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Stock Market & Financial Investment News

News Breaks
July 22, 2014
10:00 EDTWPG, QSII, NEP, CSG, TSE, QIWI, MTX, ZPIN, SRPT, PTCT, ENPH, ABY, AXYS, ATNMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Abengoa Yield (ABY) initiated with an Equal Weight at Morgan Stanley... Actinium Pharmaceuticals (ATNM) initiated with a Buy at Canaccord... Axys Technologies (AXYS) initiated with a Buy at Dougherty... Chambers Street Properties (CSG) initiated with a Neutral at SunTrust... Enphase Energy (ENPH) initiated with a Buy at Dougherty... Minerals Technologies (MTX) initiated with an Outperform at Wedbush... NextEra Energy Partners (NEP) initiated with a Buy at BofA/Merrill... PTC Therapeutics (PTCT) initiated with a Buy at BofA/Merrill... QIWI (QIWI) initiated with a Positive at Susquehanna... Quality Systems (QSII) initiated with a Buy at Topeka... Sarepta (SRPT) initiated with a Neutral at BofA/Merrill... Trinseo S.A. (TSE) initiated with a Buy at BofA/Merrill... Washington Prime Group (WPG) initiated with a Neutral at SunTrust... Zhaopin (ZPIN) initiated with a Buy at UBS.
News For ABY;ATNM;AXYS;CSG;ENPH;MTX;NEP;PTCT;QIWI;QSII;SRPT;TSE;WPG;ZPIN From The Last 14 Days
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February 10, 2016
10:35 EDTSRPTOptions with decreasing implied volatility
Options with decreasing implied volatility: VHC APOL SRPT GRUB BWLD DECK HBI NUAN YY PNRA ABC
February 9, 2016
12:32 EDTSRPTOptions with decreasing implied volatility
Options with decreasing implied volatility: VHC APOL SRPT GRUB BWLD DECK UBNT GMCR
07:40 EDTSRPTSarepta PDUFA delay positive, says Oppenheimer
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February 8, 2016
16:23 EDTSRPTOn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory thanks in part to lower oil prices, poor banking data out of China, and selling in Europe. The market saw little in the way of buying for most of the day, with all ten of the S&P sectors in negative territory. Oil prices struggled to stay above $30 per barrel, while "safe haven" gold moved above $1,200 an ounce, its highest price since June. Once oil settled, stocks saw a late rally and cut into their losses, but the averages still ended the day deep in the red even following the comeback. ECONOMIC EVENTS: In the U.S., the labor market conditions index came in at 0.4 for January, below expectations for a reading of 2.0. In Asia, markets in mainland China, Hong Kong, Taiwan and Korea were all closed for the New Year holiday. Data was still released in China that showed the country's foreign currency reserves fell to their lowest level since May 2012, dropping about $99B in January, though that was better than analyst forecasts and ahead of some recent whispers. COMPANY NEWS: Chesapeake Energy (CHK) tumbled 33.2% to $2.05 after media reports indicated that the natural gas producer has hired restructuring lawyers from Kirkland & Ellis. The company later remarked that the law firm has been retained as an adviser, though Chesapeake noted it has "no plans" to pursue bankruptcy, which helped the stock recover some of its early losses... Meanwhile, another player in the oil space with ties to Chesapeake, Energy Transfer Equity (ETE), declined 41.3% to $4.10 after the company disclosed it was making a change to the Chief Financial Officer of its general partner. Williams Company (WMB), which has agreed to merge with Energy Transfer, also slid nearly 35%... Yelp (YELP) ended Monday down 11% at $16.11 after the earlier than expected release of its quarterly earnings report, which the company blamed on the news distribution service that issued the press release before the results were due. Yelp's earnings and revenue came in above expectations, though the company also disclosed that its finance chief Rob Krolik would be stepping down. MAJOR MOVERS: Among the notable gainers was Apollo Education (APOL), which rallied 24% to $8.62 after agreeing to be acquired for $9.50 per share by a group of investors led by private equity firm Apollo Global (APO), with the news also sending its for-profit education competitor DeVry (DV) up 5.5%. Also higher was GoPro (GPRO), which gained 10.3% to $10.99 after Microsoft (MSFT) announced a new collaborative patent licensing agreement with the beaten down action camera maker. In addition, Outerwall (OUTR), owner of the Redbox and Coinstar kiosk brands, rose 11% to $30.01 after Bloomberg reported that at least three buyout firms have sought to take it private in the past two years, with activist investor Engaged Capital later in the day confirming a 14% stake in the company. Among the noteworthy losers was Sarepta (SRPT), which declined 12.1% to $10.74 after the FDA delayed a decision on the company's closely-watched Duchenne muscular dystrophy treatment eteplirsen. Also lower was BioCryst (BCRX), which plunged 71% to $1.77 after a clinical trial of its hereditary angioedema drug failed to meet its primary endpoint. Meanwhile, Twitter (TWTR) fell 5.3% to $14.89 following reports over the weekend that it is rethinking its news feed, potentially ordering posts based on popularity rather than chronological date. INDEXES: The Dow fell 177.92, or 1.1%, to 16,027.05, the Nasdaq lost 79.39, or 1.82%, to 4,283.75, and the S&P 500 declined 26.61, or 1.42%, to 1,853.44.
12:05 EDTSRPTOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session deep in negative territory and proceeded to move lower throughout the session, amid a renewed selloff in oil prices and fears that bankruptcies related to the prolonged slump will begin to pick up pace. The move lower is not restricted to the energy sector and has been broad-based, as each of the major equity indexes was lower by about 2% or more. ECONOMIC EVENTS: In the U.S., the labor market conditions index came in at 0.4 for January, below expectations for a reading of 2.0. In Asia, markets in mainland China, Hong Kong, Taiwan and Korea were all closed for the New Year holiday. Data was still released in China that showed the country's foreign currency reserves fell to their lowest level since May 2012, dropping about $99B in January, though that was better than analysts forecast and ahead of some recent whispers. COMPANY NEWS: Chesapeake Energy (CHK) tumbled over 50%, dropping as low as $1.50 per share, after media reports indicated that the natural gas producer has hired restructuring lawyers from Kirkland & Ellis. Subsequently, the stock was halted pending news and the company confirmed that Kirkland & Ellis continues to advise the company as it seeks to further strengthen its balance sheet. However, Chesapeake noted that it currently has "no plans to pursue bankruptcy," and its shares recovered some of their earlier losses upon being reopened for trading. The stock was down a bit over 25% near noon... Meanwhile, another player in the oil space with ties to Chesapeake, Energy Transfer Equity (ETE), declined 30% after the company disclosed, via a regulatory filing after Friday's close, that it was making a change to the Chief Financial Officer of its general partner. According to the company, the departure of CFO Jamie Welch from the post was not caused by any disagreements between him and the MLP over accounting issues or financial matters. Williams Company (WMB), with has agreed to merge with Energy Transfer, also slid 25%. MAJOR MOVERS: Among the notable gainers was Apollo Education (APOL), which rallied 25% after it agreed to be acquired by a group led by private equity company Apollo Global (APO) for $9.50 per share. Also higher was GoPro (GPRO), which gained 9% after Microsoft (MSFT) announced a new collaborative patent licensing agreement with the beaten down action camera maker. Among the noteworthy losers was Sarepta (SRPT), which fell 12% after the FDA delayed a decision on the company's Duchenne muscular dystrophy treatment eteplirsen. Also lower was BioCryst (BCRX), which plunged 67% after a clinical trial of its hereditary angioedema drug failed to meet its primary endpoint. In addition, DexCom (DXCM) was 17% lower after it was downgraded to Neutral from Outperform at Baird. INDEXES: Near midday, the Dow was down 317.14, or 1.96%, to 15,887.83, the Nasdaq was down 101.02, or 2.32%, to 4,262.12, and the S&P 500 was down 36.43, or 1.94%, to 1,843.62.
10:17 EDTPTCT, SRPTSarepta approval seen as 'long shot' as FDA pushes back decision
Shares of drugmaker Sarepta Therapeutics (SRPT) took a dive in morning trading after the company said the U.S. Food and Drug Administration delayed a decision on eteplirsen for the treatment of Duchenne muscular dystrophy. WHAT'S NEW: Sarepta announced that the FDA has pushed out the the Prescription Drug User Fee Act, or PDUFA, date for eteplirsen for the treatment of Duchenne muscular dystrophy to May 26. The previous PDUFA date for the eteplirsen new drug application, or NDA, was originally set for late February. FDA POSTPONEMENT: The FDA notified Sarepta that it's submission of 4-year clinical data, including additional six minute walk test and loss of ambulation data compared to historical control, was designated as a "major amendment" to the NDA and that the PDUFA goal date was extended to allow for a full review of the submission. The FDA previously granted eteplirsen Priority Review status, as well as Rare Pediatric Disease Designation, Orphan Drug Designation and Fast Track Status to eteplirsen. WHAT'S NOTABLE: In late January, the FDA postponed a meeting of its advisory committee to review the Sarepta drug due to an inclement weather forecast for Washington D.C. LONG SHOT: Piper Jaffray analyst Edward Tenthoff told investors in a note that the FDA's PDUFA date postponement for eteplirsen is "not surprising" following the delay of the January 22 AdCom due to weather. Tenthoff also noted that a new AdCom has yet to be scheduled. The analyst continues to see eteplirsen accelerated approval by the new PDUFA date as a "long shot." He believes that the panel discussion will be a "plea from the community" to approve something for DMD and that members will not be asked to vote on drug approval. Tenthoff has a Neutral rating and $15 price target on Sarepta. OTHERS TO WATCH: Other companies developing treatments for Duchenne muscular dystrophy include BioMarin (BMRN) and PTC Therapeutics (PTCT). PRICE ACTION: Sarepta is down 9.5% in morning trading to $11.06.
09:22 EDTSRPTSarepta accelerated approval by new PDUFA a 'long shot,' says Piper
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08:32 EDTSRPTSarepta receives notification of PDUFA extension for eteplirsen to May 26
Sarepta Therapeutics announced that the U.S. FDA will require additional time to complete its review of the New Drug Applicationfor eteplirsen, for the treatment of Duchenne muscular dystrophy amenable to exon 51 skipping. In a notice received from the FDA, the Prescription Drug User Fee Act date for eteplirsen has been extended to May 26, 2016. The rescheduled date for the Peripheral and Central Nervous System Advisory Committee meeting has not yet been determined. The FDA notified Sarepta that its January 8, 2016 submission of 4-year clinical effectiveness data, which included additional six minute walk test and loss of ambulation data compared to a historical control, has been designated as a major amendment to the NDA. The FDA stated that the PDUFA goal date has been extended by three months to allow for a full review of the submission. As described in the Sarepta Advisory Committee Briefing Document Addendum, the principal basis for establishing the effectiveness of eteplirsen is a comparison of patients in Study 201/202 to a historical control group. The FDA has previously granted eteplirsen Priority Review status, which is designated for drugs that provide a treatment where no adequate therapy exists. The FDA also granted Rare Pediatric Disease Designation to eteplirsen, as well Orphan Drug Designation and Fast Track Status.
February 5, 2016
12:03 EDTMTXMinerals Technologies: 5% topline growth level in FY16 'reasonable'
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11:53 EDTMTXMinerals Technologies: FY16 to be 'strong' cash flow year
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11:53 EDTMTXMinerals Technologies sees Q1 EPS 95c-$1.00, consensus 99c
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February 4, 2016
17:08 EDTMTXMinerals Technologies reports Q4 adjusted EPS $1.00, consensus 95c
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February 3, 2016
10:00 EDTQIWIOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AIG (AIG) downgraded to Market Perform from Outperform at William Blair... Credit Acceptance (CACC) downgraded to Underperform at Raymond James... CIT Group (CIT) downgraded to Neutral from Buy at Citi... Cobalt (CIE) downgraded at Stifel... Cypress Energy (CELP) downgraded to Outperform from Strong Buy at Raymond James... Freeport McMoRan (FCX) downgraded on weak near-term outlook at Argus... Gastar Exploration (GST) downgraded to In-Line from Outperform at Imperial Capital... Intersil (ISIL) downgraded to Sell from Neutral at Citi... LyondellBasell (LYB) downgraded to Outperform from Top Pick at RBC Capital... Marriott (MAR) downgraded to Market Perform from Outperform at Wells Fargo... Microchip (MCHP) downgraded to Sell from Neutral at Goldman... Morgan Stanley (MS) downgraded to Underweight from Neutral at Atlantic Equities... Navios Maritime Partners (NMM) downgraded to Hold from Buy at Deutsche Bank... Peapack-Gladstone (PGC) downgraded to Hold from Buy at Sandler O'Neill... QIWI (QIWI) downgraded to Market Perform from Outperform at William Blair... STORE Capital (STOR) downgraded to Neutral from Buy at Ladenburg... Spark Energy (SPKE) downgraded to Neutral from Outperform at Baird... Stone Energy (SGY) downgraded to In-Line from Outperform at Imperial Capital... SunEdison Semiconductor (SEMI) downgraded to Sell from Neutral at Goldman... Teradyne (TER) downgraded to Neutral from Buy at Goldman... Texas Instruments (TXN) downgraded to Sell from Neutral at Goldman... UBS (UBS) downgraded to Sector Perform from Outperform at RBC Capital... Whiting Petroleum (WLL) downgraded on oil price outlook at Stifel... Xcel Energy (XEL) downgraded to Sell from Neutral at UBS... Xilinx (XLNX) downgraded to Buy from Conviction Buy at Goldman... Yahoo (YHOO) downgraded to Hold from Buy at Axiom.
09:05 EDTQIWIQIWI downgraded to Market Perform from Outperform at William Blair
William Blair analyst Robert Napoli downgraded QIWI to Market Perform after the company cut its FY15 outlook given the deteriorating macro environment in Russia.
06:35 EDTQIWIQIWI cuts FY15 adjusted revenue view to up 15%-16% vs. FY14
QIWI announced downward revisions to its previously announced full-year 2015 Adjusted Net Revenue guidance to a range of a 15% to 16% increase over 2014, down from its previous guidance of an 18% to 22% increase over 2014. In addition, QIWI is revising its previously announced full-year 2015 Adjusted Net Profit guidance to a range of a 16% to 18% increase over 2014, down from its previous guidance of an 18% to 22% increase over 2014.The downward revision in the Company's Adjusted Net Revenue guidance is primarily due to the continued economic recession in Russia as well as weak consumer demand pressured by high inflation and decreasing real income, which has resulted in performance that was lower than anticipated across certain market verticals, in particular e-commerce and money remittance. In the e-commerce market vertical, the Company expected to see a seasonal increase in demand from customers in accordance with trends observed in previous years that failed to materialize, particularly in physical e-commerce. In addition, the money remittance market vertical underperformed in terms of volumes as well as net revenue due to shifting migration trends and the termination of a few partnerships with counterparties and agents.The downward revision in the Company's Adjusted Net Profit guidance is primarily caused by the downward revision in the Company's Adjusted Net Revenue guidance and a substantial increase in bad debt expense compared to the full year ended December 31, 2014, resulting from an increase in reserves for receivables from several of QIWI's agents who have shown signs of financial instability.
February 1, 2016
17:33 EDTMTXMinerals Technologies CEO gets employment agreement extended one year
On February 1, Minerals Technologies and Joseph Muscari, the company's Chairman and CEO, entered into a Sixth Amendment to Muscari's Employment Agreement dated November 27, 2006. Pursuant to the Sixth Amendment, the term of Muscari's employment has been increased from nine years to ten years, with the term ending no earlier than March 1, 2017.
17:29 EDTENPHEnphase Energy files $35M mixed securities shelf
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