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Market Update

Aecom Buys URS for $4 B; Citigroup Agrees to $7 B Settlement

Author: Mukesh Buch
Last Update: 12:20 PM ET July 14 2014

12:15 PM New York Aecom Technology agreed to buy URS Corp for $4 billion. Citigroup net tumbled 96% and agreed to pay $7 billion to settles mortgage securities related charges. Mylan is in talks to acquire non-U.S. drugs portfolio of Abbott for about $5.3 billion.

Tollbooth Index increased 0.5% or 48.68 to 9,497.67.

Earnings Review

Aecom Technology Corp (ACM) soared 4.7% or $1.49 to $33.25 after the engineering company agreed to acquire engineering and construction services provider URS Corp for $4 billion cash and stock.

Shares of URS Corp climbed 10.3% to $57.39.

Citigroup Inc (C) climbed 3.7% or $1.73 to $48.73 after the bank reported total revenue in the second-quarter ending in June declined 6% to $19.34 billion from a year ago period.

Net income in the quarter tumbled 96% to $181 million or 3 cents a diluted share compared to $4.18 billion or $1.34 from a year earlier.

The bank said allowance for loan losses at quarter-end jumped 2.70% to $17.9 billion of total loans, compared to $21.6 billion or 3.38% of total loans a year ago.

The bank and the Justice Department agreed to settle a federal investigation into the banks mortgage securities. Today the bank agreed to pay $7 billion to resolve mortgage settlements.

Mylan Inc (MYL) jumped 3% or $1.44 to $51.60 after the generic drug-maker is in talks to acquire non-U.S. drugs portfolio of established products from Abbott Laboratories for about $51.40 per share or $5.3 billion.

Sothebys (BID) gained 1.2% or 49 cents to $40.18 after the auctioneer and the online marketplace operator eBay Inc formed a partnership to sell antiques and collectibles.

Whiting Petroleum Corp (WLL) surged 6% or $4.72 to $83.26 after the oil and gas company agreed to acquire Kodiak Oil & Gas Corp in an all-stock valued at $6 billion, including net debt of $2.2 billion.

The transaction is expected to close before the end of the year.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc