Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
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2. Netflix (NASDAQ: NFLX) shares popped earlier in the week after the company reported Q3 EPS of $0.12, which was the analyst estimate of $0.06. Revenue for the quarter came in at $2.29 billion versus the consensus estimate of $2.28 billion. Total Q3 net subscriber additions were 3.57 million.
3. Caterpillar Inc. (NYSE: CAT) Chairman and CEO Doug Oberhelman has elected to retire, effective March 31, 2017. The company said,
during his time as Chairman and CEO, Oberhelman has reinvigorated the company's focus on serving customers while also driving a culture of quality and safety. Oberhelman led the company to its highest sales and revenues peak in its 91-year history in 2012, and, since that time, has successfully led the company through the unprecedented downturn affecting our key industries.
4. Tesla (Nasdaq: TSLA) held an event on Wednesday night to debut the next version of its Autopilot, which the company claims will be fully autonomous. The hardware and software for the platform will be installed on all upcoming production cars, including Model Ss and Model Xs. For more color, click here.
5. British American Tobacco p.l.c. (NYSE: BTI), which owns 42.2% of Reynolds American Inc. (NYSE: RAI), announced that it made a proposal to merge with Reynolds through the acquisition of the remaining 57.8% in the company. US securities laws require BAT to announce its merger proposal promptly after it was made to the Board of Reynolds. As a result, BAT has been unable to have prior negotiations with Reynolds regarding the proposal. The deal values Reynolds at $56.50 per share, of which $24.13 would be in cash and $32.37 would be in BAT shares.
6. Other speculated M&A targets noted late in the week included:
Microsemi Corporation (Nasdaq: MSCC): no specific acquirer named, though the company is shopping itself around
Rockwell Automation (NYSE: ROK): from France's Schneider Electric
7. McDonald's (NYSE: MCD) reported Q3 EPS of $1.50, which may not compare to the analyst estimate of $1.49. EPS excluding strategic charges was $1.62. Revenue for the quarter came in at $6.42 billion versus the consensus estimate of $6.28 billion. Global comparable sales increased 3.5% vs consensus of 1.8% consensus.
8. MGT Capital Investments, Inc. (OTC: MGTI)(NYSE: MGT) announced that at 4:23 p.m. EDT on October 19, 2016, the Company received a letter from the New York Stock Exchange stating that the staff of NYSE Regulation has determined to commence proceedings to delist the Company's common stock. NYSE Regulation cited Section 1002(c) of the NYSE MKT Company Guide as justification for the action. The cited section is meant to apply when a company has sold or otherwise disposed of its principal operating assets, or has ceased to be an operating company.
9. Visa Inc. (NYSE: V) announced that Charlie Scharf is resigning as chief executive officer effective December 1, 2016, and the board of directors has unanimously voted to appoint Alfred F. Kelly, Jr. as CEO. Mr. Kelly, a current Visa board member, is the president and chief executive officer of Intersection Co. and the former president of American Express Co.
10. Rogers Communications (NYSE: RCI) announcedthat President and Chief Executive Officer Guy Laurence will step down effective immediately. It also announced that it is Rogers intention to hire Joseph Natale as President and Chief Executive Officer as soon as he is in a position to join Rogers. During the interim, Alan Horn will act as President and Chief Executive Officer.
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