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PFIZER INC., $32.50, New York symbol PFE, is the world’s largest pharmaceutical company. It has cancelled its merger with Irish drugmaker Allergan plc (New York symbol AGN), which is best known for the anti-wrinkle drug Botox. The deal was meant to cut the combined firm’s corporate tax rate to 18% from 25%. New U.S. tax rules now prevent that savings. Under the terms of the agreement, Pfizer must pay Allergan a $150-million break-up fee. To put that in context, Pfizer earned $3.3 billion, or $0.53 a share, in the three months ended December 31, 2015. The company will now speed up plans to divide its operations into two separate companies: one would focus on patent-protected drugs. The other would own established products without patent protection. Pfizer will make a final decision by the end of 2016....
FORTIS INC., $39.86, Toronto symbol FTS, owns electrical utilities across Canada and in the U.S. and the Caribbean. It also distributes natural gas in British Columbia. The company has completed its latest acquisition in northern B.C.—a 93.8% stake in the Aitken Creek natural gas storage facility. Fortis paid Chevron Corp (New York symbol CVX) $266 million U.S. for the underground complex. To put that in context, Fortis earned $589 million, or $2.11 a share, in 2015. BP Canada owns the remaining 6.2% stake in the B.C. facility. Currently, Fortis leases one-third of Aitken Creek’s capacity. Owning this facility should reduce the company’s costs....