Top News For Nov 21, 2021
Monday, November 21, 2021 12:44 PM

Oil Prices fell to $97 on Weaker Growth Outlook

Oil prices in Asia fell to near $97 as concerns over euro-zone debt crisis lingered even as prospects of a failed deal to cut the U.S. deficit loomed large. The benchmark crude for January delivery contract was down 68 cents at $96.99 a barrel at the New York Mercantile exchange while Brent crude was down 16 cents at $104.40 a barrel on the ICE Futures Exchange.

Moody’s Warn Stakeholders for Increasing French Borrowing Cost

Rating agency Moody’s in a weekly note warned on French creditworthiness post last week’s market jitters making the borrowing costs rise to record levels. The agency added further, that persistence of high borrowing cost may have negative implications for the country’s AAA-rating and pose significant downside risks.

Gilead Sciences To Buy Pharmasset For $11B

Gilead Sciences Inc. (NASDAQ:GILD) will acquire Pharmasset Inc. (NASDAQ:VRUS), a clinical-stage pharmaceutical company focused on developing an experimental hepatitis C drug, for around $11 billion or $137 per share in cash. The transaction represents an 89 premium to Pharmasset’s closing share price of $72.67 on Friday.

Alleghany To Merge With Transatlantic In $3.4B Deal

Insurance companies Alleghany Corp. (NYSE: Y) and Transatlantic Holdings, Inc. (NYSE: TRH) have agreed to merge in a stock and cash transaction valued around $3.4 billion or $59.79 per share.  The companies said the merger will “create an industry leader in U.S. excess and surplus lines and global specialty reinsurance with significant underwriting diversification by product and geography. “ The transaction represents a premium of about 10 percent to Transatlantic’s closing price of $54.43.

Tyson Foods Reports 4Q Profit Decline

Tyson Foods, Inc. (NYSE:TSN) reports a decline in fourth quarter earnings to $97 million, or 26 cents a share against $213 million, or 57 cents a share in the year-earlier period. Sales rose to $8.4 billion, from $7.4 billion. Analyst forecasted an EPS of 31 cents on revenues of $8.2 billion.

HP to Report 4Q Earnings Today

 Hewlett-Packard Co. (NYSE:HPQ) to report current fiscal fourth quarter results today after market close. The result is seen with keen anticipation by investors, to watch any signs of deterioration in the $40-billion –plus personal computer business. Analysts expect EPS of $1.13 excluding items on revenue of $32.05 billion.

Bill Gates to Testify in $1 Billion Lawsuit Against his Company

Bill Gates will testify against a $1 billion antitrust lawsuit that accuses the company duped a competitor prior to roll out of the Window’s 95. Novell Inc. sued the company alleging that Microsoft violated U.S. anti-trust laws through its arrangements with other computer makers and later on forced Novell to sell its WordPerfect for a $1.2 billion loss.

Seagate Awarded $525million in Dispute Settlement with Western Digital

Computer storage technology producer, Western Digital Corp. (NYSE:WDC) announced that the arbitrator in Minnesota ruled against the company thus providing Seagate Technology Plc. (Nasaq: STX) $525 million against dispute settlement. The claim alleged misappropriation of confidential information and trade secrets against the company and former Seagate employee now working with Western Digital.