|Bid||63.10 x 400|
|Ask||63.70 x 400|
|Day's Range||63.21 - 63.99|
|52 Week Range||48.80 - 67.47|
|PE Ratio (TTM)||128.88|
|Dividend & Yield||1.28 (2.03%)|
|1y Target Est||N/A|
Accenture will eliminate its existing U.S. pension plan with lump-sum payments and group annuity contracts.
The transfer includes about $600 million in lump-sum payments to about 7,000 current and former U.S. employees of Accenture and $1 billion in purchases of annuities from insurance companies. U.S. insurers are buying corporate pension plans at a record clip as rising interest rates and all-time high stock-market values give companies the perfect excuse to offload them. Calculating they can make more money from selling companies an annuity to cover the cost of the pension plans and then invest the proceeds in bonds and other securities, insurers are competing to persuade corporate America to sell them their pension risk.
Billionaire investor John Paulson, whose hedge fund firm is the biggest owner of Valeant Pharmaceuticals International Inc shares, on Monday joined the ailing drug company's board as it restructures to repay debt. Investors appeared to see Paulson's becoming a director as a vote of confidence in Valeant, sending its U.S.-listed shares up 5.1. The move comes as Valeant sells off assets to pay down its $30 billion debt.