Top 10 News for 11/7 - 11/11: Trump Elected President; Icahn Grabs More Hertz; Twitter 'Brain Drain' Continues

November 13, 2016 9:03 AM EST

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1. Donald J. Trump was elected U.S. President. For more color, click here.

2. Valeant Pharma (NYSE: VRX) shares were hit earlier in the week after the company reported Q3 EPS of $1.55, versus the analyst estimate of $1.75. Revenue for the quarter came in at $2.48 billion versus the consensus estimate of $2.49 billion. Valeant Pharma sees FY2016 EPS of $5.30 - $5.50, versus prior guidance of $6.60 - $7.00 and the consensus of $6.45. Valeant Pharma sees FY2016 revenue of $9.55 - $9.65 billion, versus prior guidance of $9.9 - $10.1 billion and the consensus of $9.92 billion.

3. Macy's (NYSE: M) reported Q3 EPS of $0.46, $0.05 better than the analyst estimate of $0.41. Revenue for the quarter came in at $5.63 billion versus the consensus estimate of $5.65 billion. Comps fell 2.7 percent, versus a drop of 3.4 percent expected. Macy’s also announced it is forming a strategic alliance with Brookfield Asset Management, a leading global alternative asset manager, to create increased value in its real estate portfolio.

4. While Hertz Global Holdings (NYSE: HTZ) shares slumped this week, one activist investor took notice. On Tuesday night, Carl Icahn filed an amended 13D on the company disclosing a 28,019,038 share, or 33.77 percent, stake in the company. Icahn then bought more on Thursday, bringing his stake to 29,263,869 shares, or 35.27 percent of total outstanding stock.

In a an amended 13D filing on Hertz Global Holdings (NYSE: HTZ), hedge fund Carl Icahn disclosed a 33.77%, or 28,019,038 share, stake in the company. This is up 116.55% from the 12,938,596 shares held at the end of the latest quarter ending September 30, 2016.

5. Windstream Holdings, Inc. (Nasdaq: WIN) and EarthLink Holdings Corp. (Nasdaq: ELNK) announced on Monday that their boards of directors have unanimously approved a definitive merger agreement under which Windstream and EarthLink will merge in an all-stock transaction valued at approximately $1.1 billion, including debt. Under the terms of the agreement, EarthLink shareholders will receive 0.818 shares of Windstream common stock for each EarthLink share owned.

6. NVIDIA (Nasdaq: NVDA) shares ramped higher late in the week after the company reported Q3 EPS of $0.94, versus the analyst estimate of $0.57. Revenue for the quarter came in at $2 billion versus the consensus estimate of $1.69 billion.

7. Adobe (Nasdaq: ADBE) announced it has entered into a definitive agreement to acquire TubeMogul (Nasdaq: TUBE) for approximately $540 million net of debt and cash.

8. Perrigo (NYSE: PRGO) gained this week after announcing Q3 results. Perrigo also announced that as part of its ongoing business portfolio review, the Company will review strategic alternatives for the rights to the royalty stream from sales of the multiple sclerosis drug Tysabri (natalizumab).

9. Twitter, Inc. (NYSE: TWTR) announced that Adam Bain has informed the company of his decision to step down as COO and explore opportunities outside the company. Anthony Noto who has served as the Company's Chief Financial Officer since July, 2014, has been named COO. As COO he will continue to manage the live content business, and assume responsibility for Twitter's revenue generating organizations including global advertising sales, data, revenue product, and MoPub, as well as global partnerships and business development, effective immediately. Bain will assist with the transition of the COO role over the coming weeks.

10. Tesla (Nasdaq: TSLA) announced that it entered into an agreement to acquire Grohmann Engineering, a world-renowned engineering company in Prüm, Germany, which will become Tesla Grohmann Automation. The companies will work together to advance manufacturing system development.



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