3 M&A Stories to Watch Today

Bristol-Myers Squibb should be able to close its deal with Celgene now

Aug 26, 2019 at 10:28 AM
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Digesting this morning's market headlines, there are three M&A stories traders should be following. For starters, Bristol-Myers Squibb Co (NYSE:BMY) and Celgene Corporation (NASDAQ:CELG) are both making strong moves higher, thanks to news Amgen Inc (NASDAQ:AMGN) is buying CELG's psoriasis drug Otezla for $13.4 billion, paving the way for BMY and CELG's buyout deal. BMY is up 3.1% at $48.04, and CELG shares have added 3.1%, last seen at $96.94.

Meanwhile, Pitney Bowes Inc. (NYSE:PBI) is trading 5.3% higher at $3.80, after the company said it's selling its software solutions business for $700 million. The shipping company's stock has been destroyed in the past year, falling from the $8 area a year ago and touching its lowest point since the early 1980s earlier this month.

The last name to mention here is PDC Energy Inc (NASDAQ:PDCE), which is buying SRC Energy (SRCI) for $971 million in stock. Analysts at Williams Capital weighed in and said the transaction is "logical." PDCE shares are up 16.6% this morning at $29.44, though this still leaves them down 45% in the past year.

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