Microsoft (NASDAQ:MSFT): As expected, CEO Steve Ballmer has pulled the curtains back on the company’s big executive reorganization, which Ballmer hails as a “far-reaching realignment of the company that will enable us to innovate with greater speed, efficiency, and capability in a fast-changing world.” Microsoft’s current divisions will be replaced by four “engineering units” consisting of Operating Systems (run by Windows Phone chief Terry Myerson), Applications and Services (run by Online Services chief Qi Lu), Cloud and Enterprise (run by Server and Tools chief Satya Nadella), and Devices and Studios (will handle all hardware and entertainment work and be run by Windows chief Julie Larson-Green).
Pfizer Inc. (NYSE:PFE): The Food and Drug Administration is reviewing a supplemental new drug application from Pfizer and Bristol-Myers Squibb (NYSE:BMY), which is aimed to expand the use of their Eliquis blood thinner to help prevent deep vein thrombosis for adults recovering from hip or knee surgery. Deep vein thrombosis can result in a potentially fatal pulmonary embolism. Eliquis has undergone a successful trial for the expansion, and the FDA has until March 2014 to make a formal decision.
GlaxoSmithKline (NYSE:GSK): Once again, GlaxoSmithKline has “found no evidence of bribery or corruption of doctors or government officials” in China after a probe was launched in response to accusations made by China’s Public Security Bureau of offering free travel as “large bribes.” Chinese authorities apparently identified employees only as “high officials” but gave no details of the size of payments or who received them.
Costco (NASDAQ:COST): Costco’s June report card says net sales rose 8 percent to $9.92 billion while comparable sales increased 6 percent over the consensus estimates of 5.4 percent. U.S. sales were up 6 percent while international was also up 6 percent. Excluding gasoline and forex impact, comparable sales stood at 6 percent: U.S remained up at 6 percent and international was up by 8 percent. Higher traffic in stores and the membership fee model continue to lead to consistent performance, Seeking Alpha said.