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Stock Market & Financial Investment News

News Breaks
June 25, 2014
06:50 EDTSHPG, ABBVAbbVie might have to up Shire bid to $51B, Reuters says
AbbVie (ABBV) is contemplating whether to increase its offer again to acquire Shire (SHPG) and is planning to press its rationale for the agreement directly with Shire shareholders as soon as this week, according to Reuters citing a person with knowledge of the matter. AbbVie could raise its bid for the firm to $51B. Reference Link
News For ABBV;SHPG From The Last 14 Days
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January 16, 2015
05:05 EDTABBVAbbVie granted marketing authorization by EC for VIEKIRAX + EXVIERA
AbbVie announced that the European Commission has granted marketing authorizations for its all-oral, short-course, interferon-free treatment of VIEKIRAX + EXVIERA. The treatment has been approved with or without ribavirin for patients with genotype 1 chronic hepatitis C virus infection, including those with compensated liver cirrhosis, HIV-1 co-infection, patients on opioid substitution therapy and liver transplant recipients.1,2 Additionally, VIEKIRAX has been approved for use with RBV in genotype 4 chronic hepatitis C patients.
January 15, 2015
11:20 EDTABBVGoldman cuts J&J to sell citing competitive pressures
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January 14, 2015
12:25 EDTABBVAbbVie says pipeline is 'most robust it's ever been'
12:09 EDTABBVAbbVie says 'strongly' committed to dividend, returning cash to shareholders
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12:00 EDTABBVAbbVie says guidance to be further refined as HCV launch progresses
11:59 EDTABBVAbbVie repeats FY15 adjusted EPS view $4.25-$4.45, consensus $4.30
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January 13, 2015
17:37 EDTSHPGShire targets $10B in organic product sales by 2020
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12:15 EDTABBVExpress Scripts CEO says Gilead relationship 'important' going forward
Express Scripts (ESRX) CEO George Paz at the J.P. Morgan Healthcare Conference said his company's relationship with Gilead (GILD) is "important" going forward. Paz said his company's goal is not to exclude drugs. He continues to discuss Express Scripts's deal with AbbVie (ABBV) and the company's goal of saving clients money with regards to healthcare costs.
January 12, 2015
16:32 EDTSHPGOn The Fly: Closing Wrap
Stocks spent almost the entire session in negative territory as the continued slump in crude oil prices weighed on equities. As the price of crude searches for a bottom, analysts and investors are concerned about how the low prices may affect U.S. economic growth. It had been estimated that more than half of the expected growth in the S&P 500's earnings would come from the oil industry and the continued drop in oil prices may be wiping out the chances of earnings increasing from the prior quarter. The earnings season unofficially kicks off tonight when Alcoa (AA) reports its fourth quarter earnings. ECONOMIC EVENTS: In the U.S., no major economic data was released. WTI and Brent crude both suffered slides of 5% during the session, sending WTI oil below $46 and Brent near $47 per barrel. Of note, Goldman Sachs said it sees oil prices bottoming in Q2 of this year at $42 a barrel. Goldman lowered its Brent crude oil price estimate for 2015 to $50 a barrel from $84 and for 2016 onwards to $70 a barrel from $90. COMPANY NEWS: Shire (SHPG) shares trading in New York slipped $8.39, or 3.86%, to $209.10 after the company announced over this weekend that it struck a deal to acquire NPS Pharmaceuticals (NPSP) for $46 per share in cash, for a total consideration of approximately $5.2B. NPS shares gained $3.44, or 8.21%, to $45.35... Shares of flash storage provider SanDisk (SNDK) dropped $13.47, or 13.88%, to $83.57 after the company cut its revenue outlook for Q4 and added that non-GAAP gross margin for the quarter is expected to be approximately 45%, compared to the previously guided range of 47%-49%. "The lower revenue was primarily due to weaker than expected sales of retail and iNAND products," SanDisk explained. Micron (MU) fell $1.87, or 5.56%, to $31.66 following the warning from its peer. MAJOR MOVERS: Among the notable gainers was Foundation Medicine (FMI), whose shares surged $22.81, or 95.32%, to $46.74 after the company and Roche (RHHBY) announced that they will enter into a strategic collaboration. Roche will invest in Foundation as part of the deal, resulting in Roche owning a minimum of 52.4% and a maximum of 56.3% of Foundation Medicine on a fully diluted basis. Also higher was Build-A-Bear Workshop (BBW), which jumped $3.12, or 16.75%, to $21.75 after the toy company gave a fourth quarter revenue view that beat expectations. Among the noteworthy losers was Arrowhead Research (ARWR), which fell $2.16, or 23.84%, to $6.90 after announcing that the FDA verbally informed the company of a partial clinical hold on its study of ARC-520 in patients with chronic hepatitis B infection. Also lower were shares of Sarepta Therapeutics (SRPT), which dropped $2.04, or 14.62%, to $11.91 after the company provided data through Week 168 from its Phase IIb open-label extension study of eteplirsen in patients with Duchenne muscular dystrophy. INDEXES: The Dow fell 96.53, or 0.54%, to 17,640.84, the Nasdaq lost 39.36, or 0.84%, to 4,664.71, and the S&P 500 declined 16.55, or 0.81%, to 2,028.26.
12:46 EDTSHPGOn The Fly: Midday Wrap
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09:30 EDTSHPGOn The Fly: Pre-market Movers
HIGHER: Foundation Medicine (FMI) up 138.9% following transaction with Roche (RHHBY)... Celator Pharmaceuticals (CPXX), up 19.1% after announcing promising Phase 2 data for CPX-351... Second Sight (EYES), up 16.7% after Health Canada approves Argus II retinal prosthesis system... Aegerion (AEGR), up 7.8% after reporting preliminary fourth quarter results and guidance... Express (EXPR), up 4.5% after reporting preliminary fourth quarter results. NOTABLE: NPS Pharmaceuticals (NPSP), up 8.5% following acquisition by Shire (SHPG)... Shire is down 1.1% in pre-market trading. LOWER: Arrowhead (ARWR), down 20.9% after FDA clears company to begin modified study of ARC-520 in a preliminary call of a partial clinical hold... Tiffany (TIF), down 10.4% after lowering fiscal 2014 net EPS guidance... SanDisk (SNDK), down 10.1% after lowering fourth quarter outlook... Ascena Retail (ASNA), down 5.8% after lowering fiscal 2015 adjusted EPS view... Sarepta Therapeutics (SRPT), down 5.9% after reporting long-term outcomes from Phase IIb Eteplirsen study... Loral Space & Communications (LORL), down 3.6% following a NY Post article that reported that talks to sell itself to the Ontario Teachers’ Pension Plan have ended... Southwestern Energy (SWN), down 4.2% after filing to sell 20.3M shares of stock and 26M depository shares.
08:47 EDTSHPGShire acquisition favorable, says RBC Capital
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08:37 EDTSHPGShire deal suggests most biotech companies in play, says JMP Securities
After Shire (SHPG) agreed to buy NPS Pharmaceuticals (NPSP), JMP Securities says the deal indicates that most biotech companies are in play, particularly those with worldwide rights to their products for well-defined patient populations. The firm expects investors to speculate all week about potential new targets in the space. 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).
08:14 EDTSHPGShire acquisition positive, says SunTrust
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08:01 EDTABBVAbbVie announces FDA approval of DUOPA enteral suspension
The FDA has approved AbbVie's DUOPA enteral suspension for the treatment of motor fluctuations for people with advanced Parkinson's disease. DUOPA is administered using a small, portable infusion pump that delivers carbidopa and levodopa directly into the small intestine for 16 continuous hours via a procedurally-placed tube. DUOPA was approved by the FDA as an orphan drug, a designation granted to products intended for the treatment of rare diseases or conditions affecting fewer than 200,000 patients in the U.S.
08:00 EDTSHPGShire deal for NPS Pharmaceuticals positive, says Susquehanna
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07:56 EDTSHPGShire price target raised to $257 from $223 at William Blair
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07:17 EDTABBVJPMorgan to hold a conference
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07:11 EDTSHPGNPS Pharmaceuticals volatility elevated into being acquired by Shire in a $5.2B
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January 11, 2015
11:08 EDTSHPGShire acquires NPS Pharmaceuticals for $46 per share or $5.2B
Shire (SHPG) and NPS Pharmaceuticals (NPSP) announced that the companies have entered into a merger agreement pursuant to which Shire will acquire all the outstanding shares of NPS Pharma for $46.00 per share in cash, for a total consideration of approximately $5.2B. Shire said it "will accelerate the growth of NPS Pharma's innovative portfolio through its market expertise in gastrointestinal disorders, core capabilities in rare disease patient management, and global footprint." The transaction has been approved unanimously by the boards of both Shire and NPS Pharma. The $46 per share price in the transaction represents a 51% premium to NPS Pharma's unaffected share price of $30.47 on December 16, 2014. The acquisition is expected to enhance Shire's revenue and earnings growth profile. Shire expects the transaction to be accretive to non-GAAP earnings from 2016 onward. Related to the acquisition, Shire anticipates that it will realize operating synergies beginning in 2016 and growing "substantially" thereafter. Shire anticipates synergies approximating 25%-35% of the Street's consensus forecast of NPS Pharma's standalone future operating cost base from 2017 onward. Shire also expects that the transaction will deliver ROIC in excess of its weighted average cost of capital. Shire has secured an $850M fully underwritten short-term bank facility, which, in addition to Shire's cash and cash equivalents and its existing $2.1B five-year revolving credit facility, is available to finance the transaction and pay related fees and expenses. Shire plans to refinance the short-term bank facility through new debt issuances in "due course." The closing of the deal is anticipated in Q1 of 2015. Shares of NPS closed Friday down $1.01 to $41.91.
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