NEW YORK -- The stock market took a late afternoon fall Monday after European Union finance ministers failed to come up with the full amount of money pledged for a bailout fund. Banks led the way down. Morgan Stanley dropped 5.5 percent and Bank of America sank 4 percent, the biggest fall in the Dow Jones Industrial average.
"If Europe is going to be bring us down it's going to come through the financial firms," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade.
--The Dow lost 100.13 points, or 0.8 percent, to close at 11,766.26.
--The S&P 500 fell 14.31, or 1.2 percent, to 1,205.35.
--The Nasdaq composite fell 32.19, or 1.3 percent, to 2,523.14.
Saab's bankruptcy likely spells end of iconic cars
STOCKHOLM -- After six decades of building cars renowned for their teardrop designs and quirky features, cash-strapped Saab Automobile gave up its desperate struggle for a lifeline Monday and filed for bankruptcy.
Saab CEO Victor Muller said "the last nail in the coffin" was previous owner General Motors' rejection of a Chinese company's attempts to gain control of the Swedish brand.
Though a theoretical chance remains for a new buyer to step in during the bankruptcy process, analysts said Saab's troubles underline how difficult it is for a small, niched carmaker to survive in today's competitive global market.
The news was grim for Saab's more than 3,000 employees, torn between hope and despair for the past three years. While experts said the company is likely to be sold in parts, local officials in Saab's base of Trollhattan were hoping a buyer would emerge to salvage the brand.
Data: Generic rivals cut into sales of drug Lipitor
NEW YORK -- New data show sales of cholesterol blockbuster Lipitor plunged by half barely a week after the world's top-selling drug got its first U.S. generic competition.
That's despite a very aggressive effort by Lipitor maker Pfizer to keep patients on its pill, which once generated sales of $13 billion a year. Pfizer has been contracting with insurance plans to subsidize both patient copayments and costs for insurers, to keep their costs at or below what generic Lipitor would cost.
Miller Tabak analyst Les Funtleyder said the drop in the number of Lipitor prescriptions filled is not as great as he expected. Lipitor lost U.S. patent protection Nov. 30, and two generic versions costing about a third less are now available.
Fears of Boeing closing Kansas plant resurface
WICHITA, Kan. -- Fears about the closure of Boeing Co.'s Wichita plant resurfaced Monday after a lawmaker's comments that he had been told that modification work on Air Force refuelers will be done in Washington state. Boeing said its study of all programs at the Kansas site is still going on.
Boeing won a decade-long fight for Pentagon approval to build 179 aerial tankers worth at least $35 billion, a project long touted as being able to create some 7,500 direct and indirect jobs in Kansas.
"We now know that Boeing intends to walk away from that promise -- which severely jeopardizes the future of over 2,000 aviation jobs right here in our community," U.S. Rep. Mike Pompeo said Monday. No explanation was given for the decision, Pompeo said. He declined to name the official at Boeing with whom he spoke.
Spartanburg paper may be sold by N.Y. Times Co.
MIAMI -- The New York Times Co. said Monday it's in advanced discussions to sell 16 regional newspapers and related businesses to Halifax Media Holdings. It announced the development in a statement Monday. It said publications involved in the discussions, among others, include the Herald-Journal in Spartanburg.