U.S. stocks rebounded from earlier lows, but still ended Monday down 0.4% to 0.6%. Traders pushed prices lower as Greece continues to move toward a debt default. Industrial, consumer staples and materials led the way higher, while health care rallied. Elsewhere, the yield on the benchmark, 10-year U.S. Treasury note fell 3.4 basis points to 2.358%.
Dealertrack (TRAK) was the big winner of the session, gaining 58%, after the software producer received a $4.3 billion takeover bid from privately held Cox Automotive. Cigna (CI) was also up more than 11% on a Wall Street Journal report that Anthem (ANTM) was interested in acquiring the health insurer.
In after-hours action, Aerie Pharmaceuticals (AERI) was trading 32% higher after the Food and Drug Administration agreed to modify the primary endpoint of a clinical trial for its eye-drop, Rhopressa. On the other hand, Avalanche Biotechnologies (AAVL) was trading 22% lower after reporting clinical data on its wet, age-related, macular-degeneration treatment.
Elsewhere, Gap (GPS) was trading fractionally higher after the company said that it is closing 175 of its namesake stores. The retailer is also hosting an investors meeting tomorrow in California.
Looking ahead to Tuesday morning, FactSet Research (FDS) headlines a quiet earnings calendar. On the economic front, we'll get a look at housing starts and building permits before the opening bell.