ABB (NYSE: ABB) reduced its long-term annual revenue guidance to a range of 3% to 6% from a prior range of 4% to 7% due to weak energy prices which reduced spending in the energy sector and a slowdown in China, its second-largest market.

Management said it plans to save $1 billion in costs by 2017 by restructuring its business. The plan includes creating a new Power Grids division by combining its low-margin Power Grids division with its Power Products business. The two segments generated a combined $12.6 billion last year. ABB is a Buy up to $30.

PDL Biopharma (NSDQ: PDLI) reported second-quarter revenues fell 15.2% to $138.1 million due to a decrease in Depom royalty cash proceeds.  This led to a net earnings decrease to $78.3 million, or $0.47 per diluted share, compared to $92.1 million, or $0.52 per diluted share in 2014.

During the period, PDL added a new agreement with ARIAD Pharmaceuticals to provide the company with $200 million in cash in exchange for royalties on its blood cancer drug, Iclusig. Under the terms of the deal, PDL will receive 2.5% of worldwide Iclusig net revenues and will increase to 5% a year on the deal’s closing date.

PDLI has fallen 10% in the past month and is currently rated a Hold.

Novartis (NYSE: NVS)  received U.S. approval for Zarxio, a biosimilar to Amgen’s Neupogen, a $1.2 billion drug that increases white blood cells counts in cancer patients. It sells at a 15% discount to Neupogen.

Novartis also announced it is on track to conduct human tests for its “smart” contact lens which is being developed with Google. The lens is designed to helpl restore the eye’s autofocus for people with presbyopia, or far-sightedness.

Novartis, which currently yields 2.8%, is a Buy up to $100.

Southern Co’s (NYSE: SO) $12 billion acquisition of AGL resources doubled its customer base to 9 million, effectively making it the second-largest electric and natural gas company in the U.S.

Although demand for power has fallen recently, natural gas demand remains high due to lower prices and tougher environmental policies aimed at lower carbon emissions.

Including AGL’s natural gas infrastructure, Southern will have a total of 80,000 miles of gas pipelines and a use rate of 4 billion cubic feet (bcf) of gas per day, more than double its pre-merger use rate of 1.8 bcf.

Southern Co remains a Buy under $55.