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Stock Market & Financial Investment News

News Breaks
December 21, 2012
08:07 EDTABT, FII, NCIT, DELL, ESI, ABBVAbbVie to join S&P 100, 500 in place of Dell, Federated Investors
S&P Dow Jones Indices announced last night that it will make the following changes to the S&P 100, 500, MidCap 400 and SmallCap 600 indices after the close of trading on Monday, December 31: AbbVie (ABBV) will replace Dell (DELL) in the S&P 100, and Federated Investors (FII) in the S&P 500. Federated will replace ITT Educational Services (ESI) in the S&P MidCap 400, and ITT Educational Services will replace NCI Inc. (NCIT) in the S&P SmallCap 600. S&P 100 and 500 constituent Abbott (ABT) is spinning off AbbVie in a transaction expected to be completed after the close of trading on December 31. Abbott will remain in the S&P 100 and 500.
News For ABBV;DELL;FII;ESI;NCIT;ABT From The Last 14 Days
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January 28, 2016
13:05 EDTABBVAbbVie volatility elevated into Q4 and outlook
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12:20 EDTABTOn The Fly: Top stock stories at midday
Stocks on Wall Street have moved all over the place in a wild morning of trading. The averages opened sharply higher as oil prices rose above $34 a barrel. The Dow opened with triple digit gains but following reports from Iraq that it would increase oil production, and refutations of rumors that OPEC might cut production, the commodity began to weaken, taking equities with it. The averages turned negative and it looked like another rout might be in the making. Before the market fell too far, it gathered itself and moved back into positive ground and the major averages are now in the green, but not far from where they ended yesterday's session. ECONOMIC EVENTS: In the U.S., initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The National Association of Realtors' pending home sales index for December rose 0.1%, versus expectations for it to be up 0.9%. COMPANY NEWS: Shares of Facebook (FB) surged 14.5% after the social media giant's fourth quarter earnings and revenue beat expectations. Wall Street analysts were nearly unanimous in their praise following the report, with a number increasing their price targets for its shares... Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded about 2% this morning after the company jumped over its lowered profit hurdle... Shares of eBay (EBAY) and PayPal (PYPL) diverged after the recently-split companies reported their respective fourth quarter results and gave guidance, with eBay falling 13% and PayPal rising 7% near midday... The Dow Jones US Healthcare ETF (IYH) fell over 2% at midday after a number of big-names in the space gave disappointing guidance. Celgene (CELG) fell 5% following its Q4 report and fiscal year outlook, while Abbott (ABT) dropped 8% in the wake of its own results and guidance. MAJOR MOVERS: Among the notable gainers was Kinder Morgan (KMI), which rallied 8.5% after it was upgraded at Credit Suisse and Stifel. Also higher were Under Armour (UA), Dolby (DLB) and Deluxe (DLX), which gained 18%, 11% and 9%, respectively, after reporting quarterly earnings. Among the noteworthy losers was OSI Systems (OSIS), which fell 35% and was downgraded to Hold at BB&T following downbeat quarterly earnings. Also lower were Qualcomm (QCOM) and Discover (DFS), which each dropped about 7% after their quarterly earnings reports. INDEXES: Near midday, the Dow was up 1.37, or 0.01%, to 15,945.83, the Nasdaq was up 21.12, or 0.47%, to 4,489.28, and the S&P 500 was up 3.36, or 0.18%, to 1,886.31.
11:33 EDTABTOptions with increasing call volume
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10:47 EDTABTAbbott weakness a buying opportunity, says Deutsche Bank
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09:38 EDTABTAbbott says 'definitely not inactive' on M&A
09:38 EDTABTAbbott: Would look at deal 'if it was the right opportunity at the right place'
Says capital allocation priorities have not changed. Regarding M&A, says has been looking at properties "largely internationally." Says has made good deals in the past. Says "We don't see a lot that people are offering up for sale," says prices for things up for sale "imprudent." Says would look at a deal if "it was the right opportunity at the right place." Says "everybody's in the same environment." Says "probably more focused" on M&A.
09:26 EDTABTAbbott sees global diagnostics sales up mid single digits for Q1, FY16
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09:19 EDTABTOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Facebook (FB), up 13.9%... Under Armour (UA), up 14.6%... MicroStrategy (MSTR), up 8.9%... Harley-Davidson (HOG), up 8%... Paypal (PYPL), up 6%... Mellanox (MLNX), up 7.9%... Cirrus Logic (CRUS), up 6.2%... Alibaba (BABA), up 4.5%. ALSO HIGHER: Neos Therapeutics (NEOS), up 61.4% after the FDA approved Adzenys XR-ODT for the treatment of ADHD... Exelixis (EXEL), up 4.7% after the U.S. FDA determined the company's New Drug Application for cabozantinib is sufficiently complete... Kinder Morgan (KMI), up 6.7% after being upgraded at Credit Suisse and Stifel. DOWN AFTER EARNINGS: OSI Systems (OSIS), down 21.3%... ServiceNow (NOW), down 22.3%... eBay (EBAY), down 11.5%... InvenSense (INVN), down 10.5%... Juniper Networks (JNPR), down 9.3%... Hologic (HOLX), down 4.4%... Abbott Laboratories (ABT), down 3.6%... Potash (POT), down 2.1%... Qualcomm (QCOM), down 3.6%.
09:19 EDTABTAbbott expects EPS to progressively accelerate throughout 2016
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07:35 EDTABTAbbott sees Q1 EPS ex-items 38c-40c, consensus 47c
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07:34 EDTABTAbbott sees FY16 EPS ex-items $2.10-$2.20, consensus $2.26
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07:33 EDTABTAbbott reports Q4 adjusted EPS 62c, consensus 61c
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07:12 EDTABBVAbbVie intiates enrollment in Phase 3 clinical program for Elagolix
AbbVie (ABBV), in cooperation with Neurocrine Biosciences (NBIX), announced the initiation of the first of two planned Phase 3 clinical studies evaluating the safety and efficacy of Elagolix alone or in combination with add-back therapy compared to placebo. These studies are designed to assess the change in menstrual blood loss utilizing the alkaline hematin method, comparing baseline to month six of treatment. Additional secondary efficacy endpoints are being evaluated; including assessing changes in fibroid volume, monthly blood loss and hemoglobin levels. Bone mineral density will also be assessed.
05:54 EDTABBVStocks with implied volatility movement; EMR ABBV
Stocks with implied volatility movement; Emerson (EMR) 38, AbbVie (ABBV) 42 according to iVolatility.
05:37 EDTABBVAbbVie announces venetoclax granted Breakthrough Therapy Designation by FDA
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January 27, 2016
15:12 EDTABTAbbott volatility elevated into Q4 and outlook
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14:34 EDTABTNotable companies reporting before tomorrow's open
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12:28 EDTESIFor-profit education names fall after FTC sues DeVry over marketing
DeVry Education (DV) and its peers in the for-profit education space are falling after the Federal Trade Commission filed suit against the company, alleging that DeVry's advertisements "deceived" consumers about the likelihood of finding jobs in their chosen fields of study and earning more than graduates from other universities. In a related action, the Department of Education is also moving against the company for those same practices, requiring it to stop the allegedly deceptive advertisements and take steps to ensure it can verify the truthfulness of its post-graduation employment outcomes, including hiring an independent auditor and informing students of its "unsubstantiated" statistics. The Department's action comes after its investigation of DeVry found the postgraduation employment claims "have not been substantiated to the extent required by law." PRICE ACTION: Shares of DeVry crashed 13.5% to $20.54 following the news, while Apollo Education (APOL), ITT Educational (ESI) and Strayer Education (STRA) each slid over 2% and Bridgepoint (BPI) fell 1%.
12:19 EDTABBVPiper Jaffray biopharma analyst holds an analyst/industry conference call
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11:07 EDTABBVGilead sinks as Attorney General probes pricing strategy
Shares of drugmaker Gilead (GILD) are underperforming after Massachusetts Attorney General Maura Healey warned that her office may bring an unfair commercial conduct complaint against it related to the pricing for its Hepatitis C virus treatments Sovaldi and Harvoni. UNFAIR PRICING: Healey, in a letter addressed to Gilead CEO John Martin dated January 22 that has just been made public, said that her office is considering whether Gilead's pricing strategy for Sovaldi and Harvoni may constitute an "unfair trade practice" in violation of Massachusetts law. "Because Gilead's drugs offer a cure for a serious and life-threatening infectious disease, pricing the treatment in a manner that effectively allows HCV to continue spreading through vulnerable populations, as opposed to eradicating the disease altogether, results in massive public harm," Healey stated in her letter to Martin. Healey, who urged Gilead to adjust its pricing strategy, noted that the company has invoked the high cost and risk associated with research and development as a justification for its prices, but she said that Gilead quickly recouped its outlay to acquire Pharmasset by selling "$12.4B worth of HCV medication in the first year alone" after its deal. The AG, who said that Sovaldi costs $1,000 per pill in the U.S. but only $10 per pill in Egypt and about $4 per pill in India, contends that American taxpayers "have been footing the bill for Gilead's record profits." FREQUENT TARGET: The pricing of Gilead's hep C treatments have been the focus of significant criticism and political rhetoric in the past. In December, Senate Finance Committee Ranking Member Ron Wyden and senior committee member Chuck Grassley released the results of an 18-month investigation into the pricing and marketing of Sovaldi and Harvoni. The company "pursued a marketing strategy and final wholesale price of Sovaldi - $1,000 per pill, or $84,000 for a single course of treatment - that it believed would maximize revenue," and "fostering broad, affordable access was not a key consideration in the process of setting the wholesale prices," the senators wrote. Members of the Affordable Drug Pricing Task Force, who held a press conference last November to announce "meaningful action" to combat the "skyrocketing" costs of pharmaceuticals, specifically took aim at Sovaldi. During her campaigning efforts, presidential candidate Hillary Clinton has repeatedly decried the "outrageous" prices of specialty drugs. OTHERS TO WATCH: AbbVie (ABBV), Merck (MRK) and Johnson & Johnson (JNJ) also market or are at work on therapies for hepatitis C. PRICE ACTION: In morning trading, Gilead slid 2% to $90.35.
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