US stocks broadly lower ... Athenahealth fetches $5.7 billion cash buyout offer ... Coty CEO steps down
NEW YORK (AP) — U.S. stocks moved broadly lower in early trading today, weighed down by losses in technology companies and banks. Consumer-focused companies and media and communications stocks also took losses. Crude oil prices were headed higher, snapping a 10-day skid, after Saudi Arabia said it planned to cut its output. At 10:33 a.m. Eastern Time, the Dow was down 225 points, to 25,769. The S&P 500 was down 23 points, to 2,758. And the Nasdaq dropped 121 points, to 7,287. Bond prices rose. The yield on the 10-year Treasury note fell to 3.18 percent.
UNDATED (AP) — Athenahealth shares soared today after the struggling medical billing software maker received a $5.7 billion cash buyout offer. Veritas Capital and Evergreen Coast Capital plan to give athenahealth shareholders $135 per share in a deal that will take the company private. That represents a roughly 12 percent premium over the closing price of athenahealth shares on Friday. But the latest deal is smaller than a $6.5 billion bid that prominent investor Elliott Management Corp. made in May.
NEW YORK (AP) — The top executive at the New York cosmetics maker Coty is leaving less than a week after revealing that significant supply chain problems sapped revenue during the first quarter, and its chairman has been replaced as well. The company says that CEO Camillo Pane, who led the company for two years, resigned for family reasons. Pierre Laubies, who last ran JDE, a beverage company, takes over immediately. He will also have a seat on the board.
WASHINGTON (AP) — President Donald Trump is raising a familiar complaint about American allies’ spending on defense. Trump said on Twitter today that the U.S. pays billions “protecting other countries, and we get nothing but Trade Deficits and Losses.” He says, “It is time that these very rich countries either pay the United States for its great military protection, or protect themselves.” Trump was in France to attend ceremonies marking the 100th anniversary of the end of World War I.
PARIS (AP) — Fifty nations and more than 150 tech companies are pledging to do more to fight criminal activity on the internet, including interference in elections and hate speech. But the United States, Russia and China are not among them. The group of governments and companies pledge in a signed document to work together to prevent malicious activities like online censorship and the theft of trade secrets. The declaration released today is supported by EU countries, Japan and Canada as well as tech giants Facebook, Google and Microsoft.