U.S. stocks drifted between small gains and losses in early trading Monday in the wake of news on a possible merger between AT&T and DirecTV.
Keeping score • The Standard & Poor’s 500 index rose two points, or 0.1 percent, to 1,880 in the first 30 minutes of trading. The Dow Jones industrial average gained shed one point, or 0.01 percent, to 16,489. The Nasdaq composite gained 11 points, or 0.3 percent, to 4,102.
Getting bigger • AT&T Inc. said late Sunday that it plans to buy satellite TV provider DirecTV for $48.5 billion. The proposed deal would create the second-largest pay TV operator behind a combined Comcast-Time Warner Cable. The proposal could face tough regulatory scrutiny from the Federal Communications Commission and Department of Justice.
AT&T fell 74 cents, or 2 percent, to $35.99. DirectTV slid $1.64, or 1.9 percent, to $84.54.
No, again • The board of AstraZeneca rejected an improved takeover offer from U.S. drugmaker Pfizer. Pfizer Inc., which has been courting AstraZeneca PLC since January, announced Sunday that it was ready to raise its stock-and-cash offer by 15 percent to $118.8 billion.
Pfizer’s shares added 44 cents, or 1.6 percent, to $29.57 in early trading.
Other markets • In the market for government bonds, the yield on the 10-year U.S. Treasury note slipped to 2.51 percent from 2.52 percent late Friday. Gold rose $8.70 to $1,302.10 an ounce. Crude oil rose 74 cents to $102.32 a barrel.