Stocks quoted in this article:
U.S. stocks are headed lower this morning, as traders mull escalating geopolitical tensions and a wash of M&A meltdowns. In company news, today's stocks to watch include telecom titan Sprint Corporation (NYSE:S), media concern Time Warner Inc (NYSE:TWX), pharmacy powerhouse Walgreen Company (NYSE:WAG), and blue chip The Walt Disney Company (NYSE:DIS).
- Sprint Corporation (NYSE:S) abandoned its bid to buy T-Mobile US Inc (NYSE:TMUS), citing regulatory hurdles, and will appoint Marcelo Claure its new CEO. The shares of S are pointed nearly 18% lower ahead of the bell, and majority owner SoftBank dropped 3.5% in Japan. (Reuters)
- Like TMUS, Time Warner Inc (NYSE:TWX) was also left waiting at the altar, after Twenty-First Century Fox Inc (NASDAQ:FOXA) withdrew its $80 billion bid. (USA Today)
- Walgreen Company (NYSE:WAG) said it will keep its headquarters in Chicago, after considering a move overseas. In addition, the drugstore operator will buy the remaining stake in Swiss pharmacy chain Alliance Boots for roughly $15.3 billion in cash and stock. (Bloomberg)
- In earnings news, the success of blockbusters like Frozen led to solid earnings for The Walt Disney Company (NYSE:DIS) in the most recent quarter. (New York Post)
- Meanwhile, Groupon Inc (NASDAQ:GRPN) and AOL, Inc (NYSE:AOL) also stepped up to the earnings plate. (Barron's; Reuters, via CNBC)
- Finally, Apple Inc. (NASDAQ:AAPL) and Samsung last night revealed plans to squash their overseas lawsuits, but will continue to fight it out Stateside. Separately, the latter company is expected to unveil the latest "phablet" on Sept. 3 -- not even a week before the former's expected iPhone reveal. (Re/code)