Boeing Acquires 80% in Embraer, WellCare Lowers Outlook

Mukesh Buch
17 Dec, 2018
New York City

The Boeing agreed to acquire 80% stake in Brazil-based Embraer for $5.3 billion. Japan-based Taisho Pharmaceutical plans to buy Bristol-Myers Squibb

[R]12:40 PM New York City, New York – The Boeing agreed to acquire 80% stake in Brazil-based Embraer for $5.3 billion. Japan-based Taisho Pharmaceutical plans to buy Bristol-Myers Squibb’s French over-the-counter drug business for $1.6 billion. WellCare lowered fiscal 2019 outlook.[/R]

Tollbooth Index declined 274.06 or 1.9% to 14,457.79 but for the year-to-date advanced 5.1%.

Earnings Review

The Boeing Company ((BA)) gained $1.41 to $320.10 after the airplanes, rockets, satellites and missiles maker agreed to acquire 80% stake in Brazil-based plane maker Embraer SA for about $5.26 billion.

The transaction is expected to close by the end of the 2019.

Bristol-Myers Squibb Company ((BMY)) rose 23 cents to $52.34 after Bloomberg said Japan-based healthcare products maker Taisho Pharmaceutical Holdings Co Ltd has agreed to buy Bristol-Myers Squibb’s France-based over-the-counter drugs business UPSA for about $1.6 billion.

Jack In The Box Inc ((JACK)) jumped 3.9% or $3.15 to $83.48 after the fast-food restaurant operator was exploring strategic and financing alternatives to maximize shareholder value but it had not set a deadline to conclude the process.

WellCare Health Plans, Inc ((WCG)) dropped 2.9% or $6.95 to $229.91 after the government-sponsored health care services provider lifted fiscal 2019 total revenues forecastbetween $25.8 billion and $26.7 billion from the earlier estimate of $20 billion and $20.3 billion and diluted earnings per share in the range of $13.15 to $13.40 from the earlier estimate of $10.90 to $11.