Express Scripts (NASDAQ:ESRX) has agreed to buyout Medco Health Solutions (NYSE:MHS) at a price tag of $29.1 billion that will make the former the nation’s largest pharmacy benefit manager, Bloomberg reports. The offer is valued at $71.36 dollars per share, representing a 28% premium over Medco’s most recent closing price of $55.78. Shareholders will be compensated with a combination of cash and stock. The takeover, if approved by regulators, will represent the largest pharmacy services move in over ten years. ESRX is up 8.39% premarket.
Struggling smart phone maker Nokia (NYSE:NOK) reported a loss of $.10 per share in its second quarter earnings this morning. The company posted an operating loss of 487 million euros compared to an operating profit of 295 million euros in the same period a year ago. CEO Steven Elop said his company, “making better-than-expected progress toward our strategic goals.” Analysts and investors may have been expecting a far worse quarter for the Finland-based company as the stock is up 1.73% premarket.
Investment bank Morgan Stanley (NYSE:MS) also reported its second quarter earnings this morning, highlighted by a loss of $558 million, or 38 cents a share, compared to a profit of $1.58 billion, or $1.09 a share. Revenue at the firm in the second quarter was $9.28 billion compared to $7.96 billion a year ago. The stock is up nearly 6% in premarket trading, as analysts were expecting a loss of $.61 per share and more forgone revenue.
Telecomm giant AT&T (NYSE:T) is another brand name company that reported second quarter results this morning, booking net income that was down 10% YoY on a 2% increase in revenue. Earnings declined to $3.59 billion, or 60 cents a share, from $4 billion, or 67 cents, in the year-earlier period. Revenue rose to $31.5 billion from $30.83 billion. Analysts were expecting 60 cents a share of profit on $31.31 billion. The stock is up .17% before the bell this morning. Get the full earnings analysis in Your Cheat Sheet to AT&T Inc. Earnings.