Wall St. flat as investors wait for bank earnings

This Monday morning, U.S. stocks were little changed as investors braced for a very busy week of quarterly results from the major U.S. banks and several Dow 30 companies.


Health stocks were down after Eli Lilly (LLY.N) said it was not persuing an experimental heart drug. Shares of Lilly fell as much as 8.9 percent to $78.47, putting the stock on track for its biggest single-day day decline in seven years.

Rival Merck (MRK.N) was also down 2 percent at $49.91.

Amgen (AMGN.O) was up 2% and Regeneron (REGN.O) up more than 3%. It is assumed that this is because both companies recently received FDA approval for cholesterol-reducing drugs.

Tech stocks were a hot discussion with Dell leading the news.

EMC’s shares (EMC.N) were up 2.6%  ($28.60) after Dell Announced it would Aquire the data storage company in a $67 billion deal. VMware (VMW.N), which is majority owned by EMC, then fell 6.6% to $73.46.

At 9:36 a.m. ET, the Dow Jones industrial average .DJI was down 9.12 points, or 0.05 percent, at 17,075.37.

The S&P 500 .SPX was down 2.23 points, or 0.11 percent, at 2,012.66 and the Nasdaq composite index .IXIC was down 0.74 points, or 0.02 percent, at 4,829.73.

For more on the changes in the market visit Reuters

Information compiled  from article on Yahoo! Finance, Reuters and The Wall Street Journal

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