Philip Morris International Inc. extended its decline into a second day, falling the most in five months after a crimped profit outlook prompted Goldman Sachs Group Inc. to cut its rating on the shares to neutral.
Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, promoted 280 employees to managing director, up from 266 last year, as it begins making the selections every two years instead of annually.
Monster Beverage Corp., the largest U.S. energy drink maker by sales volume, rose the most in more than a month after Goldman Sachs Group Inc. said a Food and Drug Administration response to questions over the safety of energy drinks was “encouraging.”
Monster Beverage Corp.’s escalating profit from energy drinks pumped full of caffeine and nitrous oxide may tempt acquirers to chase what would be the most expensive takeover in the industry’s history.
Mead Johnson Nutrition Co. and juice maker Hansen Natural Corp. are among the top candidates for takeovers in the consumer-products industry because of their growth prospects, according to Goldman Sachs Group Inc.
The Standard & Poor’s 500 Index rose a second week, the longest advance since September, as investors watched developments in government budget negotiations amid better-than-anticipated economic reports.