Market Wrap: Euro Meeting on Docket; Levinsohn Leaves; Chrysler's Sales Blowout; Merger Monday!

July 30, 2012 5:43 PM EDT
Market wrap-up for July 30th

End of the Day: Dow Jones down 2.7 to 13,073.01; S&P 500 down 0.7 to 1,385.30; Nasdaq down 12.3 to 2,945.84

The following is a brief summary of events moving markets today:
  • Loading the barrel: Markets were largely flat Monday as investors' focus remains on further economic stimulus measures. Euro leaders are expected to hold a meeting on Thursday to discuss measures aimed at firming European markets.

    Last week, European Central Bank president Mario Draghi YHOO) interim CEO Ross Levinsohn decided to leave the company, according to AllThingsD. The move was largely expected when Levinsohn was passed over for the permanent spot by Google's (Nasdaq: GOOG) Marissa Mayer.

    Before being appointed interim CEO in May, Levinsohn ran Yahoo!'s America's unit, overseeing media and ad sales units. Levinsohn previously worked at News Corp.'s (Nasdaq: NWSA) Fox Sports unit, overseeing its digital operations.

  • Merger Monday!: The big news was CB&I (NYSE: CBI) entering a definitive agreement with the Shaw Group (NYSE: SHAW) to acquire Shaw for $46 per share in cash and stock.

    Some other notables:
    • Unilever (NYSE: UL) signed a definitive agreement for the sale of its North America frozen meals business to ConAgra Foods (NYSE: CAG) for a total cash consideration of $265 million.
    • Oracle (Nasdaq: ORCL) entered into an agreement to acquire network network virtualization technology provider Xsigo Systems.
    • Roper Industries (NYSE: ROP) agreed to acquire Sunquest Information Systems in a deal valued at $1.415 billion, inclusive of $25 million in cash tax benefits.
    • JA Solar Holdings Co., Ltd. (Nasdaq: JASO) entered into a share transfer agreement on July 23, 2012 with M.SETEK Co., Ltd., a polysilicon and solar wafer manufacturer in Japan controlled by AU Optronics Corp. (NYSE: AUO), for M.SETEK's 65 percent equity interest in Hebei Ningjin Songgong Semiconductor Co., Ltd. to JA Solar Hong Kong Limited, a wholly-owned subsidiary of the Company, for RMB247.0 million (US$38.9 million).
  • Straight from Detroit: Chrysler Group reported second-quarter 2012 net income of $436 million and sales of $16.8 billion. Net income was up 141 percent over the same period last year. Chrysler also said Modified Operating Profit grew to $755 million in the quarter, 49 percent higher than a year earlier.

    As expected, much of the boost came from North American operations, of which plays a bigger role for Chrysler over its European unit.

    Numbers may bode well for General Motors (NYSE: GM), slated to report its second-quarter results on August 2nd. The Street is looking for earnings to sink about 52 percent to 74 cents per share.
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