Market Wrap: OMG We Got Acquired!; Hartford Flinches; Diamond Does Debt Deal; Kraft's New 'Worldly' Name

Market wrap-up for March 21st

End of the Day: Dow Jones down 45.6 to 13,124.62; Nasdaq up 1.2 to 3,075.32; S&P 500 down 2.6 to 1,402.89

The following is a brief summary of events moving markets today:

• Paulson presses, Hartford folds: The Hartford (NYSE: HIG) reported it has decided to focus on its Property and Casualty, Group Benefits and Mutual Funds businesses, and is placing its Individual Annuity business into runoff. The company is also pursuing sales or other strategic alternatives for Individual Life, Woodbury Financial Services and Retirement Plans. For more color on Hartford's moves, click here.
  
  For a response from large Hartford shareholder John Paulson, click here.
  
  
• Drawing-up an M&A contract: Zynga (Nasdaq: ZNGA) announced today that it has acquired New York-based social game developer OMGPOP.
  
  OMGPOP makes the popular cultural hit mobile game, Draw Something, and over 35 additional social games. As a part of the Zynga family, OMGPOP will focus on building new mobile IP and strengthening its existing portfolio of fun and creative social games.
  
  Terms were not disclosed.
  
  
• Still public, still nutty: Diamond Foods, Inc. (Nasdaq: DMND) had a late-session move on speculation it was going to enter some sort of private-equity deal. However, after the market closed, Diamond announced it had reached an agreement with its lenders to amend its credit agreement. Under the amended agreement, Diamond, working with its current bank group, will have continued access to its existing revolving credit facility through June 18, 2012 subject to Diamond's compliance with the terms and conditions of the amendment. During this period, Diamond will continue to make scheduled term loan payments.
  
  The amendment requires Diamond to suspend dividend payments to stockholders. The interest rate on borrowings under the facility will increase by 75 basis points. In addition, Diamond has agreed to pay a one-time forbearance fee of 25 basis points to its lenders.
  
  
• Count the number of g's and p's in the following announcement: Hewlett-Packard (NYSE: HPQ) affirmed that its Imaging and Printing Group (IPG) and Personal Systems Group (PSG) will be joining forces to create the Printing and Personal Systems Group (PPSG). The new group will be led by prior PSG Executive VP Todd Bradley. Retiring will be IPG VP Vyomesh Joshi.
  
  
• A little too much "fanciness" going on here: Kraft Foods (NYSE: KFT) decided to rename its Global Snacks business -- which produces such delights as Oreo cookies and Ritz crackers -- to "Mondelez International." "Monde" derives from the Latin word for "world," and "delez" is a fanciful expression of "delicious." That is all.

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