U.S. stocks trended lower after rallying at the opening. Swiss pharmaceutical company Roche offered $89 per share to Genentech stock holders for 44% of the company that it does not own. The stock rallied in the hope that Roche may raise its offer above $100 per share. Separately, financials rallied in the morning after Bank of America reported 41% drop in earnings and estimated Countrywide merger will add earnings faster than earlier expected.
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