What a difference a few weeks and 14,000 job cuts makes, huh? Just ask Teva Pharmaceutical Industries Ltd. (TEVA) .
The Petach Tikva, Israel-based company saw shares shoot up almost 15% in two days following quick decision-making, broad sweeping changes and a boost from its portfolio of generic drugs that are paying off in a big way for Wall Street, as sell-side analysts reassessed the drugmaker that had been all but left for dead by some.
Teva said Friday that it had launched generic Viread (tenofovir disoproxil fumarate) in the U.S. for the treatment of HIV-1 infection in adults as well as in pediatric patients 2 years old and up. Tablets also have the potential to treat chronic hepatitis B in adults and pediatric patients 12 years old and up. The announcement followed a Thursday decision to cut about $3 billion in costs by 2019 including the elimination of about a quarter of its global workforce.
The announcements have essentially erased the 20% deterioration in the company's share price that had occured over the prior three months.
While Teva investors were enjoying a strong end to the trading week, those that bet on CSX Corp. (CSX) , are hurting today as CEO Hunter Harrison revealed he will take a medical leave of absence.
Harrison, 73, was installed as CEO of the Jacksonville, Fla.-based railroad company in April 2017 as part of activist investor Paul Hilal's efforts to shake up management at CSX. Prior to joining CSX, Harrison had been at the helm of Canadian Pacific Railway Ltd. (CP) for five years, according to BoardEx, a relationship mapping service of TheStreet Inc. He was thought to be the savior of CSX and his departure let about 7% of the value out of CSX shares at Friday's close.
And for those in the New York City area, a tip of the cap goes out to Mike Francesa who hosted his final radio show on WFAN 660. Francesca has been broadcasting on The Fan for 30 years and was part of what was perhaps the most famous sports talk radio show in history, Mike and the Mad Dog Show.
After he signs off Friday at 6:30 pm ET, I think I speak for a lot of people in the New York metro area when I say The Sports Pope will be missed.
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Photo of the day: Reenergizing Hess
The activist, not the Hess Truck, is back! Elliott Management's Paul Singer is likely eyeing a March 9 deadline for director nominations at oil and gas company Hess Corp. (HES) . That's because the billionaire activist investor is reportedly preparing a new fight with the energy company, pushing it to either remove CEO John B. Hess or to pressure him into considering a sale of the company. Hess has been producing petroleum products since the 1930s but it wasn't until 1966 that the company -- and founder Leon Hess -- began producing toy trucks. The very first Hess Toy Truck carried a retail price of $1.29, including batteries, according to Hess. As for Singer, the insurgency is the second campaign against the company since 2013. You've got to wonder: did Hess forget to send Mr. Singer his batteries?
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