TODAY'S CHARTS: Disney to buy 21st Century Fox assets; Teva to cut 25% of workforce; Pier 1 plunges
Disney (DIS) is spending $52 billion for most of 21st Century Fox’s (FOXA) film and TV assets. Disney shares are up over 2% on the deal news. Disney will also take on about $13 billion in debt.
Shares of Teva Pharmaceutical (TEVA) are surging after the company announced it is cutting more than 25% of its workforce, giving up several of its manufacturing plants and suspending its dividend. Investors are encouraged a turnaround could be taking root as the company works to cut costs and pay off its debt.
Shares of Pier 1 (PIR) are taking a nose-dive after reporting weaker-than-expected current-quarter guidance. The home goods retailer cited ineffective promotions and merchandising challenges.
Tiffany (TIF) shares are slightly higher on an upgrade to Buy from Neutral at Citi, with analysts highlighting tailwinds from foreign exchange and tax reform.
Valeant Pharmaceuticals (VRX) is sinking on a downgrade to Underweight from Neutral at JPMorgan. Analysts cited concerns over valuation, as shares are up 65% in the past six months, and significant patent erosion risk.
