NEW YORK (TheStreet) -- Here are the top stock market headlines for the morning of Monday, June 7, 2010.
Monday's Early Headlines
- BP Shares Rise on First Major Progress in Oil Spill -- Shares of BP (BP) - Get Report rose more than 4% early Monday after the company said its latest response to the oil spill is capturing most of the oil gushing from the Gulf of Mexico well. BP said the lower marine riser package containment cap, installed last Thursday, collected on Saturday a total of 10,500 barrels of oil and 22 million standard cubic feet of natural gas was flared. BP also said Monday the costs to date of responding to the oil spill in the Gulf of Mexico are about $1.25 billion, excluding $360 million in funds for a Louisiana barrier islands construction project.
- Apple Expected to Unveil iPhone 4.0 -- Apple (CEO) - Get Report CEO Steve Jobs will unveil the new iPhone 4.0 at the company's Worldwide Developers Conference in San Francisco, which TheStreet will be covering live. After a prototype ended up in the hands of tech blog Gizmodo, Apple fans have a good idea of what to expect from the updated iPhone: a front-facing video camera along with an improved back camera and display. In addition, Apple watchers expect the new iPhone to feature a longer battery life and a better processor.
- Prudential PLC Defends Failed Acquisition of AIG's Asian Unit -- Dow Jones Newswires reports that Prudential PLC( PLC) Chairman Harvey McGrath said Monday that the U.K. insurer's board of directors has "total confidence" in CEO Tidjane Thiam following the failed bid to acquire American International Group's (AIG) - Get Report AIA Asian unit. The $35.5 billion deal was scrapped after Prudential PLC attempted to negotiate for a lower price with AIG. McGrath called the deal collapse "bitterly" disappointing. but added that Prudential PLC's focus on Asia remains unchanged.
- Talecris To Be Acquired for $3.4 Billion -- Biotherapeutics company Talecris( TLCR) has reached an agreement to be acquired by Spanish health care company Grifols for cash and stock of $3.4 billion. Grifols will acquire all the common shares of Talecris for $19 in cash and 0.641 newly issued non-voting Grifols shares for each Talecris share. The deal values Talecris shares at $26.16, a premium of 53% to the average closing price of Talecris common stock over the last 30 days.
- Germany Factory Orders Rise Unexpectedly in April -- German factory orders rose 2.8% on a seasonally adjusted basis in April, surprising economists who had expected a 0.4% decline, Bloomberg reports. The unexpected jump was attributed to the weaker euro, which boosted export demand, as well as increased investments by companies. The Economy Ministry revised the March figure to an increase of 5.1% from an initially reported 5%, the report added.
-- Written by Robert Holmes in Boston
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