9:50 AM New York – U.S. indexes declined after election results in France and Greece. The U.S. Treasury priced $5 billion of offering of AIG stake to reduce its stake in the insurer.
In early morning trading broader indexes declined more than 0.5% but the euro held firm after elections in France and Greece and Vladimir Putin reclaimed Russian presidency for the third time amidst riots in Moscow.
Greece is heading for a coalition government as no single party won a majority and raised the prospect of eventual exit from the euro zone after the far right and far left parties entered parliament for the first time in the recent years.
The U.S. economic calendar is light and weekly jobless claims and the March trade balance report are scheduled this week.
The European indexes edged lower after Greek elections failed to hand over a clear majority to any party and France elected its first Socialist President after voter frustration on austerity measures and rising unemployment.
Francois Hollande became France''s first Socialist president in 17 years defeating Nicolas Sarkozy.
Greece’s two main parties -- the conservative New Democracy and the left-wing Pasok suffered huge defeats in polls on Sunday and those opposed to more cuts won almost 60% support in a general election in polls on Sunday.
Asian markets slumped tracking the weak European indexes.
ADTRAN Acquires Nokia Siemens Broadband Access Business
ADTRAN, Inc., the provider of networking and communications equipment announced the completion of its acquisition of the Nokia Siemens Networks fixed line broadband access business.
U.S. Treasury Prices AIG Stock Offering
The U.S. Treasury priced the common stock offering of American International Group, Inc. at $30.50 per share for total proceeds of about $5 billion.
The Treasury agreed to sell 163.93 million shares of American International Group, Inc. at $30.50 per share, representing a 7% discount to AIG''s closing price of $32.83 on Friday.
AIG agreed to buy 65.57 million shares for an aggregate purchase amount of approximately $2 billion. The remaining $3 billion will be raised by offering the rest of the shares in a public offering.
Following the current offering, the U.S. Treasury''s investment in AIG will be reduced to about $30.7 billion or a 63% stake in AIG, down from the 70% stake it held after the March 2012 offering.
LIN TV, New Vision Television Deal
LIN TV Corp., the local multimedia company said its wholly-owned subsidiary LIN Television Corporation agreed to buy certain broadcast and other related assets owned by New Vision Television in eight U.S. markets for $330.4 million and the assumption of $12 million of debt. The companies expect to close the deal in late 2012.
Avis Budget Group, Inc.
), the rental car supplier reported first quarter net revenues climbed 31% to $1.62 billion from $1.24 billion in the prior year. Net loss in the quarter swung to $23 million or 22 cents per diluted share compared to net income of $7 million or 6 cents per share last year.
Berkshire Hathaway Inc.
((BRK.A)), the multinational conglomerate said first quarter total revenue rose 13% to $38.15 billion from $33.72 billion in the same quarter last year. Net earnings for the quarter surged 115% to $3.25 billion or $1,966 per Class A equivalent share compared to net earnings of $1.51 billion or $917 per Class A equivalent share for the year-ago quarter.
Cognizant Technology Solutions Corp.
), the India based IT services provider reported first quarter revenue climbed 24.8% to $1.71 billion from $1.37 billion last year. Net income in the quarter grew 17% to $243.7 million or 79 cents per diluted share compared to net income of $208.3 million or 67 cents per share, in the first quarter of 2011.