Among the companies with shares expected to trade actively in
Tuesday's session are Baxalta Inc. (BXLT), Allstate Corp. (ALL) and
Sprint Corp. (S) .
Dublin-based Shire PLC (SHPG, SHP.LN) said Tuesday that it has
offered to acquirerare-disease treatment maker Baxalta Inc. (BXLT)
for roughly $30.6 billion in stock, in the latest example of a
foreign company using its tax-friendly status to goafter a U.S.
company. Baxalta shares rose 17% to $38.85 in recent trading.
Shire's American depositary shares fell 3.4% to $259.01.
Allstate Corp. (ALL) said its second-quarter operating earnings
fell 41% on lower auto insurance margins and seasonally high
catastrophe losses. Shares fell % to $ premarket. Shares fell 7.1%
to $64.45.
Sprint Corp. (S) announced Monday a reshuffle among senior
management as Chief Executive Marcelo Claure tries to turnaround
the struggling wireless provider. Shares rose 10% to $3.69.
Aetna Inc. (AET), which has agreed to buy fellow insurer Humana
Inc., reported better-than-expected earnings for its second quarter
as it benefits from growthin its government business. The company
also raised its earnings outlook. Shares rose 1.9% to $115.94.
Archer Daniels Midland Co. (ADM) said its earnings fell more
than expected in the second quarter, as record ethanol production
limited profits. Shares rose/fell % to $ premarket. Shares fell
2.1% to $46.70.
Coach Inc. (COH) said profit plunged in its latest quarter as
the luxury retailer reported deteriorating sales and
restructuring-related charges. But results beat expectations and
the company issued upbeat guidance for the newly-started business
year. Shares rose 4.8% to $31.90.
Chinese online travel company eLong Inc. (LONG) has received a
takeover offer from its shareholder Tencent Holdings Ltd. (TCEHY,
0700.HK), the latest move in a sector that has seen an abundance of
deal activity. eLong shares fell 17% to $16.70 .
Starboard Value LP, which last year scored bragging rights among
so-called activist investors by unseating Darden Restaurant Inc.'s
board, is now calling on MedAssets Inc. (MDAS) to overhaul
operations--and its board. MedAssets shares fell 7.6% to $21.80
.
Shares of TriNet Group Inc. (TNET) tumbled after the
human-resources provider on Monday reported disappointing results,
citing a higher-than-expected number of large medical claims.
Shares fell 34% to $17.40.
Regeneron Pharmaceuticals Inc. (REGN) , which recently won
approval for its cholesterol drug, said profit doubled in its
second quarter as sales of itseye-disease treatment surged. Shares
rose 6.3% to $588.99.
Animal-health company Zoetis Inc. (ZTS) swung to a
second-quarter loss oncosts related to its restructuring plans,
though revenue and adjusted profit topped expectations as sales of
its pet and livestock medicines grew. The company also boosted the
low end of its 2015 outlook. Shares rose 3.2% to $50.04.
American International Group Inc. (AIG) boosted its common-stock
dividend by 124% and raised its share-repurchase target by $5
billion, signs of health that seemed unfathomable seven years ago
when it nearly collapsed into bankruptcy.
Avis Budget Group Inc. (CAR) reported disappointing revenue for
the June quarter and lowered its fiscal year outlook, citing weak
pricing and the stronger dollar.
Community Health Systems Inc. (CYH) raised its earnings guidance
for the year as its second-quarter profit more than doubled thanks
to its acquisition of Health Management Associates Inc.
CVS Health Corp. (CVS) on Tuesday gave a soft earnings outlook
forits current quarter, while growing sales of prescription drugs
continued to offset weakness in its retail business for the second
quarter.
General Growth Properties Inc. (GGP) said second-quarter funds
from operations increased as initial rental rates and tenant sales
increased.
J.C. Penney Co. (JCP) has hired executives from Home Depot Inc.
and Target Corp. to strengthen its online offerings.
The latest management appointment comes as Marvin Ellison--a
veteran of both retailers--took over as J.C. Penney's new chief
executive on Aug. 1, succeeding Myron "Mike" Ullman III. Mr. Ullman
is staying on at J.C. Penney as executive chairman.
Kellogg Co. (K) said its second-quarter earnings fell 24% as
sales abroad were hurt by a stronger U.S. dollar and weak domestic
demand for cereal and other packaged foods.
Vornado Realty Trust's (VNO) second-quarter profit nearly
doubled following its shopping centers' spinoff.
Zillow Group Inc.'s (Z) chief operating officer, Kathleen
Philips, is stepping into the chief financial officer role, three
weeks after the resignation of the company's finance chief. The
move is effective Aug. 7.
Write to Maria Armental at maria.armental@wsj.com and Tess
Stynes at tess.stynes@wsj.com
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