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The Dow Now: AT&T Drops on Confirmation of Softbank-Sprint Deal


Intel and Merck are up on the day.

MINYANVILLE ORIGINAL US stocks stayed all but flat in midday trading, with investors continued to stay cautious at the start of a busy earnings week as they awaited details on bailout packages for Spain and Greece.

"The market is in a wait-and-see approach, wanting resolution with Europe, and that's why even with positive results in earnings and data you're still not seeing much follow-through," Matt McCormick, a money manager at Cincinnati-based Bahl & Gaynor, told Reuters.

The Dow Jones Industrial Average (INDEXDJX:.DJI) was up 0.43% to 13,385.59 points as of 11:58 a.m. EDT.

Merck (NYSE:MRK) was among the Dow's leading gainers, moving up 1.76% to $46.42. Earlier today, the company announced an exclusive worldwide licensing agreement that will gain worldwide rights to develop and commercialize candidates in AiCuris' portfolio of investigational medicines targeting Human Cytomegalovirus (or HCMV), including letermovir (AIC246), an oral, late-stage antiviral candidate being investigated for the treatment and prevention of HCMV infection in transplant recipients.

Ahead of its earnings report release on Tuesday, Intel (NASDAQ:INTC) also gained 1.77% to $21.86. Last month, Intel cut its third-quarter revenue projection to $13.2 billion, compared to its previous guidance of between $13.8 billion and $14.8 billion.

Bank of America (NYSE:BAC) received a 1.64% boost to $9.27 after rival Citigroup (NYSE:C) posted expectations-beating earnings. Investors are hoping that Bank of America (NYSE:BAC) will continue the thus-far solid earnings season for financial stocks when it releases quarterly results on Wednesday.

AT&T (NYSE:T) was the biggest decliner on the day, falling 1.07% to $35.25, after Japan's Softbank (PINK:SFTBF) confirmed it would acquire a 70% stake in Sprint (NYSE:S) for some $20 billion, which would strengthen Sprint's position as the US's No. 3 wireless carrier.

Twitter: @sterlingwong
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