AbbVie Inc. the Spinoff for 2013
AbbVie Inc (ABBV) just started trading in 2013. AbbVie is the first 'Spinoff' for Wall Street in the New Year and has separated from Abbott Labs (ABT).
AbbVie was the pharmaceutical division of Abbott Labs, so far its bounced from $34 to $35 per share. This spinoff has been in motion since 2011. Before the deal, Abbott was one of the largest healthcare companies in the world. The aging world population is going to keep popping pills made by AbbVie including the anti-inflammation drug Humira, the popular painkiller Vicodin, and cholesterol drug Niaspan.
Abbott's chairman and CEO Miles White called the event "the most transformative action" in the company's 125-history. AbbVie CEO Richard Gonzalez said that with his company's existing assets and focus on innovation "we intend to create significant value for our shareholders."
Bottom line: Time will tell if this spinoff will be successful and Wells Fargo is the first to set a price target of $33 to $34. For now add this stock to your watch list and as more information becomes available place your trading accordingly. To review the company check out their website at www.abbvie.com/
Best of the Blogs
Scanning and identifying the best blog entries every hour
- Great Graphic: Three Fed Cycles and Stocks and Bonds | Financial Sense
- Summarizing Obama's ISIS Strategy Endgame (In 1 Cartoon) | ZeroHedge
- This is Why Socialism Doesn't Work | ZeroHedge
- Fed Expected to Clarify Course | Financial Sense
- The Fed Then And Now – Remembering William McChesney Martin, Jr. | ZeroHedge
- The US Ponzi Economy | ZeroHedge
- The Perfect (Dollar) Storm – When Currencies Collide Part 2 | Financial Sense
The most relevant financial news and articles from the Internets
- NATO cautiously welcomes Ukraine buffer zone deal | Business Insider
- The Bengals Ran A Classic Trick Play To Perfection For A Touchdown | Business Insider
- Facebook-Owned Oculus Just Unveiled Its Latest Virtual... | Business Insider
- Every Point In The Patriots-Raiders Game Was Scored By A 'Kowski' | Business Insider
- As Tesco Profits Vanish In Flawed Accounts, Analyst Says It's 'No Longer A Viable... | Business Insider
- NATO warns on Ukraine truce as fighters set to pull back | Business Insider
- 'Interminable' Air France strike enters second week | Business Insider