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US stocks slip below records; FMC falls

By STEVE ROTHWELL

AP Markets Writer NEW YORK (AP) - Stocks slipped below record levels on Monday as investors assessed corporate news. Micros Systems gained following word that it would be acquired by the business software maker Oracle.

KEEPING SCORE: The Standard & Poor's 500 index fell two points, or 0.1 percent, to 1,960 as of 12:23 p.m. Eastern. The Dow Jones industrial average dropped 30 points, or 0.2 percent, to 16,916. The Nasdaq composite index fell three points, or 0.1 percent, to 4,365.

DEAL NEWS: Micros Systems rose $2.22, or 3.4 percent, to $68.85 after Oracle said it was buying the company for about $5.3 billion. Wisconsin Energy fell $1.14, or 2.4 percent, to $45.75 after the company said that it was buying Integrys Energy for $5.8 billion. Intergrys jumped $8.01, or 13.1 percent, to $68.91.

FARM WOES: FMC fell $2.76, or 3.7 percent, to $71.99, making it the biggest decliner in the S&P 500 index. The chemicals company cut its earnings forecast for the second quarter due after its Agricultural Solutions unit performed worse than expected after farmers used less of its products due to an unusually harsh winter.

YOGA BATTLE: Lululemon rose $1.36, or 3.4 percent, to $41.53 after The Wall Street Journal reported that the company's founder was working with investment bank Goldman Sachs to shake up the yoga clothing company's board. Lululemon's stock is down 30 percent this year as the company works on improving its business since pulling one of its popular yoga pants from stores last spring because they were too sheer.

SUMMER LULL: The stock market may be heading toward a summer lull after a recent string of gains, said Scott Wren, a senior equity strategist at Wells Fargo Advisors. The S&P 500 has gained for four of the past five weeks and is up 6 percent for the year.

"We're starting to get some summer doldrums going," Wren said. "After the big run we've had over the past couple of months, a week or two of consolidation isn't anything out of the ordinary."

BONDS AND COMMODITIES: The yield on the 10-year Treasury note, which moves in the opposite direction to its price, fell to 2.60 percent from 2.61 percent Friday. The price of oil dropped 75 cents, or 0.7 percent, to $106.08 a barrel.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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