Schaeffer's Trading Floor Blog

Buzz Stocks: Allergan, Inc., Hillshire Brands Co, Pfizer Inc., and Apple Inc. (AAPL)

Today's stocks to watch in the news include AGN, HSH, PFE, and AAPL

by 5/12/2014 9:11 AM
Stocks quoted in this article:

U.S. stocks are pointed higher in pre-market activity, as Wall Street takes its cues from overseas. In company news, here are some stocks to watch today:

  • Allergan, Inc. (NYSE:AGN) said its board unanimously rejected an unsolicited bid from Valeant Pharmaceuticals International, Inc. (NYSE:VRX). AGN CEO David E.I. Pyott said the $46 billion offer "substantially" undervalues the Botox maker, and "does not reflect the value of the company's leading market positions, sales and marketing foundation, industry-leading research and development efforts, as well as future revenue and earnings growth." (MarketWatch)

  • Hillshire Brands Co (NYSE:HSH) said it will buy Pinnacle Foods Inc (NYSE:PF) for roughly $6.6 billion, including debt (or about $4.28 billion excluding debt). PF shareholders will receive $18 in cash and half of one HSH share for each PF share. (Reuters)

  • Pfizer Inc. (NYSE:PFE) CEO Ian Read will be in the hot seat across the pond this week, as U.K. lawmakers question him about the company's pursuit of AstraZeneca plc (ADR) (NYSE:AZN). Read took a proactive approach over the weekend, posting videos to Pfizer's website detailing the company's commitment to the U.K. (Bloomberg)

  • Apple Inc. (NASDAQ:AAPL) -- pursuing its own acquisition with a $3.2 billion bid for Beats Electronics -- is attempting to bolster online sales by giving quicker refunds to web customers who want to return iPhones and other products. Consumers who buy a product from the online store can now get a refund in less than a week, compared to 10 days previously, according to StellaService. (Reuters, via CNBC)

  • With its own crossover vehicle -- the Model X -- in the works, Tesla Motors Inc (NASDAQ:TSLA) said it will stop supplying battery packs and motors for Toyota Motor Corp (ADR) (NYSE:TM). The latter company uses the gear in its electric RAV4 model. (USA Today)

  • Finally, TV networks gave the ax this weekend to several series, with ABC -- owned by The Walt Disney Company (NYSE:DIS) -- leading the charge with 12 cancellations, including "Suburgatory" and "Super Fun Night." CBS Corporation (NYSE:CBS) announced just one cancellation thus far: "We Are Men." (Huffington Post)

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