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Weak Economic Data in Europe and Asia on Monday, Multiple US Corporate Mergers (WLP, AA)

By: , dated July 9th, 2012
On Monday, stocks were still down due to weak economic data in Asia and Europe, especially from Spain where bond yields rose above 7%. Market indices traded lower ahead of the earnings calendar. Evidence continues to arise on Libor and the role of central bankers with the Bank of England’s Paul Tucker testimony. There were several large mergers today as WellPoint (WLP) announced its plan to acquire Americgroup (AGP) for $4.9 billion in cash and Campbell Soup (CPB) agreed to buy Bolthouse Farms for $1.55 billion. Although aluminum prices are down, Alcoa Inc. (AA) reported earnings that were better than Wall Street expected. Today was also the first day of an air show where Boeing (BA) won orders worth $7.2 billion. The dollar inched slightly higher to both the euro and the Japanese yen.

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