The M&A wave could be a harbinger of a booming economy...or a collection of last-minute attempts to beat higher debt rates. NYT reports.» Read More
*Wells Fargo falls, but revenue tops forecasts. Wells Fargo& Co reported revenue that beat expectations, though for the first time since 2009, the bank did not increase its earnings-per-share from the preceding quarter. Fastenal Co slumped 4.6 percent to $45.92 after revenue missed expectations.
Tobacco companies Reynolds American and Lorillard have confirmed they're in merger talks. CNBC's David Faber takes a close look at the negotiations.
*Lorillard market value is $22.9 bln. LONDON, July 11- U.S. cigarette maker Reynolds American Inc is in talks to acquire rival Lorillard Inc in a multi-billion dollar deal that would include the sale of some brands to Britain's Imperial Tobacco Group Plc, the companies said on Friday.
Some of the names on the move ahead of the open.
*Reynolds, Lorillard not available to comment. LONDON, July 11- U.S cigarette makers Reynolds American Inc and Lorillard Inc are in talks on a possible multi-billion dollar disposal to Britain's Imperial Tobacco Group Plc, as part of efforts to ease antitrust concerns over their planned merger.
LONDON, July 11- European stocks opened firmer and lower-rated government bond prices edged up on Friday, as markets settled after a broad pullback overnight on concerns about Portugal's banking sector that highlighted contagion risk in the euro zone.
Reynolds American and Lorillard are agreeing a complex merger that will reshape Big Tobacco, bringing together the two biggest US operators.
LONDON, July 11- Imperial Tobacco, the world's fourth-largest tobacco group, said on Friday it was in talks with Reynolds and Lorillard to acquire certain assets and brands that could be sold by the two companies. Reynolds and Lorillard are in advanced talks about a deal that would merge the No.2 and No.3 U.S. cigarette makers, Reuters has previously reported.
LONDON, July 11- Imperial Tobacco, the world's fourth-largest tobacco group, said on Friday it was in talks with Reynolds and Lorillard to acquire certain assets and brands that could be sold by the two groups. "Imperial would proceed with an acquisition only if its terms met strict transaction criteria," it said.
Stocks rose on Thursday, lifting the Dow industrials above 17,000, after the June jobs report.
Sources told CNBC that a Lorillard and Reynolds American merger is weeks away, although the companies have not fully negotiated terms.
Some of Thursday's midday movers:
July 3- Tobacco majors Lorillard Inc and Reynolds American Inc are likely to merge as early as end of July, CNBC reported, citing sources.
WASHINGTON, June 25- White House changes to proposed rules for tobacco products significantly weakened language detailing health risks from cigars and deleted restrictions that might have prevented online sales of e-cigarettes, published documents show.
An FDA spokeswoman, Jennifer Haliski, said the FDA does not comment on changes to a proposal during the review process but said the period for the public to comment on the proposal is still open until Aug. 8.
The rapid growth of electronic cigarette sales poses a rising risk to holders of as much as $96 billion of bonds tied to payments tobacco companies.
NEW YORK, June 24- The rapid growth of electronic cigarette sales poses a rising but under-appreciated risk to holders of as much as $96 billion of bonds tied to payments tobacco companies make to U.S. states from a sweeping legal settlement in 1998..
WASHINGTON, June 18- U.S. senators heavily criticized the marketing practices of e-cigarette companies on Wednesday, saying their use of glamorous models, celebrities and cartoon characters attracts children and risks creating a new generation of nicotine addicts at a time when traditional smoking rates are declining.
Industry trade groups, as well as cigarette makers, including Philip Morris parent Altria Group Inc, Reynolds American Inc and Lorillard Inc, complained that the limits violated their free speech rights and were pre-empted by other federal and state laws.
Industry trade groups, as well as cigarette makers, including Philip Morris parent Altria Group Inc, Reynolds American Inc and Lorillard Inc, complained that the limits violated their free speech rights and were pre-empted by other federal and state laws. A lawyer for most of the plaintiffs referred a reporter to Altria, which did not have an immediate comment.