Ub News

U.S. stocks fell Monday, with the Dow Jones Industrial average .DJI declining 173.89 points to 8365.84, the Standard & Poor’s 500 Index .SPX sliding 23.43 points to 897.80 and the Nasdaq Composite Index .IXIC dropping 54.58 points to 1772.89.

Google Inc. (GOOG, $404.57, -$15.52, -3.69%) fell to 3.69 percent to $404.57 in mid-day trading session and climbed earlier to $420.09; stocks stumble after World Bank prediction.

Yahoo! Inc. (YHOO, $14.87, -$0.93, -5.89%) fell to 5.89 percent to $14.87 in mid-day trading session and climbed earlier to $15.80. Yahoo is partnering with a VC-backed start-up to stay competitive with the likes of Google, MySpace and Facebook.

Baidu, Inc.(ADR) (BIDU, $275.70, -$21.90, -7.36%) ended the last trading session at $297.60. So far the stock has hit a 52-week low of $100.50 and 52-week high of $353.37. Baidu is considering acquisitions to extend its lead in the world’s largest market for Internet users. Baidu faces rising competition in its main business, with Google forging a partnership with the country’s biggest wireless-phone company, China Mobile Ltd. Alibaba’s Taobao site also is encroaching on the search-engine market.

Bank of America (BAC, $12.23, -$0.99, -7.49%) fell to 7.49 percent to $12.23 in mid-day trading session and climbed earlier to $13.05. Over the last 52 weeks Bank of America stock has ranged from a low of $2.53 to a high of $39.50 and dropped 54.80 percent. Joseph Prueher and Tommy R. Franks resigned from the Bank of America Corp. board this week, increasing to seven the number of directors who have left since late April amid calls for improved corporate governance at the banking giant.

Goldman Sachs Group, Inc. (GS, $138.59, -$4.54, -3.17%) is on pace to make record bonus payouts after a robust first half the Guardian newspaper reported on Sunday.

President Barack Obama’s plan to create a US insurance office after the $182.5 billion bailout of American International Group, Inc. (AIG, $1.42, -$0.11, -7.19%) may take powers from the states that have overseen the industry for more than 135 years.

Hartford Financial Services (HIG, $11.09, -$1.26, -10.20%) fell to 10.20 percent to $11.09 in mid-day trading session and climbed earlier to $12.10. Over the last 52 weeks HIG stock has ranged from a low of $3.33 to a high of $72.29.

Other Loser Stocks are

Manulife ($17.66, -$2.91, -14.15%) shares were under heavy pressure amid news of an Ontario Securities Commission investigation, a class-action lawsuit, reserve increases and new round of management changes. Some of the news was expected, says Scotia Capital, as its new chief financial officer is “keen, very capable and will fit in well.” The OSC probe is more of a surprise, Scotia says, especially since the company has “disclosed more than most lifecos” on the risks related to its variable annuities. “We suspect worse case scenario is an immaterial fine,” the firm adds. More importantly, the reserve increase means second-quarter earnings likely will be lower.

CF Industries Holdings Inc. (CF, $71.48, -$3.51, -4.68%) again extended its $3.07 billion tender offer for fellow fertilizer maker Terra Industries Inc. (TRA, $25.47, -$0.53, -2.04%) by two weeks to July 10. Terra has been cool to any transaction with CF, though there is strong pressure to consolidate in the industry after prices plunged from last year’s highs. Complicating matters, CF is itself the target of a $4.4 billion cash-and-stock tender offer from Agrium Inc. (AGU, $40.01, -$1.38, -3.33%). CF has rebuffed Agrium repeatedly despite its sweetened and extended offers.

Eastman Kodak Co. (EK, $2.71, -$0.15, -5.09%) said Monday that it will discontinue its iconic Kodachrome color film this year due to tumbling sales as photographers embrace newer Kodak films or digital imaging technology.

Home builder Hovnanian Enterprises Inc. (HOV, $2.17, -$0.16, -6.87%) started a cash tender offer for about $89 million in several categories of notes due as early as next year at a discount to their face value.

Microvision Inc. (MVIS, $2.38, -$0.21, -8.11%) said it received a $15 million investment from Walsin Lihwa Corp. (1605.TW). Under the terms of the agreement Walsin’s Max Display Enterprises Ltd. unit will purchase 8.1 million shares of the light-scanning technologies company’s stock for $1.86 a share.

Independent oil and gas company Rex Energy Corp. (REXX, $4.72, -$1.12, -19.18%) has signed a $33 million deal with Williams Cos. (WMB, $14.54, -$0.93, -6.01%) to continue developing the Marcellus Shale in Pennsylvania. Under the deal, Williams will acquire a 50% stake in Rex’s leases in Westmoreland, Clearfield and Centre counties in Pennsylvania, which cover about 44,000 acres. The companies traded lower along with other energy companies as crude oil futures dropped below $68 a barrel. Murphy Oil Corp. (MUR, $50.40, -$4.55, -8.29%), Cabot Oil & Gas Corp. (COG, $29.44, -$2.38, -7.48%) and BJ Services Co. (BJS, $12.66, -$1.13, -8.19%) were among the leading oil companies that fell.