Market news
12.09.2011, 13:28

Before the bell: S&P futures -15.45, Nasdaq -26.00

U.S. stock futures tumbled, indicating the Standard & Poor’s 500 Index will extend last week’s decline, as speculation Germany is preparing for a Greek default spurred turmoil in global financial markets.

Officials in Merkel’s government are debating how to shore up German banks in the event that Greece fails to meet the budget-cutting terms of its aid package and is unable to get a bailout-loan payment, three coalition officials said on Sept. 9. Merkel is due to hold talks on the debt crisis with European Commission President Jose Manuel Barroso today.
Company news:
Morgan Stanley (MS), Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) slumped abbout 2%, following losses in European banks.
NetLogic Microsystems Inc. (NETL) jumped 50 percent to $47.96. Broadcom Corp. (BRCM), the maker of communications chips for Apple Inc.’s mobile devices, agreed to buy NetLogic for about $3.7 billion to expand its product range. Shares of BRCM -3.6%.

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