From Fnno.com, this is the Financial News Network, your source for the latest business news. Here's a few things to watch for in the financial world today July 16.
GlaxoSmithKline (NYSE:GSK) has now finally closed their takeover of Human Genome Sciences (NASDAQ:HGSI). For months the UK pharmaceutical group has been courting the company's shareholders and now has finalized their offer at $3 billion. That would make the bid worth $14.25 a share, up from the $13 offered previously. The deal was announced after the stock market opened today. With the takeover finalized, it would create the world's largest pharmaceutical company. Currently, both GSK and Human Genome are up in today's session with Glaxo up fractionally and Human Genome soaring over 4%.
A big U.S. bank posting its earnings this morning. Citigroup (NYSE:C) announced earnings per share of $1.00, beating analyst estimates of $0.89 but below last year's EPS of $1.08. Revenue for the quarter was down, coming in at $18.64 billion. That was just below analyst estimates of $18.76 billion. Citigroup attributed the revenue decline on the wind-down of Citi Holdings an arm of the company that was affected by the collapse of the subprime mortgage industry. The better-than expected earnings is positive for investors right now. Citigroup shares are over 1.5% and climbing.
Finally, on the heels of news from last week, Humana (NYSE:HUM) is popular in today's trading session. This comes after the company announced it will beer acquiring SeniorBridge, an in-home care management company. This will immediately expand Humana's care management offerings, allowing the company to focus on helping seniors outside of the hospital and in their homes. The acquisition will not have a material impact of Humana's financial earnings guidance for the year. This could be seen as a good move for the company considering the increasing age of the baby boomer population, with people eligible for medicare to reach 55 million by 2020.
Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world check us out at fnno.com or follow us on twitter @FNNOnline. I'm Chuck Pierce.