Global Technology Report

Stocks rise at start of holiday-shortened week

Stocks are paring gains in mid-day trading Monday, after the Dow climbed more than 100 points at the open. The Dow Jones industrial average is up about 49 points or 0.3%. The Nasdaq is 0.5% higher, a 24-point gain. The Standard & Poor’s 500 index is climbing 9 or 0.4%. Asia stocks wavered: The Shanghai composite index rose 1.8%; Tokyo’s Nikkei 225 index fell 0.4%. Hard-hit oil prices are falling even more, with U.S. oil down more than 1% and under $35 a barrel.AP FINANCIAL MARKETS WALL STREET F USA NY

Trading was thin as many investors took advantage of a holiday-shortened week. Markets close early on Thursday for Christmas Eve and are closed on Friday for Christmas Day. The Federal Trade Commission has rejected Staples’ offer to revise its $6.3 billion acquisition of rival Office Depot, casting more doubt on the completion of a merger of the two largest office supply chains. Office Depot shares were up 1.6% at $5.49. Staples stock was up 1.6% at $9.57.

Mobile technology maker Ericsson said it reached a global licensing agreement with gadget-maker Apple, requiring the tech giant to make a one-time payment to Ericsson, then provide ongoing royalties for the next seven years. The companies will also collaborate on new technology, including the jump to 5G networks. Ericsson shares jumped 5.4% to $9.62. Apple was up about 0.5% at $106.54.

Auto parts and repair chain Pep Boys – Manny, Moe, & Jack climbed 6.5% to $16.79. The company said a revised offer it received Friday evening for $16.50 a share from financier Carl Icahn’s Icahn Enterprises is superior to its current agreement to be acquired by tire maker Bridgestone for $15.50 a share. Pep Boys’ board has given Bridgestone until 5 p.m. on Wednesday to respond. There are no major economic reports on tap in the U.S. for Monday. Later this week investors will get readings on existing home sales, manufacturing and personal income and spending. The government will also supply its final estimate of growth in the third quarter.

About Author