Broadcom makes big bid for Qualcomm, Sprint/T-Mobile end talks, Michael Kors surges
Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.
The biggest tech deal in history is in the making. Broadcom (AVGO) offered to buy Qualcomm (QCOM) early Monday with an unsolicited bid of $70 a share, making the deal worth over $130 billion. Shares of Broadcom and Qualcomm were both higher on the news.
Sprint (S) and T-Mobile (TMUS) top our list. The mobile carriers have decided to end merger talks after the two were unable to reach an agreement. Now Japan’s SoftBank is raising its stake in Sprint to help turn the company around. The news comes after Softbank (SFTBY) announced it missed on profit last quarter. Sprint also announced a wireless partnership with Altice (ATUS) that will help it develop and spread its 5G network.
On the earnings front, CVS (CVS) narrowly beat on quarterly earnings and revenue for last quarter. The company said that strength in its pharmacy business offset weaker sales at its drugstores. CVS is said to be considering a massive offer to buy the health insurance giant Aetna (AET).
Mylan (MYL) missed on its top and bottom lines in the third quarter. The CEO contributed part of the loss to slowing Epipen sales due to generic versions now on the market. Last year Mylan was slammed for increasing the price of the allergy drug to $600 from $100.
Michael Kors (KORS) stock soared after the affordable luxury brand reported beat on Q2 profit and revenue. Total quarterly sales got a boost from Michael Kors acquisition of Jimmy Choo. The handbag maker also raised its full-year outlook, though its guidance for the holiday quarter was weak.
