Financial

Teva Pharmaceutical Industries to buy Allergan Plc’s generic drug business for US$40.5 billion, drops Mylan bid

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TEL AVIV – Teva Pharmaceutical Industries has agreed to buy Allergan Plc\’s generic drugs business for US$40.5 billion in a cash and stock deal which will turn the Israeli company into one of the world\’s largest pharmaceutical firms. The deal, the biggest in Israel\’s corporate history, prompted Teva to drop its US$40-billion hostile bid for Mylan , which had hit ...

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Canadian National Railway Co upgraded after strong Q2 earnings

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Canadian National Railway Co. was upgraded to purchase from hold at Canaccord Genuity after its second-quarter results exceeded analysts’ estimates. The gains were driven in large part by the company’s rapid cost reductions in response to a downturn sought after – something analysts didn’t see happening so quickly. Canaccord analyst David Tyerman, who also raised his price target on CN ...

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Takeover battle possible for SilverCrest Mines

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Canada’s silver mining sector got some much-needed consolidation on Monday, as First Majestic Silver Corp. announced a friendly $154-million takeover bid for SilverCrest Mines Inc. Desjardins Capital Markets analyst Michael Parkin thinks this all-stock deal is accretive and logical for First Majestic. By his calculation, SilverCrest’s Santa Elena mine in Mexico generated free income of US$2.99 per ounce of silver ...

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Torstar Corp downgraded as dividend cut expected

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Torstar Corp. was downgraded to reduce from hold at TD Securities after its first-quarter results demonstrated that its core business is constantly on the languish and it made a $200-million investment in digital media company VerticalScope Holdings. Analyst Bentley Cross noted that despite getting a 56-per-cent stake within the operator of online forums and internet sites such as AutoGuide.com, VerticalScope ...

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Home Capital Group Inc and the shortseller social network

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When Home Capital Group Inc. disclosed on July 10 it\’s terminating its relationship with a number of third-party lenders, a short-selling campaign exposed on the credit company. However the campaign’s epicentre wasn\’t lunch meetings and broker offices. It had been Twitter. For weeks, without much additional detail from the company, speculation ran wild on social media about what was behind ...

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TSX pares July loss as gold rallies, Wall Street mixed on oil earnings

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TORONTO – The Toronto Stock Exchange closed higher because the materials sector strengthened, even though there was a further decline in oil prices. The S&P/TSX composite index gained 85.66 suggests close at 14,468.44. In the U.S., the Dow Jones industrial average dropped 56.12 points to 17,689.86, while the Nasdaq edged back 0.50 points to 5,128.28 and the S&P 500 fell ...

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Home Capital Group Inc stock sinks ahead of key earnings call, surprise director resignation

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Analysts are buzzing about what is set to be one of the most closely followed investor calls this year. Home Capital,?certainly one of Canada’s largest alternative lenders, will release earnings on Wednesday and host a conference call with analysts and investors Thursday.?The stock sunk more than six percent on Tuesday as the market is pricing in bad news. The company ...

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As Canadian economy leaves little to feel good about, investors stay in reactive mode

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For the millions of Canadians who are unemployed or underemployed, or who are struggling to make mortgage payments even though interest rates are super-low, or who feel they\’re doing more work for pretty much exactly the same pay every year after year, or who\’re seeing the prices of food and other goods rise because of the plummeting loonie, or who\’ll ...

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Goldcorp Inc slashes dividend 60% amid rough gold market

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Goldcorp Inc. has slashed its dividend 60 percent in order to maintain financial flexibility in a miserable gold market. The Vancouver-based mining giant on Thursday announced that it cut the monthly dividend to 2 cents U.S. a share, down from five cents. The move helps you to save Goldcorp almost US$300 million a year. The gold price has been in ...

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Potash Corp. may face German government stake in K+S

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Quebec and Germany may have more in common than you think. Handelsblatt, the German newspaper that was first to interrupt the news that Potash Corp. of Saskatchewan Inc. was looking to purchase K+S AG, is reporting that Germany may ask government-owned KfW Development Bank to buy K+S shares to bar Potash Corp.’s takeover effort. Ben Isaacson, a Scotiabank analyst, reminded ...

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