Valeant unloads more assets, Goldman Sachs gets downgraded, Yahoo changes coming

Here are some of the stocks the Yahoo Finance team will be watching for you today.

Valeant Pharmaceuticals (VRX) shares soared in early trading. The embattled drugmaker is unloading some more of its non-core assets to pay down debt. Valeant is selling three of its skincare brands to L’Oreal for $1.3 billion. This comes after it inked a deal to sell its Dendreon cancer business to Chinese conglomerate Sanpower for about $820 million in cash.

Alphabet’s Google (GOOGL) may also be shedding one of its businesses. The Wall Street Journal is reported that it’s looking to sell its satellite unit Terra Bella to startup rival Planet Labs. Google bought the satellite company for $500 million a couple of years ago, when it was known as Skybox Imaging.

Goldman Sachs (GS) stock was downgraded by Citi to sell from neutral based on valuation with a price target of $225 a share.

Yahoo (YHOO), the parent company of Yahoo Finance, said that the holding company left behind after Verizon (VZ) buys the company’s core assets will be renamed “Altaba.” Altaba will have a 15% stake in Chinese e-commerce giant Alibaba Group (BABA) and a 35% stake in Yahoo Japan. The core assets, including Yahoo Finance, sports, mail and other Internet services will retain the Yahoo name after the Verizon acquisition is complete. Yahoo CEO Marissa Mayer will step down from the board after the deal with Verizon closes along with five other Yahoo directors.

Alibaba is teaming up with the founder of China’s Intime Retail Group to take the department-store operator private. The deal is worth about $2.6 billion, which is 42% above the stock’s most recent closing price.