Money Minute: Pfizer Seeks Merger with Reluctant AstraZeneca

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A huge merger may be brewing in the drug industry.

Pfizer (PFE) reportedly has approached British rival AstraZeneca (AZN) about a takeover. Britain's Sunday Times says the deal could be worth $100 billion. The report says AstraZeneca has resisted the idea, but it's often mentioned as a possible takeover target. The two companies have worked together on several projects in recent years. A number of AstraZeneca's key products will lose patent protection over the next few years, but it also has some interesting drugs in the pipeline.

Apple (AAPL), Google (GOOG), Intel (INTC) and other tech giants are reportedly in talks to settle a class action lawsuit alleging that they colluded to hold down wages. More than 64,000 software engineers are seeking $3 billion in case that set to begin next month, if no out of court settlement is reached.

The Supreme Court hears a case this week that could have a huge impact on media companies and for those of us who enjoy watching TV. There's a small company called Aereo that grabs the broadcast signals from network TV and sells it to Internet subscribers. ABC (DIS), CBS (CBS), NBC (CMCSA) and Fox (FOX) claim that Aereo is stealing its copyrighted product with permission or without payment. Analysts say that if Aereo wins this case, the networks are likely to switch more of their programming -- especially sports -- onto cable only channels.

Here on Wall Street last week, the Dow Jones industrial average (^DJI) and the Nasdaq composite (^IXIC) rallied 2.4 percent, and the Standard & Poor's 500 index (^GPSC) jumped 2.7 percent. The S&P is now back within 26 points of the record high set at the beginning of this month.

Finally, New York and New Jersey could lose more than $1 billion in federal funding they had been counting on to help homeowners recover from Hurricane Sandy. The Wall Street Journal reports that money could be redistributed to other areas of the country that have suffered from natural disasters. Leaders from the two states say that's a misinterpretation of the law.

-Produced by Drew Trachtenberg.


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kjcorey1

More Anti-Trust violations, when will this stop. The result for us, higher prescription prices!!!

April 21 2014 at 9:10 PM Report abuse +1 rate up rate down Reply
eurocardriver000

Pfizer sucks... they are idiots living inside of a box. They are one of the World's worst managed companies. They paid $2.8B for a startup called Exubera. After only being on the market less than 1 year, they cancelled the product due to consumers getting lung cancer. What a joke !!!!

They seriously do NOT know right from wrong inside their walls over there. IDIOTS !!!!

April 21 2014 at 12:47 PM Report abuse +2 rate up rate down Reply
Iselin007

You don't have to wonder why the economy is so unstable these incidents have become common place.

April 21 2014 at 12:42 PM Report abuse rate up rate down Reply
Iselin007

Broad range of topics to choose from:

The drug firms have screwed up New Jersey with all their mergers, layoffs, outsourcing, relocations and job cuts.

The tech companies have outsourced the heck out of NJ's citizens now they are being sued by their large visa staff. This could cause another investigation and more hearings. Hopefully C-span will cover these hearing if their not hidden from the public!

April 21 2014 at 12:35 PM Report abuse -1 rate up rate down Reply
1 reply to Iselin007's comment
Ken

I saw that in Connecticut, land was taken over by eminent domain in order to attract drug companies. Then Drug companies moved to Connecticut for a few years, but then ended up moving to China....Those buildings have been idle for years.

April 21 2014 at 6:23 PM Report abuse -1 rate up rate down Reply
savannahswithgod

I wonder which one of those has more secrets for cures hidden in the backyard of the CEO's along with those who came up with them. Sure as Hell diabetes and cancer was cured about 20 years ago but to cure means I don't go see the doc to get pills from Farmehsuitickals.

April 21 2014 at 10:04 AM Report abuse -1 rate up rate down Reply