TOP STORIES
IRAN NUCLEAR TALKS EXTENDED
Iran and the six-power group with which it is negotiating are
extending nuclear negotiations until the end of June after failing
to reach an agreement by today's deadline.
UNITED TECHNOLOGIES ANNOUNCES CEO'S RETIREMENT
United Technologies disclosed the sudden retirement of Chief
Executive Louis Chenevert, and it named Chief Financial Officer
Gregory Hayes as his successor. Shares down 1%.
CHINA CUT IN RATES MAY BE SHORT ON IMPACT
China's move to slash lending rates to help slowing growth may
lack punch, as Chinese banks likely will remain reluctant to lower
loan rates for fears of hurting their profits.
U.S. STOCKS TRADE HIGHER
U.S. stocks traded higher following gains in European and Asian
stocks. The Dow and S&P both closed at records Friday amid a
rally sparked by an interest-rate cut in China.
WAL-MART ADDS FORMER AMERICAN AIRLINES CEO HORTON TO BOARD
Wal-Mart has added Tom Horton, the former chief executive of
American Airlines, to the retailer's board, bringing its size to 16
directors.
BIOMARIN TO PAY UP TO $840 MILLION FOR PROSENSA
BioMarin Pharmaceutical, a drug maker focused on rare diseases,
said it has agreed to pay up to $840 million to acquire Prosensa
Holding, a Dutch biopharmaceutical company with no marketed
products. Prosensa shares up 61%; BioMarin down 1%.
HEALTHSOUTH TO ACQUIRE EHHI HOLDINGS
HealthSouth agreed to acquire privately held EHHI Holdings for
about $750 million, a move that would expand the inpatient-hospital
operator into the home-health market.
OIL PRICES SLIP AS OPEC MEETING LOOMS
Oil prices fell on expectations that the Organization of the
Petroleum Exporting Countries would not cut production enough to
reduce a global glut of oil.
SAKS FIFTH AVENUE FLAGSHIP VALUED AT $3.7 BILLION FOR LOAN
Canadian retail mogul Richard Baker said Saks Fifth Avenue's
flagship store in Manhattan had been appraised at $3.7
billion--well above the $2.9 billion, including debt, that Hudson's
Bay paid for all of Saks a year ago.
CHICAGO NATIONAL ACTIVITY INDEX SHOWS GROWTH MODERATED
The Chicago Fed National Activity Index fell to +0.14 in October
from September's +0.29. The three-month moving average, designed to
smooth out volatility, fell to -0.01 in October from +0.12 in the
previous month.
GREEK OFFICIALS HOPE TO BREAK DEADLOCK ON REFORM
Greek officials will meet with the country's troika of
international inspectors in Paris on Tuesday in a bid to jump-start
deadlocked talks over Greece's reform and austerity program.
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Grand Central
A PBOC REPORTER POINTS TO THREATS FOR NO. 2 ECONOMY
Jon Hilsenrath recommends you take a moment to read Bob Davis's
Saturday essay on the possible end of China's economic miracle.
Sign up here for The Wall Street Journal's daily report on global
central banks.
Capital Journal Daybreak
OBAMA'S UNILATERAL ACTIONS RAISE RISKS
With time ticking down on his second term, President Obama has
escalated his efforts to accomplish his policy goals without
winning approval from Congress. Sign up here for The Wall Street
Journal's morning rundown of the biggest news driving
Washington.