Shares of Alphabet (GOOGL) got a boost Monday afternoon after the company was given an extra week to formally respond to European Commission allegations that it was illegally blocking online search advertisements from rivals. The deadline has now been extended to Nov. 3 from its original date of Oct. 26. The EU has intensely scrutinized the operations of Alphabet, a holding in Jim Cramer's Action Alerts PLUS portfolio, on the continent for years, and this most recent investigation, announced in July, is the third antitrust accusation the European Commission has levied against the U.S.-based search engine.
Genworth Financial (GNW) shares were down nearly 8% after the insurer was purchased by a Chinese holding firm for $2.7 billion Monday. Beijing-based China Oceanwide Holdings said it plans to keep Genworth operating autonomously following the purchase with day-to-day operations remaining unchanged. China Oceanwide will pay $5.43 per share in cash for Genworth, a 4% premium over the stock's previous closing price.
In other M&A news, TD Ameritrade (AMTD) shares were falling more than 3% after the company agreed to acquire Scottrade Financial Services for $4 billion in a deal that further consolidates the online brokerage industry. The deal, which combines two of the largest discount brokerages in the country, will face heavy regulatory scrutiny, according to Reuters. If the deal is approved, the "big five" U.S. brokerage group would be down to just Charles Schwab (SCHW) , Fidelity Investments, E-Trade and a combined TD Ameritrade and Scottrade entity.
T-Mobile (TMUS) shares were up nearly 9% after the wireless carrier reported a profit of $366 million, or $0.42 per share, more than double the $138 million profit it reported a year ago. Revenue for the period jumped 18% to $9.2 billion in the period, matching analysts' expectations for the period. T-Mobile also raised its customer growth forecast for the year to a range of 3.7 million to 3.9 million additions from its previous guided range between 3.4 million to 3.8 million additions. However, that guidance is still below the 4.5 million customers the company added in 2015.