Midday movers: Elan, Google, Tesoro
Stocks slide after disappointing economic news from Japan and rumors of a new legal challenge in Germany over the ESM.
Google (GOOG) said Motorola Mobility will reduce its workforce by 20%, or nearly 4,000 employees.
Elan (ELN) announced that its board has approved the spin-off of Discovery Science and Neotope Biosciences from the company.
Julius Baer has confirmed the acquisition of Bank of America (BAC) Merrill Lynch's International Wealth Management business.
Barnes and Noble (BKS) cut the price on its Nook tablet devices to $179.
General Motors (GM) announced that Ally Financial will divest its international operations in Canada, Mexico and Latin America. FedEx (FDX) announced it will offer voluntary buyouts to U.S. employees to cut costs and boost efficiency.
Among the notable gainers Monday were Focus Media (FMCN) after it announced that it received a going-private proposal for $27 a share, and Tesoro (TSO) after the company announced that it will purchase BP's (BP) Southern California refining and marketing business for $1.18 billion.
Noteworthy losers included ArrowHead Research (ARWR), after the company raised $6.2 million through a registered direct offering; and Midstates Petroleum (MPO), after reporting Q2 earnings results.
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Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
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