* Google shares dip, executive to sell nearly half his stake
* Celgene up as regulator approves new drug
* Dow off 0.3 pct, S&P down 0.1 pct,, Nasdaq off 0.2 pct,
By Rodrigo Campos
NEW YORK, Feb 11 U.S. stocks slipped at the open
on Monday, with the S&P and Nasdaq dipping from multiyear highs,
as Google shares weighed on the market on plans by its
former chief executive to sell a large chunk of his stake in the
Trading volume was relatively low, which could make the
market volatile and exaggerate moves.
Google fell 0.9 percent at $777.94 after the company said in
a filing former chief executive Eric Schmidt is selling roughly
42 percent of his Google stake, a move that could potentially
net him $2.51 billion.
The decline was partly offset by gains in Apple, up
1.2 percent at $480.78 after a New York Times report that the
iPhone maker is experimenting with the design of a device
similar to a wristwatch.
No economic data or major earnings reports are scheduled for
Monday, but Federal Reserve Vice Chair Janet Yellen is due to
speak about the economic recovery at 1 p.m. (1800 GMT).
Upbeat U.S. and Chinese data last week helped the S&P 500
extend its weekly winning streak to six. The benchmark is up
more than 6 percent so far this year after a steep rally in
January that has stalled as the S&P and Dow industrials near
The large market rally so far this year has created space
for hesitation in the absence of clear catalysts, according to
Steve Goldman, principal at Goldman Management in Short Hills,
"Some positives behind the market rally are still there,
and the path of least resistance is likely to be higher," he
The Dow Jones industrial average fell 35.39 points or
0.25 percent, to 13,957.58, the S&P 500 lost 1.94 points
or 0.13 percent, to 1,515.99 and the Nasdaq Composite
dropped 5.75 points or 0.18 percent, to 3,188.12.
US Airways shares edged up as people familiar with
the matter said an $11 billion merger with AMR Corp
appeared closer. The deal would create the world's largest
airline by passenger traffic.
Opposition grew to the $24.4 billion buyout of Dell Inc
, the No. 3 personal computer maker, as three of the
largest investors joined Southeastern Asset Management on Friday
in raising objections. Dell said in a regulatory filing it had
considered many strategic options before opting to go private in
a buyout led by Chief Executive Michael Dell.
Dell shares hovered near $13.65, the buyout offer price.
Regeneron Pharmaceuticals Inc shares jumped 8
percent to $179.11 after Sanofi said it plans to buy
Regeneron's common stock.