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Stock Market & Financial Investment News

News For ABBV;ABT;ALJ;ALDW;FB;WGP;WES;LRCX;WHF From The Last 14 Days
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March 5, 2015
16:34 EDTALJAlon USA Energy reports Q4 adjusted EPS 0c, consensus (9c)
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16:20 EDTABBVOn The Fly: Closing Wrap
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16:00 EDTFBOptions Update; March 5, 2015
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15:21 EDTALJNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Finisar (FNSR), consensus 25c... Cooper Companies (COO), consensus $1.54... YY Inc. (YY), consensus 85c... Diamond Foods (DMND), consensus 25c... The Fresh Market (TFM), consensus 51c... Alon USA Energy (ALJ), consensus (9c)... WuXi PharmaTech (WX), consensus 53c.
15:04 EDTABBVAbbVie falls to session lows, levels to watch
Shares were last down over 5.8% to $57.01. At that price, next support is at $55.18, a recent pivot low. Resistance is at $57.83.
13:01 EDTABBVNomura sees more M&A following AbbVie's acquisition of Pharmacyclics
Nomura believes AbbVie's (ABBV) acquisition of Pharmacyclics (PCYC) supports its call that Receptos (RCPT) and Infinity Pharmaceuticals (ICPT) are on the top of M&A lists given both companies have potential $5B in peaks sales potential and unencumbered assets. Additionally, the firm believes the deal has positive implications for Neutral rated Incyte (INFI) given the potential AbbVie can now evaluate ABT-199 in combination with Incyte's duvelisib and Pharmacyclic's Imbruviea across a range of hematological malignancies.
12:33 EDTABBVOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as the market looks to break the two day skid that started the day after Nasdaq broke 5,000. A lower growth forecast in China is being offset this morning by Europe getting more constructive on its outlook, as the European Central Bank raised its growth forecasts and confirmed that it plans to start its bond buying program next week. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 7K to 320K in the week ended February 28, which was above the consensus forecast for 296K first-time claims. Nonfarm productivity in the fourth quarter was revised to -2.2% from -1.8% in the government's prior estimate. Unit labor costs are now believed to have risen 4.1% in Q4, which is up from the 2.7% growth estimated in the advance report. Factory orders dipped 0.2% in January, versus expectations for them to be up 0.2%. China's government set an economic growth rate target of about 7% for 2015, which is down from the 7.5% target that it narrowly missed last year with its 2014 GDP growth of 7.4%. In Europe, both the Bank of England and European Central Bank kept their key interest rates unchanged. As is often the case in Europe, the real news came after the rate decision when ECB president Mario Draghi held his press conference. During the conference, Draghi said the bank's first asset purchases will come next week as part of its plan to buy $66B a month in bonds. The ECB also raised its economic growth forecasts for this year and next and said its inflation outlook puts it on track to reach its inflation goal near 2%. COMPANY NEWS: AbbVie (ABBV) agreed to buy Pharmacyclics (PCYC) for $261.25 per share, or $21B, the companies announced. Pharmacyclics' flagship product is Imbruvica, a treatment for hematologic cancers, that it co-markets with Johnson &Johnson (JNJ). Media reports as late as last night said J&J was close to buying its partner. Piper Jaffray said AbbVie paid a "staggering" price for Pharmacyclics when taking into account the company bought only 50% of the rights to Imbruvica and that "nearly everything looks cheap" in the biotechnology space when the deal's metrics are used as a benchmark against other names. Deutsche Bank however, views AbbVie's acquisition as a positive, saying the deal provides near term top-line growth and diversifies its business away from Humira... A Delta (DAL) plane skidded off the runway at New York's La Guardia Airport, prompting the airport to close until later this evening. MAJOR MOVERS: Among the notable gainers was Kythera Biopharmaceuticals (KYTH), which gained nearly 25% after the FDA released briefing documents for an advisory committee meeting planned for March 9 to discuss the company's deoxycholic acid, or DCA. Kythera is seeking approval for DCA for the improvement in the appearance of moderate to severe convexity or fullness associated with submental fat in adults, more commonly known as "double-chin." Also higher after its earnings report was grocery store operator Kroger (KR), which advanced 5%. Among the noteworthy losers was Greif (GEF), which dropped 13.5% after its earnings missed expectations, with the company stating that profits were adversely impacted by product and geographic mix issues resulting in lower gross profit and a higher effective tax rate. Also lower was mining equipment maker Joy Global (JOY), which fell about 7% after the company's results missed forecasts and it cut it fiscal year outlook. INDEXES: Near midday, the Dow was up 26.04, or 0.14%, to 18,122.94, the Nasdaq was up 11.33, or 0.23%, to 4,978.47, and the S&P 500 was up 0.94, or 0.04%, to 2,099.47.
11:34 EDTABBVPharmacyclics buyout has positive read-through for J&J, says Wells Fargo
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10:45 EDTABBVDeutsche says Abbvie deal positive, while Piper calls price too high
Two research firms differed on AbbVie's (ABBV) acquisition of Pharmacyclics (PCYC), with Piper Jaffray saying that AbbVie paid far too much in the deal and Deutsche Bank contending that the purchase is positive for AbbVie. BACKGROUND: AbbVie agreed to buy Pharmacyclics for $261.25 per share, or $21B, the companies announced late last night. Pharmacyclics' flagship product is Imbruvica, a treatment for hematologic cancers, that it co-markets with Johnson &Johnson (JNJ). BEARISH TAKE: Noting that J&J has 50% rights to Imbruvica, Piper analyst Joshua Schimmer wrote that the price that AbbVie paid would have been reasonable if its was obtaining full rights to Imbruvica. It will take many years for the deal to generate enough cash to justify the price that Abbvie paid, the analyst stated. Moreover, given the large number of potential competitors to Imbruvica in development and the possibility that a more potent treatment for hematological cancers will be introduced, the confidence that AbbVie showed in Pharmacyclics may be overdone, Schimmer indicated. BULLISH TAKE: Conversely, Deutsche Bank analyst Robyn Karnauskas believes that the deal is positive for AbbVie, since she thinks that it provides the drug maker with revenue growth in the near-term and diversifies its business beyond Humira, its treatment for Crohn's disease and psoriasis. However, Karnauskas did add that from a purely valuation perspective the deal is only neutral for AbbVie. She predicted, though, that the deal would start increasing AbbVie's profits beginning in 2017. The transaction could add 18%-19% to AbbVie's earnings per share in 2020-2021, estimated Karnauskas, who kept an $80 price target and Buy rating on AbbVie. PRICE ACTION: In mid-morning trading, AbbVie fell 3.3% to $58.26 and Pharmacyclics jumped 10.5% to $254.74.
09:43 EDTFBOculus to launch smartphone virtual reality device by end of 2015, CNet says
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09:20 EDTABBVOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Pacific Ethanol (PEIX), up 11.7%... Vivint Solar (VSLR), up 9%... Canadian Solar (CSIQ), up 2.6%... Costco (COST), up 2.4% after reporting quarterly results and February Same Store Sales. ALSO HIGHER: Second Sight (EYES), up 19.1% following implants of Argus II system at two new centers... Celladon (CLDN), up 13.4% after being initiated with a Buy at Roth Capital. NOTEABLE: Pharmacyclics (PCYC), up 1.27% after being acquired by AbbVie (ABBV). Abbvie is down 5.2%. DOWN AFTER EARNINGS: Joy Global (JOY), down 6.7%... Momo (MOMO), down 4.4%. ALSO LOWER: DragonWave (DRWI), down 10.1% after providing fourth quarter and fiscal 2015 revenue guidance... Apollo Commercial (ARI), down 4.2% after 10M share Spot Secondary priced at $17.00... Antero Resources (AR), down 1.9% after filing to sell 11.5M shares of common stock... Callidus Software (CALD), down 2.4% after 4.6M share Secondary priced at $13.00.
08:30 EDTABBVPiper: Pharmacyclics buyout price makes nearly everything look cheap
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08:25 EDTABBVAbbVie to hold a conference call
Conference call to discuss the acquisition of Pharmacyclics, including its product Imbruvica, will be held on March 5 at 9 am. Webcast Link
06:34 EDTABBVAbbVie acquisition of Pharmacyclics a positive, says Deutsche Bank
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05:59 EDTABBVJ&J says 'looking forward' to continuing collaboration with AbbVie
Johnson & Johnson (JNJ) issued a statement after AbbVie (ABBV) reached an agreement to acquire Pharmacyclics (PCYC) saying its "looking forward" to continuing its Imbruvica collaboration with AbbVie (ABBV), Bloomberg and Reuters reported. Pharmacyclics co-markets Imbruvica with Johnson & Johnson, and media reports as late as last night said J&J was close to buying its partner. AbbVie late last night announced it would acquire Pharmacyclics for $19.9B or $261.25 per share.
05:52 EDTFBInstagram announces new advertising format called carousel ads
Instagram is offering a new advertising format called carousel ads that allows marketers to include links on their products and websites. In a blogpost, the company said, "One way to look at it is carousel ads bring the potential of multi-page print campaigns to mobile phones – with the added benefit of taking people to a website to learn more. For instance, a fashion company could use the carousel to deconstruct the individual products in a ‘look.’ A car company might share an array of different features of a vehicle and provide a link to learn more about the new model. Or, an advertiser could showcase how multiple ingredients come together to make a delicious meal." The format will be introduced on a limited basis. Reference Link
05:24 EDTABBVAbbVie up 1.2% after acquiring Pharmacyclics
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05:24 EDTABBVPharmacyclics up 7.6% after being acquired by AbbVie
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05:18 EDTABBVAbbVie to acquire Pharmacyclics for $261.25 per share, or $21B
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05:17 EDTABBVAbbVie to acquire Pharmacyclics for $261.25 per share, or $21B
March 4, 2015
16:25 EDTALDWAlon USA Partners reports Q4 EPS 67c, consensus 60c
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16:02 EDTFBOptions Update; March 4, 2015
iPath S&P 500 VIX Short-Term Futures down 6c to 27.22. Option volume leaders: AAPL TSLA TWTR AA PBR NFLX MNKD FB BMY C according to Track Data.
09:07 EDTABBVFDA making testosterone product makers change labeling
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07:45 EDTFBFacebook developing rival to Twitter ad platform, Bloomberg says
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07:10 EDTABBVCowen to hold a conference
35th Annual Health Care Conference is being held in Boston on March 2-4 with webcasted company presentations to begin on March 4 at 8 am; not all company presentations may be webcasted. Webcast Link
07:08 EDTWES, WGPBarclays to hold a conference
2015 Investment Grade Energy and Pipeline Conference is being held in New York on March 4-5.
06:14 EDTFBFacebook implied volatility of 24 at lower end of index mean range
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March 3, 2015
19:22 EDTWESWestern Gas Partners to host conference call
Conference call to discuss 2015 outlook will be held on March 4 at 8 am. Webcast Link
16:04 EDTWGP, WESWestern Gas Partners sees 2015 distribution growth no less than 15%
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16:03 EDTWESWestern Gas Partners acquires Anadarko's 50% inerest in joint venture
Western Gas Partners (WES) announced that it has acquired Anadarko's (APC) 50% interest in the Delaware Basin JV gathering system. The Partnership paid no consideration at closing, but agreed to make a future payment on March 31, 2020 equal to eight times the average of the asset's 2018 and 2019 earnings before interest, taxes, depreciation and amortization, less the capital expenditures incurred by WES from the closing date through February 29, 2020. Based on its current forecast of the asset's performance and capital needs, the Partnership currently estimates the future payment will be $283M. "This immediately accretive acquisition is another step towards the consolidation of our significant Delaware Basin position," said CEO Don Sinclair. "We will benefit from the asset's strategic position, the world-class resources in the Delaware Basin, and the addition of a 100% fee-based asset into our portfolio. Furthermore, the flexible financing structure assists us in maintaining our growth targets in a challenging environment." In conjunction with the acquisition, Anadarko has amended its existing gathering agreement with DBJV to extend the term to December 31, 2024. Gathering rates are determined using a cost-of-service methodology under which DBJV earns a targeted rate of return of 18% over the life of the agreement. The Partnership estimates that the net present value of the purchase price payment is $176M and that the asset will generate $15 to $25M of EBITDA in 2015. The terms of the acquisition were approved by the board of directors of the Partnership's general partner and by the board's special committee, which is comprised entirely of independent directors.
11:46 EDTABBVLeerink biotech analyst holds an analyst/industry conference call
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10:44 EDTWESAnadarko reduces initial FY15 capital expectations by 33% y/y
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07:21 EDTFBOculus hires away Google executive Mary Lou Jepsen, Re/code says
Facebook's (FB) Oculus has hired away Google (GOOG) executive Mary Lou Jepsen, reports Re/code, citing sources familiar with the move and a Facebook spokesperson. Jepsen was the head of Google X's display division. Reference Link
07:06 EDTWHFWhiteHorse Finance reports FY14 EPS $1.30, consensus $1.10
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March 2, 2015
13:53 EDTFBFacebook COO: Working on simplifying buying process for ads
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13:42 EDTFBFacebook COO: Small business opportunity is huge
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13:29 EDTFBFacebook COO: Facebook is moving towards more public usage
Says mobile paying off in "a big way." Says ads integrate very well into mobile. Says video is "exploding on Facebook" and provides huge ad opportunities. Says not all video ads are "incremental." Sheryl Sandberg is speaking at the Morgan Stanley Technology, Media & Telecom Conference.
13:22 EDTFBFacebook CFO: Messaging is core to company's strategy
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13:19 EDTFBFacebook CFO: We are investing from a 'position of strength'
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10:08 EDTFBStocks with call strike movement; HLF FB
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10:00 EDTFBOn The Fly: Analyst Initiation Summary
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09:11 EDTFBFacebook initiated with a Buy at Axiom
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08:29 EDTFBMicrosoft reportedly to buy news app for $30M, TechCrunch says
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07:41 EDTFBMorgan Stanley to hold a conference
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06:56 EDTFBIAC's Tinder working on first ads, Re/code reports
IAC's Tinder is developing its first ad product, Re/code reported Friday night. The dating app is also talking with Facebook (FB) and Twitter (TWTR) about using their ad networks to fill out ad space, Re/code stated. Reference Link
February 27, 2015
12:35 EDTABTMylan completes acquisition of assets from Abbott
Mylan N.V. and Mylan (MYL) announced the successful completion of the acquisition of Abbott Laboratories' (ABT) non-U.S. developed markets specialty and branded generics business. Under the previously announced terms of the transaction agreement, Abbott received 110M shares of Mylan N.V., resulting in former Mylan shareholders now owning approximately 78% of Mylan N.V. and Abbott now owning approximately 22% of Mylan N.V. Mylan Inc. and Abbott's non-U.S. developed markets specialty and branded generics business have been reorganized under Mylan N.V., a new public company organized in the Netherlands. Mylan N.V. will be led by the former Mylan Inc. executive team. The company will trade on Nasdaq under the ticker symbol MYL.
05:57 EDTFBFacebook implied volatility of 24 at lower end of index mean range
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February 26, 2015
13:25 EDTFBGerman watchdog issues cease-and-desist letter to Facebook, WSJ says
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12:12 EDTFBFacebook climbs after analyst says Oculus could be used for NBA, NHL games
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10:41 EDTFBFacebook retakes the $80 level, runs higher, levels to watch
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09:35 EDTFBActive equity options trading on open
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February 25, 2015
19:46 EDTFBFacebook's Oculus a significant long term opportunity, says Piper Jaffray
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05:56 EDTFBFacebook implied volatility of 25 at lower end of index mean range
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February 24, 2015
09:40 EDTFBFacebook says over 2M advertisers now active, launches Ads Manager app
There are now more than 2 million active advertisers on Facebook, the company announced. Facebook also announced the launch of Ads Manager, a new mobile app that gives marketers more power to manage ads from anywhere. Reference Link
06:08 EDTFBFacebook implied volatility of 25 at lower end of index mean range
February 23, 2015
16:00 EDTFBOptions Update; February 23, 2015
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11:19 EDTABBVEnanta announces JAMA publication of AbbVie VIEKIRA PAK study results
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11:04 EDTABBVAbbVie reports VIEKIRA PAK HPV/HIV co-infection study results published
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09:48 EDTFBFacebook experiencing likely service disruption, downrightnow says
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09:39 EDTFBActive equity options trading on open
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09:14 EDTFBBelgian commissioned study finds Facebook privacy policy violates European law
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06:21 EDTFBFacebook's shuttle drivers approve new union contract, WSJ reports
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06:14 EDTFBFacebook implied volatility of 25 at lower end of index mean range
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February 20, 2015
16:03 EDTFBOptions Update; February 20, 2015
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10:33 EDTABBVBattleground update: AbbVie named top global pick at Jefferies
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09:38 EDTFBActive equity options trading on open
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07:23 EDTABBVAbbVie replaces Pfizer as top global pharma pick at Jefferies
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07:08 EDTABTAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
05:21 EDTFBFacebook implied volatility of 25 at lower end of index mean range
February 19, 2015
16:01 EDTFBOptions Update; February 19, 2015
iPath S&P 500 VIX Short-Term Futures down 70c to 30.11. Option volume leaders: AAPL TSLA TWTR AMAT PBR KO FB AXP NFLX according to Track Data.
12:13 EDTABBVAbbVie increases quarterly dividend 4% to 51c per share
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11:47 EDTFBFacebook breaks above its 50-day moving average
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11:40 EDTFBFacebook rises after analyst pegs Instagram value at $33B
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09:35 EDTFBOption volume leaders
Option volume leaders: AAPL TSLA TWTR MCD WMT PBR SPWR WFM GILD FB SCTY according to Track Data.
07:58 EDTFBFacebook remains a top pick for 2015, says Cowen
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06:17 EDTFBFacebook Seattle gets new office, 1500 hires in 2016, TechFlash says
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05:36 EDTFBFacebook implied volatility of 25 at lower end of index mean range
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