The week kicked off with Asian equity futures rising with strength, but concerns remain over North Korea and U.S. tensions, as well as the damage that hurricanes stateside may continue to cause. The yen declined.
Here’s what you should know:
Equifax Inc. (EFX)
Equifax has been in damage control mode since revealing it was hit with a data breach last week.
Late Friday, the company announced that several of its key members would be departing, including its chief information officer and chief security officer. The breach exposed the personal information of up to 143 million Americans.
Susan Mauldin, top security officer at Equifax and David Webb, its chief technology officer, will be retiring following pressure from the public. This follows a detailed report from the company that reveals how it found and handled the breach, which exposed Social Security numbers, birthdates and other information.
Mauldin’s qualifications came into question once the data breach hit the company, as her college degree came in music. Russ Ayers, an information technology executive at Equifax, will replace Mauldin.
It is unclear what kind of retirement packages executives get at the company.
EFX shares have plummeted 24.6% over the last five days.
FOSUN INTL NPV (FOSUF)
China-based Fosun Group is close to acquiring a pharmaceutical company that has been struggling.
The company will buy 74% of southern India-based Gland Pharma for $1.1 billion, according to a securities filing Sunday evening. The deal has been stuck in regulatory hell for over a year.
However, Fosun announced that such a move is finally a reality as the details of the deal has been changed, garnering approval from China and India regulators, who were hoping to avoid a foreign takeover of quality medicines produced in India.
“Given Gland Pharma’s operation is in good condition, the founder shareholders propose to maintain a higher stake in Gland Pharma without impact on the acquisition of the controlling interest in Gland Pharma by Fosun Pharma Group, as well as expect to establish a closer cooperation with Fosun Pharma Group to jointly promote the sustainable and stable development of Gland Pharma,” Fosun said.
FOSUF shares are up 33.3% year-to-date.
Northrop Grumman Corporation (NOC)
Sources close to the matter informed the Wall Street Journal late in the weekend that a $7.5 billion deal was close to being completed. The two parties may formally announce the deal as soon as Monday.
The deal would unify the assets from to major defense contractors, adding Orbital’s knowledge in rockets and missiles to Northrop’s aerospace and defense technology.
Northrop spokesman Mark Root declined to comment on the matter.
NOC shares are up 3.3% over the last three months, while OA shares are up 10.6% over that same span.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.