Shares of Monsanto Company (MON) surged more than 8% in early trading Wednesday as the company decided to drop its $46 billion bid for Syngenta AG (SYT)
Monsanto said that it will continue its focus on opportunities within its existing core business and resume the implementation of its approved share repurchase program as soon as practical. In addition, Monsanto confirmed its confidence in delivering its five-year plan to more than double fiscal-year 2014 ongoing earnings per share by 2019.
According to Monsanto, the company remains the best positioned to drive a comprehensive integrated strategy, with industry-leading assets in breeding, biotechnology, data science, next-generation biologicals, and multiple options to build on its existing crop protection portfolio.
In the other side of the story, shares of the agro-chemicals giant company Syngenta AG (SYT) plunged more than 10% following Monsanto's announcement
The price of Abercrombie & Fitch Co. (ANF) stock soared on Wednesday's trading session after the company delivered better-than-expected quarterly financial results.
For the second quarter 2015, Abercrombie posted net sales of $817.8 million and non-GAAP (excluding certain items) net income of $8.6 million, or $0.12 per diluted share, surpassing the Capital IQ Consensus Estimate of ($0.05) loss per share on revenues of $811.11 million for the period
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