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St. Jude Medical said Wednesday it has agreed to acquire heart-related medical device maker Thoratec in an all-cash deal valued at about $3.4 billion. St. Jude will pay $63.50 per Thoratec share, or a 40.1% premium over Thoratec’s volume-weighted average trading price for the 30-day trading period ended July 17. The deal is expected to close in the fourth quarter and to boost St. Jude earnings in 2016. “The addition of Thoratec’s leading ventricular assist device portfolio expands and enhances St. Jude Medical’s established presence in heart failure therapies,” St. Jude Chief Executive Daniel Starks said in a statement. Thoratec is the leader in the ventricular assist device market, which is worth about $750 million, he said. The deal will bring St. Jude into new markets totaling more than $1 billion that are expected to grow about 10% annually, said the statement. The merger agreement includes a “go-shop” period, which gives Thoratec 30 days to solicit bids from other parties. Thoratec shares were halted for trading pending the announcement, while St. Jude shares were not yet active.

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The Greek parliament on Wednesday has begun debating a second set of reform measures demanded by creditors before new bailout talks can begin. The measures will focus on implementing EU banking rules into Greek law and modernizing Greece’s judicial system, analyst and media reports said. The parliament is set to vote on the measures Wednesday night in Athens, where an anti-bailout demonstration will also be held, according to local media reports. Institutional lenders to Greece — the European Commission, the European Central Bank and the International Monetary Fund — are expected to hold talks with the Greek government on Friday in Athens. The Greek government is aiming to wrap up bailout discussions by Aug. 20, Reuters reported Tuesday.

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From:: Stock Market News

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U.S. stock-index futures late Tuesday implied a lower open for the markets Wednesday, after Apple Inc. fell in after-hours trade amid disappointment over its outlook, and after Microsoft Corp. posted its largest-ever quarterly loss. About 10 hours ahead of the start of New York trade, CBT eMini Nasdaq 100 futures suggested a 1.2% opening loss, while eMini Dow Jones Industrial Average and futures for the S&P 500 were down 0.4% each. The futures — though they could move considerably ahead of the start of trade, especially after the European markets open — were in line with midday weakness on the major Asian bourses, with Japan’s Nikkei Average down 1.2% and Hong Kong’s Hang Seng Index down 1%. On Tuesday, the Dow industrials ended 1% lower, while the Nasdaq Composite fell 0.2%, and the S&P 500 lost 0.4%.

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

HONG KONG (MarketWatch) — Chinese stocks retreated slightly after four day of gains, as the Shanghai Composite Index nudged 0.1% lower, while in Hong Kong, the Hang Seng Index dropped 0.9%, and the mainland-China-tracking Hang Seng China Enterprises Index declined 1.5%. Chinese mobile carriers pulled back after their previous rally, as China Mobile Ltd. fell 2.5% following a 4.1% surge on Tuesday, and smaller rivals China Telecom Corp. and China Unicom Hong Kong Ltd. were off 3% and 1.4% respectively. Oil shares were mostly weak after China’s top economic planner lowered the prices for refined oil Tuesday night, marking the sixth cut this year. China’s top oil refiner China Petroleum & Chemical Corp. dropped 1.3%, and Sinopec Shanghai Petrochemical Co. lost 1.7%. And with crude-oil futures pulling back in early Asian trade, China’s largest oil producer PetroChina Co. sagged 1.1%, and Kunlun Energy Co. shed 0.4%. Mainland Chinese property developer Glorious Property Holdings Ltd. plunged 9.4% despite the company saying it had settled a case involving a trust in Hong Kong court. Among other market movers, Chinese nuclear-power producer CGN Power Co. gave up 2.4% after reports said the company may have installed potentially unsafe equipment at its Taishan power plant, which is to be launched next year.

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

Here are the latest trading levels for Asia’s major stock markets:

Tokyo (Nikkei Average ) down 1.2%
; Hong Kong (Hang Seng Index ) down 0.9%
; Shanghai (Shanghai Composite Index ) down 0.2%
; Sydney (S&P/ASX 200 ) down 0.9%
; Seoul (Kospi ) down 0.9%
; Taipei (Taiex ) down 0.6%

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

Australian stocks rolled lower early Wednesday, tracking losses for U.S. shares and on other Asian markets, with earnings and output reports taking center stage. The S&P/ASX 200 sat 0.9% lower about 40 minutes into trade, with BHP Billiton Ltd. down 0.7% to slightly outperform the benchmark after posting better-than-expected iron-ore production for the first half but also warning of new impairment charges of up to $650 million. Shares of South32 Ltd. , recently spun off from BHP, fell 1.2% as the market weighed its quarterly output report and news he company was reviewing the fair value of its assets, according to Dow Jones Newswires. On the other hand, some iron-ore miners managed to extend gains, with Fortescue Metals Group Ltd. up 2% and Arrium Ltd. rising 1.9%. Elsewhere on the market, construction-materials company Boral Ltd. rose 2.3% on upbeat guidance for the fiscal year ended in June, and energy name Caltex Australia Ltd. lost 1.9% after Bell Potter downgraded the shares to hold from buy, despite lifting its price target.

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