United Airlines announced that its president and CEO Jeff Smisek, as well as two other executives are stepping down. The company has named Oscar Munoz as its new chief. According to United, the departures are related to a company probe in connection with a federal investigation. Shares tumbled after the close before coming back a bit. During the regular session the stock was up about 1.5 percent to $57.51.
General Electric & Alstom
An update on the General Electric Alstom deal. GE got the okay from Europe’s antitrust authority for its purchase of Alstom’s power unit. This after GE pledged to sell gas turbine assets to an Italian rival to ease antitrust concerns. The stock rose four percent to $24.96.
Macy’s & Best Buy
Macy’s and Best Buy are teaming up. The electronics chain will open outlets in ten Macy’s stores starting in November to test a partnership. The stores will be staffed by Best Buy and will offer items like Samsung smartphones and tablets. Macy’s was more than one percent higher to $59.17. Best Buy rose about three percent to $37.70.
Teco Energy & Emera
Continuing with the deal theme, Teco Energy saw its shares jump as investors got a chance to react to news that it will be purchased by Emera. The move will increase the Canadian utility company’s utility assets and give it a larger presence in the U.S. Shares surged 25-percent to $26.34.
Mylan says it will take its hostile takeover for Perrigo directly to the company’s shareholders. This as Perrigo has turned down several offers, including its latest $27 billion bid. Mylan was more than one percent higher to $48.72. Perrigo rose one percent to $180.65.
Yahoo receiving an unfavorable ruling by the Internal Revenue Service. The company’s request for a tax-free spinoff of its shares of Alibaba was denied. Yahoo said in January that it would spin-off nearly 400 million shares of Alibaba into a new entity. Shares fell on the news in after-hours trading. During the regular session the stock fell two percent to $30.90.