Abbott Won St. Jude Deal Approval, Qualcomm Fined $854 M in S. Korea Probe

Mukesh Buch
28 Dec, 2016
New York City

Abbott received the antitrust approval for its acquisition of St. Jude Medical. Qualcomm was fined by South Korean antitrust regulator for $854 million. Delta Air canceled the order worth about $4 billion for 18 Boeing 787 Dreamliners. Tatts rejected takeover offer from KKR.

[R]11:10 AM New York – Abbott received the antitrust approval for its acquisition of St. Jude Medical. Qualcomm was fined by South Korean antitrust regulator for $854 million. Delta Air canceled the order worth about $4 billion for 18 Boeing 787 Dreamliners. Tatts rejected takeover offer from KKR.[/R]

Tollbooth Index slumped 67.07 or 0.6% to 11,150.92.

Earnings Review

Abbott Laboratories ((ABT)) fell 36 cents to $38.24 after the healthcare products maker received the U.S. antitrust approval for its acquisition of medical device maker St. Jude Medical Inc worth about $25 billion.

The deal is expected to close in the next two weeks, according to the company spokesperson.

Qualcomm Inc ((QCOM)) slipped 62 cents to $66.62 after the South Korea''s antitrust regulator fined communication technology provider for about $854 million or 1.03 trillion won in unfair business practices in patent licensing and modem chip sales.

The Korea Fair Trade Commission recommended fine and fees of $25.1 billion from patent royalties linked to modem chips, but Qualcomm had rejected the ruling and plans to appeal in the Seoul High Court.

Delta Air Lines, Inc ((DAL)) dropped 1.3% or 66 cents to $49.70 after the airline operator canceled order worth about $4 billion for 18 Boeing 787 Dreamliner aircrafts.

Delta inherited deal from the merger with Northwest Airlines in 2008.

Live Ventures Inc, formerly LiveDeal, Inc ((LIVE)) surged 15.7% or $4.10 to $30.19 after the online marketplace services provider said revenues in the year ending in December soared 136% from a year ago to $79 million and net profit jumped of about $17.8 million and diluted earnings per share advanced to $8.92.

The online marketplace services provider forecasted revenues in fiscal 2017 to increase 50% to about $120 million.

KKR & Co. L.P. ((KKR)) slid 5 cents to $15.87 after the Australia-based sports betting group Tatts Group Limited rejected a takeover offer from a group of investors including the private equity fund and Macquarie Group Ltd.

Tatts Group said it will continue with its planned merger with the rival Tabcorp.