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Google jumps; Shire says 'I Do' to AbbVie; FedEx drug probe

Hot Stock Minute

Here is a look at some of the stocks the Yahoo Finance team will be watching for you today.

Shire (SHPG) finally agreed to be acquired by AbbVie (ABBV) for more than $54 billion in cash and stock, after rejecting four prior takeover offers. The move allows Abbvie, which is based outside Chicago to reduce  its tax bill by reincorporating in Britain.

Google (GOOGL) shares rose in the pre-market after the search giant posted a better-than-expected 22% jump in revenue in the second quarter driven by strong demand for mobile and video advertising. However, earnings of $6.08 a share missed estimates. Google also announced chief business officer Nikesh Arora was leaving the company for SoftBank.

IBM (IBM) shares were down before the bell. The company reported sales fell for the ninth straight quarter on weakening demand for hardware and computer services. Revenue fell 2% from a year earlier to $24.4 billion, but it was slightly better than estimates. Earnings also topped estimates, profits climbed 28% thanks to cost-cutting and share buybacks

General Electric (GE) rolled out result before the bell. The industrial conglomerate's second-quarter earnings matched analysts' estimates, coming in at $0.39 a share. Profits rose 13% from a year earlier boosted by sales of its jet engines and oil and gas equipment. Revenue rose 3.4% to $36.2 billion dollars, slightly below expectations. GE is targeting an initial public offering for its North American retail finance business, for the end of July.

And FedEx (FDX) was also in focus after it was indicted by a federal grand jury for knowingly shipping drugs from illegal online pharmacies to customers who didn't medically need the drugs or have valid prescriptions. FedEx denies wrongdoing and said it will plead not guilty. The company says it handles 10 million packages a day and that the government is asking them to "assume criminal responsibility" for the contents of those packages. The investigation has been going on for several years, and Federal authorities say FedEx was warned back in 2004 that illegal pharmacies were using the company to ship drugs. UPS (UPS) paid $40 million dollars last year to resolve similar charges.