The Nasdaq 100 index dropped in Monday trading after Microsoft Corp. walked away from efforts to buy Internet portal Yahoo Inc., spreading concern about other merger-and-acquisition activity on Wall Street.
The index, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, fell 6.05 points to end at 1,975.82. The broader Nasdaq composite shed 12.87 points to 2,464.12.
Shares of Yahoo lost $4.30, or 15 percent, to $24.37.
Shares of University of Phoenix operator Apollo Group Inc. slipped $3.34, or 6.2 percent, to $50.28.
Shares of United Airlines parent UAL Corp. dropped 89 cents, or 5.6 percent, to $15 after oil prices topped $120 a barrel for the first time. The profitability of airline operators is closely linked to jet-fuel costs.
On the gaining side, shares of Steel Dynamics Inc. jumped $1.47, or 4.2 percent, to $36.38.
Shares of Chinese search engine Baidu.com Inc. advanced $12.35, or 3.4 percent, to $373.85.
Shares of Focus Media Holding Ltd., which operates an advertising network in China, gained $1.18, or 3.1 percent, to $39.66.
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