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Monday Afternoon Business Brief

July 14, 2014, 1:26 PM

Monday Afternoon Business Brief
  • Corporate deals are helping to lift stocks in afternoon trading. Investors are cheering Citigroup's latest earnings. The S&P 500 lost nearly one percent last week, but today it's been higher by about one half of one percent.
  • Generic drugmaker Mylan said it will buy Abbott Laboratories' generic-drug business in developed markets for $5.3 billion. The combined company will be organized in the Netherlands, which will cut its tax bill. The company will keep its headquarters near Pittsburgh.
  • An investor group that includes reality TV star Marcus Lemonis says it plans to acquire Crumbs Bake Shop out of bankruptcy. Crumbs, which filed for Chapter 11 bankruptcy reorganization Friday in New Jersey, says it's agreed to be acquired by Lemonis and Fischer Enterprises, the company behind Dippin' Dots ice cream. Lemonis is also star of CNBC's "The Profit."
  • Fitch Ratings is warning that it could lower Whirlpool Corp.'s credit rating after the appliance maker announced a plan to buy Italian rival Indesit for more than $1 billion. Whirlpool, which owns the Maytag, KitchenAid and other brands, said last week that the deal to buy Indesit will help it expand in Europe. Fitch says the acquisition will increase the company's debt. Whirlpool's credit rating would be lowered from "BBB" to "BBB-."
  • The SpaceX company has launched a rocket packed with communication satellites. The Falcon rocket blasted off today from Cape Canaveral Air Force Station. On board were six advanced satellites for the New Jersey-based Orbcomm. Eleven more of these satellites are to be launched in the coming year.

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