S&P 500 Little Changed as Time Warner, Sprint Drop on Deal News
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The Standard & Poor’s 500 Index was little changed, after U.S. equities slipped to a two-month low yesterday, as declines in Sprint Corp. and Time Warner Inc. on failed deals offset gains in consumer-staples shares.
Sprint slid 19 percent after a deal to merge with T-Mobile US Inc. collapsed. Time Warner tumbled 13 percent after Rupert Murdoch’s 21st Century Fox Inc. withdrew its unsolicited takeover bid. Molson Coors Brewing Co. and Kellogg Co. paced gains in consumer-staples shares.