12:30 PM New York – AIG estimated catastrophe losses of $3 billion. Express Scripts agreed to acquire EviCore Healthcare for $3.6 billion. Pfizer may spin off consumer healthcare business. Wal-Mart jumped on fiscal 2019 forecast and plans for stock buyback of up to $20 billion.
Tollbooth Index edged down 7.42 to 12,738.97.
American International Group Inc
) slipped 37 cents to $61.41 after the life, property casualty insurance services provider forecasted recent flurry of Hurricanes Harvey, Irma and Maria could cost the insurer $3.1 billion and damages from earthquakes in Mexico may cost $150 million.
Barracuda Networks Inc
), the security and data protection slid 5 cents to $25.68 ahead of its quarterly earnings release after the market close.
Express Scripts Holding Company
) slumped 1.3% or 77 cents to $58.45 after the healthcare services provider agreed to be acquire the privately-held eviCore Healthcare, the medical benefit services provider for $3.6 billion.
The transaction is expected to close in the fourth-quarter of 2017.
edged down 3 cents to $36.10 after the healthcare products maker said it will review alternatives for its consumer healthcare business; including sale, spin-off or may retain the business.
Sale or spinoff the business is likely to include Advil, Centrum and Emergen-C.
The review is expected to conclude by next year and may include lip balm business of about $15 billion as ageing populations and health-conscious consumers drive demand for self medication.
Wal-Mart Stores Inc
) jumped 4.4% or $3.52 to $84.04 after the supermarkets operator forecasted domestic online sales in the fiscal year ending in early 2019 to soar 40% after $3 billion acquisition of jet.com a year ago.
The retailer estimated total net sales in fiscal 2019 to increase 3% and profit may increase 5% from the earnings per share between $4.30 and $4.40 in the year ending January 2018.
Wal-Mart is also planning stock buyback of up to $20 billion in next two years.