Siemens Healthineers agreed to buy Varian Medical Systems for about $16.4 billion in cash in the biggest medical acquisition of the year.

The German medical technology company offered $177.5 a share for the Palo Alto, California-based business, 24% more than its closing price on Friday. The bid will be financed through both debt and equity, Siemens Healthineers said in a statement on Sunday. Bloomberg was first to report the offer on Saturday.

The deal would give Healthineers a sizable market share in the rapidly growing field of cancer treatment where it has little presence currently. Siemens Healthineers said the purchase will a have a positive effect on earnings per share withing the first 12 months of the closing.

The acquisition comes amid early signs of a pickup in deals after the spread of the coronavirus and a worsening economic outlook damped sentiment this year. Deal activity in the medical devices industry is also on the rise, with Thermo Fisher Scientific Inc.’s proposed acquisition of Qiagen NV for more than $10 billion and Smiths Group Plc mulling the sale of its medical equipment unit.

The purchase will bring together two partners that have collaborated for more than a decade in areas …

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Reeling from COVID-19, Europe’s airlines are unveiling a survival strategy centered on shrinking their schedules in the years to come. They are canceling aircraft orders, shrinking schedules, and are beginning to exit airport gates from London to Rome in an industry-wide rush to downsize.

But Ryanair, the region’s ultra-low-fare rebel, views the crisis as a matchless opening for the strongest player. The Irish carrier is using the crisis to snatch business from the weak (its assessment of a broad swath of the competition). Ryanair plans to prosper from its rivals’ retrenchment by pushing the throttle to the max––bolstering its fleet with new 737 MAXSs, grabbing those idle takeoff and landing slots, and most of all, driving the industry’s lowest costs down a big notch.

That’s that flight plan that Ryanair’s CEO Michael O’Leary laid out in a video announcing results for the June quarter (its Q1 2021), followed by a conference call with analysts on July 27. On screen, the famously outspoken O’Leary set a new standard earnings-call-casual, sporting a baggy checked shirt unbuttoned halfway to his …

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Recession? What recession?

The S&P 500 registered a 5.5% gain in July, as America’s largest corporations shrugged off one of the worst economic downturns on record. The benchmark index is now up 1.25% on the year, having rebounded from March’s historic correction to claw back all the value it lost amid the ongoing coronavirus pandemic.

Retail group L Brands led the way among the S&P’s constituent companies with its stock gaining 63% in value in July thanks to a positive earnings report. Walmart, the largest company on the index by revenue, climbed 8% on the month, while tech giants Apple (+16.5%), Amazon (+14.7%), and Alphabet (+5%)—all of them with market capitalizations of $1 trillion-plus—helped drive the market upward.

A second-quarter earnings season that, by most metrics, has exceeded expectations undoubtedly contributed to the S&P’s exceptional month. Of the 312 companies on the index that had reported their earnings as of Friday morning, 82% delivered results that beat analysts’ targets—and did so with earnings that, on aggregate, were nearly 22% above expectations, according to Refinitiv data. …

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Wednesday was Big Tech’s right-brain day, a day of storytelling, counterprogramming, and fending off creatively-told congressional attacks on their virtues.

Thursday was dominated by the numbers, the left-brain analysis that showed how at least three of the big four are faring in the world’s darkest times. In a word: well. Amazon, Apple, and Facebook surged in the second quarter, each for their own reasons.

Amazon’s cloud business soared, and it bore fruit from its investments in delivery, satisfying sheltered-in-place customers. Apple sold a little bit of everything, including, not that surprisingly, Mac computers. The word computer used to be in Apple’s name and for the last decade it has been a slow-growth annuity for the iPhone maker. Homebound workers need computers. Facebook proved that users and advertisers aren’t that interested in how much the company harms democracy and decency. For now.

Only Google’s numbers gave reason for pause, as advertising revenue declined. Google’s ad business is so big that it’s probably the best proxy for the economy …

The coronavirus outbreak has hit the U.S. economy harder and faster than any event in the history of modern economic records.

That grim point was made official on Thursday when the U.S. Bureau of Economic Analysis announced that second quarter real GDP—from April to June—declined by 32.9% from the same period a year ago. It’s the largest single quarterly decline on record for data going back to 1947 and represents more than $1 trillion in economic output wiped out by the coronavirus pandemic. The figure comes in at three times worse than the previous record in 1958 when the economy saw a 10% quarterly drop.

No matter how you look at it, it’s a sum that’s likely to have huge implications in U.S. political circles with Election Day just over three months away.

That 32.9% decline follows a 5% decline in the first quarter, which only included the first few weeks of the pandemic.

The good news? Some economists believe the worst is over, and that the economy has already recovered some of the losses detailed in today’s report. Goldman Sachs projects third-quarter GDP will jump a record 25%, as the economy benefits from those states that were able …

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