Stocks Snap Winning Streak
Spanish gross domestic product contracted less than previously forecast in the first quarter, down 0.3% and unchanged from the preceding three months, according to the National Statistics Institute in Madrid. On April 23, the Bank of Spain had announced a decline of 0.4%. The National Statistics Institute also said that GDP fell 0.4% from a year ago in the first quarter.
"This behavior was due to the negative contribution by domestic demand, partly compensated by the positive contribution of foreign demand," the Institute said in a press release.
Hong Kong's Hang Seng added 1.7% and Japan's Nikkei Average finished down 0.4%.
In corporate news, Microsoft(MSFT) agreed to make a $300 million investment for a 17.6% stake in a new Barnes & Noble( BKS) subsidiary that will bring together the bookseller's digital and college businesses. Microsoft shares ticked up on the day while Barnes & Noble shares surged more than 50%.
Shares of Monster Beverage(MNST) soared during Monday's session following a Wall Street Journal report that said the company was in talks to be acquired by Coca Cola(KO) but the stock ultimately finished marginally lower after Coke denied the report.
Shares of Sunoco(SUN) jumped 20% to $49.34 after pipeline operator Energy Transfer Partners agreed to buy the company for $5.35 billion.
Also, NYSE Euronext(NYX) said its first-quarter adjusted earnings declined 32%. The exchange saw a slowdown in trading, particularly in its derivatives trading unit, and was hit by costs associated with its failed merger with Germany's Deutsche Boerse. Adjusted profit in the quarter was 47 cents a share; analysts were looking for 48 cents. Shares fell about 5%.
Warner Chilcott( WCRX ) , the drug maker, is weighing options including a possible sale after receiving interest from strategic and private-equity buyers, according to people with knowledge of the matter, Bloomberg reported. Shares surged 16%.