Breakdown in Greek debt talks weigh on the markets, major indices end the day lower. Dow enters negative territory for the year. Shartia Brantley reports.
A breakdown in Greece's debt talks with its creditors sparked a stock sell off. Equities fell for the second session in a row, and the Dow once again retreated into negative territory for the year. It's Merger Monday. Home builders Standard Pacific and Ryland are merging in a $5.2 billion deal. They'll become the fourth largest in the industry with more than $5 billion in sales. Both stocks rose. So did those of CVS Health and Target. The drugstore operator is buying Target's U.S. pharmacies and clinics for $1.9 billion. The deal gives CVS leverage in negotiating prices with drug makers. Deutsche Bank analyst George Hill: SOUNDBITE: GEORGE HILL, RESEARCH ANALYST, DEUTSCHE BANK (ENGLISH) SAYING: "With this acquisition, CVS by our estimates will end the year at about 8,000 stores. They're going to pick up another 1,600 stores from Target, which will make them the largest retail pharmacy store in the country." United Technologies wants to say 'sayonara' to Sikorsky. The defense contractor said it plans to spin off or sell its helicopter business. Its stock was the Dow's biggest loser on the day. Micron Technology tumbled. It was the most actively traded Nasdaq stock. Morgan Stanley downgraded the chipmaker's shares to "underweight." It said huge customer stockpiles would delay an earnings rebound. Dealertrack's shares catapulted higher. The owner of Kelley Blue Book, Cox Automotive, is paying a huge premium to buy the software company for $4 billion. Investors got mixed data on the economy. Industrial production unexpectedly fell in May. But homebuilder sentiment did just the opposite, rising more than expected this month. As in the U.S., stocks fell in Europe amid concerns over the collapse of the Greek debt talks.