Morning Market Snapshot: May 16, 2011

Financial News Network
May 18, 2011 AT 12:04 AM
Good Morning. It's Monday, May 16, 2011. At this hour, U.S. equity futures are down. Overseas, the Asian markets declined, while the European markets are lower. Teva Pharmaceutical (TEVA) signed a definitive agreement to acquire 57% of the shares in privately-held Taiyo Pharmaceutical for $460M in cash paid to private shareholders. Primedia (PRM) is set to be acquired by TPG Capital for $7.10 per share in cash. Yahoo (YHOO) and Alibaba (ALBCF) are working to resolve issues with the Alipay service. Finally, Sony (SNE) has restored its PlayStation Network and Qriocity services and boosted security measures.