What a week on "Squawk Box"! Bill Ackman teams up with Valeant to buy Botox-maker Allergan. Novartis' buying and selling and lil' Squawkers running the show.» Read More
April 22- At any given time, the acquisitive chief executive of Valeant Pharmaceuticals Inc is brokering multiple deal discussions and eyeing as many as 50 buying opportunities. Pearson's latest target, with help from activist investor Bill Ackman, is Allergan Inc, maker of anti-wrinkle treatment Botox.
NEW YORK— Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market:. Harley-Davidson Inc., up $4.33 to $71.87. The Interpublic Group of Cos. Inc., up 49 cents to $17.36.
*Netflix up after results; Facebook gains on upgrade. Netflix Inc surged 7 percent to $372.90 a day after showing strong subscriber growth, a sign the trading favorite still had room to grow despite recent concerns over its valuation.
U.S. stocks rose on Tuesday after earnings from McDonald's and Netflix.
Virtually every Pershing Square Capital investment appears to have made money this year.
More than half the revenue from Botox comes from therapeutic, not cosmetic, use. And its potential is helping to make Allergan an attractive target.
*Netflix up after results, Facebook gains on upgrade. Healthcare, up 1.5 percent, was the best performing of the 10 major S&P sectors, as Allergan Inc jumped 15.8 percent to $164.48 a day after activist investor William Ackman teamed up with Canadian drugmaker Valeant Pharmaceuticals International Inc to bid for the company.
One astute trader picked up big money overnight by buying options in Furiex Pharmaceuticals.
Some of Tuesday's midday movers:
Option traders were either lucky or knew something in advance of the Allergan news. Fast Money trader Jon Najarian, provides insight.
CNBC's Kate Kelly has the latest details on Bill Ackman and Valeant's bid for Allergan.
*Netflix up after results, Facebook gains on update. Dow components Travelers Cos Inc and United Technologies Corp both reported first-quarter earnings that beat expectations, and United Tech raised the low end of its full-year profit outlook. Shares of Travelers rose 0.2 percent to $86.58 while United Tech was up 1.2 percent at $119.69.
One of Valeant's top shareholders on Tuesday threw his support behind its proposed takeover bid for Botox-maker Allergan.
*Netflix up after results, Facebook gains on update. Dow components Travelers Cos Inc and United Technologies Corp both reported first-quarter earnings that beat expectations, and United Tech raised the low end of its full-year profit outlook. Shares of Travelers rose 0.7 percent to $87.04 while United Tech was up 1 percent at $119.49.
Happy Tuesday. Keep your eye on the prize and watch out for the activist investor looking to snag your Morning Six-Pack.
The bid for botox producer Allergan reveals the "legal scam" that the U.S. tax code has become, CNBC's Jim Cramer says.
NEW YORK— Stocks are moving higher in early trading as investors assess more corporate earnings. Netflix rose 7 percent after the online video streaming service said its first-quarter earnings soared.
April 22- Canada's Valeant Pharmaceuticals International Inc said on Tuesday it has partnered with activist investor Bill Ackman in an unsolicited $47 billion bid to buy Botox maker Allergan Inc in a move to eventually become one of the world's five biggest drug companies.
Allergan surged after Valeant Pharmaceuticals said it had teamed up with activist investor Bill Ackman to make a bid for the Botox maker. Netflix and Harley-Davidson rose sharply after reporting earnings that beat analyst's expectations.
Valeant Pharmaceuticals and Bill Ackman are proposing a cash-and-stock deal for Allergan that could be worth about $45 billion.