Stocks bounced back from massive losses last week at the opening bell on the last full trading week of 2014. The Dow was up 100 points after losing nearly more than 650 points last week on tumbling oil prices. But despite the supply glut, OPEC announced it will not cut oil production. The head of the cartel said the group stands firm and the ‘market will stabilize itself.’ PetSmart (PETM) is getting a new owner for $8.25 billion. A group led by BC Partners is buying the pet supply retailer in the largest leveraged buyout of the year. Facebook (FB) has defriended Microsoft (MSFT). The social networking site is no longer using Microsoft’s Bing search engine. This move comes as Facebook offers its own search tools.
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