Zynga Jumps More Than 40% After Deal News

S&P 500, Nasdaq bounced back from early losses
By Newser Editors and Wire Services
Posted Jan 10, 2022 3:39 PM CST
Stocks Recoup Most of Early Losses
In this photo provided by the New York Stock Exchange, traders Edward McCarthy, center, and Edward Curran, right, work on the floor of the New York Stock Exchange, Monday, Jan. 10, 2022.   (Courtney Crow/New York Stock Exchange via AP)

(Newser) – Stocks ended slightly lower on Wall Street Monday after recouping much of an early slide. Technology stocks bounced back after leading the market lower in the morning. Losses for industrial companies and banks were partly offset by gains in health care companies. The S&P 500 fell 6.74 points, or 0.1%, to 4,670.29, erasing most of an earlier loss of just over 2%. The Dow Jones Industrial Average fell 162.79 points, or 0.4%, to 36,068.87. The Nasdaq rose 6.93 points, or less than 0.1%, to 14,942.83. It was down 2.7% earlier. Bond yields continued to rise as investors anticipate moves by the Federal Reserve to raise interest rates. Energy prices fell.

A mix of deal news and financial updates moved several large stocks, the AP reports. Take-Two Interactive, maker of "Grand Theft Auto," plunged 13.1% after announcing a deal to buy Zynga, which makes "Words With Friends" and “Farmville." Zynga jumped 40.7%. Athletic apparel maker Lululemon Athletica fell 1.9% after warning investors that a surge in virus cases hurt its fourth-quarter financial results. Medical products maker and distributor Cardinal Health fell 5.9% after saying that supply chain problems will hurt profits for its medical segment.

Investors have a busy week of economic reports and corporate earnings. On Wednesday, the Labor Department will release an update on how inflation is impacting prices with its Consumer Price Index for December. The agency will release give investors details on how inflation is impacting businesses with its Producer Price Index for December on Thursday. On Friday, Citigroup, JPMorgan Chase, and Wells Fargo will report their latest quarterly financial results.

(Read more stock market stories.)

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