Pfizer & AstraZeneca
Another swing and a miss, AstraZeneca turned down Pfizer’s latest takeover offer. Pfizer upped its offer for its British rival to $106 billion and it increased the cash portion of the proposal to sweeten the deal. That after two failed attempts by Pfizer to interest the company in a combination. AstraZeneca’s board said the offer substantially undervalued its company. Shares of Pfizer fell more than one percent to $30.75. Shares of AstraZeneca were also down a fraction to $81.02.
Merck & Endocyte
Shares of Endocyte took a big hit in today’s session on news the ovarian cancer drug its co-developing with Merck failed in a late-stage trial. The treatment failed to slow the progression of the disease. Shares of Merck fell just two percent to $58.22, but shares of Endocyte plunged 62 percent to $6.62.
CVS Caremark saw its first-quarter earnings jump 18 percent as generic drugs and an acquisition helped the drugstore chain weather a harsh winter. Earnings did fall slightly short of expectations, but it reaffirmed its 2014 earnings forecast. Shares rose one percent to $73.86.
Estee Lauder had a good looking third quarter. The beauty products giant trumped estimates on increased global demand and strength in emerging markets. It also lifted its full-year earnings forecast. Shares popped almost five percent to $75.62.
Newell Rubbermaid’s first-quarter profit fell short of estimates on a sales decline in most of its units, especially its baby business, which was hit by product recall earlier this year. The consumer products maker reaffirmed its full-year forecast and upped its quarterly dividend to 17 cents a share. Still the stock was off about four percent to $28.88.
Skechers is considering buying a stake in the Los Angeles Clippers basketball team. Current owner, Donald Sterling has been banned from the NBA after making racist remarks. The league is putting plans in motion to try to get Sterling to sell the team and if he does, the sneaker maker says the team would be a natural fit. Shares fell almost five percent to $39.93.