It was a slow start to the week for the markets... as far as the news goes. As for the market performance, this week started off with a bang as the Dow 30 added 117 (0.66%), the S&P 500 gained 16 (0.78%), and the Nasdaq 100 saw a nice 42 point (0.88%) gain. This week wraps up the bulk of earnings season and many investors are anxious to see if the "Sell in May and go away" tradition continues.
JCPenney (NYSE: JCP) gained 3.61% today after a bullish call on JCPenney helped to boost the stock. An article in Barron's over the weekend noted that the retailer's stock price could double over the next three years. The report said that the company had made substantial progress over the past year.
GNC (NYSE: GNC) recouped 6.77% today as the company revealed that it is considering a sale as part of a review of its strategic alternatives. GNC says its board is working with Goldman Sachs (NYSE: GS) as a financial advisor.
Oracle (NASDAQ: ORCL) regained 1.08% of last weeks decline today as the company announced it is acquiring cloud services provider Opower (NASDAQ: OPWR) in a deal valued at $532 million. The agreement is expected to close this year. This deal comes after Oracle acquired construction contracts and payment management cloud service company Textura for $663 million last week.
Lastly, Baker Hughes (NYSE: BHI) and Halliburton (NYSE: HAL) have called off their merger, once valued at nearly $35 billion. The decision came after a very long regulatory review process that ended in a lawsuit last month by the Justice Department to block the agreement. Baker Hughes also announced that it will use its $3.5B breakup fee from Halliburton to buy back stock and debt. Halliburton gained 1.79%, while Baker Hughes lost 1.99%.