The tough times continue on Wall Street. On the heels of last week's 4-day losing streak, stocks (^GSPC) are being blindsided by China, where stocks sank the most in 8 years.
Yahoo Finance's Aaron Task says the Chinese decline along with leaked Federal Reserve data on projections for the U.S. economy could affect the thinking of Chair Janet Yellen and the other policymakers on when to being hiking interest rates.
"She, specifically, wants to get it started just to get away from zero," he notes. "But what's going on in China, what's going on in commodities might cause her to rethink this idea that the Fed can hike rates this year."
On the economic front, the Commerce Department reports durable goods orders rose 3.4% in June, bouncing back from the surprise plunge in May.
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Teva-Allergan deal
Here are some of the stocks the Yahoo Finance team will be follwing for you today.
Teva Pharmaceuticals (TEVA) U.S. shares are gaining in early trading. The Israeli-based drugmaker is buying the generic drug unit of Allergan (AGN) for $40.5 billion. Analysts say the move frees up Allergan to focus more on its branded drug business, including wrinkle-remover Botox. Allergan shares are also moving higher on the news.
Mylan (MYL) Meantime, Mylan shares are sinking. That's because the Teva hookup with Allergan has led Teva to drop its effort to buy the generic and specialty pharmaceutical firm. Mylan has been resisting the takeover bid ever since Teva first made it back in April.
McGraw-Hill Financial (MHFI) The company is buying SNL Financial for $2.225 billion. The privately-held SNL Financial provides financial news and analysis for clients.
Restaurant Brands International (QSR) Shares are trying to buck the early selloff. The owner of Burger King and Tim Hortons chains is reporting second quarter profit and revenue that topped analysts' forecasts. The company says sales at Burger King restaurants open at least a year jumped 6.7%...while at Tim Hortons they were up 5.5%.
UBS (UBS) The big Swiss bank reports quarterly profit of about $1.25 billion, a 53% jump from last year and well above estimates. UBS credits an increase in business from high net-worth clients. The bank released the numbers a day earlier than anticipated following a newspaper story over the weekend that included inaccurate figures.
Facebook (FB) The social media company says it will expand its effort to provide free internet access globally. Facebook is making its "internet.org" mobile app more easily available to any phone operator. Previously, Facebook partnered with companies in various developing countries to offer the free web service.
Record fine for Fiat Chrysler
Federal regulators are fining Fiat Chrysler (FCAU) a record $105 million for what they call the mishandling of 23 recalls. In addition to the fine, the automaker has agreed to three years of rigorous federal oversight, and will hire an independent monitor.
Speaking of automakers... GM (GM) is joining a dozen other major U.S. corporations in a White House initiative to address climate change. Companies including Bank of America (BAC), Google (GOOGL) and Walmart (WMT) are pledging to invest more than $140 billion in efforts to cut carbon emissions.
Boxing film "Southpaw" took in a strong $16.5 million this weekend... more than half of the film's estimated $30 million production budget. The movie was funded by Chinese firm Wanda Pictures-- making it the first American movie whose production was financed solely by a Chinese company, according to Bloomberg.
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