What was the S&P 500’s longest streak since December 2010 finally ended on Monday with US indices trading sideways after weak economic data from Japan. Oil was pushed lower due to US equity market drops and Japan’s GDP news. BP (BP) has decided to sell a Californian refinery and other assets to Tesoro. Google (GOOG) reported plans to acquire the travel content brand Frommer’s and also announced that it will be offering a buyout to 20,000 Motorola Mobility employees. After hours it was announced that Groupon (GRPN) shares dropped sharply and came in below their targeted revenue forecast. For the first time in several days the euro gained against the dollar.
Word on the Street
- Oil company BP (BP) decides to sell a California refinery for $2.5 billion to Tesoro Corp.
- FedEx (FDX) to offer buyouts for US employees in order to cut costs and make up for earnings losses.
- 20% of the workforce of Motorola Mobility will be cut by Google (GOOG), shares rise.
- Oil drops again as Japan shows weak economic data and US equities move lower.
- Sears (SHLD) moves forward with plans to spin off some stores into a separate company.
- Credit card debt collection is now hit by the same problems the foreclosure process faced.
- Apple (AAPL) plans a dividend payout for later this week to entice investors.
- Harman (HAR) Pumps Up the Volume and Beats on Both Top and Bottom Lines.