US stock market on Monday
US stock indices ended Monday with a weak decline after three days of gains.
Standard Poor's 500 fell 11.66 points (0.28%) to 4118.63 points. The Nasdaq Composite lost 21.71 points (0.18%) to 12368.98 points.
The market took a breather after the S&P 500 recorded a jump of 9.1% in July, the best monthly gain for the indicator since November 2020, one analyst said.
Valvoline Inc. shares were down 2.7% yesterday on news that the company is selling its international oil business to Saudi Aramco (TADAWUL:2222) for $2.65bn. The deal is expected to close in late 2022 or early 2023.
Royal Caribbean Group shares fell 7.5% after the cruise operator floated $900 million in convertible bonds due 2025.
Shares in Nikola (NASDAQ:NKLA) Corp. soared 7.9% on news that the electric car maker has agreed to acquire battery maker Romeo Power Inc. for $144 million. The deal will be paid in full in shares and is expected to close by the end of October.
The price of Colgate-Palmolive Co (NYSE:CL). securities rose 3%. The company said it plans to buy three dry pet food plants from Red Collar Pet Foods for $700 million. These plants will produce products for the Hill's brand, which accounts for about 20% of Colgate-Palmolive's revenue.
Shares of aircraft maker Boeing Co (NYSE:BA). jumped 6.1% to lead the Dow Jones index on news that workers at three plants in Missouri postponed a strike planned for Monday.
Global Payments' market value rose 4.6% on the day. The U.S. fintech company said it bought rival EVO Payments Inc. for $4 billion and reported better-than-expected adjusted earnings last quarter. EVO's stock price jumped 23.3%.
Diagnostics and life sciences products and services provider PerkinElmer Inc (NYSE:PKI). said it sold its analytics and food business to private equity firm New Mountain Capital for $2.45 billion. PerkinElmer shares gained 5%.
The ADR price of Chinese retailer Alibaba (NYSE:BABA) Group Holding rose 1.1%, although the securities were previously cheaper. The company has been placed on a list of firms that could face delisting from US exchanges.