Chinese shares tumbled more than 8 percent on Monday amid renewed fears about the outlook for the world’s second largest economy, reviving the specter of a full-blown market crash that prompted unprecedented government intervention earlier this month. The major indexes suffered their largest one-day drop since 2007. Teva Pharmaceuticals (TEVA) is buying Allergan’s (AGN) generic drug business in a $40.5 billion deal. Teva has also withdrawn its proposal to purchase Mylan Pharmaceuticals (MYL). Both boards approved the deal over the weekend. The buyout will turn Teva into one of the 10 biggest pharmaceutical companies in the world. Haemonetics (HAE) reported a loss for the quarter as revenue was down 5 percent. Durable Goods orders for June will be released. CarMax (KMX) is holding a meeting with analysts. A&P seeks permission from a bankruptcy court to close 25 stores. TheStreet’s Jane King reports from the Nasdaq Marketsite.
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