S&P Places Yum! Brands (YUM) on CreditWatch Negative Following Separation Plans
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RBC Capital Raises Price Target to Account for Yum! Brands (YUM) New Outlook
October 21, 2015 7:37 AM EDTRBC Capital reiterated a Top Pick rating on Yum! Brands (NYSE: YUM), and raised the price target to $87.00 (from $80.00), to account for the company's new outlook.
Analyst David Palmer commented, "We are raising our price target to reflect the value creation... More
Wall Street ends down with healthcare, IBM; United Tech rises
October 20, 2015 7:13 AM EDTBy Caroline Valetkevitch
(Reuters) - U.S. stocks ended slightly lower on Tuesday as a decline in healthcare and biotech stocks offset gains in United Technologies and Verizon.
A 5.7 percent drop to $140.64 in IBM (NYSE: IBM) also weighed on the market. The stock hit a five-year intraday low at $140.28 after it reported a bigger-than-expected decline in quarterly revenue and cut its full-year profit forecast.
The S&P healthcare sector fell 1.5 percent, while the Nasdaq Biotech Index dropped 3.2 percent. Concerns about drug pricing have hit biotech and other healthcare shares.
... MoreYum Brands to separate China unit amid activist pressure
October 20, 2015 7:10 AM EDTBy Lisa Baertlein and Sruthi Ramakrishnan
(Reuters) - KFC owner Yum Brands Inc (NYSE: YUM) said it plans to spin off its dominant China business, which has been besieged by food scandals and marketing missteps, amid pressure from an activist shareholder who recently joined its board of directors.
Shares of the parent company of the KFC, Pizza Hut and Taco Bell chains rose about 5 percent to $75.22 in early trading, before retreating to $73.55 in the afternoon.
Yum's move on Tuesday is the latest sign of activist hedge funds' strengthening grip over Corporate America.
... MoreYum! Brands (YUM) to Separate Into Two Publicly Traded Companies
October 20, 2015 7:02 AM EDT
Yum! Brands, Inc. (NYSE: YUM) today announced that it intends to separate into two independent, publicly-traded companies, each with compelling and distinct strategies and investment characteristics. The transaction will create two powerful, best-in-class companies, each with a separate strategic... More
