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Stock Market & Financial Investment News

News For ABT;ABBV From The Last 14 Days
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September 26, 2014
09:21 EDTABBVAbbVie considering $7B more in financing for Shire deal, Bloomberg reports
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09:01 EDTABTAbbott completes CFR Pharmaceuticals acquisition
Abbott has acquired control of CFR Pharmaceuticals, doubling its Latin American branded generics pharmaceutical presence and further expanding the company's presence in fast-growing markets. Through purchase of the controlling interest and tender offers described below, Abbott indirectly acquired more than 99% of CFR's ordinary shares for approximately $2.9B. The CFR acquisition immediately establishes Abbott among the top 10 pharmaceutical companies in Latin America, a market that is expected to reach $124B by 2018, with estimated annual growth rates of two to three times that of developed markets over the coming years, according to IMS. This transaction will not impact Abbott's ongoing earnings-per-share guidance for 2014. Abbott anticipates this transaction to be accretive to ongoing earnings per share in 2015 and increasing thereafter, before one-time transaction-related items which will be provided at a later date.
September 25, 2014
08:06 EDTABBVAbbVie's pediatric drug for Cron's disease Humira approved by FDA
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September 24, 2014
09:11 EDTABBVSummer Street Director of Research to hold an analyst/industry conference call
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09:03 EDTABTAbbott's U.S. tender offer for Chile's CFR Pharmaceuticals expired
Abbott announced the expiration of the tender offer for the purchase from U.S. holders of the ordinary shares of CFR Pharmaceuticals S.A., a Chilean corporation, and for the purchase from all holders, wherever resident, of CFR's outstanding ADS. The offer expired at 5 p.m., NYC time, on Sept. 23, and was not extended. A Chilean tender offer for CFR ordinary shares, which was made concurrently with the U.S. offer, expired at 5:30 p.m., Chilean time, on Sept. 23, and was not extended. The results of the U.S. offer will be announced on Sept. 26, at the time the results of the Chilean tender offer for CFR ordinary shares are announced.
07:13 EDTABBVTreasury rules put downside risk on AbbVie, Shire deal, says Jefferies
Jefferies believes Treasury's new inversion rules create downside risk to AbbVie's (ABBV) acquisition of Shire (SHPG) from a value perspective. The firm thinks "many reasons" still exist to acquire Shire, but not necessarily at the currently agreed price. Jefferies says investors should not forget that AbbVie is attractive as a standalone business. It keeps a Buy rating on the stock with an $85 price target.
06:23 EDTABTExperts see new tax rules not halting inversions, WSJ reports
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September 23, 2014
16:20 EDTABBVOn The Fly: Closing Wrap
Stocks on Wall Street were lower after the U.S. took new action to clamp down on tax inversion deals and led airstrikes against Islamic State militants in Syria, while Europe reported weaker than expected manufacturing data. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for an increase of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. In China, HSBC's flash manufacturing PMI rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady with its 52.5 reading for August. COMPANY NEWS: The shares of a number of companies that have announced or been speculated as targets in tax inversion deals fell after the U.S. Treasury last night issued new regulations that will make such deals less attractive. AstraZeneca (AZN), which has previously turned down an offer to be acquired by the U.S.'s Pfizer (PFE), sank $3.54, or 4.74%, to $71.13 despite a Bloomberg report that said Pfizer is still considering pursuing a deal with the U.K. drugmaker. AbbVie (ABBV), which has a deal in progress to acquire Shire (SHPG) and thus move its tax domicile to Ireland, fell $1.15, or 1.96%, to $57.56, while Shire shares slid $5.56, or 2.17%, to $250.74. Medtronic (MDT), which is pursuing its own inversion deal with Covidien (COV), dropped $1.90, or 2.88%, to $64.08. MAJOR MOVERS: Among the notable gainers was Herbalife (HLF), which rose $3.88, or 9.65%, to $44.09, bouncing back from a pullback yesterday that had been attributed to rumors of Carl Icahn selling out of his stake in the company. Also higher was Plug Power (PLUG), which rose 40c, or 9.57%, to $4.58 after the company's CEO gave FY15 revenue guidance that was above the consensus Street view in an interview with the Albany Business Review. Among the noteworthy losers was Ascena Retail (ASNA), which dropped $2.78, or 16.82%, to $13.75 after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower were shares of used car retailer CarMax (KMX), which fell $5.01, or 9.49%, to $47.80 after the company reported sluggish comparable used car sales in its second quarter. INDEXES: The Dow declined 116.81, or 0.68%, to 17,055.87, the Nasdaq dropped 19.00, or 0.42%, to 4,508.69, and the S&P 500 fell 11.52, or 0.58%, to 1,982.77.
13:44 EDTABBVISI Group to hold a webinar
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12:11 EDTABBVOn The Fly: Midday Wrap
Stocks on Wall Street were mixed and little changed at midday, amid new rules from the Obama administration on tax inversions and manufacturing data from around the globe. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for a rise of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. The Richmond Fed manufacturing index for September rose to 14, beating expectations for it to have dropped two points to 10. In China, HSBC's flash manufacturing Purchasing Managers' Index rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady at the 52.5 seen in August. COMPANY NEWS: Shares of several companies, including a number in the pharmaceutical industry, are lower in early trading after the Treasury Department announced new regulations yesterday night that aim to make it tougher for U.S. companies to lower their tax burdens via mergers with foreign companies, otherwise known as "inversions." Among the stocks that moved lower after the new rules were announced was Astrazeneca (AZN), which had previously been a target of Pfizer (PFE) and fell about 4% near midday. Also lower were shares of both Shire (SHPG), which fell 2%, and Abbvie (ABBV), which dropped 1.6%, as the two have previously agreed to merge in a tax inversion deal. Medtronic (MDT) and Covidien (COV), which similarly agreed to an inversion merger, were down 3.3% and 2.7%, respectively. MAJOR MOVERS: Among the notable gainers was Salix Pharmaceuticals (SLXP), which rose more than 5% after The Wall Street Journal reported that Allergan (AGN) is in advanced talks on a deal to buy the company. Shares of Allergan were also up nearly 3% near midday, as the Journal also reported that Allergan rejected a recent buyout offer from Actavis (ACT). Among the noteworthy losers was Ascena Retail (ASNA), which dropped 16% after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower following its own earnings report was auto retailer CarMax (KMX), which fell over 9%. INDEXES: Near midday, the Dow was down 32.91, or 0.19%, to 17,139.77, the Nasdaq was up 2.90, or 0.06%, to 4,530.59, and the S&P 500 was down 2.29, or 0.11%, to 1,992.00.
10:54 EDTABT, ABBVStocks, analysts react to Treasury inversion crackdown
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09:13 EDTABBV, ABTOn The Fly: Pre-market Movers
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08:53 EDTABTInversion regulations look more onerous than expected, says FBR Capital
FBR Capital says the new regulations announced last night by the Treasury and IRS contain appear more onerous than expected. FBR points out the proposed changes remove the ability of inverting companies to make "hopscotch loans" between the foreign and domestic subsidiaries. The firm believes the regulations will not end the practice of inversions, and it still expects completion of already announced deals.
08:03 EDTABBVAbbVie to present several oncology pipeline studies
AbbVie announced that data from several clinical studies evaluating potential new medicines in the company's oncology pipeline will be presented at the upcoming 2014 European Society of Medical Oncology Annual Congress, September 26-30, in Madrid, Spain. Data being presented include results from a Phase 2 study evaluating the safety and efficacy of veliparib, or ABT-888, a poly polymerase inhibitor, in combination with two broad-acting chemotherapeutic medicines in patients with non-small cell lung cancer. Results from a Phase 1 study of ABT-414 in patients with newly diagnosed glioblastoma multiforme will also be presented during an oral presentation. Reference Link
06:28 EDTABTTreasury rules may put Mylan deal at risk, says BMO Capital
BMO Capital believes Treasury's new inversion rules may put the tax benefits of Mylan's (MYL) planned acquisition of Abbott's (ABT) established products business at risk. BMO also thinks the rules impact Salix's (SLXP) pending deal for Cosmo Pharmaceuticals, which it feels may help make a deal with Allergan (AGN) more likely.
05:56 EDTABTTreasury, IRS announce plans to reduce inversion tax benefits
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September 22, 2014
07:06 EDTABTAbbott price target raised to $48 from $44 at RBC Capital
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September 19, 2014
11:25 EDTABTSenators bring bill requiring companies to settle before inverting
U.S. Senators Sherrod Brown and Dick Durbin announced new legislation requiring corporations to "Pay What You Owe Before You Go" – settling their U.S. tax bill before relocating to a foreign country. "Everyone knows that before you leave a restaurant you have to settle your tab," Brown said. "Corporations shouldn’t get to play by different rules. While it is critical that we reach a long-term solution that reforms our international corporate tax code by implementing a global minimum tax and reducing the statutory tax rate, this bill is an immediate, commonsense measure to ensure businesses settle up before leaving the U.S." Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN).
September 18, 2014
11:15 EDTABBVRepros sinks after panel backs tests for testosterone therapies
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06:10 EDTABBVFDA panel votes 20-1 to study changes to testosterone therapies
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