US stocks slip below records; Micros gains

By Steve Rothwell

Associated Press

Published: Monday, June 23 2014 9:44 a.m. MDT

Trader Patrick McKeon, right, works on the floor of the New York Stock Exchange Monday, June 23, 2014. Stocks are edging lower in early trading after indexed closed last week at record highs.

Richard Drew, Associated Press

NEW YORK — Stocks slipped below record levels on Monday as investors assessed corporate news. Micros Systems gained following word that it would be acquired by the business software maker Oracle.

KEEPING SCORE: The Standard & Poor's 500 index fell two points, or 0.1 percent, to 1,960 as of 11:20 a.m. Eastern. The Dow Jones industrial average dropped 31 points, or 0.2 percent, to 16,915. The Nasdaq composite index fell five points, less than 0.1 percent, to 4,364.

DEAL NEWS: Micros Systems rose $2.22, or 3.4 percent, to $68.85 after Oracle said it was buying the company for about $5.3 billion. Integrys Energy jumped $7.92, or 13 percent, to $68.90 after Wisconsin Energy said it was buying the company for $5.8 billion.

YOGA BATTLE: Lululemon rose $1.36, or 3.4 percent, to $41.53 after the Wall Street Journal reported that the company's founder was working with investment bank Goldman Sachs to shake up the yoga clothing company's board. Lululemon's stock is down 30 percent this year as the company works on improving its business since pulling one of its popular yoga pants from stores last spring because they were too sheer.

SUMMER LULL: The stock market may be heading toward a summer lull after a recent string of gains, said Scott Wren, a senior equity strategist at Wells Fargo Advisors. The S&P 500 has gained for four of the past five weeks and is up 6 percent for the year.

"We're starting to get some summer doldrums going," Wren said. "After the big run we've had over the past couple of months, a week or two of consolidation isn't anything out of the ordinary."

BONDS AND COMMODITIES: The yield on the 10-year Treasury note, which moves in the opposite direction to its price, fell to 2.60 percent from 2.61 percent Friday. The price of oil dropped 57 cents, or 0.6 percent, to $106.23 a barrel.

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