Another big day for acquisitions, with JNJ Johnson & Johnson spending $16 billion for Pfizer's consumer brand name division. PD Phelps Dodge announces two huge acquisitions in metals and mining.
Conventional wisdom interprets this as long term healthy, because the very smart bean counters find value in buying whole companies at a premium to current valuations. They find this cheaper than trying to replicate said business, or see unique assets that can not be duplicated.
Also in the news is Warren Buffett giving away 80% of his personal fortune. BRK stock is under a bit of pressure with more uncertainty and the likelihood that more shares will be on the open market as foundations may sell a modest amount to fund their projects.
Home sales stronger than expected. LEN Lennar earnings ahead of estimates but they guide lower.
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