Specialty-drug maker Horizon Pharma tried to continue its recent acquisition binge Tuesday, making a hostile all-stock offer for Depomed worth roughly $3 billion, including debt. Depomed (DEPO) stock jumped 39% on the news to a record high, closing Tuesday at 28.62. Horizon Pharma (HZNP) stock, which touched its all-time high of 35.70 on July 1, fell 2% to 33.86. Horizon offered $29.25 a share for Depomed, a 42% premium on Monday’s closing price.
The leading gaming stocks have one thing in common: They’re not in Macau. Revenue in the once high-flying Chinese gambling enclave has fallen for 13 months amid a crackdown on corruption. Meanwhile, revenue in the U.S. gaming capital of Nevada topped $1 billion in May for the first time since December 2013. Pinnacle Entertainment (PNK), which operates casinos and race tracks in the Midwest, Nevada and Colorado, jumped as much as 9%. Tuesday after
After an initial surge of buying, Apple Watch sales have seen a steep drop-off, according to data from Slice Intelligence, a Palo Alto, Calif.-based market research firm. In June, Apple (AAPL) sold an average of 14,500 watches a day in the U.S., with sales tailing off as the month wore on, Slice reported. In the last seven days of available data, June 25-July 1, Apple sold an average of 4,600 watches a day. On the first day of availability, April