Top 10 News for 9/12 - 9/16: Agrium, Potash Make it Official; Intel Improves Outlook; Wells Fargo Changes Tune, Policies

September 16, 2016 3:58 PM EDT

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1. Agrium Inc. (NYSE: AGU) and Potash Corporation of Saskatchewan Inc. (NYSE: POT) announced that they have agreed to combine in a merger of equals. Under the agreement, which the Boards of Directors of both companies unanimously approved, a new parent company will be formed to own both companies. PotashCorp shareholders will receive 0.400 common shares of the new company for each common share of PotashCorp they own, and Agrium shareholders will receive 2.230 common shares of the new company for each common share of Agrium they own.

2. Intel Corporation (Nasdaq: INTC) announced on Friday morning that third-quarter revenue is expected to be above the company's previous outlook. The company said it now expects third-quarter revenue to be $15.6 billion, plus or minus $300 million, as compared to the previous range of $14.9 billion, plus or minus $500 million. The increase in revenue is primarily driven by replenishment of PC supply chain inventory. The company is also seeing some signs of improving PC demand. (The Street was looking for Q3 revenue of $14.9 billion.)

3. Renesas Electronics Corporation and Intersil Corporation (Nasdaq: ISIL) announced late Monday that they signed a definitive agreement for Renesas to acquire Intersil for $22.50 per share in cash, representing an aggregate equity value of approximately $3.2 billion.

4. Weight Watchers International, Inc. (NYSE: WTW) announced that it is commencing a search for a new CEO to lead the next stage of the Company's growth. James Chambers has notified the Board of Directors of his resignation as Chief Executive Officer, effective September 30, 2016, and as a Director of the Company. In addition, Thilo Semmelbauer, who had previously served as Chief Operating Officer with Weight Watchers until 2008, has been elected to the Company's Board of Directors.

5. Oracle (NYSE: ORCL) reported Q1 EPS of $0.55, $0.03 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $8.6 billion versus the consensus estimate of $8.7 billion. Total Cloud Revenues, including infrastructure as a service (IaaS), were $969 million, up 59% in U.S. dollars and up 61% in constant currency.

6. Abbott (NYSE: ABT) announced on Friday that it will sell Abbott Medical Optics, its vision care business, to Johnson & Johnson (NYSE: JNJ) for $4.325 billion in cash.

7. The U.S. Commerce Department said this week that retail sales fell 0.3 percent in August, from an upwardly revised 0.1 percent gain the prior month. The Street was looking for a drop of 0.1 percent.

8. Wells Fargo & Company (NYSE: WFC) announced that it will eliminate all product sales goals in retail banking, effective January 1, 2017. The announcement came following news of a settlment with the government over falsification of customer accounts, which also lead to the elimination of about 5,300 positions within the firm.

9. Aerie Pharmaceuticals, Inc. (Nasdaq: AERI) shaes shot higher this week after hte company reported the successful 90-day primary efficacy results of its 12-month Phase 3 “Mercury 1” clinical trial for its fixed-dose combination product candidate, Roclatan. The study achieved its primary efficacy endpoint demonstrating statistical superiority over each of its components, including Aerie product candidate Rhopressa (netarsudil ophthalmic solution) 0.02%, and market leading prostaglandin analogue (PGA) latanoprost, all of which were dosed once daily in the evening.

10. Horizon Pharma plc (Nasdaq: HZNP) and Raptor Pharmaceutical Corp. (Nasdaq: RPTP) announced the companies have entered into a definitive agreement under which Horizon Pharma will acquire all of the issued and outstanding shares of Raptor Pharmaceutical Corp. common stock for $9.00 per share in cash, for an implied fully diluted equity value of approximately $800 million. The transaction is expected to close in the fourth quarter of 2016.

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