3 Stocks to Watch on Tuesday: Alexion Pharmaceuticals, Inc. (ALXN), Verizon Communications Inc. (VZ) and FedEx Corporation (FDX)

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Federal Reserve chair Janet Yellen confirmed that no interest rate hike will be announced next week, and instead the Fed will look to either July or September. The markets were pleased with the news, with the S&P 500 rising 0.5% to a seven-month high, while the Dow Jones Industrial Average surged 0.6%.

3 Stocks to Watch on Tuesday: Alexion Pharmaceuticals, Inc. (ALXN), FedEx Corporation (FDX)Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN), FedEx Corporation (NYSE:FDX) and Verizon Communications Inc. (NYSE:VZ) were among companies making waves ahead of Tuesday’s trading.

Here’s what you need to know heading into the day:

Verizon Communications Inc. (VZ)

In a move that most saw coming, VZ reportedly was planning a bid for the core business of beleaguered internet company Yahoo Inc. (NASDAQ:YHOO). Any offer would be part of Yahoo’s second round of bidding, and Verizon’s is expected to come in at $3 billion, according to a Wall Street Journal report.

Verizon appears to be interested in just the core business, and not other assets “such as patents and real estate.”

The report says private equity outfit TPG could also submit a bid.

Yahoo has been trading in a fairly tight range for the past two months as Wall Street waits to see how the bidding wars shake out.

Tuesday’s news actually has YHOO shares off 1% before the bell.

Alexion Pharmaceuticals, Inc. (ALXN)

ALXN stock is off by double digits in Tuesday’s premarket trading amid an obstacle in the progress of one of its drug trials.

Soliris — a medication that treats two types of blood disorders — failed to meet its primary goal during the late stages of an FDA trial. This trial is focused on patients with refractory generalized myasthenia gravis, a condition that weakens muscles, causes exhaustion and can even lead to respiratory failure. During phase 3 of the treatment, patients did not improve significantly.

The drug previously received approval for the treatment of rare blood disorders paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome.

ALXN shares were off more than 11% in Tuesday’s premarket trade.

FedEx Corporation (FDX)

FDX shareholders are getting a significantly greater amount of cash from the delivery company, as FedEx announced a massive bump to its quarterly dividend.

The parcel service provider said it will boost its payout from 25 cents to 40 cents — a 60% improvement.

The dividend will be paid out to FDX shareholders on record as of the end of business on June 16. Investors will receive their tidy sums on July 1.

FDX shares were off slightly in Tuesday’s early trading, looking likely to remain in the same holding pattern the stock has been mired in since mid-March.

As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/06/3-stocks-to-watch-on-tuesday-alexion-pharmaceuticals-inc-alxn-fedex-corporation-fdx/.

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