Business News

Mergers and Earnings

Johnson & Johnson, maker of Listerin, Band-Aid and Tylenol, beat expectations reporting profits of $3.36 billion.  Sales were $17.1 billion, a 7.4% decrease from the year-earlier. International sales decreased 13.7% and it had a negative currency impact of 15.8%. The company also announced a repurchase of up to $10 billion of Johnson & Johnson's common stock. (Market Watch)
U.S. mortgage rates fell sharply last week. The average rate on a 30-year fixed-rate mortgage dropped to 3.76% from 3.85% a week earlier. The rate on 15-year fixed-rate mortgages declined to 2.99% from 3.07%. Rates have stayed below 4% for 11 straight weeks. A year ago, the average 30-year mortgage rate was 4.19%, while the rate for 15-year loans was 3.36%. (USA Today)
Anheuser-Busch InBev and SABMiller have agreed in principle to a deal, in which AB InBev would buy its rival brewer for a sweetened price tag of just over $104 billion. (CNBC)
PepsiCo and Coca-Cola are both said to be in talks to buy a stake in Greek yogurt maker Chobani. The potential deals could value Chobani as high as $3 billion. (Reuters)

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