Stock Market Today - New Greece Reform Plan Raises European Optimism

NEW YORK ( TheStreet) --  European officials are optimistic about the new plans for reform submitted by Greece's government in last-ditch attempts to save the talks over the country's bailout, the FT writes. European economic affairs commissioner Pierre Moscovici said the new plans were "going in the right direction."

  • The German economy had a good start to the second quarter and the relatively modest upturn is likely to continue, the finance ministry said. Latest data showed orders, output, exports and retail sales all rising, though private sector growth has slowed. "Overall, indicators suggest the economic upturn will continue in the second quarter of 2015 at a moderate pace," the ministry said in its monthly report.
  • A group of British business leaders and entrepreneurs are preparing to launch a campaign for Britain to leave the European Union at a planned membership referendum, a major donor to the pro-exit UK Independence Party said.
  • Health insurer Cigna (CI) rebuffed Anthem's (ANTM) $47 billion merger proposal. Cigna said it was "deeply disappointed" with Anthem's recent actions and the offer was not in the best interest of shareholders.
  • European private equity fund CVC and Singapore's sovereign wealth fund Temasek are buying a controlling stake in pharmaceutical firm Alvogen, the company's head said. Robert Wessman is the former CEO of Actavis (ACT), which is a holding in the Action Alerts Plus charity portfolio co-managed by Jim Cramer. Wessman founded the New Jersey-based generic drugs firm in 2009. The size of the stake the consortium purchased was not disclosed, but the deal values the company at around $2 billion (£1.3 billion), a source familiar with the matter said on Monday.

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