Schaeffer's Trading Floor Blog

Buzz Stocks: Citigroup Inc, Shire PLC (ADR), Mylan Inc, and Sotheby's

Today's stocks to watch in the news include C, SHPG, MYL, and BID

by 7/14/2014 9:14 AM
Stocks quoted in this article:

Futures are pointed higher ahead of the bell, as the stock market looks to rebound from last week's losses. In company news, here are some stocks to watch today:

  • Citigroup Inc (NYSE:C) -- which just reported quarterly earnings this morning -- will pay a total of $7 billion in fines and consumer relief in order to address federal and state allegations that the bank misled investors about mortgage-backed bonds it sold, which contributed to the 2008 financial crisis. "We believe that this settlement is in the best interests of our shareholders, and allows us to move forward and to focus on the future, not the past," CEO Michael Corbat said. (USA Today; Los Angeles Times)

  • Shire PLC's (ADR) (NASDAQ:SHPG) board of directors said it's willing to recommend a $53.7 billion buyout offer from AbbVie Inc (NYSE:ABBV). A takeover would allow ABBV to reduce its tax rate, and help diversify its portfolio of drugs, which is currently dominated by the rheumatoid arthritis treatment Humira. (Bloomberg)

  • Mylan Inc (NASDAQ:MYL) will buy Abbott Laboratories' (NYSE:ABT) international generic drug business -- which covers Australia, Canada, Europe, New Zealand, and Japan -- for $5.3 billion in stock. Under the terms of the deal, MYL will reincorporate in the Netherlands, reducing its corporate tax rate and helping it free up cash held in entities based outside the U.S. (The New York Times)

  • Sotheby's (NYSE:BID) is teaming with eBay Inc (NASDAQ:EBAY) to stream the former's New York-based auctions on the Internet, beginning in the fall. In the future, the partnership is expected to grow, allowing BID to hold online-only auctions. (The New York Times, via CNBC)

  • Finally, a Star Trek fan living in Long Island spent $500,000 and over three years to turn his basement into the bridge of the U.S.S. Enterprise. In order to get the details just right, the man even bought a portion of the original set, allowing him to match the paint colors and materials used in his life-sized replica. (Consumerist)

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