News Summary (C, BAC, SOMX, PG, MSFT, AAPL, INTC, PAR, HPQ, DELL)

The Financial Select Sector SPDR Fund (XLF) moved down about 1% after the report of Commerce Department showing weaker-than-expected gain in the durable-goods orders in July. The financial-sector ETF is down 9% so far in August. Citigroup Inc C lost about 1.21%, while the Bank of America Corp BAC lost 1.1%. Shares of Somaxon Pharmaceuticals SOMX advanced about 41% after Procter & Gamble PG agreed to co-promote SOMX’s new insomnia medication Silenor. The NYSE Arca Pharmaceutical Index (DRG) was down about 0.12%, while the NYSE Arca Biotechnology Index fell 0.3%. Tech stocks are down for a third-consecutive session. Shares of Microsoft Corp MSFT lost about 0.41%, Apple Inc AAPL fell 0.73% and Intel Corp INTC lost 0.63%. Shares of 3Par Inc PAR are down 1.8% after the company reported that it has entered into talks with Hewlett-Packard Co HPQ related to its bid for the company. Three business days has been given by PAR to Dell Inc DELL for responding to its earlier $1.15 billion acquisition deal. Read more from Benzinga's Markets.