NEW YORK (TheStreet) -- U.S. stock futures were pointing lower Monday and European shares were declining as a deal to form a government in Greece have so far failed.
Asian stocks ended mixed Monday; Japan's benchmark Nikkei 225 index rose 0.2% to close at 8,973.84. In China, the Shanghai Composite Index fell 0.6% to 2,380.72 despite a move from the central bank over the weekend to cut bank reserve requirements by 50 basis points.
The Dow Jones Industrial Average fell 1.7% last week, ending at 12,820.60; the index is up 4.9% year to date. The S&P 500 fell 1.1% to finish at 1353.39, and the Nasdaq declined 0.8% to settle at 2956.34.
Three high-ranking JPMorgan Chase (JPM) executives are expected to leave the bank this week, according to a report. The expected departures come in the wake of the bank's disclosure last week that it lost $2 billion because of trades that went awry. The Wall Street Journal reported that Ina Drew, the bank's chief investment officer; Achilles Macris, who headed the London desk that placed the trades; and trader Javier Martin-Artajo, a managing director on that desk, will leave the bank. There are also reports that Bruno Michel Iksil, known as the "London Whale" for big positions he took in credit markets, may leave JPMorgan, which is the biggest bank in the United States by assets.
Yahoo! (YHOO) CEO Scott Thompson has stepped down and the company has reached a settlement with activist hedge fund manager Daniel Loeb's Third Point LLC. The Internet company said Sunday it appointed Ross Levinsohn, Yahoo!'s global head of media, to serve as interim CEO. A press release from Yahoo! didn't mention the reasons for Thompson's departure, but the changes come amid controversy over his biography. Reports Monday say before he resigned at CEO of Yahoo!, Thompson disclosed to the company's board that he has been diagnosed with thyroid cancer. The decision to step down was in part influenced by Thompson's cancer diagnosis, a person familiar with the matter told The Wall Street Journal.
Cosmetics maker Avon (AVP) changed course on a buyout offer it had previously rejected, declaring that it would consider selling itself to Coty after Coty sweetened the deal. In a two-sentence statement Sunday, Avon said its board would respond to Coty within a week. Coty offered $23.25 for Avon on March 30, or about $10 billion. On Wednesday, Coty sent Avon a letter raising the price about 6.5% to $24.75 a share, or almost $10.7 billion.
Monster Worldwide (MWW) has drawn interest from a number of potential buyers, including private-equity firm Silver Lake Partners, Reuters reported, but LinkedIn (LNKD), considered a would-be suitor, won't pursue a deal.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV