Stock Markets News

Bristol-Myers Squibb Co. agreed to acquire Celgene Corp. in a deal valued at about $74 billion, bringing two of the top-selling cancer drugs under one roof

The companies said their pipeline includes six expected near-term product launches representing more than $15 billion in revenue potential.

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Investors sold Italian bonds and the euro on Friday, with Italy’s bond yield hitting four-year highs as the European Union called its draft budget an “unprecedented” breach of EU fiscal rules.

StockMarketNews.Today – Late on Thursday, the European Commission told Rome in a letter that planned government spending was too high and that its structural deficit would rise instead of fall, and that the country’s public debt would not fall in line with EU rules.

Apple slices into Spotify’s lead in US music market. Iphone maker expected to have more US subscribers by end of the year

StockMarketNews.Today – Spotify’s lead over Apple’s music-streaming service in the US is narrowing, denting the air of invincibility around the recently floated pioneer.
While Spotify still holds a commanding lead globally, Apple’s faster growth rate in the world’s largest music market reflects its ability to push its services to owners of its devices, such as the iPhone.

Many banks plan to boost dividends after passing the Federal Reserve’s latest stringent round of stress tests.

StockMarketNews.Today – Bank stocks have underperformed the S&P 500 index this year and have struggled to stage any kind of a rebound after falling from their previous highs. Bullish investors say that disappointing performance will end soon. The KBW Nasdaq Bank Index is down 0.1% since the beginning of the year, while the S&P 500 is up 4.0%.

Xiaomi’s weak debut – Xiaomi Corp’s shares fell as much as 6 percent in their Hong Kong debut on concerns over the Chinese smartphone maker’s valuation, in an ominous sign for its technology sector.

The share performance of Xiaomi is a key test of investor sentiment for what is expected to be a packed initial public offering (IPO) calendar in the coming months. These include a $4 billion deal from online food delivery-to-ticketing services platform Meituan Dianping and an up to $10 billion IPO from China Tower, the world’s largest mobile tower operator.