Stocks Give Back Early Gains

Stocks flattened out in afternoon trading.
After being buoyed early in the session on merger news, higher crude oil
prices sent stocks back to near-unchanged
territory.  China’s CNPC
International will acquire PetroKazakhstan [
(
PKZ |
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PowerRating) for $55/share
and OSI Pharmaceuticals

(
OSIP |
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(
EYET |
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million or $20/share.

Merck
(
MRK |
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was in focus after a jury on Friday found the company liable for the death of a
man who used the recalled painkiller Vioxx. MRK traded down .6%.

Strong sectors were:    Semis

(
SOX |
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+1.17%       Airlines

(
OXAL |
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+0.81%      Utilities

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UTY |
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+0.75%

Weak sectors were:   Internet 

(
GIN |
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PowerRating) -1.04%       Oil Services 

(
OSX |
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Archer Daniels Midland
(
ADM |
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PowerRating) was upgraded at Citigroup, to buy, with a new price target of $26.

Google
(
GOOG |
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software that gives users customized information such as weather, news and stock
quotes. The software mirrors some Microsoft Windows functions 

JM Smucker
(
SJM |
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missed by 0.12.

Men’s Wearhouse
(
MW |
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PowerRating) was upgraded to buy at Legg Mason.

Brice Wightman