The week begins with a $10.4-billion drug deal. Amgen (AMGN) is buying Onyx (ONXX) nearly two months after first floating an offer for its smaller competitor. The news has Onyx up nearly 6% in early trading, and Amgen up more than 5%. What exactly is Amgen gaining in this deal?And what does the agreement say about the plan bigger M&A environment? Yahoo! Finance Senior Columnist Mike Santoli has more in the video above.
Four employees of Goldman (GS) may be about to get sacked for a trading glitch last Tuesday. The Financial Times reports the firm has placed the employees on administrative leave. They're all senior technology specialists. The glitch caused Goldman to accidentally send-out thousands of orders for options contracts. The error could cost the firm upwards of $100-million. The incident happened two days before an unrelated glitch at the NASDAQ shut down the exchange for three hours.
The newest thing with Donald Trump's name on it is a lawsuit. New York Attorney General Eric Schneiderman has filed suit against the unusually blond billionaire, labeling his Trump University a fraud. As many as 5,000 people have paid up to $35,000 to attend the school dating back to 2005. The suit says, "Trump University engaged in deception at every stage of consumers' advancement through costly programs and caused real financial harm." Trump's legal team says the suit is politically motivated since Schneiderman is a Democrat.
Perhaps one of the few people with as big of an ego as Donald Trump returns to TV tonight. Keith Olbermann is launching a new show on ESPN2, the channel he helped launch in 1993. Since then he's had hot-headed endings to stints at Fox News, MSNBC, and Current TV. Olbermann's return comes a week after Fox launched its own sports network. NBC is also putting new focus on cable sports programming.
STOCKS TO WATCH
Microsoft (MSFT) has been quiet this morning. But on Friday the stock shot up 7.3% on news that CEO Steve Ballmer will be retiring within a year. Those gains put the stock up 26% year-to-date and within $2-dollars of its 52-week high. Microsoft's myriad problems include a lukewarm reception to Windows 8 and lackluster sales of its Surface tablet. And generally speaking, it is no longer regarded as a tech leader. So far, there is no apparent frontrunner for Ballmer's job. By the way, Bloomberg reports that Ballmer made $786-million on Friday's stock rise, giving him a net worth of almost $17-billion.
Qihoo 360 Technology (QIHU) has been up more than 11% in early trading. The company reported quarterly results this morning that beat estimates: earnings of 40-cents a share when expectations were for 26-cents. Revenue was also considerably higher than estimates at $151.7-million. Qihoo makes internet and mobile security products in China. Its PC-products and services reached a record 461-million people in June. Its mobile ones were used by 338-million people. As of Friday, Qihoo was already up 145% year-to-date. This morning's climb puts shares at a new all-time high.
Anadarko Petroleum (APC) is up more than 3-percent in early trading. Anadarko is selling a 10% stake in a property off Mozambique. The purchaser is Oil and Natural Gas Corp. The price: about $2.64-billion. Anadarko operates mainly in the U.S. but also has sites in places like China, Indonesia, and New Zealand. The stock is up 18% so far in 2013.
Jos. A Bank (JOSB) reports earnings today. You may recall the company warned last week that both sales and profits for the quarter were going to disappoint. Estimates are now for earnings of 52-cents a share, down from earlier expectations of 68-cents a share. And revenue is likely to come in around $232-million, down from prior predictions of $270-million.