On Friday, Shares of Xerox Corporation (NYSE:XRX), lost -1.10% to $9.91.
Xerox Corporation and inVentiv Health declared Xerox’s acquisition of inVentiv Patient Access Solutions (iPAS), an inVentiv Health company. The acquisition will expand Xerox’s pharmacy solutions portfolio with an offering to assist pharmaceutical companies drive product adoption and support patients in minimizing or eliminating financial and reimbursement hurdles.
iPAS serves as a patient access and reimbursement services hub for more than 17 major pharmaceutical companies. iPAS assists its clients expand sales by identifying uninsured and underinsured patients, and working with them to eliminate financial obstacles to obtaining medications prescribed by physicians. iPAS’ patient advocates investigate and verify benefits on behalf of a patient, and in cases with limited options, arrange for alternative means for the patient to receive the medication.
iPAS will operate under TMS Health, A Xerox Company, one of the largest providers of customer care, medical information and inside sales support services to the pharmaceutical, biotech and life sciences industries. Through an ongoing relationship with Xerox, inVentiv will continue providing the iPAS reimbursement offering to clients as part of its Contract Commercial Organization (CCO). The iPAS administration team and its employees will join Xerox and report to Roden.
Xerox Corporation provides business process and document administration solutions worldwide. The company’s Services segment offers various business process outsourcing services, such as customer care, transaction processing, human resources, communication and marketing, and consulting and analytics services, in addition to finance, accounting, and procurement services.
Shares of Applied Materials, Inc. (NASDAQ:AMAT), declined -2.35% to $15.39, during its last trading session.
Applied Materials declared that Robert Halliday, Senior Vice President and CFO, will take part in a question-and-answer session at the Citi Global Technology Conference in New York City on Wednesday, September 9 starting at 8:45 a.m. ET.
Applied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, flat panel display, solar photovoltaic (PV), and related industries worldwide.
Finally, The Bank of New York Mellon Corporation (NYSE:BK), ended its last trade with -2.01% loss, and closed at $38.49.
The funded status of the typical U.S. corporate pension plan declined in August, dropping by 2.5 percentage points to 84.2 percent. While liabilities fell slightly due to widening credit spreads, the decline was driven by a larger drop in asset values, according to BNY Mellon Fiduciary Solutions. Public plans, foundations, and endowments also failed to meet targets due to declining asset values.
For the typical U.S. corporate plan, funded status dipped as low as 81.2 percent on August 24 but has since rebounded. Liabilities fell by 0.9 percent during the month, with the Aa Corporate discount rate rising by 9 basis points to 4.44 percent.
Plan liabilities are calculated using the yields of long-term investment grade bonds. Higher yields on these bonds result in lower liabilities.
“The second half of August served as a wake-up call to investors who had been lulled to sleep by several months of low volatility in the markets,” said Andrew D. Wozniak, head of BNY Mellon Fiduciary Solutions. “Corporate defined benefit plan sponsors were somewhat insulated from the full brunt of the volatility due to rising credit spreads, which led to a decline in liabilities.”
Public defined benefit plans in August missed their return target by 4.7 percent as assets declined 4.1 percent, according to the August BNY Mellon Institutional Scorecard. Public plans have fallen short on year-to-date return targets by 6.6 percent and remain below their annual return target.
The Bank of New York Mellon Corporation, an investment company, provides financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. It operates through two segments, Investment Administration and Investment Services.
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