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U.S. Movers: Abbott, Qualcomm, Delta Air Lines, Live Ventures, KKR

Author: Mukesh Buch
Last Update: 11:27 AM ET December 28 2016

11:10 AM New York Abbott received the antitrust approval for its acquisition of St. Jude Medical. Qualcomm was fined by South Korean antitrust regulator for $854 million. Delta Air canceled the order worth about $4 billion for 18 Boeing 787 Dreamliners. Tatts rejected takeover offer from KKR.

Tollbooth Index slumped 67.07 or 0.6% to 11,150.92.

Earnings Review

Abbott Laboratories (ABT) fell 36 cents to $38.24 after the healthcare products maker received the U.S. antitrust approval for its acquisition of medical device maker St. Jude Medical Inc worth about $25 billion.

The deal is expected to close in the next two weeks, according to the company spokesperson.

Qualcomm Inc (QCOM) slipped 62 cents to $66.62 after the South Korea''s antitrust regulator fined communication technology provider for about $854 million or 1.03 trillion won in unfair business practices in patent licensing and modem chip sales.

The Korea Fair Trade Commission recommended fine and fees of $25.1 billion from patent royalties linked to modem chips, but Qualcomm had rejected the ruling and plans to appeal in the Seoul High Court.

Delta Air Lines, Inc (DAL) dropped 1.3% or 66 cents to $49.70 after the airline operator canceled order worth about $4 billion for 18 Boeing 787 Dreamliner aircrafts.

Delta inherited deal from the merger with Northwest Airlines in 2008.

Live Ventures Inc, formerly LiveDeal, Inc (LIVE) surged 15.7% or $4.10 to $30.19 after the online marketplace services provider said revenues in the year ending in December soared 136% from a year ago to $79 million and net profit jumped of about $17.8 million and diluted earnings per share advanced to $8.92.

The online marketplace services provider forecasted revenues in fiscal 2017 to increase 50% to about $120 million.

KKR & Co. L.P. (KKR) slid 5 cents to $15.87 after the Australia-based sports betting group Tatts Group Limited rejected a takeover offer from a group of investors including the private equity fund and Macquarie Group Ltd.

Tatts Group said it will continue with its planned merger with the rival Tabcorp.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc