Alibaba Group Holding Limited
's Jack Ma has decided to repurchase about 20% of his company from Yahoo
) for $7.1 billion. The deal was announced Monday morning and has been a long time coming, as Alibaba has been showing interest in retaking claim on shares for years. After much discussion between the parties, a deal was finally agreed upon that will establish a new stage-based framework for Yahoo and Alibaba's relationship. YHOO opened at $15.98.
) shares were down 12% in morning trading at $33.62 after increased marketing competition from Google
) and hesitant traders. As the 11th Internet company to go public in this year alone, FB has some catching up to do. LinkedIn
) and Groupon
) experienced surges in trading after their IPOs. FB opened at $36.56, while GOOG opened at $601. LNKD opened at $96.28, and GRPN opened at $11.46.
Home-improvement retailer Lowe's
) has reported a strong first quarter, beating estimates and impressing analysts. Net earnings of $527 million were 14.3% higher than last year's earnings and far surpassed management guidance. LOW opened at $26.17, and shares dropped further in later trading.
The global electrical industry will see a growth-prompting merger, as Eaton Industries
) has announced plans to acquire Cooper Industries
) in the second half of 2012. The two will become one under Cooper's incorporated company in Ireland, likely to be named Eaton Global Corporation. ETN opened at $42.85, and CBE opened at $70.52.