Stocks were into the green Thursday, if only by a bit, as deal news propelled big names.
Wall Street was abuzz early Thursday after Disney (DIS) announced it's buying most of Twenty-First Century Fox's (FOXA) media assets for $52.4 billion - making it Disney's biggest acquisition ever. News of a deal came after several weeks of speculation and more than a few rumored suitors for Fox. Fox's stock had increased more than 30% since the deal rumors started. Both Fox and Disney shares were teetering into the red and green throughout the morning Thursday.
Teva (TEVA) stock was flying high Thursday after the Israeli generic drug maker announced a spate of job cuts to the tune of 14,000 people globally. That's more than a quarter of its staff gone over the next two years. The cuts are the most recent effort in a campaign to lower the embattled company's costs by $3 billion by the end of 2019.
And as the holiday season merrily continues, retail sales for November rallied higher 0.8% over the previous month, topping analyst expectations of a 0.3% gain. Year over year, retail sales are up 5.8%. Now that's something to celebrate.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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