Baidu ( BIDU), China's biggest search engine by revenue, on Monday announced a partnership with Microsoft ( MSFT) that would allow its users to see English-language search results generated by Bing, Microsoft's search engine. Microsoft shares were up 0.4% to $26.11 in premarket trading Tuesday, and Baidu shares were rising 2.5% to $146.98.
Energy Transfer Equity ( ETE) raised its offer to acquire natural gas company Southern Union ( SUG) for about $5.1 billion in cash. Under the new deal, Southern Union shares are valued at $40 a share, higher than Energy Transfer's mid-June bid of $33 a share, and above a competing offer from Williams ( WMB) of $39 a share. Shares of Southern Union were rising 2.3% to $41.30, while Williams was falling 0.8% to $30.51.
The initial cleanup along the oil-fouled Yellowstone River could be tested Tuesday as rising waters make it harder for Exxon Mobil ( XOM) to get to areas damaged by the crude spilled from a company pipeline. Shares were down 0.7% to $81.42.
A Pfizer ( PFE) stop-smoking drug Chantix increases the risk of cardiovascular events such as heart attacks, according to researchers who analyzed multiple trials involving the drug. Shares were down 0.5% to $20.65.
Specialty chemicals company OM Group ( OMG) agreed to buy German advanced materials and specialty magnetic company Vacuumschmelze GmbH for about € 700 million ($1 billion). Shares were rising 0.4% to $41.
Novartis ( NVS) announced that it will submit for worldwide regulatory approval its advanced breast cancer drug Afinitor by the end of this year, following positive results from an interim study of the drug. Shares were up 0.1% to $61.21.
Construction company Tutor Perini ( TPC) acquired Lunda Construction in a deal valued at $163.5 million and electrical and mechanical services and systems company GreenStar for $208.4 million. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse.
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