Falling crude oil prices weighed the markets down to a lower open with the Dow dropping 59 points to 18,492. Nasdaq lost 5 points to 5,232.
On the upside
Medivation (Nasdaq: MDVN) will be acquired by Pfizer (NYSE: PFE) in a deal valued at approximately $14 billion.
Bargain hunters lifted shares of StemCells (Nasdaq: STEM).
Renesas Electronics has engaged in discussions to buy Intersil (Nasdaq: ISIL) with a potential price tag of $3 billion.
On the downside
Marathon Oil (NYSE: MRO) chief financial officer J. R. Sult resigned.
SeaDrill (NYSE: SDRL) received a notice of termination from Pemex Exploration y Servicios for the West Pegasus drilling contract effective August 16, 2016.
Retreating crude oil prices weighed down shares of Whiting Petroleum (NYSE: WLL).
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 fell 5 points to 2,178. Bitcoin rose $3 to $581.
