Boston, MA 10/07/2014 (wallstreetpr) – Becton, Dickinson and Co. (NYSE:BDX) announced on 6th October that it has signed an agreement to buy CareFusion Corporation (NYSE:CFN) for approximately $12.2 billion. The deal is expected to allow hospitals to source a wide range of medical products from one vendor. The deal is designed to allow both the vendor and the purchasing hospitals to drive down costs and pass on the benefits to patients. The deal envisions Becton, Dickinson and Co. (NYSE:BDX) paying nearly $58 per share in a cash plus stock deal for each share of CareFusion Corporation (NYSE:CFN). Investors flocked to buy the stock of the bought out firm, when the news became public yesterday. Shares of BDX were up by 7.89% to close at $124.98
Biotech firm Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) had a disastrous start to the week after it reported disappointing results from its phase three clinical trials for drugs vosaroxin and cytarabine which are designed to treat leukemia. The tests were conducted across nearly 100 locations globally and involved nearly 711 patients in the trial. The biotech firm disclosed that the trial failed to meet the endpoint goals set for the drugs tests. The news was made public ahead of market opening yesterday. Investors fled the stock when trading commenced for the day. The stock was down by nearly 78 percent as a result to close at $1.46.
Retailing giant Abercrombie & Fitch Co. (NYSE:ANF) was upgraded by brokerage house Mizuho on 6th October. The new ratings stand at “Buy” from pervious recommendation of “Neutral”. The latest upgrade comes on the back of analysts at Barclays upgrading the stock to an equal weight from previous rating of Underweight. The news comes on the back of the U.S Supreme Court all set to hear a case brought against the company by a citizen claiming that the retailer discriminated her against her religion and thus hurt her religious sentiments.