Afternoon Market Update
The nation's fifth-largest cable operator, Cablevision Systems Corp (NYSE: CVC), is all set to purchase Bresnan, the 13th largest US cable company, for $1.4 billion. Analysts are, however, concerned about the purchase price of this deal. The board of directors at CVC has also authorized the company’s first stock buyback program.
Onyx Pharmaceuticals (NASDAQ: ONXX) and a German drug firm Bayer announced the failure of their cancer drug Nexavar, which was aimed at extending the survival of patients suffering from lung cancer. Nexavar has failed for the second time in a late-stage lung cancer study.
Shares of Lincoln National Corp (NYSE: LNC) rose by 5.96% after the financial-services company announced its plans to offer $335 million of common stock and around $750 million of senior notes to public. The company’s offer to fully repurchase its $950 million preferred shares issued to the US Treasury during the financial bailout.
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