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Monsanto jumps on Bayer BASF bid talks Apple worries weigh on US markets
(about 7 hours later)
(Open): Monsanto was an early gainer in US trade on reports Bayer and BASF are planning bids. (Close): Concerns about slowing sales at Apple dragged the company's share price down on Thursday, causing losses on the wider Nasdaq index.
Shares in the world's largest seed producer were up 12% at the start of Thursday trading. Apple was temporarily forced to give up its title of most valuable company and ended the day down 2.4%.
The Dow Jones Industrial Average was up 26.53 points, at 17,737.65. The S&P 500 was 1.9 points at 2,066.36. The tech-focused Nasdaq slid 23.35 points to 4,737.33, while the S&P 500 fell 0.35 to 2064.11.
The tech-focused Nasdaq though was down 9.10 points at 4,751.59 against that trend after shares in Apple lost 1.8% to a 52 week low of $90.83. The Dow Jones Industrial Average gained 9.38 points to 17,720.50 off the back of gains in oil prices.
US fashion house Ralph Lauren said sales were down, but by less than expected. The better than expected corporate statement initially boosted its shares by 2%, before they slipped to slightly negative. Exxon Mobile and Chevron shares both climbed 1%, while the price of a barrel of US crude rose by 0.6% to $46.51.
Monsanto was one of the day's best performing stocks, following reports that Bayer and BASF are planning bids.
Shares in the world's largest seed producer were up 8.4%.
US fashion house Ralph Lauren said sales were down, but by less than expected. The better-than-expected corporate statement boosted its shares by 2.8%.