Mylan hiked its guidance, lifting shares. The drug maker says its third quarter and full year earnings should be well above what analysts were expecting. That’s thanks to new drug launches and drug approvals that went through during its last quarter. Shares popped eight percent to $50.23.
Walgreen also saw its shares rise after reporting strong September sales. The drug store chain operator saw a nine percent increase from last year, helped mostly by an increase in its pharmacy sales and prescriptions filled. Shares rose 1.5 percent to $60.77.
Facebook may be plotting its first steps to get into the field of health care. According to reports the company is exploring creating online support communities that would connect Facebook users who are suffering from various ailments. Shares rose slightly to $77.44.
Yahoo is reportedly looking to invest in Snapchat as part of a fundraising round that is expected to value the start-up at $10 billion. The application, that let’s people send pictures that disappear, has more than 100 million users and last year it was valued at just $3 billion. Separately, there are reports that Yahoo has bought the messaging app MessageMe. Shares of Yahoo up more than one percent to $41.03.
Salix Pharmaceuticals is scrapping its merger with the subsidiary of an Italian drug maker that would have allowed it to shift its tax base to Europe. This comes as the U.S. government has cracked down on these so-called tax inversion deals, where company’s move their headquarters overseas to cut their tax burden. The stock rose one percent to $152.87.
Medtronic is changing its tax inversion deal too, but it still plans to go through with its acquisition of Ireland-based Covidien. The medical device maker says it will restructure the transaction by using $16 billion in debt, rather than using cash held overseas to complete the deal. Medtronic shares jumped 3.5 percent to $65.02.