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Stock Market & Financial Investment News

News Breaks
July 11, 2014
16:46 EDTVZ, AA, LO, AMZN, PETM, WFC, SHPG, ECOM, SLXP, RAI, ABBVStocks end week lower on European, Fed concerns
Stocks finished the week lower as problems experienced by a Portuguese bank and a statement by the Fed worried investors. MACRO NEWS: The shares of Portugal's largest bank, Banco Espirito Santo, plunged yesterday after its parent company reportedly missed a debt payment and was accused of accounting irregularities. The news triggered fresh fears about Europe's financial stability. However, Portugal's central bank today said that Banco Espirito's funds are undoubtedly secure... The Fed was concerned that investors may not be adequately factoring in uncertainty about the outlook for the economy and monetary policy, minutes of the central bank's last meeting indicated. The central bank also indicated that it would likely end the tapering of its asset purchases in October... On a positive note, fewer new jobless claims than expected were filed last week. Additionally, Chinese inflation for June came in slightly below expectations, leading to speculation that Beijing would be able to implement additional stimulus measures. COMPANY NEWS: Earnings season kicked off, with Alcoa (AA) reporting stronger than expected results. Wells Fargo (WFC) became the first large bank to report results this earnings season. Its revenue surpassed expectations but its profits were in-line with the consensus estimate... In M&A news, AbbVie (ABBV) raised its takeover bid for U.K.-based Shire by 11% to over $51B in cash and stock. Another drug company, Salix (SLXP), announced that it would merge with its U.K.-based peer, Cosmo Technologies. The deal is expected to lower Salix's effective long-term tax rate from a high 30% level to a low 20% level. In the tobacco sector, Lorillard (LO) and Reynolds American (RAI) confirmed earlier today that they are holding talks about a possible merger, as has been speculated by various media reports in recent weeks... Longview Asset Management announced that it had obtained a 9% stake in pet supplies and services retailer PetSmart (PETM) and recommended that the retailer engage advisors for the purpose of exploring a potential sale and "other strategic alternatives," as had been suggested by another large investor in the stock, Jana Partners... Verizon (VZ) CEO Lowell McAdam said in an interview on CNBC that his company had added over 1.4M postpaid subscribers in Q2, with "record" tablet growth and "very strong" smartphone growth... Consulting firm ChannelAdvisor (ECOM) reported that Amazon's (AMZN) same-store sales growth had accelerated significantly in June compared with May. INDEXES: This week, the Dow fell 0.73% to 16,943.81, the Nasdaq fell 1.57% to 4,415.49, and the S&P 500 fell 0.9% to 1,967.51.
News For ABBV;SHPG;LO;RAI;WFC;AA;SLXP;PETM;VZ;ECOM;AMZN From The Last 14 Days
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January 29, 2016
09:48 EDTAMZNAmazon.com trades off session lows
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09:44 EDTABBVGilead slips as another drug enters Hepatitis C virus space
Shares of Gilead (GILD), a leader in the hepatitis C virus treatment space, are sliding this morning after one competitor's hep C drug was granted FDA approval and another's sales disappointed. Additionally, Gilead reported its own news, announcing a shakeup of the roles held by its top executives. MERCK APPROVAL: Merck (MRK) announced last night that the FDA has approved Zepatier for the treatment of adult patients with chronic hepatitis C virus, or HCV, genotype, or GT, 1 or GT4 infection. Merck has established a list price of $54,600 for a 12-week regimen of Zepatier, which the company said it believes to "be in the range of net prices for other commonly used HCV direct-acting antiviral regimens at 12 weeks of therapy." In contrast, a 12-week regimen of Gilead's Sovaldi is reported to be priced at $84,000. Merck added that it anticipates that this price, as well as its "strategy to seek broad coverage across commercial and public segments," will help broaden and accelerate patient access to treatment. ABBVIE RESULTS: Meanwhile, Gilead competitor AbbVie (ABBV) announced financial results for the fourth quarter this morning. AbbVie announced Q4 sales of Viekira Pak, its own hep C treatment, of $554M, including U.S. sales of $197M and international sales of $357M. Analysts expected AbbVie to report Q4 Viekira sales of $568.5M, according to a Bloomberg consensus estimate that factored in four forecasts. EXECUTIVE CHANGES: Additionally, Gilead announced this morning that current chairman and CEO John Martin will assume the role of executive chairman, effective March 10. John Milligan, currently president and COO, will be promoted to CEO and appointed to the company's board. PRICE ACTION: In morning trading, Gilead shares slipped 3.5% to $84.50, while AbbVie fell 2.4% to $54.53 and Merck (MRK) gained 1% to $49.75.
09:38 EDTABBVAbbVie sees FY16 Humira revenue growth in high-teens
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09:35 EDTABBVAbbVie sees Q1 adjusted EPS $1.13-$1.15, consensus $1.15
Guidance excludes 11c of non-cash amortization and specified items. Sees Q1 revenue growth just above 20%, consensus $6.06B.
09:34 EDTAMZNActive equity options trading on open: AMZN MSFT FB AAPL GILD GE
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09:30 EDTABBVAbbVie says FY16 to be 'milestone-filled'
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09:21 EDTAMZN, ABBVOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Gigamon (GIMO), up 17.7%... Fortinet (FTNT), up 10%... Flextronics (FLEX), up 10%... Skyworks (SWKS), up 5.7%... Seagate Technology (STX), up 4.9%.. Microsoft (MSFT), up 4.6%. ALSO HIGHER: Inovio Pharmaceuticals (INO), up 8.1% after CEO says Zika vaccine could enter human testing this year... J.C. Penney (JCP), up 2.1% after being upgraded to Neutral from Underperform at Credit Suisse... BRF S.A. (BRFS), up 3.1% after being upgraded to Buy from Hold at Deutsche Bank... Axiall (AXLL), up 83.4% after rejecting $20 per share acquisition proposal from Westlake Chemical (WLK)... Energous (WATT), up 12% after Bloomberg reported that Apple (AAPL) is working with partners in the U.S. and Asia to develop new wireless charging technology. DOWN AFTER EARNINGS: Amazon.com (AMZN), down 10.1%... Electronic Arts (EA), down 6.2%... AbbVie (ABBV), down 4%... American Airlines (AAL), down 1.3%. ALSO LOWER: Gilead Sciences (GILD), down 5.5% after CEO John Martin to assume role of executive chairman and COO John Milligan will be promoted to CEO.
09:03 EDTAMZNAmazon.com weakness creates good entry point, says Pacific Crest
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08:53 EDTAMZNAmazon.com shares should be bought on weakness, says JMP Securities
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08:33 EDTAMZNAmazon.com weakness creates buying opportunity, says RBC Capital
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07:54 EDTABBVAbbVie backs FY16 adjusted EPS $4.90-$5.10, consensus $5.03
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07:54 EDTABBVAbbVie reports Q4 adjusted net revenue $6.36B, consensus $6.39B
Global HUMIRA sales increased 16% on an operational basis to $3.72B, excluding the impact of foreign exchange. Exceptional U.S. HUMIRA growth of 20.7% was driven by continued momentum across all three major market categories - rheumatology, dermatology and gastroenterology. International HUMIRA sales growth was also strong in the fourth quarter, up 9.7 percent on an operational basis. Reported international HUMIRA sales growth in the quarter was reduced by 13.1 percent due to unfavorable foreign exchange. Fourth-quarter global IMBRUVICA net revenue was $343 million, with U.S. sales of $295 million and international profit sharing of $48 million for the quarter.
07:52 EDTABBVAbbVie reports Q4 adjusted EPS $1.13, consensus $1.12
Reports Q4 revenue $6.40B, consensus $6.39B.
07:49 EDTABBVBristol-Myers, AbbVie receive 'positive' CHMP opinion for Empliciti
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07:35 EDTAMZNJPMorgan ups Amazon target, says buy on the weakness
JPMorgan analyst Doug Anmuth admits that after four quarters of "big beats and clean results," Amazon.com's Q4 results last night were more mixed. The analyst, however, believes Amazon's "strong topline growth trajectory" in unchanged. He expects the company's margin expansion to continue. Anmuth raised his price target for the shares to $825 from $800 and reiterates an Overweight rating on the name. He recommends buying Amazon on today's selloff. The stock is down $62.35 to $573.00 in pre-market trading.
07:24 EDTAMZNAmazon.com outlook remains positive, says Oppenheimer
After Amazon.com reported lower than expected North American margins and the stock fell in after-hours trading, Oppenheimer blames the miss on seasonal Q4 factors. Consequentially, the firm does not expect a repeat performance this quarter. It says that pricing remains strong at AWS, and it remains upbeat on the company's outlook. Oppenheimer cut its price target on the name to $700 from $745 but keeps an Outperform rating on the shares.
06:50 EDTAMZNDeutsche says buy Amazon 'once the dust settles'
Deutsche Bank analyst Ross Sandler says the post-earnings pullback in shares of Amazon.com shares should create a "nice buying opportunity once the dust settles." He calls around $530 per share a "decent entry point" and notes the Q4 results did not change his long-term bullish thesis. Ross keeps a Buy rating on Amazon with an $800 price target.
06:40 EDTAMZNAmazon.com results better than selloff suggested, says Citi
Citi analyst Mark May says Amazon.com's Q4 results are better than the after-hours stock selloff suggested. May continues to see the business trending toward $20 per share in adjusted earnings per share in 2018. He lowered his price target for the stock to $780 from $785 and reiterates a Buy rating on Amazon.
06:29 EDTAMZNOptions expected to be active: AMZN EA MSFT EWJ FLEX SWKS GOOG GOOGL FB
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05:49 EDTAMZNAmazon.com selloff a buying opportunity, says Piper Jaffray
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