Stocks Finish Near Session Lows
On the corporate front, shares of Yum! Brands (YUM) were gaining more than 4% in after-hours action after the restaurant operator, whose brands include Pizza Hut, Taco Bell and KFC, topped Wall Street's profit view for its third-quarter results and lifted its full-year outlook to at least adjusted earnings of $3.24 a share.
Composite and building materials systems company Owens Corning ( OC ) cut its 2012 earnings forecast amid weakness in its roofing and composites businesses. Shares dropped 8.3%.
Shares of Edwards Lifesciences (EW) plunged more than 20% after the heart valve maker, provided a weak outlook for the third quarter, citing the impact of austerity measures in Europe and other factors.
Power and hand tools supplier Stanley Black & Decker (SWK) reached an agreement to sell its hardware and home-improvement unit to Spectrum Brands ( SPB ) for $1.4 billion in cash. Stanley Black & Decker shares fell 2.7%; Spectrum Brands shares surged 11.9%.AngioDynamics (ANGO) posted a fiscal first-quarter loss on Monday of 2 cents a share; analysts had expected the medical instruments maker to report earnings of 9 cents a share. AngioDynamics also announced plans to buy Vortex Medical for $15 million. The stock lost 11%. Shares of Principal Financial (PFG) fell 2% after the insurance company agreed to buy Chilean pension company AFP Cuprum for $1.5 billion. Homeopathic and health products company ProPhase Labs ( PRPH ) received a sweetened acquisition proposal of $1.60 a share in cash from Matrixx Initiatives. The new bid is 14% above a previous offer of $1.40 that was turned down by ProPhase, whose shares surged 12.6%. British bank Barclays ( BCS) has agreed to acquire the deposits, mortgages and business assets of ING Groep's ( ING) ING Direct UK. ING ADRs slipped 2.6% and Barclays ADRs were down 1.2%.
2012 Stock Predictions and Outlook
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