broadcom worth $103 billion, or $70 a share, saying the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance. Shares in Qualcomm added $1.22 to $65.79. Broadcom gained 55 cents to $265.51.

CONSUMER FRIENDLY: Consumer and household goods companies were among the big gainers. J. M. Smucker rose $2.84, or 2.7 percent, to $106.96.

UNDER THE WEATHER: Several drugmakers and health insurers were trading lower. Regeneron Pharmaceuticals fell $9.25, or 2.3 percent, to $395.29.

GE DIVIDEND: General Electric slumped 5.8 percent after it said that it will slash its dividend in half to 12 cents per share, starting next month. The company also released annual profit projections that were well below what Wall Street had been expecting. Chairman and CEO John Flannery, speaking to investors gathered in Boston, said the cost-cutting maneuver is part of the measures GE will undertake to make the company simpler and stronger. The stock was the biggest decliner in the S&P 500, losing $1.19 to $19.30.

BONDS: Bond prices were little changed. The yield on the 10-year Treasury note held at 2.40 percent.

ENERGY: Benchmark U.S. crude was up 24 cents to $56.98 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, was down 7 cents to $63.45 in London.

CURRENCIES: The dollar rose to 113.59 yen from 113.54 yen on Friday. The euro strengthened to $1.1656 from $1.1618. The pound slid to $1.3110 from $1.3126 as investors worried that British Prime Minister Theresa May is facing a rebellion within her own party over the handling of the Brexit talks.

MARKETS OVERSEAS: In Europe, Germany's DAX shed 0.3 percent, while France's CAC 40 was 0.7 percent lower. London's FTSE 100 slid 0.1 percent. In Asia, Tokyo's Nikkei 225 fell 1.3 percent, while Hong Kong's Hang Seng gained 0.2 percent. Seoul's Kospi slid 0.5 percent. Sydney's S&P-ASX 200 fell 0.1 percent. India's Sensex lost 0.4 percent. Benchmarks in New Zealand and Jakarta rose, while Taiwan and Singapore declined.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
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