Mylan & Teva Pharmaceuticals
A giant drug merger might be brewing between Mylan and Teva Pharmaceuticals. According to reports from Dow Jones, Teva is exploring a takeover offer for Mylan, a move that would create a huge generic drug player, but Mylan responded to the report saying it’s fully committed to its stand-alone strategy and to the proposal it made earlier this month to buy Perrigo for about $30 billion. Mylan popped 4.5 percent to $69.82. Teva also rose more than two percent to $64.91.
Shares of Seagate popped, despite a big decline in earnings. The data storage company blamed poor economic conditions. It still managed to top the Street’s profit estimates, but revenue missed the stock was more than two percent higher to close at $57.43.
Reynolds American reported a beat on both the top and bottom lines. The cigarette maker saw declining sales and a smaller market share, but it was able to benefit from higher prices. Shares were up a fraction to $74.70.
Procter & Gamble
Procter & Gamble is hiking its dividend to 66 cents a share. That will be payable to shareholders in mid-May. The yield on the company’s payout is around three percent. Despite that, shares fell one percent to $82.53.