00:00 Speaker A
Time for some of today’s trending tickers. We are watching Abbott, Verizon, and Bath and Body Works. First up, Abbott. The healthcare company will buy cancer screener Exact Sciences for $21 billion. This marks one of the biggest healthcare acquisitions this year. Exact Sciences produces diagnostic tests, including Cologuard, which helps screen for colorectal cancer. Abbott, which makes an array of medical devices, nutrition supplements and other health-related products, said earlier this year it was interested in expanding into diagnostics. The takeover of Exact Sciences, if completed, would be Abbott’s second biggest deal ever and its largest in nearly a decade. Those exact science of shares surging some 18%.
00:43 Speaker A
Next up is Verizon. The largest US wireless carrier announced it will be cutting more than 13,000 jobs. According to multiple reports, new CEO Dan Schulman sent a memo to employees to announce the cuts. The layoffs will shrink the company’s non-union workforce by as much as 20%, and the cuts will extend to employees across all parts of the business. That includes retail workers, customer service reps, and some senior executives.
01:09 Speaker A
And finally, Bath and Body Works, those shares plunging after it cut its full-year outlook and announced a turnaround plan. The transformation plan named the consumer First Formula is projecting $250 million in cost savings over the next two years. Under the plan, Bath and Body Works will exit some categories including men’s grooming and hair care. The stock had fallen 46% this year before today.