Stocks Are Sliding (FDO, DLTR, Z, TRLA, HLF, LOCO, SPX, SPY, QQQ, DIA)

Myles Udland

Stocks are lower to start this particularly busy week.

The Dow is down 68 points, the S&P 500 is down 9 points, and the Nasdaq is down 26 points.

The biggest news of the day so far is two notable mergers: Dollar Tree's deal to acquire Family Dollar and Zillow's deal to acquire Trulia.

Dollar Tree announced it will acquire Family Dollar for $74.50 per share in a deal that will create a combined company with annual sales of more than $18 billion. The deal comes after activist investor Carl Icahn took a 9.4% stake in Family Dollar and urged the company to seek a sale. 

Following the announcement, Dollar Tree shares were up 5% while shares of Family Dollar were up 22%. 

Zillow announced it will acquire Trulia in a $3.5 billion all-stock deal that values Trulia at a 25% premium to its closing price on Friday. Last Thursday, Bloomberg reported that Zillow was seeking to acquire Trulia.

Following the deal, Zillow shares were down 5% while Trulia shares were up 8%.

Also in stock news, shares of El Pollo Loco, which made their market debut on Friday, were up more than 25% after gaining 50% on Friday. 

On the economic data front, Markit's "flash" reading for July services data was unchanged from last month at 61, which also topped expectations for a reading of 59.9.

Pending home sales for June fell 1.1%, missing expectations for a 0.5% increase. 

It's also a busy week for earnings, with Herbalife among the notable companies set to report after today's market close. 

See Also:

SEE ALSO: Wall Street's Brightest Minds Reveal The Most Important Charts In The World