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The U.S. Energy Department on Monday announced that it plans to sell up to 8 million barrels of crude oil from the Strategic Petroleum Reserve. The oil will come from three of the SPR storage sites, with up to 3 million coming from the Bryan Mound site near Freeport, Texas. Bids must be received no later than 2 p.m. Central time on Jan. 17, and contracts will be awarded to by the end of January, the Energy Department said. Prices for West Texas Intermediate crude were already trading sharply lower when the announcement was made. February WTI crude traded at $52.64 a barrel, down $1.35, or 2.5%.

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From:: Stock Market News

Stocks opened in negative territory on Monday as investors looked ahead to the start of corporate earnings season. The S&P 500 index slipped 2 points, or 0.1%, to 2,275, while the Dow Jones Industrial Average retreated 37 points, or 0.2%, to 19,925. Meanwhile, the Nasdaq Composite Index gained four points, or 0.1%, to 5,525. Earnings season kicks off later this week with reports from J.P. Morgan Chase and Bank of America Corp. . Shares of Merrimack Pharmaceuticals Inc. shot higher in early trade after the company said Sunday it will sell its oncology assets. McDonald’s Corp. rose after the company signed a deal to sell a controlling stake in its China unit to an investor group led by one of China’s biggest state-owned companies, Citic Ltd.

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President-elect Donald Trump thanked Fiat Chrysler on Monday morning for its decision to invest $1 billion in two existing plants in the U.S. In a tweet, Trump said “it’s finally happening,” citing also Ford’s recent decision to expand operations in Michigan. Trump did not mention either General Motors or Toyota , both of which have said they will continue with plans to produce certain cars in Mexico. The motor vehicle and parts industry added a net 243,000 jobs during the Obama administration, according to Labor Department statistics.

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From:: Stock Market News

Shares of Merrimack Pharmaceuticals Inc. soared 34% in active premarket trade Monday, after the company announced a deal to sell some drug products to France-based Ipsen SA for up to $1.03 billion. Premarket volume of 3.2 million shares was already more than the full-day average of 3.1 million shares. Merrimack said late Sunday that it will sell its cancer treatments Onivyde and generic Doxil to Ipsen for $575 million at closing, which is expected by the end of March, and up to $450 million in regulatory approval-based milestone payments. Merrimack could also receive up to $33 million in milestone payments as part of its exclusive license agreement with Shire. Merrimack said it completed its previously-announced pipeline review, and determined that it will focus on its MM-121, MM-141 and MM-310 programs. The stock had tumbled 34% over the past three months through Friday, while the S&P 500 had gained 5.7%.

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From:: Stock Market News

Entergy Inc. said it has reached agreement with New York officials to close the two operating units at the Indian Point Energy Center in 2020 to 2021. The nuclear plant, which has operated for more than four decades, is closing as part of a deal under which New York State will drop legal challenges and support renewal of the operating licences for Indian Point, which is located in the village of Buchanan in northern Westchester County. The shutdown will also mark Entergy’s exit from its merchant power business, which has been pressured by the low wholesale energy prices that have come as a result of shale fracking. “Key considerations in our decision to shut down Indian Point ahead of schedule include sustained low current and projected wholesale energy prices that have reduced revenues, as well as increased operating costs,” said Bill Mohl, preisdent of Entergy wholesale commodities. “In addition, we foresee continuing costs for license renewal beyond the more than $200 million and 10 years we have already invested.” Entergy shares were not yet active in premarket trade, but are up 8% in the last 12 months, while the S&P 500 has gained 18%.

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Pet health care services provider VCA Inc. announced Monday a deal to be acquired by snacks and petcare company Mars Inc. in a deal valued at $9.1 billion, including $1.4 billion in debt. Under terms of the deal, Mars will pay $93 for each VCA share outstanding, which represents a 31% premium to Friday’s closing price of $70.77, and gives VCA a market capitalization of about $7.55 billion. The deal is expected to close in the third quarter of 2017. “VCA’s industry-leading partnerships with veterinarians and pet care providers together with its expertise in veterinary services, diagnostics and technology will position Mars to deliver accessible, quality care and continue to create a better world for pets,” said Poul Weihrauch, Mars’ global petcare president. VCA’s stock, which has been halted for news until 8:30 a.m. ET, has soared 34% over the past 12 months, while the S&P 500 has rallied 22%.

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Ariad Pharmaceuticals Inc. said Monday it has agreed to be acquired by Takeda Pharmaceutical Co. Ltd. in a deal with an enterprise value of about $5.2 billion. Takeda will pay $24 in cash for each Ariad share owned for a premium of about 75% over Ariad’s closing price on Jan. 6. The deal is expected to close by the end of February and is structured as an all cash tender offer. Ariad shares were halted for news pending, but have gained 158% in the last 12 months, while the S&P 500 has gained 18%.

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Urban Outfitters Inc.’s stock were indicated down more than 10% in premarket trade Monday, after the apparel and lifestyle merchandise retailer said same-store sales at its retail stores during the holidays were less than expected, which prompted the company to increase promotional activity. The company, which store brands include Anthropologie, Free People and Urban Outfitters, said total sales for the two months ending Dec. 31 increased 3% over the same period a year ago. Total same-store sales rose 1.5%, as a double-digit percentage increase in direct-to-consumer sales was partially offset by lower-than-expected retail same-store sales. Same-store sales increased 3.6% at Urban Outfitters stores and 2.9% a Free People stores, but fell 1% at Anthropologie. The company said it expects gross margins to be affected more than previously expected as lower store sales required higher promotional activity to boost demand. The stock has plunged 25% over the past three months through Friday, while the SPDR S&P Retail ETF has slipped 0.3% and the S&P 500 has gained 5.7%.

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Lululemon Athletica Inc. said Monday it now expects fourth-quarter revenue to range from $775 million to $785 million, narrower than its previous guidance of $765 million to $785 million. The FactSet consensus is for revenue of $782 million. The retailer of yoga gear said it expects same-store sales to rise in the mid-single digits on a constant dollar basis. The company is expecting per-share earnings of 99 cents to $1.01, compared with a previous range of 96 cents to $1.01. The FactSet consensus is for EPS of $1.00. “We had a strong holiday season in both our store and digital channels driven by our assortment, operational execution and guest experience,” Chief Executive Laurent Potdevin said in a statement. Shares were down 0.8% in premarket trade, but have gained 26.6% in the last 12 months, while the S&P 500 has gained 18%.

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From:: Stock Market News