On Monday, Pfizer announced it will acquire Array Biopharma for $10.64 billion in cash, giving the company access to FDA approved drugs for skin cancer. The offer of $48 per Array share represents a premium of about 62% to the stock’s close on Friday. Last year the U.S. Food and Drug Administration approved Array’s oral combination treatment for use in patients with the deadliest form of skin cancer. The company is also testing its triple combo therapy in colorectal cancer patients. Pfizer said it expects to complete the deal in the second half of 2019.
The Great Outage of 2019…
Target had a rough weekend. On Saturday, the retailer experienced a two-Hour long outage which affected all Target store. The culprit… an error made during regular maintenance. On Sunday, Target customers experienced another outage were customers were unable to process certain card payments at some stores for about 90 minutes because NCR Corp. , a vendor used by the company to help accept payments, experienced an issue at one of its data centers. The timing could not have worse for the retailer’s who was already experiencing high traffic due Father’s Day. The technical problems are a setback for Target, which has been investing heavily to remodel its stores and improve its technology as it battles Walmart Inc., Amazon.com Inc. and others for customers. In recent quarters, it has reported strong sales growth boosted by U.S. consumer spending.
Asia: Asian equities closed mixed on Monday as investors await a U.S. Federal Reserve meeting set to happen later in the week stateside.
Europe: European markets closed after U.S. chipmaker Broadcom warned of a broad slowdown in demand due to trade tensions and the U.S. ban on Chinese tech and mobile phone company Huawei Technologies
U.S: U.S. stocks closed lower in quiet trading Friday as tepid economic data and rising tensions in the Middle East added to concerns over growth and trade. DJIA:- 17.16 points 26089.61, S& P 500 -4.66 2886.98 Nasdaq: – 40.47 7796.66
Word of The Day:
Net Asset Value
The value per share of a mutual fund or exchange traded fund on a specific date or time.
Dinner or Drink:
4 parts bourbon
1/2 parts Orange Liqueur
1/2 parts Cherry Schnapps
1 dash Bitters
Add ingredients to an ice-filled shaker. Shake and strain into a chilled martini glass