Investors weren't blown away with today's data, which is understandable since there wasn't anything too meaningful released. Though the bearish mood can partially be justified by the downtick in June pending home sales, an even bigger decline was expected. The rest of the week looks to be more informative, with a deluge of economic events: A two-day Federal Open Market Committee meeting, weekly jobless claims, the monthly payroll report, and GDP all promise to spice things up. The S&P 500 Index (^GSPC 1.67%) fell 6 points, or 0.4%, ending at 1,685.
"Alternative beverage" and energy drinks company Monster Beverage (MNST 0.21%) logged some of the steepest losses in the index today, losing 3.6%. There wasn't much material news today for investors to be fearful of, but the same can't be said for the last several months. One perpetual setback for the company is the legal risk it assumes for selling and marketing its controversial energy drinks. In May, for example, the city of San Francisco sued Monster for marketing its caffeine-heavy drinks to kids without concern for potential health risks.
Drugmaker Biogen Idec (BIIB 3.78%) shed 3.3% Monday after Perrigo reached an agreement to buy the Ireland-based Elan. This entitles Perrigo to the royalties Biogen pays to Elan for its 50% ownership stake in multiple sclerosis drug Tysabri. While the success of the drug, which generated $1.6 billion in revenue last year, is obviously welcomed by Biogen investors, the company will start paying a higher royalty once sales cross $2 billion annually, a figure not so far away with a nearly 20% growth rate.
Lastly, Southwestern Energy (SWN +0.00%), which produces and explores for oil and natural gas in the U.S., slumped 3% today. A decline of some kind was appropriate, considering that the oil and gas sector was the worst-performing sector of the index today. The 3% slip becomes even easier to understand upon noting falling natural gas prices, an unfavorable trend for natural gas explorers like Southwestern.
