U.S. STOCKS PLUNGE ON SPAIN, GREECE WOES
U.S. stocks tumble broadly and the yield on 10-year Treasurys hits all-time lows, as fears intensify that Spain could need a bailout and aid for Greece might dry up. DJIA off more than 130 points.
SPANISH BOND YIELDS CLIMB AS FEARS INTENSIFY
Spain continues to cast a long shadow over financial markets as a fresh selloff in Spanish bonds underscores concerns that the country may need a formal bailout, piling pressure on the euro and sending European equities tumbling.
MCDONALD'S NET FALLS 4.5% AS U.S. DOLLAR HURTS MARGINS
World's largest fast-food chain's 2Q earnings fall to $1.35 billion, or $1.32 a share, as a stronger U.S. dollar weakens margins, despite stronger-than-expected same-store sales and slightly higher revenue. Analysts forecast earnings of $1.37 a share. Stock down 2%.
CNOOC TO ACQUIRE CANADA'S NEXEN FOR $15.1B
China's Cnooc unveils what would be Beijing's biggest move yet to acquire a foreign form and secure energy resources abroad, with a blockbuster $15.1 billion pact for Canada's Nexen.
HALLIBURTON PROFIT HURT BY HIGHER COSTS
Halliburton's 2Q earnings slip 0.3% to $737 million, or 79c a share, as rising costs and pricing pressures mask the oil-field-services provider's 22% revenue jump to $7.23 billion.
CHICAGO FED'S INDEX TICKS HIGHER IN JUNE
Industrial production edges up in June and helps a closely-watched measure of broader U.S. economic activity recover some ground as policymakers wrestle with further potential stimulus measures.
FANNIE MAE CUTS U.S. GDP ESTIMATE, SAYS HOUSING BRIGHT SPOT
Mortgage finance company Fannie Mae cuts its U.S. gross domestic product growth projection for the year to 2%, from 2.2%, citing an uncertain job market and weak consumer spending.
NRG ENERGY, GENON ENERGY TO MERGE IN $1.7B DEAL
NRG Energy plans to acquire smaller rival GenOn Energy in an all-stock deal valued at about $1.7 billion, creating the largest competitive-rate power company in the U.S. NRG shares gain 8% and GenOn climb 24%.
CITIGROUP, COMMSEC GOT AUSTRALIA DATA EARLY
Australia's March retail sales data were sent about 18 minutes ahead of the scheduled release time to six recipients, including Citigroup and Commonwealth Bank of Australia's CommSec unit, Bloomberg News reports.
GENESEE & WYOMING TO BUY RAILAMERICA FOR $1.39B
Genesee & Wyoming agrees to buy RailAmerica for $1.39 billion in cash, a move that combines the two largest short-line and regional railroad operators in North America. RailAmerica shares gain 9% and Genesee up 2%.
OIL DOWN AS EURO-ZONE CRISIS WEIGHS
The oil market turns away from worries about Iran and news of pipeline outages to significantly bid down oil prices due to renewed concerns about the euro zone.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
POINT OF VIEW
News Clips Spell Gravity of Stock Fall
The global stocks slump has swung back to the U.S. The culprit used to be the European sovereign debt crisis, but that has now morphed into the European sovereign debt/banking/economic contraction crisis, writes Neal Lipschutz.
THE WALL STREET JOURNAL
NCAA Hits Penn State Football with $60 Million Fine
NCAA hits Penn State football with $60 million fine, bans the school from bowl games and vacates coach Joe Paterno's wins from 1998-2011, but stops short of a full suspension of the football program following child sex abuse allegations.
============ U.S. MARKETS ACTION ===========
DJIA down 137.63 points to 12684.94
NASDAQ down 52.94 points to 2872.36
S&P 500 down 18.09 points to 1344.57
10-year T-note 102 27/32 at 1.4360 yield
NYMEX Crude down $2.66 at $89.17/bbl
Dollar/Euro down 0.00368 at 1.21182