NEW YORK ( TheStreet) -- Here are the top stock market headlines for the morning of Monday, July 12, 2010.

Monday's Early Headlines

  • Second-Quarter Earnings Begin With Alcoa Monday -- Alcoa (AA) will unofficially kick off the earnings reporting season when the aluminum giant opens its books later Monday on its second quarter. Alcoa should report a profit of 12 cents a share, reversing a year-ago loss of 26 cents a share, on revenue of $5.05 billion, according to analysts polled by Thomson Reuters. Intel (INTC), JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC) are among companies slated to report earnings results later this week.
  • BP to Sell Assets Due to Gulf Costs: Report -- BP (BP) is in talks with Apache (ALA) to sell roughly $18 billion in assets, including a stake in Alaska's Prudhoe Bay field, according to a report on The Wall Street Journal's Web site that cited people familiar with the matter. An asset sale could help BP pay for the clean-up of its oil spill in the Gulf of Mexico. The company Sunday said it was making progress in its efforts to install a new containment cap over the leaking oil well.
  • Aon to Acquire Hewitt for $4.9 Billion -- Insurance broker Aon (AON) has agreed to acquire Hewitt Associates (HEW), a human resources consulting and outsourcing company, for $50 a share, or $4.9 billion in cash and stock. The share price of the transaction is a 41% premium to Hewitt's closing price Friday of $35.40.

Monday's Earnings Roundup

  • Shaw Group (SHAW) said it had a third-quarter adjust profit of 57 cents a share on revenue of $1.79 billion, compared with estimates the company would report a profit of 54 cents a share on revenue of $1.78 billion. Looking ahead, Shaw reaffirmed its full-year earnings guidance range of $2.10 to $2.20 a share, compared to the Thomson Reuters average estimate for earnings of $2.20 a share.
  • CSX (CSX), like Alcoa, will report earnings after Monday's closing bell. Analysts are looking for a profit of 98 cents a share on revenue of $2.63 billion, according to Thomson Reuters.
  • Novellus (NVLS) will also report quarterly results later Monday, with analysts looking for a profit of 60 cents a share on revenue of $312 million.

-- Written by Robert Holmes in Boston.

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