Top 10 News for 10/31 - 11/4: Nonfarm Payrolls Miss in Oct.; Valeant Back Under Fire; New (Acting) Chief at Viacom

November 4, 2016 3:59 PM EDT

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1. Total nonfarm payroll employment rose by 161,000 in October, and the unemployment rate was little changed at 4.9 percent, the U.S. Bureau of Labor Statistics reported on Friday. Consensus estiamtes called for a 171,000 increase in jobs and unemployment rate at 4.9 percent. Employment continued to trend up in health care, professional and business services, and financial activities. Cick here for more color.

2. GE (NYSE: GE) and Baker Hughes (NYSE: BHI) announced that the companies have entered into an agreement to combine GE’s oil and gas business and Baker Hughes to create a world-leading oilfield technology provider with a unique mix of service and equipment capabilities. The “New” Baker Hughes will be a leading equipment, technology and services provider in the oil and gas industry with $32 billion of combined revenue1 and operations in more than 120 countries. By drawing from GE technology expertise and Baker Hughes capabilities in oilfield services, the new company will provide best-in-class physical and digital technology solutions for customer productivity.

3. CenturyLink (NYSE: CTL) and Level 3 Communications, Inc. (NYSE: LVLT) announced that their Boards of Directors have unanimously approved a definitive merger agreement under which CenturyLink will acquire Level 3 in a cash and stock transaction valued at approximately $34 billion, including the assumption of debt.

4. GoPro (Nasdaq: GPRO) reported Q3 EPS of ($0.60), $0.24 worse than the analyst estimate of ($0.36). Revenue for the quarter came in at $240.57 million versus the consensus estimate of $315.89 million. GoPro said it sees FY2016 revenue of $1.25-1.30 billion, versus the consensus of $1.39 billion. GoPro sees FY2017 revenue of $735 million, versus the consensus of $1.71 billion.

5. TeamHealth Holdings, Inc. (NYSE: TMH) announced that it has entered into a definitive agreement to be acquired by funds affiliated with Blackstone (NYSE: BX), a leading global asset manager, and certain co-investors in a transaction valued at approximately $6.1 billion. Under the terms of the agreement, which has been unanimously approved by TeamHealth's Board of Directors, Blackstone and its co-investors will acquire all of the outstanding shares of TeamHealth common stock for $43.50 per share in cash.

6. Whole Foods Market (NASDAQ: WFM) shares popped higher Friday following news that one of its shareholders might be pushing for changes at the company, including a possible sale. The shareholder is said to have lost patience with the company's directions. Whole Foods ended the session up modestly. For more color, click here.

7. Valeant Pharmaceuticals (NYSE: VRX) shares were weak earlier this week following news that the company's ex-CEO and ex-CFO might come under federal charges of alleged accounting fraud involving the company's secret Philibro unit. Valeant issued a statement on the matter, saying it was cooperating with federal officials throughout the process. For more color, click here.

8. Viacom's (Nasdaq: VIAB) Board of Directors announced the appointment of Robert (“Bob”) Bakish as Acting President and Chief Executive Officer, effective November 15. He will succeed Tom Dooley, who, as previously announced, will be leaving the Company. Click here for more color.

9. Fitbit (NYSE: FIT) shares were hit this week following Q3 results. The company posted Q3 EPS of $0.19 and revenue of $503.8 million, versus the analyst EPS estimate of $0.19 and revenue of $506.93 million. However, the company said it sees FY16 EPS of $0.55 - $0.59, versus the consensus of $1.18. Fitbit also sees FY16 revenue of $2.32-2.35 billion, versus the consensus of $2.58 billion. Multiple ratings firms subsequently downgraded the stock. For more color, click here.

10. Performance Sports Group Ltd. (NYSE: PSG) announced that, in order to facilitate a financial and corporate restructuring through a going-concern sale of substantially all of the Company's assets, it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the District of Delaware and commenced proceedings under the Companies' Creditors Arrangement Act (the "CCAA") in the Ontario Superior Court of Justice.



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