U.S. indices were mixed during midday trading Monday as crude oil fell below $40 per barrel. The S&P 500 and Dow Jones Industrial Average were both down slightly, while the Nasdaq was showing a gain of 0.3%.
But stocks tied to reeling crude oil prices dominated the market laggards in afternoon trading Monday, pulling Murphy Oil (MUR) and Diamond Offshore (DO) to the bottom of the S&P 500, with shares of both companies falling about 6.5%.
Shares of Murphy Oil -- the El Dorado, Ark.-based oil and gas giant -- have managed to climb about 14% so far this year, as crude rebounded from 2016 lows of $26.21, based on U.S. benchmark West Texas Intermediate. Meanwhile, Houston-based Diamond Offshore shares are up just over 1% on the year.
Biogen (BIIB) shares rose nearly 5% after announcing that its treatment with Ionis (IONS) for spinal muscular atrophy has made positive developments. The two companies said their treatment for infantile-onset spinal muscular atrophy demonstrated statistically significant improvement in certain motor functions, according to a Wall Street Journal report. Biogen plans to submit for regulatory approval in the coming months.
Shares of Verizon (VZ) slipped about 1% during midday trading following news that it would buy Fleetmatics (FLTX) for about $2.4 billion -- FLTX shares skyrocketed more than 38%. The telecommunications giant will pay $60 per share, a nearly 40% premium. The Dublin-based company that makes software to manage fleets of vehicles has more than 38,000 customers.
This deal comes a week after Verizon agreed to purchase Yahoo's core assets for $4.8 billion.
-- James Passeri contributed to this story.
