NEW YORK ( TheStreet) -- Here are the top stock market headlines for the morning of Monday, August 24, 2009.

Monday's Early Headlines

  • Warner Chilcott to Buy P&G Drug Unit. - The Wall Street Journal reports that Warner Chilcott (WCRX) will acquire Procter & Gamble's (PG) prescription drug business for about $3 billion. The report, which cited people familiar with the matter, said the deal would be one of the largest of the summer, and is significant as it is a leveraged loan transaction, indicating that market may be warming.
  • Roubini Warns of Double-Dip Recession. - In an op-ed for The Financial Times Monday, economist Nouriel Roubini warned that the risk of a double-dip, W-shaped recession is rising. Roubini offers two reasons, saying there risks associated with exit strategies from the massive monetary and fiscal easing and that oil, energy and food prices are now rising faster than economic fundamentals warrant, and could be driven higher by excessive liquidity chasing assets and by speculative demand. "In summary, the recovery is likely to be anemic and below trend in advanced economies and there is a big risk of a double-dip recession," Roubini wrote.
  • More Bank Failures to Come: Bove. - In a research note released Sunday, Rochdale Securities analyst Dick Bove said the increase in bank failures indicates that the FDIC will seek more funds from healthy banks. "Therefore, it is likely that there will be another special assessment to banks in the fourth quarter this year and the second quarter next year to build FDIC reserves," Bove wrote. "It also means that perhaps another 150 to 200 banks will fail." More than 80 banks have already failed this year, including Guaranty Financial (GFG), which regulators shuttered on Friday before selling off assets to Spain's Banco Bilbao Vizcaya Argentaria (BBV)
  • GM Close to Hummer Sale. - Bloomberg reports that General Motors could deal its Hummer business to China's Sichuan Tengzhong Heavy Industrial Machinery this week, according to people familiar with the negotiations. An agreement could be signed and announced during a trip to Detroit by Sichuan executives, the report said, although the transaction would be subject to U.S. and Chinese regulatory approvals.
  • Chinalco, Rio Tinto Open Talks on Production Deal. - The Wall Street Journal reports that Aluminum Corp. of China (ACH), also known as Chinalco, is willing to open discussions with Rio Tinto (RTP) for cooperation in bauxite and alumina production. Chinalco's Vice President Lu Youqing gave the indication in response to comments by Rio Tinto CFO Guy Elliott, who said that the miner is in very early stages of talks with Chinalco on a possible bauxite and alumina deal.
  • Nokia to Enter PC Market. - Nokia (NOK) Monday announced its Windows based Nokia Booklet 3G, a new netbook powered by an Intel (INTC) processor. The mini-laptop also comes with an HDMI port for HD video out, a front facing camera for video calling, and multiple connectivity options, including 3G/ HSPA and Wi-Fi. Detailed specifications, market availability and pricing of the Nokia Booklet 3G will come Sept. 2.

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