Shares of SanDisk
and Computer Sciences
slid Monday after the two found themselves on the losing end of a couple of deals.
CSC shares lost 12% after acquisition talks with Lockheed Martin
and three private equity firms reportedly fell through. The talks, which had been reported for weeks, placed a $65 a share value on CSC, but sources close to the deal told the Wall Street Journal that no binding commitment had been made at that price. Lockheed had reportedly sought CSC’s lucrative government contracting business. CSC shares closed Monday at $48.32.
SanDisk shares, meanwhile, slumped 17% on news of a flash memory venture between Intel
. The deal raised fears of increased competition and pricing pressure for SanDisk, and also spurred several negative comments on the stock by analysts.
The broader market rose Monday on a rise in leading economic indicators and $4.6 billion in orders at Boeing
, as traders shook off rising energy prices.
The Nasdaq rose 14 to 2241, the S&P 500 climbed 7 to 1254, and the Dow rose 54 to 10,820. Volume declined to 2.09 billion shares on the NYSE, and 1.67 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 19-11 on the Nasdaq. Upside volume was 68% on the NYSE, and 67% on the Nasdaq. New highs-new lows were 229-169 on the NYSE, and 212-56 on the Nasdaq.
jumped on a buyout offer from Sprint Nextel
edged higher ahead of its earnings report due out Tuesday morning.