Consumer staples, a darling of Wall St., are expensive, with high valuations. We may be at a peak, so investors should be cautious.» Read More
Caremark Rx said on Tuesday it sent a letter urging its shareholders to support the $24 billion acquisition by drug-store retail chain CVS and reject a $25 billion hostile takeoveroffer from Express Scripts.
Rite Aid shareholders overwhelmingly approved a nearly $3 billion deal to buy more than 1,800 Brooks and Eckerd stores and become the largest drugstore operator on the East Coast.
Caremark Rx shares rose sharply after drugstore chain CVS sweetened its bid for the pharmacy benefit manager and analysts projected Express Scripts could counter with a higher offer.
Stocks in the U.S. are seeking direction and are looking mostly higher in mixed action ahead of the open. Earnings news from big names like Intel and J.P. Morgan are making headlines, and the markets are watching for PPI inflation data this morning and the Fed's Beige Book at 2 pm. Oil slumped below $51 a barrel this morning after a deep slide yesterday.
Pharmacy-benefits manager Express Scripts said it was starting a $25 billion exchange offer for all outstanding shares of rival Caremark Rx , despite drugstore operator CVS' bid for the company.
Stocks closed higher after bargain hunters stepped in to drive up shares of financials, technology and industrials.
Express Scripts confirmed its plans to launch a proxy battle for four seats on Caremark's board, as reported by CNBC's David Faber.
Stocks in the U.S. for now look set for a firmer open on what promises to be a busy day in the markets and a busy day on CNBC. Our correspondents are at major conferences across the U.S. Phil Lebeau is at the auto show in Detroit, where the industry is unveiling new products. Jim Goldman is bringing us the latest tech gadgets from the Consumer Electronics show in Las Vegas....
The high-stakes battle to acquire Caremark escalated on Thursday when Express Scripts urged shareholders of the rival pharmacy benefits manager to reject an offer from drugstore chain CVS.
The shareholders' motion filed Thursday evening claims that Caremark board members will personally benefit from the CVS deal and have entered into a strict merger agreement that keeps them from seeking out the best deal for shareholders.
Profit was $431.7 million, or 43 cents a share, in the fiscal first quarter ended Nov. 30, compared with $345.6 million, or 34 cents a share, a year earlier.
The proposed takeover of Caremark by CVS has cleared a regulatory hurdle, and the deal could close early next year. But a rival suitor Express Scripts said the deal is far from done.
Fueled by private equity money and low interest rates, mergers and acquisitions are reaching a fevered pace as the year comes to a close.
An early rally lost steam on Wall Street as all of the major indexes closed lower, weighed down by energy and technology stocks.
Pharmacy benefits manager Express Scripts has launched a hostile $26 billion bid to buy rival Caremark a move that could trump Caremark's current deal to be acquired by drugstore chain CVS.
When Their Stories Are Ours, Too: I love sports. Many people who work in the financial world feel the same way. So when us sports “wannabes” see a sports story with a business angle, we jump all over it. Such was the case with the NBA’s announcement of fines and suspensions for the Saturday night brawl involving the Knicks and the Nuggets...
The private equity surge continues. About $60 billion in mergers and acquisitions deals just in the U.S. have been announced this morning. Apollo Management alone is involved in two of the four deals. The only buyout not involving a PE firm was an aggressive bid by Express Scripts for Caremark Rx – which was already entertaining a bid from CVS. CNBC’s Melissa Lee reported the story on “Squawk on the Street.”
U.S. stocks look set to spring higher, as of now, as the year end rally pulls in buyers and takeover activity supports prices. Japanese stocks closed at a seven month high ahead of tomorrow's rate decision by the Bank of Japan. European markets are flat to higher, helped by takeover activity.
Walgreen posted a greater-than-expected 9.3% rise in sales at stores open at least a year in November, sending its shares up more than 3%.