The Traderszone Network

The S&P 500 closed flat on Friday but ended lower for the week, with investors cautious ahead of a meeting in Europe that could decide whether Greece will default on critical loans. The Dow closed higher, boosted by strong results from component Nike Inc (NKE.N), while the Nasdaq ended solidly lower on disappointing results from Micron Technology Inc (MU.O), which weighed on chipmakers like Intel. In Europe, Greece rejected a five-month extension of bailouts on Friday, a day before euro zone finance ministers will meet to decide the country’s fate.

General Electric (GE.N) will seek to convince doubtful EU antitrust regulators of the merits of its 12.4 billion euro (US$13.9 billion) bid for Alstom’s (ALSO.PA) power unit at a hearing, the U.S. conglomerate said on Saturday. The move came after the European Commission warned the company earlier this month that the deal, its biggest ever and a key element of its expansion into industrial products and away from finance, would harm competition. Senior officials from the EU competition authority, their counterparts from EU agencies and rivals are expected to attend the closed-door hearing.

FedEx (FDX.N) has asked the European Union’s competition regulator to approve its 4.4-billion-euro ($4.9 billion) bid for Dutch rival TNT Express (TNTE.AS), the U.S. package delivery service company. The deal, which will combine FedEx’s air fleet with TNT’s sizeable European road network, will extend FedEx’s reach in competition with United Parcel Service (UPS.N) and Deutsche Post (DPWGn.DE). FedEx submitted its request to the European Commission on Friday, spokeswoman Nira Gale said.

TORONTO/NEW YORK (Reuters) – Canada’s Element Financial (EFN.TO) is close to buying a large chunk of General Electric Co’s (GE.N) vehicle fleet-management business in a deal that could be sealed as early as the end of June, three sources familiar with the matter said on Friday. The sale would be part of a plan it unveiled in April to divest about $200 billion in GE Capital assets as it moves away from finance and focuses on manufacturing of industrial equipment.

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Nestle SA (NESN.VX) thinks it can turn around its U.S. frozen foods business despite recent sales declines driven by consumer perceptions that the products are not healthy, the company’s U.S. chief executive said in an interview. Nestle remains committed to investing in its frozen food brands, which include Stouffer’s and Lean Cuisine, Paul Grimwood told Reuters on Friday. The business is Nestle’s second-largest in the U.S., behind pet care.

Molycorp Inc (MCPIQ.PK) failed to get approval from a U.S. Bankruptcy judge on Friday to borrow about $44 million at the rare earth producer’s first bankruptcy hearing. Judge Christopher Sontchi agreed with the objection by an affiliate of Oaktree Capital Management that Molycorp could not justify its need for the money, which would deepen the company’s insolvency. Molycorp, which filed for bankruptcy on Thursday, sought the money for its operations and to signal to customers and employees that the company would meet its commitments.

Deutsche Bank’s (DBKGn.DE) co-chief executive Anshu Jain may have “knowingly made inaccurate statements” to Germany’s Bundesbank during investigations into manipulation of the inter-bank rate setting process, the Financial Times reported online, citing a confidential report from German regulator BaFin. BaFin declined to comment. Deutsche Bank told Reuters it disputed the allegation that Anshu Jain misled the Bundesbank.