The Dow Industrials edged slightly lower last week, while the S&P 500 lost one percent and the Nasdaq dropped two.
Two Arkansas residents have filed a lawsuit against ExxonMobil (XOM). They're seeking $5 million in damages, claiming a pipeline spill has caused a permanent drop in their property values.
General Electric (GE) is expanding its oilfield services business, agreeing to buy Lufkin Industries for $3.3 billion. Lufkin makes equipment used in oil and gas production.
Anheuser-Busch (BUD) says the Justice Department has accepted the company's revised concessions, and will no longer block the company's effort to acquire Mexican beer maker Modelo. The deal is valued at more than $20 billion. As part of the accord with antitrust regulators, Anhueser-Busch will sell more of Modelo's assets to Constellation Brands.
UPS (UPS) plans to appeal a ruling by European regulators, who are blocking the company's planned acquisition of Dutch rival TNT Express. That deal is valued at $6.7 billion.
You've probably never heard of CPI Corp. (CPI), but you've no doubt seen its work. For years the company provided the portraits sold at Sears (SHLD), Wal-Mart (WMT) and Babbies 'R' Us. But CPI abruptly closed it business on Friday. It had been a mainstay at Sears since 1959.
Earnings season begins after the market closes this afternoon. As usual, Alcoa (AA) will be the first major company to report. Analysts expect both sales and earnings to edge lower compared to a year ago because of slumping aluminum prices. Overall, Thomson Reuters expects corporate earnings to increase by only 1.5 percent for the quarter, while other analysts say that may be too optimistic.
And J.C. Penney (JCP) and Macy's (M) are back in court today in their fight over the right to sell Martha Stewart's line of home goods. The court battle was suspended for a month to allow for mediation, but that has not produced a settlement.
–Produced by Drew Trachtenberg
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