Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
Allergan on Monday advised investors not to sell their shares to Valeant Pharmaceuticals International, which launched a hostile takeover offer for the California-based Botox maker last week, saying it was "grossly inadequate."
The recommendation was consistent with Allergan's previous rejections of Valeant's $52 billion cash and stock offer. The Canadian company and activist investor William Ackman, who owns nearly a 10 percent stake in Allergan, made a joint bid to acquire the company in April.
Allergan said in a statement that because of Valeant's declining share price, the offer is now worth about $173.20 per share, down from the $179.25 per share it reached on May 30.
It said that the offer undervalues its "industry-leading position, financial performance, strong balance sheet, exceptional management and growth prospects." Allergan reiterated its goal to increase adjusted earnings by 20 to 25 cents per share and generate $14 billion in free cash flow in the next five years.
Valeant on Monday posted on its website an eight-page rebuttal to earlier criticism by Allergan, defending its acquisition strategy, organic growth and performance of its key products.
"Allergan's rejection of Valeant's proposal is based on beliefs and assumptions about our business that are not supported by the facts," Valeant spokeswoman Laurie Little said in a separate statement. "We are moving forward with our exchange offer and remain committed to this value-creating transaction."
Valeant and Allergan shares dipped in New York by 0.6 percent and 0.3 percent respectively, in early trading. Valeant stock has fallen about 11.5 percent since making its initial offer for Allergan on April 22.