5-19-14 10:10 AM EDT | Email Article
 

By Anora Mahmudova, MarketWatch

 

NEW YORK (MarketWatch) -- The U.S. stock market edged cautiously higher as investors assessed disappointing quarterly results from Campbell Soup Co. and deal news including AstraZeneca's rejection of a $120 billion bid by Pfizer Inc.

 

In the absence of economic news, investors will pay attention to two Fed speakers later on Monday. Dallas Fed President Richard Fisher, a voting member of the Fed policy committee, and San Francisco Fed President John Williams, a nonvoting member, will speak at a panel in Dallas hosted by former President George W. Bush and his institute at 12:10 p.m. Eastern time.

 

The S&P 500 index (SPX) was up 2 points, or 0.1%, at 1,879.99. The Dow Jones Industrial Average (DJI) was trading 22 points, or 0.1%, lower at 16,469.13. The Nasdaq Composite (RIXF) added 12 points, or 0.3%, to 4,101.90.

 

Follow MarketWatch's live blog of today's stock-market action.

 

In corporate news, Campbell Soup (CPB) shares stumbled 3.7% as weak soup sales led to the company cutting its full-year forecast.

 

Shares of AT&T (T) fell 1.9% after the telecom giant agreed to buy satellite-television provider DirecTV (DTV) in a stock-and-cash deal worth $67.1 billion, including debt. DirecTV shares also fell 2%.

 

Google Inc.'s (GOOG) YouTube unit has reached a deal to buy Twitch, a privately held video-streaming service for gamers, for more than $1 billion, according to a report Sunday in Variety, which cited "sources familiar with the pact." Shares in Google were unchanged.

 

U.S.-listed shares of AstraZeneca (AZN) dropped 10% after the drug maker again rebuffed Pfizer's "final" offer of GBP55 a share ($89.96) saying it undervalues the company. The offer values AstraZeneca at about $120 billion, while the previous offer of GBP50-a-share put the deal at about $106 billion. Pfizer (PFE) shares were up 1.7%.

 

Apparel and accessories retailer Urban Outfitters (URBN) is scheduled to report first-quarter earnings results late Monday. The company projected to report earnings of 27 cents a share, according to a consensus survey by FactSet.

 

Asian market fall, gold recaptures the $1,300 level

 

Asian shares fell, with Shanghai stocks hit following a report that China's property prices are showing further signs of a slowdown amid government curbs. In Europe, the Stoxx Europe 600 was weighed in part by a nearly 13% slide in AstraZeneca shares traded in London.

 

Among commodities, gold futures rose $8.7 to (GCM4) recapture the $1,300-an-ounce level as stocks weakened. Crude oil (CLM4) rose 79 cents to $102.37 a barrel, and the ICE dollar index (DXY) fell to 79.925 from 80.08 late Friday.

 

More news from MarketWatch:

 

Only a 'black swan' will bring back stock volatility

 

Stocks are telling you a bear market is coming

 

Stock market's biggest risk is scared consumers

-Anora Mahmudova; 415-439-6400; AskNewswires@dowjones.com

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires

05-19-14 1010ET

Copyright (c) 2014 Dow Jones & Company, Inc.
Copyright 2014 MarketWatch
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Morningstar - 2014/5/19 - U.S. stocks edge higher; Dow falters, AT&T falls
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