U.S. stocks have been volatile so far, led by an announcement by Verizon (NYSE: VZ) that it plans to acquire Terremark Worldwide (NasdaqGS: TMRK) for $1.4 billion in cash, a 35 percent premium on Terremark’s current share price.
The deal, if approved, will be Verizon’s largest acquisition since 2005, when it acquired the former MCI for $6.8 billion. Board members of both companies already have approved the deal amid chaos in the U.S. markets.
Shares of Verizon and its rival AT&T (NYSE: T) are down 2.03 percent and 1.93 percent, respectively, on a day when violent uprisings are rocking Egypt and much of the Middle East.
The Dow Jones Industrial Average is down 1.34 percent in late afternoon trading, while the S&P 500 and Nasdaq are down 1.59 percent and 2.31 percent, respectively.
The 10-year bond yield also is down slightly by 0.05 percent.
Investors are seeking a safe-haven in the commodities markets, as oil has risen 4.33 percent amid chaotic rioting in Egypt. Gold also is up 1.43 percent.
Virtually every blue chip stock is down so far today. Microsoft (Nasdaq: MSFT) is down 4.05 percent, while Home Depot (NYSE: HD) is down 3.15 percent. Cisco Systems (Nasdaq: CSCO) is down 2.29 percent, while Hewlett Packard (NYSE: HPQ) is down 2.12 percent.