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Stock Market & Financial Investment News

News Breaks
May 30, 2014
08:01 EDTABBVAbbVie presents results from Phase 1 study with ABT-414
AbbVie released preliminary results from an ongoing Phase I study with ABT-414, an anti-epidermal growth factor receptor monoclonal antibody drug conjugate, in combination with temozolomide, which showed four objective responses, including one complete response, in patients with recurrent or unresectable glioblastoma multiforme. Specifically, one patient experienced a complete response (CR) and three patients experienced partial responses as measured with the Revised Assessment in Neuro-Oncology criteria. Later stage clinical trials are being planned to continue to investigate ABT-414 in patients with glioblastoma multiforme.
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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 EDTABBVStocks, analysts react to Treasury inversion crackdown
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09:13 EDTABBVOn The Fly: Pre-market Movers
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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
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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September 15, 2014
10:55 EDTABBVRegulators to determine AbbVie, Shire deal by next month, Reuters says
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September 12, 2014
07:32 EDTABBVBiogen, AbbVie announce ZINBRYTA DECIDE Phase 3 study results
Biogen (BIIB) and AbbVie (ABBV) announced the full results from the Phase 3 DECIDE clinical trial, which show ZINBRYTA, dosed subcutaneously once a month, demonstrated a statistically significant improvement in reducing disease activity in people with relapsing-remitting multiple sclerosis compared to AVONEX. These results are being presented at the Sixth Triennial Joint Meeting of the Americas Committee for Treatment and Research in Multiple Sclerosis and the European Committee for Treatment and Research in Multiple Sclerosis. Patients on ZINBRYTA demonstrated a statistically significant 45% reduction in annualized relapse rate compared to patients treated with AVONEX. Based on the efficacy and safety data from the ZINBRYTA clinical development program, Biogen Idec and AbbVie plan to file marketing applications for ZINBRYTA with regulatory authorities during 1H15.
September 11, 2014
05:34 EDTABBVAbbVie reports Humira Phase 3 trial meets primary endpoint
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September 10, 2014
10:24 EDTABBVEnanta announces AbbVie initiated Phase 2b trial with ABT-493
Enanta (ENTA) announced that AbbVie (ABBV) initiated a phase 2b clinical study with ABT-493, Enanta’s next-generation protease inhibitor. ABT-493 is the second clinical-stage protease inhibitor candidate developed within the Enanta-AbbVie collaboration. The phase 2b study being conducted by AbbVie will evaluate the safety and efficacy of ABT-493 co-administered with ABT-530 in HCV patients. AbbVie has informed Enanta that results from this trial are expected in 2015 and AbbVie plans to start phase 3 development of the combination next year.

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