Market Wrap: AT&T/T-Mobile Deal Needs Editing; Can't Fool Moody's, Europe; Pfizer Gives More Back

Market wrap-up for December 12th

End of the Day: Dow Jones down 162.9 to 12,021.39; Nasdaq down 34.6 to 2,612.26; S&P 500 down 18.7 to 1,236.47

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

• Lights! Camera! Merger!: AT&T (NYSE: T) said it and the U.S. DoJ "wish to stay any further Court proceedings until January 18, 2012, to allow the two companies time to evaluate all options" in AT&T's proposed T-Mobile acquisition.
  
  AT&T and Deutsche Telekom continue to be active in talks, suggesting the proposal in its current form is a long-shot for approval.
  
  
• Nice try, Europe!: Stocks slid Monday as Moody's Investors Service basically said nothing material happened at last week's EU summit, and all 17 members are still under credit watch for a possible downgrade. Fitch agreed, saying there could be a "significant" downturn in Europe following failed efforts at the summit.
  
  Click here for more from Moody's.
  
  
• Thai floods claim another: Intel Corp (Nasdaq: INTC) expects fourth-quarter results to be below the company’s previous outlook due to hard disk drive supply shortages. Intel said it now expects fourth-quarter revenue to be $13.7 billion, plus or minus $300 million, on both a GAAP and non-GAAP basis, lower than the previous expectation of $14.7 billion, plus or minus $500 million. The Street is modeling for sales of $14.65 billion.
  
  Intel ended the session about 4 percent lower Monday. Click here for more color.
  
  
• Remedy for the ailing portfolio: Pfizer (NYSE: PFE) raised it's quarterly dividend 10 percent to 22 cents per share, yielding about 4.3 percent. The company also authorized a new $10 billion buyback plan. Shares ended 0.8 percent lower.
  
  
• A nutty situation: Diamond Foods (Nasdaq: DMND) slipped 22.8 percent Monday following a 50 percent surge on Friday, as a Wall Street Journal article highlighted the questionable payments to walnut growers at the center of the delayed merger with Procter & Gamble's (NYSE: PG) Pringles brand. Click here for more.

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