Stocks surge...Mylan buying Abbot's generic business...Crumbs might be revived

NEW YORK (AP) -- 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.

PITTSBURGH (AP) -- 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.

NEW YORK (AP) -- 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."

NEW YORK (AP) -- 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-."

CAPE CANAVERAL, Fla. (AP) -- 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.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Top Stories

  • No Strings Attached
    The state granted Boeing $9 billion in tax breaks but that's not stopping huge job cuts

  • Divine Intervention
    A cancer survivor says it was God's command to get the checkup that saved her life

  • Broken Record
    Kansas City fans reclaim the world noise record from Seattle
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.