Actavis Nears Allergan Buyout, Halliburton Turns Hostile to Baker Hughes

Mukesh Buch
17 Nov, 2014
New York City

Actavis agreed to a deal to acquire Allergan and may offer between $215 and $220 per share. Celldex surged 28% on brain cancer Phase 2 study. Exterran plans to spin-off its international and fabrication businesses. JD.Com net swung to a loss. Tyson Foods net tumbled 47%.

[R]11:45 AM New York – Actavis agreed to a deal to acquire Allergan and may offer between $215 and $220 per share. Celldex surged 28% on brain cancer Phase 2 study. Exterran plans to spin-off its international and fabrication businesses. JD.Com net swung to a loss. Tyson Foods net tumbled 47%.][/R]

Tollbooth Index fell 0.3% or 30.74 to 9,812.08.

Earnings Review

Actavis Plc climbed 3.9% or $9.49 to $253.26 after the Ireland-based specialty pharmaceutical company closes a deal to acquire Allergan Inc, the Botox maker to shield from hostile takeover offer from Valeant Pharmaceuticals International Inc.

Actavis likely to offer between $215 and $220 per share to Allergan, the buyout deal worth up to $65.5 billion.

Shares of Allergan, Inc surged 7.3% to $213.09.

Bank of North Carolina, agreed to acquire the entire stock of Valley Financial Corp at $20.50 per share or a transaction valued at $101.3 million.

Celldex Therapeutics, Inc ((CLDX)) surged 28.2% or $4 to $18.19 after the biopharmaceutical company confirmed its Phase 2 study of rindopepimut in EGFRvIII-positive glioblastoma.

Exterran Holdings, Inc ((EXH)) jumped 8.5% or $2.84 to $36.61 after the full-service natural gas compression service provider plans to spin off its international and fabrication businesses into a publicly traded company.

Halliburton Company ((HAL)) plunged 7.1% or $3.92 to $51.16 after the oilfield service provider turned hostile towards rival Baker Hughes, Inc and offer in a cash-and-stock deal worth $34.6 billion.

On Friday, Baker Hughes confirmed the receipt of intention from Halliburton.

Shares of Baker Hughes soared 12.7% to $67.51.

JD.Com Inc ((JD)) declined 5.5% or $1.49 to $25.55 after the China-based online direct sales company said net revenue in the third-quarter ending in September soared 61% to $4.7 billion from a year ago period.

Net in the quarter swung to a loss of $26.8 million compared to a profit compared to same quarter a year ago.

Tyson Foods, Inc ((TSN)) climbed 4.2% or $1.72 to $42.38 after the food production company reported sales in the fourth-quarter ending in September soared 14% to $10.10 billion from a year ago period.

Net income in the quarter tumbled 47.5% to $136 million or 35 cents a diluted share compared to $259 million or 70 cents from a same quarter last year.

Valley Financial Corp ((VYFC)) soared 47.8% or $6.37 to $19.68 after the BNC Bancorp agreed to acquire Valley, the banking service provider in a transaction valued at about $101.3 million.