Pfizer buys Medivation for $14B; Citi's bullish call on Foot Locker; Valeant management shakeup

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Pfizer (PFE), Medivation (MDVN) — Pfizer is buying Medivation for $14 billion. Medivation’s portfolio includes Xtandi, a treatment for prostate cancer that generates about $2 billion in worldwide annual sales. The deal needs to be approved by shareholders and regulators.

Valeant Pharmaceuticals (VRX) — Zoetis (ZTS) Chief Financial Officer Paul Herendeen has stepped down to become executive vice president of finance at Valeant and will take over the role of CFO from Robert Rosiello effective immediately. Rosiello will stay at Valeant as executive vice president, corporate development and strategy.

Foot Locker (FL) — Citi (C) is bullish on the athletics retailer. Citi analyst Kate McShane picked Foot Locker as a top pick in the retail sector and raised the price target on the stock to $79.

Workday (WDAY) — Needham & Company downgraded Workday to hold from buy, citing a limited billings upside and a challenging financial market. Workday is scheduled to reports second quarter results on Wednesday.

AT&T (T) — The carrier set deals for roaming and direct connections in Cuba with a state-owned telecom firm. AT&T says customers will soon be able to “seamlessly connect with talk, text and data while visiting Cuba.” AT&T has not yet announced pricing.

Urban Outfitters (URBN) — Goldman Sachs downgraded its rating on Urban Outfitters to neutral from buy and cut its price target to $33 from $35 per share.