UBS Announces Earnings

UBS (UBS) announced that profits in the second quarter fell by 58 percent to 425 million francs, or $434.16 million, mostly due to losses incurred in the Facebook (FB) IPO, as well as a decline in investment banking business. A year ago, the company earned 1.02 billion francs, or $1.2 billion.

Analyst Moves: CIEN, GET

Ciena (CIEN) was upgraded at Jefferies (JEF) from underperform to hold to Hold with a price target of $14.50, as the firm expects a strong July quarter. Shares are higher by about one percent.

Chicago Bridge & Iron to Acquire Shaw Group

Chicago Bridge & Iron Co. (NYSE: CBI) has come to an agreement with the Shaw Group Inc. to acquire it for $3.04 billion in cash and stock. This move comes as Chicago Bridge & Iron wishes to expand its portfolio across the entire energy industry by adding Shaw’s expertise in power generation. Shaw Group stock holders will receive $46 a share, which is a 72% premium over Friday’s closing price. The deal will be financed by cash on hand at both companies in addition to a debt of approximately $1.9 billion.The deal is expected to be completed by the beginning of 2013. Chicago Bridge & Iron will operate its new acquisition under the name CB&I Shaw. For more on this story and analysis of the business world follow us on twitter @FNNOnline.