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New York Attorney General Eric Schneiderman’s office is investigating EpiPen manufacturer Mylan , which may have violated antitrust law in its contracts with local school systems, Schneiderman’s office said Tuesday. Mylan’s price increases on allergic reaction treatment EpiPen prompted public outrage along with lawmaker scrutiny last month. Those price increases could be classified as anti-competitive practices if done “with the intent and effect of limiting lower cost competition,” Schneiderman said. Mylan shares were up 1.0% in early afternoon trade Tuesday. The company’s stock dropped 13.1% over the last three months, compared with a 3.5% rise in the S&P 500 .

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From:: Stock Market News

Federal-Mogul Holdings Corp. said Tuesday it has agreed to be acquired by Icahn Enterprises LP in a deal structured as a tender offer followed by a merger. Under the terms of the deal, Icahn Enterprises will pay $9.25 in cash for each Federal-Mogul share. That’s a premium of 86% over Federal-Mogul’s closing shares on Feb. 26, the business day before Icahn Enterprises, investing arm of Carl Icahn, made an original offer of $7.00 a share. Once the deal is complete, the goods supplier will become a privately held part of Icahn Enterprises. Federal-Mogul shares fell 0.2%, but are up 35% in the year so far, while the S&P 500 has gained about 6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Sage Therapeutics Inc. shares rose 11.9% in midday trade on Tuesday after the company said its postpartum depression treatment had been named a “Breakthrough Therapy” by the Food and Drug Administration, which will allow the drug to be developed and possibly approved faster. There are currently no approved therapies for postpartum depression, Sage Therapeutics said, although medications including antidepressions are often used in treatment. The drug, SAGE-547, had positive top-line results in a phase 2 trial, Sage Chief Executive Officer Jeff Jonas said. Sage Therapeutics shares rose 18.6% over the last three months, compared with a 3.6% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

The Kroger Co. said Tuesday it is launching a new line of affordable cage-free eggs. The supermarket chain already offers cage-free eggs under its Simple Truth and Simple Truth Organic brands, and is committed to switching to 100% cage-free eggs by 2025. “In order to ensure a smooth transition by 2025, we need to start attracting customers to cage-free eggs now,” said Mel Bomprezzi, Kroger’s vice president of grocery merchandising, in a statement. The new range will be branded Kroger and will be available at all stores nationwide, said the statement. Kroger shares were down about 1% Tuesday, and have lost 23% in the year to date, while the s&P 500 has gained about 6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News