Sotheby’s posts a big drop in fourth quarter earnings. The auction house saw its profits fall as expenses rose. This as it faces pressure from shareholders and it is in search of a new chief. Its revenue did rise and topped expectations, but that wasn’t enough for investors. Shares fell more than one percent to $43.34.
Boston Scientific & Endo International
Medical device maker Boston Scientific will buy the urology portfolio of American Medical Systems, which is owned by Endo International. The deal, which is valued at around $1.5 billion, comes as Endo hopes to streamline and focus on its core pharmaceuticals business. Shares of Boston Scientific up almost one percent to $17.06. Endo International rose two percent to $87.32.
Cardinal Health & Johnson & Johnson
Another deal announced in the medical space today. Cardinal health, the drug distributor, is buying Johnson & Johnson’s Cordis medical product’s unit for about $2 billion. Cordis makes devices like stents and catheters, which adds to cardinals portfolio. Shares of Cardinal Health rose almost 2-percent to $89.52. J&J, which owns Cordis was up a fraction to $103.22.
It was a tough day for shares of Lumber Liquidators. The company is pushing back against a report on CBS’s “60 minutes” which said it sold flooring with higher levels of formaldehyde, a carcinogen, than what is permitted under California law. The hardwood flooring maker says the news program used an improper testing method. Still, shares plunged 25 percent, or $13 to close at $38.83.