Wall Street's Monday rally was short-lived with stocks now in the minus column as oil resumes its fall.

The biggest private-equity deal so far this year grabbing investors' attention. PetSmart (PETM) is being bought by an investor group led by BC Partners for more than $8 billion, or $83 dollars a share in cash. PetSmart shares are jumping on the news in early trading.

Related: PetSmart jumps on buyout; Bob Evans CEO steps down; Apple e-book appeal

News of a potential deal in the energy sector. Talisman Energy (TLM) confirming it’s in talks with Spanish-based Repsol. Talisman shares are higher after rising more than 16% on Friday following a report in the Financial Times that Repsol is in talks to buy Canadian oil producer for up to $8 billion.

Honeywell (HON) also in the spotlight this morning.  The industrial conglomerate slightly scaled back its sales outlook for this year and gave a cautious outlook for 2015 due to modest economic growth in most regions around the globe.

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Another CEO is stepping down because of his firm's poor performance. Bob Evans's (BOBE) Chief Executive Steve Davis has announced that he's resigning as the company’s board looks to revamp the restaurant-and-food company following a proxy fight.  Shares of Bob Evans are up on the news in early trading.

Apple (AAPL) is in court today.  The company is asking a federal appeals court to overturn a $450 million e-book price fixing judgment against it.  A lower court ruled Apple conspired with five big publishers to artificially inflate the price of e-books.  Apple denies it broke the law, calling its plan a smart business move.

Related: Goodbye car dealers?

Volvo is shifting its focus to the internet. The Chinese-owned Swedish carmaker saying it will gradually build up its web offerings, and eventually wants to have every model available online. AutoNation (AN) just last week announced it would also begin selling online and of course Tesla (TSLA) uses that model as well.