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Monday Afternoon Business Brief

July 2, 2012, 2:36 PM

Monday Afternoon Business Brief

A report showing a slowdown in U.S. manufacturing has put Wall Street in a more cautious mood. Drops in the blue chip averages come after a big advance on Friday for stocks.

  • A purchasing managers' trade group says the nation's manufacturing sector contracted in June for the first time in nearly 3 years. A spokesman for the group says the decline is not necessarily a sign of something more ominous, but reflects concerns about slowdowns in China and Europe.
  • It is a move to expand beyond the traditional and weakening personal computer business. Dell says it is buying Quest Software for about $2.4 billion. Dell says the purchase should make it more competitive in the server, storage, networking and computing services business.
  • The U.S. Justice Department says GlaxoSmithKline will pay $3 billion and plead guilty to promoting two popular drugs for unapproved uses and to failing to report important safety data about a diabetes drug to the Food and Drug Administration. Government officials say it's the largest health care fraud settlement in the nation's history.
  • Europe's Airbus says it will build its first assembly plant in the U.S. in Mobile, Alabama. Meant to compete against rival Boeing, the plant is expected to cost $600 million to build and employ 1,000 people when it reaches full production.

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