Midday movers: McDonald's, Peet's, Hasbro
Stocks pare earlier losses, but concerns about Spain weigh on markets around the world.
McDonald's (MCD) shares fell nearly 3% after citing foreign-exchange issues as a significant factor in its worse-than-expected Q2 results. The fast food giant also said it now sees its full-year operating income growth at or somewhat below its 6% to 7% target.
Among others reporting, Eaton (ETN), Hasbro (HAS) and Halliburton (HAL) all advanced.
China's CNOOC (CEO) agreed to acquire Canada's Nexen (NXY) for $15.1 billion, or $27.50 per share, a 61% premium to Nexen's closing price on Friday. In a session full of M&A news, Genesee & Wyoming (GWR) struck a deal to buy RailAmerica (RA) for $27.50 per share and NRG Energy (NRG) and GenOn Energy (GEN) announced plans to merge, as did DigitalGlobe (DGI) and GeoEye (GEOY).
Among the notable gainers were Peet's Coffee (PEET), up 29%, after the company agreed to be acquired and taken private by Joh. A. Benckiser for $73.50 per share, and GenCorp (GY), up over 13%, after agreeing to acquire Pratt & Whitney Rocketdyne from United Technologies (UTX) for $550 million.
Among the noteworthy losers were InterMune (ITMN), down more than 13%, after its quarterly losses were worse than consensus expectations, and Wet Seal (WTSLA), down about 14%, following the departure of its CEO and the lowering of its earnings view for the upcoming quarter.
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Stocks are facing some serious resistance as the bears tear into the market's respite.
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