Trading volume was light today with the bond market and banks closed for Veteran’s Day in the US. Wall Street ended mostly flat after coming off of its worst week since June. In Europe, stocks were mixed with an important meeting for the euro zone to discuss Greece’s economic reforms later this week. Over the weekend Greece’s government passed its 2013 budget. Several deals were reported today including Leucadia’s (LUK) acquisition of Jefferies Group (JEF) for $2.8 billion and Titanium Metals’ (TIE) deal with Precision Castparts (PCP) for $2.9 billion cash. Best Buy (BBY) announced their new CFO will be Sharon McCollam, a former Williams-Sonoma executive. Facebook (FB) made gains today ahead of Wednesday’s lock-up expiration. Oil prices fell on Monday and crude futures for December delivery dropped after it was announced that the US will become the top oil producer within five years, surpassing Saudi Arabia.
Word on the Street
- The euro remains unchanged due to Greece bailout uncertainty and a gloomy economic outlook.
- Leucadia National (LUK) to buy Jefferies Group Inc. (JEF) in a $2.8 billion deal.
- Japan’s economy shrinks 3.5% in the July-September quarter, further weighing down global growth.
- Precision Castparts Corp. (PCP) agrees to buy Titanium Metals Corp. (TIE) for $2.9 billion, expanding its titanium capabilities.
- D.R. Horton (DHI) beats estimates after reporting strong quarterly sales.
- Research in Motion (RIMM) says they will release its new Blackberry 10 in January of 2013.
- The US is predicted to be the world’s leading oil producer in five years.
- Groupon (GRPN) Plunges to Fresh Lows After Missing Top and Bottom Line Estimates.
- The difference between how a successful entrepreneur and an extraordinary entrepreneur acts.
- A look into what could happen for small businesses if the Bush-era tax cuts expire in America.