Market Focus

Valeant & Allergan

Valeant launched a hostile takeover offer for Allergan. The latest price is about $53 billion. The company is offering shareholders $72 in cash and point .83 Valeant share for each Allergan share they own. The Botox maker says its board would review the exchange. This new bid will expire on August 15th, unless its extended. Shares of Valeant fell slightly to $118.43. Allergan rose 1.5 percent to $162.94.

Conagra

Shares of ConAgra tumbled after the food company cut its guidance. The maker of Hunts Tomato Ketchup says the new forecast in due to lower sales in its consumer business and weak profits in its private brands group. The stock was down more than seven percent to $30.47.

Hertz & Uber

Hertz might be looking to team up with Uber. The car rental company reportedly wants to broaden its business and could allow its cars to be rented using Uber, a controversial start-up with a smartphone application that connects people with drivers. The buzz drove shares of Hertz almost five percent higher to $28.33.

Citi

Some of Citigroup’s biggest investors say they want the bank to go to court rather than pay as much as $10 billion to settle an investigation, that’s according to Financial Times. Citigroup is facing charges that it cheated investors by selling risky mortgage-backed securities, which later went bad, ahead of the financial crisis. Citi shares were up a fraction to $47.93.

Air Products and Chemicals

Shares of Air Products and Chemicals surged after the company named a new CEO. The industrial gas producer, who’s biggest shareholder is activist investor Bill Ackman, is hiring Rockwood Holdings Chairman and CEO Seifi Ghasemi to take the top job. The stock closed at an all-time high, up 7.5 percent to $130.72.

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