Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Forest Lab deal lifts

While you were sleeping: Forest Lab deal lifts

Feb 19 (BusinessDesk) – Wall Street moved higher, supported by a US$25 billion takeover of Forest Laboratories by Dublin-based Actavis which reminded investors that there is still value to be found in equities.

"Just the fact that acquisitions are being made shows that prices aren't completely out of whack," Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey, told Reuters. “That's supportive to the market and it certainly shifts investors' focus from profit taking.”

Shares of Forest soared, last up 29.4 percent.

"Bolstered by one of the deepest and most diversified product portfolios in the industry with an exceptionally strong pipeline, this transaction creates a powerful engine for generating long-term, double-digit revenue and earnings growth,” Paul Bisaro, chairman and CEO of Actavis, said in a statement.

In afternoon trading in New York, the Standard & Poor’s 500 Index rose 0.17 percent, while the Nasdaq Composite Index added 0.69 percent.

The Dow Jones Industrial Average was unchanged at 16,154.35, as gains in shares of Goldman Sachs, last up 1 percent, and those of Walt Disney, last up 0.9 percent, offset slides in shares of Verizon Communications, last down 1.2 percent, and those of AT&T, last down 1 percent.

US markets were closed on Monday for the Presidents’ Day holiday.

Shares of Coca-Cola slid, last down 4.1 percent, after the company reported a drop in fourth-quarter profit. Investors are not optimistic about the outlook.

“The changes that the company is making just aren’t enough,” Ali Dibadj, an analyst at Sanford C Bernstein & Co, told Bloomberg News. “Many investors aren’t sharing the confidence that management does of the company’s future.”

Meanwhile, the latest US economic data were yet again plagued by the severe winter. The National Association of Home Builders’ housing market index dropped by 10 points to 46 in February.

“Significant weather conditions across most of the country led to a decline in buyer traffic last month,” NAHB Chairman Kevin Kelly said in a statement. “Builders also have additional concerns about meeting ongoing and future demand due to a shortage of lots and labour.”

The Fed Bank of New York’s general economic index dropped more than expected, declining to 4.48 in February from 12.5 in January.

In Europe, the Stoxx 600 Index ended the day with a small gain from the previous close at 334.6. Germany’s DAX also edged higher, closing with a gain of 0.03 percent. The UK’s FTSE 100 climbed 0.9 percent. France’s CAC 40 fell 0.1 percent.

Here, German investor confidence took a larger-than-expected beating this month. The ZEW Center for European Economic Research’s index of investor and analyst expectations dropped more than expected in February, sliding to 55.7 from 61.7 in January.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news