When I tuned into CNBC this morning they attributed the news to FT and reported that Abbott said the report was false.
I received a notice from Computershare where I had a small number of ABT shares. The options were to sell and receive cash or buy enough shares to get to 100. The check is in the mail. Interestingly, I have also have a small number of ABBV shares but there's not a similar move by them. I requested the cash and the check is in the mail. I don't think it's a big deal.
Good earnings report, not spectacular but still growing despite the exchange impact. I will keep my shares and look forward to steady earnings and dividend growth.
I made 3 buys in the first half of 2008 between $16.28 and $18.35. The low point was Nov 20, 2008 at $7.17. It bounced around in the mid $8 and $9 range and then went down to $8.36 on March 6, 2009. Those were tough times to hang in the market.
Better to have competition and innovation than have Congress impose price controls that only stifle progress and innovation.
I found a few tax articles state that pension funds to not pay capital gains taxes which makes the suit an odd one. Maybe they are looking out for their member that hold AbbVie in a taxable account. For those that do have AbbVie stock that puts them in a position to be liable for capital gains taxes, it would seem that they are simply paying now instead of later. Paying the tax now resets the basis so they will pay less in capital gains when they sell the stock of the new company. Could work out to be a wash if the tax rates remain the same. Could be a benefit if tax rates on capital gains goes up. No one likes to pay taxes but the tax will be paid eventually unless you pass it on to your heirs. Most of my AbbVie stock is in an IRA and I will be paying at my marginal rate (likely more than 15%) when I sell so the inversion doesn't have any immediate effect on me.
MRK just completed a phase II study. Their product won't be in the market until 2016. ABBV will get theirs to market possibly this year.
The real estate transfer documents were signed by Valentine Yien, Abbott VP and Treasurer. From that it would appear that Abbott, through Lake Forest Investments, LLC, is the new owner. Maybe it will be cheaper when Abbott has events there or houses travelers there.
Pretty exciting news for AbbVie and women with the study that AIDS drug Kaletra cleared pre-cancerous cervical lesions from 90 percent of patients in a study in Kenya that may lead to the first non-surgical treatment to prevent a disease that kills a woman every two minutes.
Just voted (for what it's worth) against the proposal to increase authorized shares of common stock from 90,000,000 to 180,000,000. Look for the share price to dive when the extra shares are put on the market. May be a buying opportunity but currently held shares will be greatly diluted.
The tender offer was over-subscribed so those that tendered their shares will have a prorated number purchased by BPI - approx 19.4%. Any idea on when the purchase transaction will actually take place?
nyc314 - in an effort to become un-fuzzy I checked a couple of sources and found some terminology confusion. Wikipedia has a "secondary market offering" as one in which current share holders (insiders, institutions) sell their shares on the seconday market. They are the recipients of the receipts from the sales. Investopedia describes a secondary offering as one that is subsequent to the IPO, increases shares outstanding, and dilutes the share value of the owners of previously issued shares. The proceeds go to the issueing company. Since Westport is receiving the receipts from the share sale, it looks like these would be new shares and therefore dilutive. Thanks for prompting the research.
The secondary offering increases the number of shares that the earnings (when the occur) will be spread over so the value of the shares I own has been diluted.