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Business News

S & P at record highs


The S&P 500 closed at a record high and above 1900 for the first time on Friday. Pfizer has officially walked away from their offer to buy AstraZeneca.  The offer was for $118 billion in cash and would have been the largest drug deal in over a decade.  (Reuters)

April Durable Goods, those items lasting more than five years, was up 0.8% mostly on the back of autos and airplanes. Factor out transportation and durable goods were up 0.1%.  This months number was much better than expected and March was revised upwards. (CNBC)

Pilgrim’s Pride is offering to buy Hillshire Brands for $6.4 billion in cash. The offer comes just two weeks after Hillshire made an offer for Pinnacle Foods.  The offer is a 25% premium to Hillshire’s Friday closing price. (Wall Street Journal)

Here is a blast from the past.  Cabbage Patch Kids are getting a makeover  for the new century in 2014.  Jakks Pacific makers of the doll are partnering with Skechers sneakers to brighten up the refreshing. The new dolls will have flashing Sketcher shoes and may be sold in Sketcher Stores.  Jakks is looking for ways to sell the doll as the number of toy stores continues to decline. (Bloomberg)


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