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Shares of the drugmaker, which have risen about 160 percent since Read took over as CEO in December 2010, were trading up nearly a percent at $44.42. The stock had earlier touched 17-year high of $44.51. “This looks like a well-considered transition, thus I’m not convinced it will herald a major change in strategic thinking, particularly as Ian will still stay on as chairman,” Berenberg analyst Alistair Campbell said. The leadership change comes at a time when the Trump administration has been pressuring drugmakers to lower prescription costs. Read, after a conversation with President Trump in July, had decided to defer price increases for no more than six months.
Pfizer, which has been trying to sell its consumer healthcare baseball bobblehead cufflinks business for the past one year, is bracing for patent expiration of its neurological disease treatment Lyrica, which raked in $1.2 billion in second-quarter sales, The company’s drug pipeline has the potential for about 25-30 approvals through 2022, Pfizer said, adding that it expects up to 15 of them to fetch multi-billions in sales, “The timing of this transition makes sense given Reed’s age and the company’s current strong portfolio of new products,” Edward Jones analyst Ashtyn Evans said..
WINNIPEG, Manitoba (Reuters) - Husky Energy Inc’s (HSE.TO) hostile bid for MEG Energy Corp (MEG.TO) reflects the need for Canadian oil companies to own integrated assets, from production to refineries, to manage the deep price discounts on Canadian crude, Husky’s chief executive said on Monday. Husky’s cash and stock offer announced on Sunday would combine MEG’s heavy oil production with Husky’s output, pipeline space and refineries, in a deal valued at C$6.4 billion.
“This is a real hand-in-glove sort of deal, It baseball bobblehead cufflinks just fits together extremely well,” Husky CEO Rob Peabody said on a Monday conference call with analysts, Husky’s bid for highly indebted MEG, which hired a new CEO less than two months ago, is a bet that MEG’s production assets will be lucrative once price differentials return to normal, Even so, some investors own Husky shares for its low exposure to heavy oil differentials and may be disappointed by a bid that increases such risks, analysts said..
The offer comes as Canadian oil producers have struggled with transportation bottlenecks as output has surged, pushing Canadian heavy crude to huge discounts to U.S. light crude. Husky shares fell 7 percent to C$21.19 in Toronto, while MEG stock climbed 38 percent to C$11.08, slightly higher than the offer price. Peabody said Husky is taking the bid directly to MEG shareholders after the company’s leadership refused to discuss it. MEG said on Sunday that its board would consider Husky’s offer when it formally receives it. Husky plans to release its bid circular on Tuesday.
The companies are based in Canada, so there are no significant regulatory hurdles, Peabody said, Both have strong ties to Asia, as Husky’s majority investor is Hong Kong tycoon Li Ka baseball bobblehead cufflinks Shing, One of MEG’s largest investors is Chinese state-owned oil producer CNOOC Ltd (0883.HK), MEG’s best options are to negotiate for a higher bid or find another suitor, Eight Capital analyst Phil Skolnick wrote in a note, He added that Canadian producers Imperial Oil Ltd (IMO.TO) and Suncor Energy Inc (SU.TO) are potential bidders..
WASHINGTON (Reuters) - A measure of U.S. factory activity retreated from a more than 14-year high in September as growth in new orders slowed, but supply bottlenecks appeared to be easing, suggesting a steady pace of expansion in manufacturing. Other data on Monday showed a small increase in construction spending in August amid weakness in investment in private residential and nonresidential projects. The report did little to change views of strong economic growth in the third quarter. The Institute for Supply Management (ISM) said its index of national factory activity dropped 1.5 points to a reading of 59.8 last month from 61.3 in August, which was the highest since May 2004. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy.
“It may not be the best of times for manufacturers, but it is pretty close to that,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania, The ISM continued baseball bobblehead cufflinks to describe demand as remaining “robust.” The ISM also noted that “the nation’s employment resource and supply chains continued to struggle, but to a lesser degree.” It said factories remained “overwhelmingly concerned about tariff-related activity, including how reciprocal tariffs will impact company revenue and current manufacturing locations.”..