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S&P, Nasdaq climb but IBM results drag Dow lower Monday, October 20, 2014 12:21 pm

Traders gather at the post that trades IBM on the floor of the New York Stock ExchangeBy Yasmeen Abutaleb NEW YORK (Reuters) - U.S. stocks were mixed on Monday as the S&P 500 and Nasdaq advanced but the Dow fell as quarterly results from IBM disappointed. IBM shares slumped 7.5 percent to $168.46 as the biggest drag on both the Dow and S&P 500 after third-quarter earnings fell well short of Wall Street expectations. IBM abandoned its 2015 operating earnings target and said it would pay Globalfoundries $1.5 billion over three years to take its loss-making semiconductor unit. "IBM is in a transition and will need to continue to be in transition to catch up. ...


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Valeant says may raise Allergan bid; beats on profit Monday, October 20, 2014 11:50 am

The head offices of Valeant Pharmaceuticals International Inc. are seen in Laval, QuebecBy Rod Nickel and Ashutosh Pandey (Reuters) - Valeant Pharmaceuticals International Inc VRX.TO VRX.N said on Monday that it may raise its bid for Botox maker Allergan Inc AGN.N after the Canadian company posted a better-than-expected quarterly profit. Valeant CEO Michael Pearson said a possible revised stock and cash bid would be worth more than $200 per share, assuming that Valeant's stock rises, and would include more cash. The current bid is worth about $52.7 billion or $176 per share. Shares of Laval, Quebec-based Valeant were up 3 percent at C$139.51 in Toronto on Monday. ...


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Exclusive: Allergan shareholder Paulson & Co urges deal with Shire - sources Monday, October 20, 2014 12:16 pm

A sample of Botox is seen at the Long Island Plastic Surgical Group at the Americana Manhasset luxury shopping destination in ManhassetBy Olivia Oran (Reuters) - Allergan Inc shareholder Paulson & Co is urging the Botox maker to merge with specialty pharmaceutical company Shire Plc as an alternative to a deal with hostile bidder Valeant Pharmaceuticals , according to two people familiar with the matter. Β Β Β The hedge fund told Allergan CEO David Pyott that it would support a deal with Shire, the sources said. The deal would not be structured as a so-called tax inversion, the people said. It was not immediately clear whether Allergan would pursue such a deal. Allergan and Paulson declined to comment. ...


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IBM ditches 2015 operating EPS target, shares slump 7 percent Monday, October 20, 2014 12:36 pm

The IBM logo is seen outside the company's offices in Petah TikvaBy Marina Lopes and Anya George Tharakan (Reuters) - International Business Machines Corp IBM.N reported a marked slowdown in business in September and abandoned its 2015 operating earnings target on Monday, as weak client spending and a slumping software sector weighed down quarterly revenue. IBM shares fell nearly 7 percent to a three-year low, a blow for legendary investor Warren Buffett whose Berkshire Hathaway Inc BRKa.N is its top shareholder. The decline shaved more than $13 billion off of IBM's market cap, which stood at $182 billion at the stock market close on Friday. ...


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Deaths linked to GM ignition-switch defect rise to 29 Monday, October 20, 2014 9:45 am

The General Motors logo is seen outside its headquarters at the Renaissance Center in DetroitBy Ben Klayman DETROIT (Reuters) - A program to compensate victims of a faulty ignition switch in General Motors Co vehicles has approved two new death claims, bringing the total number of deaths linked so far to the switch to 29, according to a report released on Monday by the lawyer overseeing the program. Since it began accepting claims on Aug. 1, the program has received a total of 1,517 claims for deaths and injuries, according to the report by the office of Kenneth Feinberg, who GM has tapped to run the program. The report listed all of the claims received and approved as of Friday. ...


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