Posted on

CVS Health matches profit expectations, comes up a bit short on sales

CVS Health Corp. reported on Tuesday third-quarter earnings that fell to $6 million, or 1 cent a share, from $29 million, or 5 cents a share, in the same period a year ago. Excluding non-recurring items, such as costs related to the OfficeMax merger and pending acquisition of Staples, the drug store chain said adjusted earnings per share came to 16 cents, matching the FactSet consensus. Sales fell to $3.69 billion from $4.07 billion, just shy of the FactSet consensus of $3.72 billion, as slightly better-than-expected North American retail sales were offset by weakness in international sales. CVS said it still expects full-year 2015 sales “to be lower” than 2014. It increased the number of expected 2015 store closures to 180 from 175, but lowered its outlook for 2016 store closures to “more than 50” from “at least 60.” The stock, which was still inactive in premarket trade, has gained 4.2% year to date, while the S&P 500 has tacked on 2.2%.

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.

…read more

From:: Stock Market News

Posted on

King Digital jumps 14% premarket after Activision deal

King Digital Entertainment PLC surged 14% in premarket trade on Tuesday after Activision Blizzard Inc. late Monday said it’ll buy the “Candy Crush Saga” gaming company for $3.4 billion plus debt. Activision said it’ll pay $18 per share, marking a 20% premium to King’s closing price on Friday. The acquisition price, however, is still well below King’s IPO price of $22.50 a share, when it listed in March last year. Shares of Activision were down 0.5% ahead of the bell, erasing an earlier gain of 2.7%.

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.

…read more

From:: Stock Market News

Posted on

Molson Coors in talks to buy MillerCoors stake from SABMiller: FT

Molson Coors Brewing Co. is in advanced talks to buy the majority stake in MillerCoors from its joint venture partner SABMiller PLC , the Financial Times reported Tuesday. The sale of that stake is seen as key to securing regulatory approval for Anheuser-Busch InBev NV ‘s planned $104.2 billion takeover of brewing rival SABMiller. Molson Coors already has a 42 percent stake in MillerCoors and first right of refusal to bid for the joint venture, meaning it has been seen as the most likely buyer. The report of talks comes just ahead of a Nov. 4 deadline for AB InBev to make a formal offer for SABMiller. But while those discussions are ongoing, no agreement has been reached, people familiar with the talks told the FT. Shares in Molson Coors were flat in premarket trading. Shares in AB InBev were down 0.4% in morning trade Tuesday, while those in SABMiller were up 0.2%.

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.

…read more

From:: Stock Market News

Posted on

Controversial Valeant-linked pharmacy Philidor to cease operations

Philidor, an online pharmacy that has been embroiled in a controversy involving Valeant Pharmaceuticals Inc. , will cease operations, the company said late Monday. In a statement, Philidor said that Valeant’s decision to end its relationship with the pharmacy had forced its hand. “We remain steadfast that Philidor has adhered not only to all applicable laws but to the highest standards of ethical business practice,” the company’s statement read. Valeant’s relationship with Philidor has been called into question by journalists and investors in the past weeks, leading the two largest pharmacy-benefits managers to end business with the pharmacy and eventually a cut-off from Valeant. Valeant shares fell more than 47% the last two weeks; on Monday, shares rebounded with a 7.2% gain.

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.

…read more

From:: Stock Market News

Posted on

Brookdale Senior shares rise on new COO, CFO

Brookdale Senior Living Inc. shares surged in the extended session Monday after the retirement home operator announced a new chief financial officer and a new chief operating officer. Brookdale shares rose 15% to $25. The company said Labeed Diab will join the company as COO on Nov. 16, and that Lucinda Baier will start as CFO on Dec. 1. Mark Ohlendorf will step down as CFO and remain as president, the company said.

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.

…read more

From:: Stock Market News