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Shares of Hormel Foods Corp. climbed 1.4% to a three-month high in morning trade Monday, after the packaged foods company was upgraded at Credit Suisse. Analyst Robert Moskow raised his rating to outperform from, after being at neutral for the last 13 months. He raised his stock price target to $43, which is 9.5% above current levels, from $38. “In an environment where packaged food peers are rationalizing their portfolios and turning almost exclusively to cost-cutting to adjust to slowing consumer demand, Hormel stands out as having a clear path toward volume growth over the next 12 months,” Moskow wrote in a note to clients. He said despite sharp declines in pricing for hogs, corn and turkey breasts, there have not been any “material” signs of pricing weakness or supply gluts. Hormel reported last week fiscal third-quarter earnings and revenue that beat expectations. The stock has slipped 0.8% year to date, while the S&P 500 has gained 8.5%.

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From:: Stock Market News

U.S. stocks opened slightly lower Monday, with investors taking a cue from a retreat by oil futures as they await a speech by Federal Reserve Chairwoman Janet Yellen at the end of the week. The S&P 500 fell 4 points, or 0.2%, to 2,180, while the Dow industrials declined 69 points, or 0.4%, to 18484. The Nasdaq Composite lost 8 points, or 0.1%, to trade at 5,230. Oil futures pulled back, with traders citing doubts about a potential production freeze. The week’s main event is expected to be Yellen’s speech Friday at an annual Fed retreat in Jackson Hole, Wyo., which will be watched for clues to the timing of the central bank’s next rate increase.

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Office Depot Inc. said Monday that Chief Executive Roland Smith will retire from that position, after joining the office equipment retailer in November 2013. He will remain in the position until a successor is found, which is expected to be by the end of the first quarter. The company expects Smith to remain as chairman of the board. Among other executive moves, made as part of a strategic plan that includes the consolidation of its retail, contract, ecommerce and omni-channel marketplace, Troy Rice was named to the newly-created position of chief operating officer, North America. Office Depot’s stock, which is still inactive in premarket trade, has plunged 38% year to date, while the SPDR S&P Retail ETF has climbed 6.2% and the S&P 500 has gained 6.9%.

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From:: Stock Market News

CST Brands Inc. agreed to be acquired by Canada’s Alimentation Couche Tard Inc. in a deal valued at $4.4 billion, including debt. Under terms of the deal, Alimentation will pay $48.53 a share in cash for each CST share outstanding, representing a 2.1% premium to Friday’s closing price. With 75.69 million shares outstanding, according to FactSet, the per-share bid for CST implies a market value of $3.67 billion. The motor fuel retailer had announced on March 3 it was exploring strategic alternatives, and The Wall Street Journal reported last week that a merger with Circle K parent Alimentation was near. Separately, Parkland Fuel Corp. agreed with Alimentation to buy CST’s Canadian business for $965 million. CST is CrossAmerica Partners LP’s general partner. CST’s stock had run up 21% year to date through Friday, while Alimentation shares had gained 2% and the S&P 500 had advanced 6.9%.

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From:: Stock Market News

Shares of Medivation Inc. soared 19% in premarket trade Monday, after the developer of cancer treatments confirmed an agreement to be acquired by Pfizer Inc. in a deal valued at $14 billion. Under terms of the agreement, Pfizer will pay $81.50 in cash for each Medivation share outstanding, which represents a 21% premium to Friday’s closing price, and is 20% above the record close of $67.78 reached on March 20, 2015. Pfizer expects the deal to add 5 cents a share to earnings in the first full year after closing, which is expected to occur in the third or fourth quarter of 2016. Pfizer expects to finance the deal with existing cash. “The addition of Medivation will strengthen Pfizer’s innovative health business and accelerate its pathway to a leadership position in oncology, one of our key focus areas, which we believe will drive greater growth and scale of that business over the long-term,” said Pfizer Chief Executive Ian Read. The Wall Street Journal had reported over the weekend that a deal was near. Pfizer’s stock was still inactive in premarket trade. Medivation’s stock had run up 39% year to date through Friday, while Pfizer’s had climbed 8.4% and the Dow Jones Industrial Average had gained 6.5%.

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Valeant Pharmaceuticals International Inc. has appointed Paul Herendeen as its new chief financial officer, the Canadian company said in a statement Monday. Herendeen, who will take over from Robert Rosiello immediately, was previously CFO at animal health company Zoetis Inc. Rosiello will remain with Valeant as head of corporate development and strategy.

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From:: Stock Market News

Pfizer Inc. is closing in on a deal to acquire Medivation Inc. for about $14 billion, according to multiple reports. The deal may be announced as soon as Monday, according to the Financial Times, which first reported the possible deal. The purchase of the cancer-drug developer would significantly bolster Pfizer’s oncology business, led by Medivation’s popular prostate-cancer treatment, Xtandi.

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From:: Stock Market News

Pfizer Inc. is closing in on a deal to acquire Medivation Inc. for about $14 billion, according to multiple reports. The deal may be announced as soon as Monday, according to the Financial Times, which first reported the possible deal. The purchase of the cancer-drug developer would significantly bolster Pfizer’s oncology business, led by Medivation’s popular prostate-cancer treatment, Xtandi.

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