Daily Market Wrap: August 13, 2012 Monday, August 13, 4:50 PM ET
Concerns over weakness in Japan's economy and a possible slowdown in China kept the markets under pressure today.
GOOG) announced plans to lay off about 4,000 workers at Motorola Mobility. The internet giant acquired the cellphone maker in May.
About a third of the layoffs will be in the U.S., the rest will reportedly be in Asia and India.
In M&A news, energy company Tesoro (
TSO) announced the acquisition of BP's Carson, California refinery in a deal worth about $2.5 billion.
Shares of Tesoro are trading sharply higher today on the news.
Chinese advertising company Focus Media (
FMCN) also rallied today after receiving a takeover proposal for about $3.5 billion, which would be China's largest leveraged buyout.
Tomorrow, we'll take a look at the producer price index and retail sales reports as well as earnings from Home Depot (
HD) and TJX ( TJX).
For Marketnewsvideo.com, I'm Sayoko Murase.
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Daily Market Wrap: August 13, 2012
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