AbbVie Inc. the Spinoff for 2013
AbbVie Inc (ABBV) just started trading in 2013. AbbVie is the first 'Spinoff' for Wall Street in the New Year and has separated from Abbott Labs (ABT).
AbbVie was the pharmaceutical division of Abbott Labs, so far its bounced from $34 to $35 per share. This spinoff has been in motion since 2011. Before the deal, Abbott was one of the largest healthcare companies in the world. The aging world population is going to keep popping pills made by AbbVie including the anti-inflammation drug Humira, the popular painkiller Vicodin, and cholesterol drug Niaspan.
Abbott's chairman and CEO Miles White called the event "the most transformative action" in the company's 125-history. AbbVie CEO Richard Gonzalez said that with his company's existing assets and focus on innovation "we intend to create significant value for our shareholders."
Bottom line: Time will tell if this spinoff will be successful and Wells Fargo is the first to set a price target of $33 to $34. For now add this stock to your watch list and as more information becomes available place your trading accordingly. To review the company check out their website at www.abbvie.com/
Best of the Blogs
Scanning and identifying the best blog entries every hour
- Obama Admits Couldn't "Convince Americans Of Recovery", Bashes 'The Big Short' | ZeroHedge
- Did Bernie Sanders Just Go Full Establishment? | ZeroHedge
- More Lukewarm Econ Data to Match Q1 Earnings | Financial Sense
- Lies, Lies, & OMG More Lies... | ZeroHedge
- Junk Economics: Michael Hudson Rages "Wall Street Has Taken Over The Economy.. & Is Draining It" | ZeroHedge
- It's The Debt Stupid: Scotiabank Warns "At Some Point 'The Future' Becomes 'Today'" | ZeroHedge
- The Woodstock Of Crony Capitalism | ZeroHedge
The most relevant financial news and articles from the Internets
- MasterCard's strong start to 2016 | Business Insider
- RANKED: These are the granola bars with the least sugar | Business Insider
- ... | Business Insider
- The Best Business Schools of 2011 | BusinessWeek
- State Department: John Kerry will travel to Geneva on Sunday to discuss Syria | Business Insider
- The Japanese yen is still 'very cheap' | Business Insider
- Yale students are furious the university decided to keep the name of a slave owner on... | Business Insider