On Monday, Shares of United Technologies Corporation (NYSE:UTX), subtract -0.60% and closed at $99.98 in the last trading session. The last trading range of the stock ranges between $99.64 and $101.03. The company’s Market capitalization is $82.45 Billion with the total Outstanding Shares of 836.93 million. United Technologies Corp. (UTX) recently declared two related actions that are expected to reduce the overall size of its pension obligations by about $1.77 billion.
First, United Technologies will transfer about $775 million of its outstanding pension benefit obligations under the UTC Employee Retirement Plan and the UTC Represented Employee Retirement Plan to The Prudential Insurance Company of America (PRU). This transaction is expected to close on October 12 with the purchase of a group annuity contract from Prudential. Prudential was selected in consultation with independent experts after a competitive bidding process. Prudential will assume the obligation and administrative responsibility for retirement benefits owed to about 36,000 United Technologies retirees and surviving beneficiaries who presently receive a benefit of $300 per month or less from the plans.
The United Technologies retirees and beneficiaries included in this group will not see any reduction in their monthly payments and will soon receive detailed information packages. United Technologies anticipates a seamless transition since Prudential already administers benefit payments for United Technologies retirees. “This transaction is an important part of United Technologies’ long-term strategy to reduce future pension risk and expense. It will not affect participants remaining in the plans and entrusts the assets leaving the plans to a highly rated insurance company whose core business is retirement security and administration of pension benefits,” said Robin Diamonte, United Technologies’ Chief Investment Officer.
Second, United Technologies has also implemented a program offering certain former U.S. employees or beneficiaries with a vested pension benefit an option to take a one-time lump sum distribution rather than future monthly pension payments. Upon completion of this program, United Technologies anticipates about 10,000 participants to take the lump sum offer. Payments will be paid from the retirement plans during late 2016. This action is expected to reduce United Technologies’ pension benefit obligations by about $995 million by year-end 2016.
AstraZeneca plc (ADR)(NYSE:AZN), dropped -0.71% and closed at $32.06 in the last trading session. The last trading range of the stock ranges between $32.02 and $32.19. The company’s Market capitalization is $80.65 Billion with the total Outstanding Shares of 1.26 million. During the 52-week trading session the minimum price at which share price traded, registered at $26.97 and reached to max level of $35.04. AstraZeneca recently declared data from the Phase III FALCON trial demonstrating superior median progression-free survival (PFS) for fulvestrant 500mg contrast to anastrozole 1mg in the 1st line treatment of postmenopausal women with locally-advanced or metastatic breast cancer, who have not had prior hormonal treatment for hormone receptor positive (HR+) breast cancer.1 The primary endpoint was PFS and the FALCON trial enrolled 462 patients.
The results, declared at the 2016 European Society for Medical Oncology (ESMO) Congress, show that the median PFS was 2.8 months longer with fulvestrant than anastrozole (Hazard ratio 0.797; 95% confidence interval: 0.637-0.999; p=0.0486). The median PFS was 16.6 months in the fulvestrant arm, contrast with 13.8 months in the anastrozole arm.1 Aromatase inhibitors, such as anastrozole, are the current standard of care in 1st line treatment for postmenopausal women with hormone-receptor positive (HR+) advanced breast cancer. 2,3,4
Professor Matthew Ellis, Principal Investigator of the FALCON trial, said: “These data document a benefit for fulvestrant in delaying disease progression as a 1st line therapy, an important aim for women with metastatic breast cancer. The results are supported by a previous trial, which also showed an advantage for fulvestrant over anastrozole. The results are clinically meaningful and suggest that fulvestrant could be used as 1st line therapy for women with advanced breast cancer.”
On the otherhand Eldorado Gold Corp (USA)(NYSE:EGO), jumped 1.75% and closed at $3.49 in the last trading session. The last trading range of the stock ranges between $3.45 and $3.55. The company’s Market capitalization is $2.48 Billion with the total Outstanding Shares of 716.59 million. During the 52-week trading session the minimum price at which share price traded, registered at $1.87 and reached to max level of $5.16. Eldorado Gold Corporation will release its Q3 2016 Financial and Operational Results after the market closes on Thursday October 27, 2016. Paul Wright, President and Chief Executive Officer of the Company, will host a conference call on Friday October 28, 2016 at 8:30 am PT (11:30 AM ET). The call will be webcast and can be accessed at Eldorado Gold’s website.