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Stock Market & Financial Investment News

News For ABBV;RHHBY From The Last 14 Days
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February 10, 2016
16:43 EDTABBVOn The Fly: Top stock stories for Wednesday
Stocks endured another roller coaster session as Fed Chair Yellen kicked off her annual pilgrimage to Capitol Hill. The averages began the day in positive territory, helped by an early rise in oil prices. The averages shot higher following a bullish oil inventory report, but soon afterward reversed and began to lose ground. The Nasdaq, which had been the strongest of the indexes throughout the day, maintained its leadership while the other indexes faltered. The Dow struggled under the weight of Disney (DIS) shares, which were lower following the company's earnings report, and gave in to the selling pressure for good late in the day, falling into the red near the close of the session. ECONOMIC EVENTS: In the U.S., Federal Reserve Chair Janet Yellen testified before the House Financial Services Committee. Tomorrow, she will present to the Senate Banking Committee. In her prepared remarks ahead of her testimony, Yellen said U.S. financial conditions have recently become "less supportive of growth," citing declines in the stock market, higher borrowing rates for riskier borrowers, and further appreciation of the dollar. Yellen also noted that foreign economic developments pose risks to domestic economic growth, noting that these growth concerns, along with strong supply conditions and high inventories, contributed to the recent fall in the prices of oil and other commodities. In a Q&A session, Yellen said she did not think recent market volatility warrants a rate cut. Separately, the Treasury announced a $55.2B budget surplus for January, much improved from the $17.5B shortfall registered in January of 2015. In Asia, Japanese stock indexes sank further, with the Topix falling another 3% and the Nikkei dropping over 2%. COMPANY NEWS: Continuing a recent trend in the media space, Time Warner (TWX) reported lower than expected quarterly revenues and saw its stock punished. The shares ended the day down 5% to $60.03, after slipping much further early in the session, despite the fact that its fourth quarter earnings topped expectations, as did its profit forecast for the new fiscal year, with the company also hiking its dividend 15% and authorizing a $5B share buyback program. Meanwhile, Disney last night reported better than expected earnings and revenue, powered by its blockbuster "Star Wars" film, but its shares fell 3.8% to $88.82 as investors continue to worry about the future of traditional media companies in the face of industry shifting trends such as cord-cutting and over-the-top video... SolarCity (SCTY) plunged 29.3% to $18.63 after reporting lower than projected installations in Q4 and giving lower than expected Q1 installation guidance. The stock's slide also weighed on its peers in the solar space, as First Solar (FSLR) fell 3% and Sunrun (RUN) dropped 15.7%. MAJOR MOVERS: Among the noteworthy gainers was Fitbit (FIT), which advanced 2.7% to $14.68 after Vanguard reported a 9.2% stake in the company and Salesforce (CRM) founder, chairman, and CEO Marc Benioff reported a 5% stake. Also higher was Neurocrine Biosciences (NBIX), which rose 4.7% to $33.70 after AbbVie (ABBV), in cooperation with the company, announced that the second Phase 3 trial of endometriosis drug Elagolix met its co-primary endpoints. Meanwhile, Akamai (AKAM) and Panera Bread (PNRA) gained 21.2% and 4.95%, respectively, after reporting quarterly results. Among the notable losers was Retrophin (RTRX), which declined 0.7% to $13.64 after Imprimis Pharmaceuticals (IMMY) said it intends to make an alternative to the company's Thiola product. Also lower were ARM Holdings (ARMH) and Demandware (DWRE), which lost 8.82% and 8.81%, respectively, after reporting quarterly results. INDEXES: The Dow fell 99.64, or 0.62%, to 15,914.74, the Nasdaq gained 14.83, or 0.35%, to 4,283.59, and the S&P 500 slipped 0.35, or 0.02%, to 1,851.86.
06:58 EDTABBVAbbVie reports second Elagolix Phase 3 clinical trial met co-primary endpoint
AbbVie (ABBV), in cooperation with Neurocrine Biosciences (NBIX), announced positive top-line results from the second of two replicate pivotal Phase 3 clinical trials evaluating the efficacy and safety of Elagolix in premenopausal women who suffer pain from endometriosis. Trial results show that after six months of continuous treatment, both doses of Elagolix met the study's co-primary endpoints. Elagolix reduced scores of menstrual pain and non-menstrual pelvic pain, or NMPP, associated with endometriosis, at month three and month six, as measured by the Daily Assessment of Endometriosis Pain scale. Responder rates for the co-primary endpoints from this second Phase 3 pivotal study are consistent with results from the first Phase 3 pivotal study.
February 8, 2016
16:06 EDTABBVEnanta sees Q2 royalty revenue at least 3% of AbbVie's reported VIEKIRA sales
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06:28 EDTRHHBYPharma trade group rolls out ad campaign aimed at lawmakers, WSJ says
The pharmaceutical industry is launching a new ad campaign with the intention of improving its reputation with lawmakers in an effort to lobby against drug price restrictions, the Wall Street Journal reports. The industry's biggest trade group the Pharmaceutical Research and Manufacturers of America, or PhRMA, says it plans to spend several million dollars this year, and 10% more than it spent last year, on digital, radio, and print advertisements that highlight the sector's role in developing new drugs and advancing medical science, the report says. Publicly traded companies in the space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY). Reference Link
February 7, 2016
14:30 EDTABBVAbbVie's juvenile arthritis treatment receives orphan designation
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14:10 EDTABBVAbbVie's venetoclax receives orphan designation for myeloid leukemia
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February 5, 2016
10:02 EDTABBVOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 21st Century Fox (FOXA) initiated with an Outperform at Telsey Advisory... AbbVie (ABBV) initiated with an Outperform at William Blair... CBS (CBS) initiated with an Outperform at Telsey Advisory... Criteo (CRTO) initiated with an Outperform at Boenning & Scattergood... LHC Group (LHCG) initiated with a Buy at Jefferies... Marriott Vacations (VAC) initiated with an Outperform at Credit Suisse... Prestige Brands (PBH) initiated with an Overweight at Piper Jaffray... Rubicon Project (RUBI) initiated with an Outperform at Boenning & Scattergood... TESARO (TSRO) initiated with a Buy at Lake Street... Time Warner (TWX) initiated with an Outperform at Telsey Advisory... TubeMogul (TUBE) initiated with a Neutral at Boenning & Scattergood... Viacom (VIAB) initiated with an Outperform at Telsey Advisory... Wyndham (WYN) initiated with a Neutral at Credit Suisse.
09:37 EDTABBVActive equity options trading on open
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06:28 EDTABBVAbbVie initiated with an Outperform at William Blair
William Blair analyst Y. Katherine Xu started AbbVie with an Outperform rating and $76 price target. The Humira franchise has "higher and longer growth prospects" than the Street projects, Xu tells investors in a research note.
February 4, 2016
12:41 EDTABBVAbbVie management to meet with Evercore ISI
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February 3, 2016
14:32 EDTRHHBYPacific Biosciences deal with Roche may take time to get done, says Cantor
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February 2, 2016
16:23 EDTRHHBYOn The Fly: Top stock stories for Tuesday
Stocks began the session in negative territory and remained there throughout the entire session. The early weakness was attributed to oil prices, which were down early and never recovered during the day. The losses of more than 5% brings the loss over the past two days to more than 10%, pushing WTI crude back below $30 a barrel and squashing equities in the process. Any hope that oil prices would de-couple from stock prices will have to wait another day as the two continue to move in lockstep with each other. Even a solid earnings report from tech bellwether Alphabet (GOOG) could not help the market. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet. In Europe, statistics agency Eurostat reported that unemployment across the eurozone decreased by 49,000 to a total of 16.75M in December dropping the unemployment rate to its lowest since September 2011 at 10.4%. In central bank news, the Reserve Bank of Australia and Reserve Bank of India both held their benchmark interest rates steady, as expected. COMPANY NEWS: Class A shares of Alphabet (GOOGL) advanced 1.3% to $780.91 after its better than expected quarterly results were followed by analysts around Wall Street hiking their price targets for shares, including Deutsche Bank analyst Ross Sandler, who raised his target on the parent of Google to $1,080 from $900... Exxon Mobil (XOM) reported better than expected revenue and profits in the fourth quarter, but its shares slid 2.2% to $74.61 amid the renewed weakness in oil prices. Shares of fellow oil major BP (BP) plunged 8.5% to $29.02 in New York trading after reporting a steep quarterly loss, largely due to $2.6B in charges related to impairments of Upstream assets as well as restructuring... Ford (F) shares fell 4.6% after the company reporting that its U.S. sales declined 3% last month versus a year ago. Peer General Motors (GM) slid 1.5% after reporting that its U.S. sales grew 0.5% in January... Dow Chemical (DOW) jumped 5.75% to $45.03 after posting better than expected earnings and revenue. Of note, Dow CEO Andrew Liveris said he plans to transition out of the company when it completes its planned merger with DuPont (DD). MAJOR MOVERS: Among the notable gainers were Michael Kors (KORS) and Mattel (MAT), which rose nearly 24% and almost 14%, respectively, following their earnings reports. Also higher was Pacific Biosciences (PACB), which jumped 24% to $12.67 after Reuters said Roche (RHHBY) has recently approached the company to discuss a potential acquisition. Among the noteworthy losers following earnings were Integrated Device (IDTI), which fell 26.8%, ADT (ADT), which dropped 15.7%, and Royal Caribbean (RCL), which declined 15.2%. INDEXES: The Dow fell 295.64, or 1.8%, to 16,153.54, the Nasdaq lost 103.42, or 2.24%, to 4,516.95, and the S&P 500 declined 36.35, or 1.87%, to 1,903.03.
15:12 EDTRHHBYRoche approached Pacific Biosciences about possible acquisition, Reuters says
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15:10 EDTRHHBYRoche approached Pacific Biosciences about possible acquisition, Reuters says
08:36 EDTRHHBYPiper Jaffray biopharma analyst holds an analyst/industry conference call
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February 1, 2016
11:02 EDTRHHBYRoche: Updated cervical cancer screening guidelines support use of cobas test
Roche announced that recently updated cervical cancer screening guidelines from the American College of Obstetricians and Gynecologists support the use of its cobas HPV Test for primary cervical cancer screening as an alternative to current cytology-based cancer screening methods in women 25 and older. The College's revised Practice Bulletin 157, published in the January issue of Obstetrics & Gynecology, reinforces similar guidance issued in 2015 by the Society for Gynecologic Oncology and the American Society for Colposcopy and Cervical Pathology. The cobas HPV Test was approved by the FDA in 2011 for use in screening women 21 and older with unclear Pap test results and for co-testing with a Pap test in women 30 and older. The FDA approved it for first-line primary cervical cancer screening for women 25 and older in April 2014 following a unanimous recommendation from the independent Microbiology Devices Panel of the FDA's Medical Devices Advisory Committee. Currently utilized by more than 250 labs in the U.S., the cobas HPV Test is the only test approved in the U.S. for all three HPV testing options now supported by three major medical societies.
January 31, 2016
16:13 EDTRHHBYGenentech receives orphan designation for Avastin in mesothelioma
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