U.S. corporate profits are set to decline for the third straight quarter, the longest and broadest slide in earnings since the financial crisis, weighed down by the energy slump and slowing growth around the world.
Drugmakers are placing big bets on medicines they expect will command premium prices. Sanofi made an unsolicited, $9.3 billion offer to purchase Medivation. Separately, AbbVie agreed to pay $5.8 billion for Stemcentrx.
U.S. Steel is alleging that Chinese government hackers stole proprietary methods for making lightweight steel on behalf of Chinese steel producers seeking to supply a bigger share of the U.S. auto-making market.