That tech uptick from Tuesday afternoon manifested itself Wednesday, pushing the tech-heavy Nasdaq higher while the Dow and S&P 500 both fell.
Shares of Allergan plc (AGN) were higher on Wednesday after a Tuesday sell-off sparked by rival Revance Therapeutics Inc's (RVNC) announcement of positive top-line results from Phase 3 studies evaluating a botox rival.
Despite the dip, not everyone on Wall Street is as negative on the stock as its recent performance would have you believe.
Jim Cramer and the Action Alerts PLUS team in a recent note cite the company's under-appreciated pipeline (hey, it had to buy something to accumulate some $30 billion in debt), an over-reaction to the Revance news and a strong sales strategy (think, loyalty programs for botox) as reasons to hold on. Cramer and the AAP team, as well as much of the sell-side community, warn that headlines will keep Allergan volatile near-term.
And then there's the continued fallout from CVS Health Corp.'s (CVS) merger with Aetna Inc. (AET) . Funny enough but the pharmacy competition seems to have already had plans before CVS announced its blockbuster deal. That's just an assumption but on Wednesday we watched Walgreens Boots Alliance Inc. (WBA) and regional pharmacy operator Fred's Inc. FRED both announce strategic transactions.
Walgreens said it would spend $416 million to buy a 40% stake in Chinese pharmacy operator Sinopharm Holding GuoDa Drugstores Co. Ltd., while Fred's said it would cancel its dividend and explore a sale for its real estate and specialty pharma business. Remember when these two were in talks to create a company that would look to squash CVS and rival Amazon (AMZN) if it ever got into healthcare? Oh, how far we've come.
Also consider the wave of could-be media mergers shaking up the content creators and the state of flux of net neutrality that could shake up the way those creators delivery content.
It's gotten everyone so caught up in the changing of motion picture entertainment that we've all but forgotten about print media. Go figure.
We catch you up on the latest rumors and speculation in the Time Inc. (TIME) - Meredith Corp. (MDP) merger talk that involves the potential divestiture of Sports Illustrated, Fortune and other notable Time publications. WME/IMG, Walt Disney Co. (DIS) and Bloomberg all make the speculative list for one title or another. Impediments remain for all interested parties it seems, given the sluggishness at which Time took the digital age.
For Time investors, let's just hope these two companies can make it to the finish line in this merger especially after the hubbub in Page 6 yesterday.
Photo of the day: Ford accelerates sales in China
We've all heard about U.S. companies moving manufacturing operations to China to lower costs for American consumers, but how successful have those same U.S. companies been at swaying Chinese customers to buy their products? Well, if you ask Ford Motor Co. (F) CEO Jim Hackett he'd probably tell you not enough. In China, Ford has done well to increase its market share over the past decade or so, having grown its sales from less than 5,000 vehicles in 2003 to 950,000 in 2016. Still, the company continues to lag behind its largest competitor, General Motors Co. (GM) , which sold nearly 3.9 million vehicles in China in 2016. To help boost sales Ford is rumored to be nearing a deal with one of China's e-commerce players Alibaba.com Inc. (BABA) to sell cars in China. Ford has had a presence in China since 2001 when it signed its first joint venture. Above the Ford Edge is being displayed at the Beijing International Automotive Exhibition in Beijing, China on April 27, 2016.
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