RealTime IT News

Stocks Slip on Oil Patch

An early rally on Wall Street Monday faltered under the weight of rising oil prices, as inflation fears remained front and center.

But the biggest news of the day came after the close, when Yahoo CEO Terry Semel resigned, replaced by co-founder Jerry Yang. Company ad exec Susan Decker became president. Yahoo has been under pressure from investors to do more to boost shareholder value and reverse market share losses to Google . Yahoo shares are flat since Google went public in August 2004; Google shares have gained more than 400% since then. CNBC analysts speculated that the changes could also signal a willingness to consider buyout offers.

Yahoo shares gained 4% after hours on top of a 3% gain during the day.

Stocks started the day higher Monday on takeover news and speculation, but spent the rest of the day on the defensive as oil prices hit a nine-month high on Nigerian unrest.

Authorize.net gained on a merger deal with CyberSource .

Cadence Design lost ground after private equity takeover talks were suspended.

Apple gained 4% on excitement ahead of its June 29 iPhone launch.

ScanSource rose 10% on its results.

Western Digital fell 4% on a JP Morgan downgrade.

The Nasdaq slipped a fraction to 2626, the S&P 500 lost 2 to 1531, and the Dow fell 26 to 13,613. Volume fell to 2.46 billion shares on the NYSE, and 1.79 billion on the Nasdaq. Declining issues led by a 17-15 margin on the NYSE, and 16-14 on the Nasdaq. Downside volume was 55% on the NYSE, and 54% on the Nasdaq. New highs-new lows were 261-38 on the NYSE, and 167-54 on the Nasdaq.