Apple’s Mansfield Leaves Exec Team, Perrigo Buys Elan, and 2 More Hot Stocks
Apple Inc. (NASDAQ:AAPL): Apple announced that Senior Vice President of Technologies Bob Mansfield is “no longer” on the company’s executive team, though the company gave little to no indication as to why, AllThingsD reports. “Bob is no longer going to be on Apple’s executive team, but will remain at Apple working on special projects reporting to [CEO] Tim [Cook],” company spokesman Steve Dowling told the publication.
Perrigo Company (NASDAQ:PRGO): Perrigo is acquiring Elan (NYSE:ELN) for $8.6 billion, shelling out $6.25 per share in cash and 0.07636 shares of new Perrigo for each share of Elan. Perrigo’s shareholders will own 71 percent of the combined company, while Elan investors will hold the remaining 29 percent. Additionally, Perrigo will receive Elan’s $1.9 billion in cash and royalties from the sales of its Tysabri multiple sclerosis drug.
Sohu.com Inc. (NASDAQ:SOHU): Shares of Sohu are off sharply after it reported in-line earnings per share of 58 cents and revenue of $339 million that fell short by $1.27 million. Online game revenues came in at $168 million, up 24 percent year-over-year and 1 percent quarter-over-quarter, while brand advertising revenues fell in at $100 million, up 45 percent year-over-year and 25 percent quarter-over-quarter.
Hertz Global Holdings Inc. (NYSE:HTZ): Shares are down slightly in the wake of the company’s quarterly results, as EPS fell in line at 45 cents and revenues of $2.71 billion just beat by $0.01 billion. The company’s purchase of Dollar Thrifty helped boost pre-tax margins to 15.6 percent, a bump of 90 bps from last year’s second quarter. However, EPS outlook of $1.82 to $1.92 falls on the lower end of the analysts’ $1.90 consensus, perhaps putting pressure on the shares.