Hewlett-Packard is cutting 25,000 to 30,000 jobs, or ten percent of its workforce, in an effort to save nearly $3 billion annually. This is on top of the 55,000 positions already cut as part of the company’s ongoing restructuring. Shares tumbled in initial after-hours trading. Before the close the stock was a fraction higher at $27.11.
Target is testing the grocery delivery waters. The retailer is teaming up with Instacart, which is an online grocery delivery service, to let shoppers order food and other products. At first, the service will only be available in Minneapolis, but the two companies are exploring an expansion into other markets in the future. Shares were a fraction higher to close at $77.82.
Positive drug trail results lifted shares of GW Pharmaceuticals in today’s session. The company’s experimental cannabis drug for treating schizophrenia performed well in a study. Shares were up 7.5 percent higher to $114.92.
Gray Television has agreed to buy all of the TV and radio stations of the privately held company Schurz Communications. The deal, worth about half a billion dollars will expand gray’s operations into 28 states. The stock rose 13 percent to close at $13.30.
MillerCoors is shutting down a brewery in North Carolina to cut costs. The company, which is a joint venture between Molson Coors and SAB Miller, will lay off more than 500 people who worked at the plant. Shares of Molson Coors popped five percent to $72.64.
Dentsply & Sirona Delta
Dentsply is buying Sirona Dental in a deal worth about $5.5 billion. According to the firms, the combination will create the world’s largest manufacturer of dental supplies. Both stocks were halted initially after the news, but closed higher. Dentsply rose more than one percent to $54.35. Sirona dental was also up one percent to $99.31.
AMC & Starz
The cable network AMC is reportedly in talks to acquire Starz, according to a Bloomberg report. The talks may not result in a deal though. Shares of Starz surged initially after the close. At the end of regular trading, the stock was up more than one percent to $38.79.