Monday saw plunging markets – both global and domestic – due to speculation that Spain may have to request a larger bailout. At the end of the day US indices recovered slightly from earlier losses. Several big deals were made including China’s CNOOC Ltd. (CEO) acquisition of Canadian oil producer Nexen (NXY) for $15.1 billion, NRG’s (NRG) deal with GenOn (GEN) for $1.7 billion, and Pete’s Coffee & Tea’s $1 billion agreement to go private. McDonald’s (MCD) saw a net fall of 4.5% for their second quarter and believe the next quarter may be even slower. The euro hit a two-year low against the dollar early in the day but traded slightly higher towards the end. It also trimmed losses against the yen after initially hitting a twelve-year low.
Word on the Street
- McDonald’s (MCD) second quarter report reflects global economic troubles, earnings fall 4.5%.
- Euro hits a two-year low against the dollar as fears continue to grow that Spain may be next for a bailout.
- CNOOC Ltd. (CEO) makes China’s largest foreign deal for $15.1 billion with Nexen, Canadian oil producer.
- Bank of America Corp. (BAC) reduces its ATM network in order to lower its costs.
- Sales and profit growth slows for Apple (AAPL) as fans await the release of the new iPhone model.
- NRG Energy Inc. (NRG) and GenOn Energy Inc. (GEN) announce their $1.7 billion agreement – what will be an all-stock transaction.
- CME Group considers a new proposal to separate funds in order to soothe investors unnerved by recent scandals.
- Oil plunges the most this year as eurozone debt crisis expands and signs of a Chinese slowdown continue.
- Yum Brands’ (YUM) Strong Domestic Sales Offset Weak Chinese Numbers.
- How website owners can connect with and understand their audience through Pinterest.
- Sayings that bosses should avoid that make their employees uncomfortable.