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May 30, 2014
16:59 EDTSPLK, SNN, AGN, HSH, BNNY, SYK, PPC, AAPL, LGF, BIG, VRX, TSNMarket finishes week higher after M&A deals, upbeat data
Stocks ended the week higher after several economic data points beat expectations and there were a number of new developments on the M&A front. MACRO NEWS: In the U.S., durable goods orders for April, a nationwide service sector index, and weekly jobless claims were all better than expected. Personal income for April and an index of consumer confidence for this month were slightly below expectations, while GDP was revised downward to reflect 1% annualized contraction in Q1... The European Central Bank could take steps to make credit more available to businesses at its next meeting on June 5, ECB President Mario Draghi said. COMPANY NEWS: Apple (AAPL) agreed to buy privately owned Beats Electronics and Beats Music for $3B. The Beats companies sell headphones and operate a streaming music service... Early in the week, meat products maker Pilgrim's Pride (PPC) offered to buy another company in the sector, Hillshire Brands (HSH), for $45 per share in cash or $6.4B. After Pilgrim's Pride announced its bid, another meat producer, Tyson Foods (TSN), made a $50 per share bid for Hillshire. Shares of Pinnacle Foods (PF), which Hillshire had previously agreed to purchase, ended the week lower, as the new bids cast doubt on that deal... In other M&A news, Valeant (VRX) raised the cash portion of its takeover bid for Allergan (AGN), first by $10 and then by about another $14 per share in a second offer that came today. Valeant also added a contingent value right worth up to $25 per share which is based on sales of Allergan's DARPin product, an experimental drug that Allergan is developing as a treatment for the leading cause of blindness in elderly people... Financial Times reported that orthopedic device maker Stryker (SYK) was looking to make a takeover bid for another company in the sector, Smith & Nephew (SNN). Stryker said it was in the early stages of evaluating a bid for its peer, but does not intend to make an offer at this time... Few notable companies reported earnings this week, but closeout retailer Big Lots (BIG) rose after reporting stronger than expected results and raising its guidance. Among the companies that fell after reporting results were data analysis software maker Splunk (SPLK), organic foods maker Annie's (BNNY), and "Hunger Games" producer Lionsgate (LGF). INDEXES: The Dow was up 1.37% to 16,717.17, the S&P 500 was up 2.43% to 1,923.57, and the Nasdaq was up 3.72% to 4,242.62.
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November 10, 2015
10:10 EDTAAPLVIX methodology for Apple VXAPL up 10.8% to 30.11
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10:07 EDTAAPLApple November volatility increases
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09:52 EDTLGFDiscovery, Liberty Global to each acquire 3.4% stake in Lionsgate
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09:44 EDTLGFLionsgate announces new strategic relationship with Discovery, Liberty Global
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09:37 EDTAAPLActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
09:22 EDTVRXValeant CEO says 'company is going to survive'
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09:21 EDTVRXValeant CEO says share buybacks largely off table in short-term
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09:18 EDTVRXValeant says instituted retention program for employees
Valeant says program rewards employees for staying next 12-18 months and has been "well received."
08:48 EDTAAPLApple heads lower in pre-market
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08:36 EDTVRXValeant CEO says 'feels very good' about organic growth prospects in 2016
Valeant said it will not be giving specific 2016 guidance until December's investor meeting.
08:33 EDTVRXValeant says continues to bring down Salix inventory levels
Valeant says operating at "normal" inventory levels around world.
08:28 EDTVRXValeant CEO says feels 'very good' about controls
08:23 EDTVRXValeant sees having new specialty program 'sometime this quarter'
Valeant says dermatology script growth in traditional channel still strong. In specialty, "we obviously had a disruption. I think a lot of scripts were filled last week but they were all filled for free. So in terms of short-term financials, that will obviously have an impact for the rest of the quarter," Valeant CEO Pearson stated. The company needs to put in place a new specialty program to complement the retail scripts and it is "working very hard" on that and hopes to have a solution "sometime this quarter," Pearson added.
08:18 EDTVRXValeant CEO says has been 'mistake' not to listen to 'world outside company'
Valeant CEO J. Michael Pearson said the "past few weeks have been a painful learning experience for me personally," saying that one of the consequences of the company's rapid growth is that he did not always take the time to listen to what the "world outside" the company was saying. "This is been a mistake on our part as a company and on my part as its leader...One of the things I'm dedicated to doing going forward is listening more to our patients our partners, and our critics. And when we think they are right we're going to respond to make the appropriate changes in how we do things," Pearson stated on the company's business update call.
08:14 EDTVRXValeant sees 'significant' disruption for dermatology business in short-term
Valeant said that in the "very short term," disruption in its dermatology business will be "significant." The negative impact on dermatology will be primarily felt in Q4, Valeant noted. By Q1, the company expects to be regaining momentum with its new access program and it believes, at the latest, the dermatology business will be performing as it has historically by the second half of next year. Comments made by Valeant CEO J. Michael Pearson on the company's business update conference call.
08:12 EDTVRXValeant says working to quantify impact of near-term issues on Q4 results
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08:10 EDTVRXValeant says negative press having 'modest' impact on Canadian business
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08:07 EDTVRXValeant says plans new access program within 90 days
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07:23 EDTAAPLApple's Asia supply chain weakens, says Credit Suisse
Credit Suisse's Asia Technology Team has noted that iPhone supply chain orders have weakened recently. Analyst Kulbinder Garcha said the weak supply chain news could weigh on shares for the next few weeks or quarters. Garcha lowered Apple's FY16 earnings estimate by 6% to $9.81 from $10.40 and reduced his CY16 iPhone estimate to 222M from 242M, and introduced a a CY17 unit estimate of 235M. While Garcia believes shares could be range bound near-term, he continues to believe weakness creates an attractive entry point given the scope of the iPhone installed base and its ability to drive future upgrades, and the increasing probability that Apple will launch a 4-inch "iPhone 6c." Apple shares remain Outperform rated with a $140 price target.
06:38 EDTVRXValeant issues rebuttals to claims made by Citron, others
Ahead of the company's conference call this morning, Valeant Pharmaceuticals (VRX) issued rebuttals to claims made by Citron Research and others. To Citron's claim that if the company had not taken price increases, it would have missed the Q1 Street consensus earnings estimate by 9.22%, Valeant stated, "Acquisitions at the time of guidance and price increases were included in our initial and subsequent guidance...the actual price increases achieved are much less than the gross increases taken." Valeant added that it did not make a stock offer to Salix, as Citron claimed. The stock closed yesterday up $3.59 to $85.36. Citron yesterday turned its focus towards Mallinckrodt (MNK), tweeting that the stock has more downside than Valeant at current levels. Reference Link
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