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Stock Market & Financial Investment News

News Breaks
July 23, 2014
10:02 EDTCBI, ARCP, VRX, PRGO, MW, HST, ESS, DRH, BR, ACT, TEVA, PKY, MNK, HSP, EQR, CTB, BDN, VTR, SLXP, MYL, JEC, GT, ENDPOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Actavis (ACT) initiated with a Buy at Deutsche Bank... American Realty (ARCP) initiated with a Perform at Oppenheimer... Brandywine Realty (BDN) initiated with a Neutral at Mizuho... Broadridge (BR) initiated with an Outperform at Raymond James... Chicago Bridge & Iron (CBI) initiated with a Market Perform at Wells Fargo... Cooper Tire (CTB) initiated with a Neutral at JPMorgan... DiamondRock (DRH) initiated with a Neutral at ISI Group... Endo (ENDP) initiated with a Buy at Deutsche Bank... Equity Residential (EQR) initiated with a Neutral at Mizuho... Essex Property Trust (ESS) initiated with a Buy at Mizuho... Fluor (FLR) initiated with an Outperform at Wells Fargo... Goodyear Tire (GT) initiated with an Overweight at JPMorgan... Hospira (HSP) initiated with a Hold at Deutsche Bank... Host Hotels (HST) initiated with a Neutral at ISI Group... Jacobs Engineering (JEC) initiated with an Outperform at Wells Fargo... Jazz Pharmaceutical initiated with a Buy at Buckingham... Mallinckrodt (MNK) initiated with a Buy at Deutsche Bank... Men's Wearhouse (MW) reinstated with a Buy at Goldman... Mylan (MYL) initiated with a Buy at Deutsche Bank... Parkway Properties (PKY) initiated with a Neutral at Mizuho... Perrigo (PRGO) initiated with a Buy at Deutsche Bank... Salix (SLXP) initiated with a Hold at Deutsche Bank... Teva (TEVA) initiated with a Buy at Deutsche Bank... Valeant (VRX) initiated with a Hold at Deutsche Bank... Ventas (VTR) initiated with a Buy at Mizuho.
News For ACT;ARCP;BDN;BR;CBI;CTB;DRH;ENDP;EQR;ESS;GT;HSP;HST;JEC;MNK;MW;MYL;PKY;PRGO;SLXP;TEVA;VRX;VTR From The Last 14 Days
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February 3, 2016
06:13 EDTMYL, PRGOPfizer insists Allergan deal won't be thwarted by U.S. politicians, FT says
Pfizer (PFE) has insisted that its $160B acquisition of Allergan (AGN) will not be stifled by political opposition, amid criticism that the deal will cost the U.S. Treasury billions of dollars in future tax revenues, the Financial Times reports. Pfizer CEO Ian Read also reiterated his intention to postpone until 2018 a decision on whether to break of the combined entity into two or three smaller companies, but has said that he would be open to offers for its generics unit, the report says. Mylan (MYL) has been connected to a potential acquisition of Pfizer's generic drugs business after it failed in its attempt to buy Perrigo (PRGO) last year, the report says. Reference Link
05:21 EDTMNKMallinckrodt upgraded to Buy from Neutral at Mizuho
February 2, 2016
16:25 EDTEQREquity Residential sees paying two special dividends in 2016
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16:24 EDTEQREquity Residential sees FY16 normalized FFO $3.00-$3.20, consensus $3.25
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16:23 EDTEQREquity Residential reports Q4 normalized FFO 93c, consensus 92c
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12:32 EDTVRXEvercore highlights potential discrepancy in Valeant documents
Evercore ISI analyst Umer Raffat says the Valeant documents released ahead of Thursday's Congressional hearing on drug pricing contain a potential discrepancy between CEO Mike Pearson's comments on a conference call and an internal email sent by then CFO Howard Schiller. On the company's Q1 earnings call last year, Pearson told investors and analysts that volume was greater than price in terms of the company's growth in the quarter, Raffat points out to investors in an intraday research note. In contrast, then-CFO Howard Schiller sent an email to Pearson a few weeks after the earnings call stating that excluding the Marathon deal, price represented about 60% of Valeant's quarterly growth. On the surface, this means that either the CEO was inaccurate on the Q1 call, or the CFO's email was inaccurate, Raffat writes. It could also mean neither had done the math properly, the analyst adds. Either way, Raffat thinks Thursday's hearing isn't too critical for shares of Valeant. He has a Buy rating on the stock with a $200 price target. Valeant is down 5%, or $4.61, to $91.04 in midday trading.
11:30 EDTVRXValeant, in response to House committee, says tries to set appropriate prices
Valeant issued a statement after the House's Committee On Overweight and Government Reform released a letter relating to documents obtained from the company. The statement read, "Before Valeant purchased Nitropress and Isuprel, it commissioned outside consultants to review the drugs' pricing. Those consultants concluded that, given the significant reimbursements hospitals received under bundled rates for procedures, the prices of both drugs did not reflect their true value to hospitals and patients. We try to set our prices at the appropriate levels, but we also listen to the market. In this case, we've heard from hospitals, as well as from Congress, that we set the price for these two drugs too high, and we've responded by offering volume-based discounts of up to 30% for each of them. We are also making overall changes to how we run our business. Under our recent partnership with Walgreens we will be offering 10% price reductions on some of our most popular drugs and up to 95% reductions for a large number of our branded drugs for which there is a generic alternative. Going forward, we expect our growth to be driven more by volume than by price. When we set the price of any one drug, we do it in the overall context of our portfolio of approximately 1,800 products, including more than 200 prescription drugs in the United States, and the need to fund our robust companywide research and development programs, our expanding U.S. manufacturing base, and our patient assistance programs. In 2016, we expect to invest approximately $400 million on R&D, $484 million in expanding manufacturing in Rochester, NY, and $1 billion in our patient assistance programs that seek to ensure that out-of-pocket expenses do no prevent eligible patients from receiving medicines they need."
11:30 EDTVRXHouse committee members says Valeant inflated drug prices to meet goals
In a memo from the Committee on Oversight and Government Reform, Democratic members of the committee stated that documents obtained from Valeant show that the company identified goals for revenue first, then "set drug prices to reach those goals," pointing to its sharp price increases for Isuprel and Nitropress as examples of this practice. The committee also contend that Valeant employed a public relations strategy, which is noted to be used by other drug companies as well, to "distract public attention away from its price increases." Valeant raised the prices of some products multiple times from 2014 to 2015, in some cases by as much as 800%, the committee members stated. Reference Link
09:28 EDTMNKOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Michael Kors (KORS), up 17.3%... Mattel (MAT), up 6.9%... Mallinckrodt (MNK), up 4.3%... Alphabet (GOOGL), up 5%... Dow Chemical (DOW), up 3%... UPS (UPS), up 2.3%. ALSO HIGHER: Netflix (NFLX), up 1.1% after being upgraded to Overweight from Neutral at Piper Jaffray... Hansen Medical (HNSN), up 18.8% after announcing FDA clearance of Magellan Robotic Catheter eKit. DOWN AFTER EARNINGS: Integrated Device (IDTI), down 20%... BP (BP), down 8.5%... Royal Caribbean (RCL), down 7%... Waddell & Reed (WDR), down 5.5%... Archer Daniels Midland (ADM), down 5.5%. ALSO LOWER: Twitter (TWTR), down after being downgraded to Sell from Hold at Stifel... American Campus (ACC), down 1.1% after 15.6M share Spot Secondary priced at $41.25... Horsehead (ZINC), down 47.6% after filing for Chapter 11 protection in Delaware.
08:12 EDTTEVATeva enters into collaborative research agreement with AbCellera
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08:01 EDTTEVATeva, AbCellera enter agreement to discover rare monoclonal antibodies
Teva and AbCellera have entered into a collaborative research agreement whereby AbCellera will apply its high-throughput single cell antibody platform for the discovery of rare monoclonal antibodies. Under the terms of the agreement, AbCellera will receive an upfront payment, research payments, and is eligible to receive undisclosed downstream milestones associated with the development and approval of therapeutic antibodies.
07:49 EDTJECJacobs awarded Pre-FID study contract for Baltic Gas project
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07:48 EDTJECJacobs awarded $436M Aberdeen Test Center support services contract
Jacobs Engineering announced it received a contract from the U.S. Army to provide test support services to the Aberdeen Test Center at Aberdeen Proving Ground, Maryland. Jacobs has supported ATC since 2001 through two predecessor contracts and one bridge contract. The total maximum cost of the five-year indefinite delivery/indefinite quantity contract is $436M. Jacobs' role is to provide mission test support services to ATC, one of the Department of Defense's premier test and training ranges supporting both military and commercial materiel developers, by testing a broad spectrum of equipment throughout the life cycle, from concept through deployment.
06:05 EDTMNKMallinckrodt raises FY16 adjusted EPS view to $7.85-$8.30 from $7.70-$8.20
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06:03 EDTMNKMallinckrodt reports Q1 adjusted EPS $2.09, consensus $1.78
Reports Q1 revenue $914.8M, consensus $889.54M.
February 1, 2016
10:25 EDTENDPWilliaOptions with increasing implied volatility: WMB ENDP RAD
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10:02 EDTEQROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AIG (AIG) downgraded at BMO Capital... ARMOUR Residential (ARR) downgraded to Underweight from Equal Weight at Barclays... Abraxas Petroleum (AXAS) downgraded to Neutral from Buy at SunTrust... Anchor BanCorp Wisconsin (ABCW) downgraded to Equal Weight from Overweight at Stephens... Ashford Hospitality Prime (AHP) downgraded to Hold from Buy at Canaccord... Ashford Hospitality (AHT) downgraded to Hold from Buy at Canaccord... Axiall (AXLL) downgraded to Neutral from Buy at Citi... Boston Private Financial (BPFH) downgraded to Neutral from Buy at SunTrust... Colliers International (CIGI) downgraded to Sector Perform from Outperform at RBC Capital... Companhia Brasileira de Distribuicao (CBD) downgraded to Neutral at Credit Suisse... Connecticut Water (CTWS) downgraded to Market Perform from Outperform at Wells Fargo... Duke Realty (DRE) downgraded on valuation, growth outlook at BMO Capital... EP Energy (EPE) downgraded to Neutral from Buy at SunTrust... Eastman Chemical (EMN) downgraded at SunTrust... Equity Residential (EQR) downgraded to Neutral from Buy at Mizuho... Genuine Parts (GPC) downgraded to Neutral from Overweight at JPMorgan... Hersha Hospitality (HT) downgraded to Hold from Buy at Canaccord... Jones Energy (JONE) downgraded to Neutral from Buy at SunTrust... Mondelez (MDLZ) downgraded to Neutral from Positive at Susquehanna... Nokia (NOK) downgraded to Hold from Buy at Canaccord... Ollie's Bargain Outlet (OLLI) downgraded to Neutral from Outperform at Credit Suisse... Oshkosh (OSK) downgraded to Hold from Buy at Drexel Hamilton... Outerwall (OUTR) downgraded on Redbox weakness at Roth Capital... PACCAR (PCAR) downgraded to Underperform from Peer Perform at Wolfe Research... Restoration Hardware (RH) downgraded to Market Perform from Outperform at Cowen... Rex Energy (REXX) downgraded to Neutral from Buy at SunTrust... Sanchez Energy (SN) downgraded to Neutral from Buy at SunTrust... SandRidge Energy (SD) downgraded to Neutral from Buy at SunTrust... Santander Consumer (SC) downgraded to Underperform from Neutral at BofA/Merrill... Tiffany (TIF) downgraded to Market Perform from Outperform at Cowen... Trex Company (TREX) downgraded to Hold from Buy at BB&T... U.S. Steel (X) downgraded to Neutral from Outperform at Macquarie... United Community Financial (UCFC) downgraded to Neutral from Outperform at Boenning & Scattergood... Xerox (XRX) downgraded to Equal Weight from Overweight at Morgan Stanley.
08:51 EDTMNKThe Medicines Co. completes divestiture of hemostasis portfolio to Mallinckrodt
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08:04 EDTMYL, TEVATeva Mylan not seeing same negative trends as Sandoz, says Bernstein
After Novartis (NVS) reported weak results for its generics unit, Sandoz, and blamed it on industry trends, Bernstein quotes Mylan (MYL) and Teva (TEVA) as saying that they are seeing only "slight adjustments back to normal levels" from "mildly favorable" results in 2014 and 2015. Bernstein says that Sandoz has lost a number of fairly profitable products and has had fewer approvals than its peers. Bernstein keeps Outperform ratings on Teva and Mylan.
06:52 EDTEQREquity Residential downgraded to Neutral from Buy at Mizuho
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