May 13 (Bloomberg) — Stocks fluctuated, with the Standard & Poor's 500 Index near a record, amid corporate deals activity and data that showed retail sales rose less than forecast in April.
DirecTV jumped 1.7 percent after people familiar with the matter said AT&T Inc. has held advanced talks to acquire the company for about $50 billion. Keurig Green Mountain Inc. added 9.5 percent after Coca-Cola Co. boosted its stake in the company. Pfizer Inc. rose 0.4 percent after people familiar with the matter said the company may increase its bid for AstraZeneca Plc.
The S&P 500 advanced 0.1 percent to 1,898.42 at 10:01 a.m. in New York. The index earlier touched 1,900 for the first time. The Dow Jones Industrial Average increased 29.09 points, or 0.2 percent, to 16,718.33. The Nasdaq Composite Index slipped less than 0.1 percent, while the Russell 200 Index lost 0.2 percent.
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"We're still in a nascent recovery," Chad Morganlander, a fund manager at Stifel Nicolaus & Co., which oversees more than $150 billion, said in a phone interview from Florham Park, New Jersey. "We do believe there will continue to be an underlying improvement in economic trends over the course of this year. There are other economic numbers that trump this report — it's not a game-changer."
Retail sales climbed 0.1 percent last month after after a revised 1.5 percent surge in March that was the biggest since March 2010, Commerce Department figures showed today in Washington. The median forecast of 83 economists surveyed by Bloomberg called for a 0.4 percent advance.
Consumers were less inclined to ramp up spending again after March saw a release of pent-up demand caused by harsh winter weather.
Macy's Inc., Wal-Mart Stores Inc. and Kohl's Corp. are among 12 companies in the S&P 500 scheduled to disclose results this week, giving investors insight into how retailers performed during the winter months.
About 76 percent of the 454 S&P 500 companies that have released results this earnings season have beaten estimates for profit, while 53 percent have exceeded revenue projections, data compiled by Bloomberg show.
Stocks climbed yesterday, with the S&P 500 closing at a record 1,896.65, as Internet and small-cap shares rallied. The Dow Jones Internet Index had its best day since January, as all 41 members advanced.
The Nasdaq Composite Index also rose the most since January, adding 1.8 percent to trim its loss for the year to 0.8 percent. While the technology-heavy gauge has recovered 3.6 percent from its April low, it remains 4.9 percent below a 13- year high in March.
The Chicago Board Options Exchange Volatility Index, a gauge for U.S. stock volatility known as the VIX, rose 1.1 percent to 12.37. The gauge has fallen 42 percent since reaching a two-year high on Feb. 3.
Nine of the 10 main S&P 500 groups rose today, with utilities adding 0.4 percent to pace gains. Phone stocks retreated.
DirecTV rose 1.7 percent to $88.66. The company and AT&T have discussed a $100-per-share offer that would value DirecTV at about $50 billion. AT&T slid 1.1 percent to $36.19.
Keurig Green Mountain climbed 9.5 percent to $121.25. Coca- Cola increased its stake in the maker of household coffee machines to 16 percent, three months after acquiring a 10 percent holding. Coca-Cola's wholly owned subsidiary Atlantic Industries now owns 19.5 million shares in Keurig, according to a regulatory filing.
Pfizer added 0.4 percent to $29.25. Chief Executive Officer Ian Read answered questions today from a British parliamentary committee about the offer for AstraZeneca. The U.S. company plans to sweeten the 60.4-billion-pound ($101.9 billion) bid for a second time, people with knowledge of the matter said.
McKesson Corp. advanced 3.2 percent to $179.74. The largest U.S. drug wholesaler said adjusted earnings per share amounted to $2.55 in the fourth quarter of its financial year, more than the $2.39 that analysts had projected. Revenue in the three months through March totaled $38.1 billion, beating the $35.9 billion average estimate.
Elizabeth Arden Inc. tumbled 16 percent to $29.81. The maker of Elizabeth Taylor and Britney Spears-branded perfumes reported quarterly revenue that missed analysts' estimates.
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