Corporate earnings forecasts for the second quarter were lowered so much that companies are easily beating them.Market Insiderread more
The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
House Speaker Nancy Pelosi says she wants her chamber to vote on a debt ceiling and budget deal by July 26.Politicsread more
Philips has acquired a start-up that texts you about your poop. That's Medumo, a Boston-based company, which works with hospitals to guide their patients through common...Technologyread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
The declaration comes days after a case of the virus was confirmed in the Congolese city Goma, which borders neighboring country Rwanda.Health and Scienceread more
Federal Judge William Pauley wrote in a court filing made public Wednesday that materials related to a campaign finance probe of Cohen should be unsealed — and denied a...Politicsread more
The U.S. economy continued growing at a "modest" rate in recent weeks, with consumers continuing to spend and a "generally positive" outlook overall even in the face of...Economyread more
CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread 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.