Wall Street led by tech, industrial declines ... General Electric to slash its quarterly dividend in half ... Qualcomm rejects offer from Broadcom
NEW YORK (AP) — Stocks are being led by declines in technology and industrial companies on Wall Street today. General Electric sank 2.6 percent in early trading after issuing a weak forecast for next year and cutting its dividend in half. Toymaker Mattel soared 19 percent following a report that Hasbro made an offer to buy the company. At 10:22 a.m. Eastern time, the S&P 500 was down a fraction of a point, to 2,582. The Dow was up 8 points, to 23,431. And the Nasdaq was down 3 points, to 6,748.
BOSTON (AP) — General Electric is slashing its quarterly dividend in half with investors gathering today in Boston. GE says the dividend will be cut to 12 cents per share, from 24 cents, starting next month. Chairman and CEO John Flannery says the dividend cut will help make the company simpler and stronger. GE is expected to announce other plans today, including a possible restructuring.
NEW YORK (AP) — Qualcomm is rejecting an unsolicited, $103 billion offer from Broadcom, saying that the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance. Broadcom’s proposal last week represented a 28 percent premium over the closing price of Qualcomm shares on November 2, but analysts were expecting Qualcomm the reject the $70-per-share bid. The rejection was not unexpected.
WASHINGTON (AP) — The former president of Eli Lilly’s U.S. affiliate, Alex Azar, has been picked by President Donald Trump to be his Health and Human Services secretary. If confirmed by the Senate, Azar would oversee a $1-trillion department responsible for major health insurance programs, medical research, food and drug safety, and public health. Azar is seen as an expert on government health care regulation.
CHICAGO (AP) — Brookfield Property Partners is offering $14 billion to buy the remaining shares of mall owner GGP that it doesn’t already own. Brookfield currently owns about 34 percent of GGP. GGP Inc. says it received an unsolicited proposal from Brookfield Property Partners LP on Saturday. The company owns high-end malls near Los Angeles, Washington D.C., and Water Tower Place in Chicago.