Stocks Down; Trade Data, Ukraine Eyed – Morningstar
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Meanwhile, the
3.6% in March to $40.4 billion, seasonally adjusted, versus February’s reading of $41.9 billion, which was also revised downward. Although the decline was not as much as economists had expected, the increase in oil, gas, and aircraft exports was an encouraging sign for the coming months.
Separately, the Organization for Economic Cooperation and Development said in its semiannual report it is
lowering its global-growth forecast
on account of slower expected improvement in emerging markets. That said, the OECD indicated the global economy is in a better condition compared with recent years.
The
and the
had each lost 0.5% by midday, and the
was down 0.4%.
Stocks on the Move
announced the sale of its consumer unit to
for $14.2 billion, which is higher than Morningstar analysts’ $10 billion valuation for the unit. Cost and revenue synergies for Bayer should help offset the high purchase price. Strategically, the deal should strengthen both companies’ moats by further entrenching the companies in their highest return businesses. For Merck,
the sale of the consumer unit should strengthen Merck’s core prescription drug business. Bayer’s ADR shares were down 0.4% at midday, and Merck’s shares were 2.3% lower.
shares were down more than 11% at midday
following the end of the firm’s lockup period
, with many early investors selling their holdings.
shares were up 2.2% at midday, with the firm posting adjusted earnings per share that
came in ahead of Wall Street expectations
, even though revenue fell short.
shares had lost more than 2% by midday after the firm’s first-quarter profit fell 43% to $217.5 million, missing Street forecasts. Revenue
, as well.
Foreign Markets
Stocks in Europe fell, with the
, the
, and the
losing 0.3%, 0.8%, and 0.7%.
In Asia, the
was flat, while markets in Japan and Hong Kong were closed.
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Stocks Down; Trade Data, Ukraine Eyed – Morningstar
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