US Stocks Down on Monday, Global Investors Await ECB Action
Global stocks on Monday rose slightly in anticipation of this week's meeting between the Fed and the European Central Bank. Despite political endorsement, there is still a large amount of skepticism over when more stimulus will actually be provided and if it will be enough, driving the euro down after last week's three-week high against the dollar. CB&I (CBI) announced its acquisition agreement with Shaw Group (SHAW) for $3 billion. HSBC Holdings announced 9% decrease in its first-half earnings and plans to put $2 billion aside to cover scandal fines.US stocks saw small losses with the Dow Jones, S&P 500 and Nasdaq all in the red by the end of the day.
Word on the Street
- Chrysler Group continues its turnaround with $436 million in second quarter earnings.
- After admitting failure to prevent money laundering, the HSBC sets aside $2 billion to cover fines.
- Geithner and Bernanke release similar message about protecting the euro zone and taking necessary measures.
- CB&I (CBI) will buy Shaw Group (SHAW) for $3 billion in cash and stock and help expand CB&I in nuclear, gas and coal power generation.
- Apple (AAPL) faces tough competition despite the upcoming release of the iPhone 5.
- Best Buy (BBY) founder talks of high-level recruitment as the company plans to go private.
- US drought continues and corn ratings worsen for the eighth straight week.
- Global marketing chief Joel Ewanick fired from General Motors (GM).
- Starbucks (SBUX) Shares Plunge Over 10% on a 2 Cent Miss.
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Published on Jul 30, 2012By InvestorGuide Staff