Stocks Lack Direction; WaMu gets $5B Cash Infusion
The major indices closed more or less where they started the day, as investor attention shifted to the upcoming earnings season.
The Nasdaq Composite fell -6.15, while the Dow rose +3.01 and the S&P 500 +2.14.
The Wall Street Journal reported Washington Mutual
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PowerRating) was close to receiving a $5 billion cash infusion.
Alcoa
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PowerRating) kicks off the first quarter earnings season after the close today, with investors anxious to see how the economic slowdown is affecting U.S. companies.
Yahoo!
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PowerRating) rejected Microsoft
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PowerRating) again, insisting the software giant’s offer undervalues the company.
Motorola
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PowerRating) announced it has reached an agreement with Carl Icahn by placing two of his allies on the company’s board.
In deal news, Novartis AG
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PowerRating) agreed to purchase 77% of Alcon
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PowerRating) from Nestle AG for $39 billion.
And, Kinetic Concepts
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PowerRating) agreed to acquire LifeCell
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PowerRating) for $1.7 billion.
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