STOCK MARKET UPDATE
KEEPING SCORE: The S&P 500 fell 6 points, or 0.2%, to 2,927. The Dow fell 59 points, or 0.2%, to 26,597. The Nasdaq fell 18 points, or 0.2%, to 8,102.
More stocks rose than fell on the New York Stock Exchange.
Major European stock indexes finished mostly lower.
THERE WILL BE BIDS: Occidental Petroleum started a bidding war for Anadarko Petroleum as the oil industry’s largest companies try to secure their positions in the oil-rich Permian Basin.
Occidental fell 1% after it offered $57 billion in cash and stock for Anadarko Petroleum. Anadarko surged 12% and Chevron fell 2.9%.
ENERGY SLUMP: Energy stocks fell more than the 10 other S&P 500 sectors, losing 1.5%. National Oilwell Varco led the way lower, shedding 4.3%.
The slide came as the price of U.S. crude oil snapped a three-day winning streak.
Benchmark U.S. crude was fell 0.6% to settle at $65.89 per barrel. Oil had been climbing recently since dropping below $43 in late December. Brent crude rose 0.1% to $74.57 per barrel.
SLUGGISH ROOMBA: IRobot plunged 21.8% after the robotics company’s revenue fell short of Wall Street forecasts.
The company is best-known for its robotic Roomba vacuum. It beat profit forecasts for the quarter and gave investors solid guidance for the year, but it wasn’t enough to overcome disappointing revenue growth.
REACHING THE CLOUDS: SAP soared to an all-time high after activist investor Elliott Management revealed a $1.3 billion investment in the German software company. The company’s U.S.-listed stock rose 12.7%.
The disclosure came in a note from Elliott praising the company’s decision to undergo a strategic review. The company makes software used by business to run their operations. It has been focusing more on cloud computing.
The stake was revealed as the company reported solid first-quarter profit and revenue results.