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Stock Market & Financial Investment News

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July 16, 2014
11:28 EDTTMO, SVU, QEP, NAO, GLPI, ATLS, KKR, SD, C, ACTLeon Cooperman gives 12 stock picks at CNBC conference
Leon Cooperman of Omega Advisors gave 12 stock picks for 2014 at CNBC's Delivering Alpha conference. The recommendations are: Actavis (ACT), Citigroup (C), SandRidge Energy (SD), KKR (KKR), Thermo Fisher (TMO), Atlas Energy (ATLS), Gaming and Leisure Properties (GLPI), Nordic American Offshore (NAO), QEP Resources (QEP), SuperValu (SVU), Louis XIII Holdings and Monitise.
News For ACT;C;SD;KKR;ATLS;GLPI;NAO;QEP;SVU;TMO From The Last 14 Days
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October 7, 2014
15:01 EDTACTAllergan up 1.5% following report on Actavis planned approach on merger
14:59 EDTACTActavis plans new approach to Allergan, Reuters reports
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13:59 EDTKKRKKR invests in Lemonade Restaurant Group, terms not disclosed
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10:08 EDTKKRSodaStream sinks after Q3 profit warning
Shares of SodaStream International (SODA) are sinking this morning after the company warned that revenue for the third quarter of 2014 will come in well below Wall Street estimates. SodaStream develops, manufactures and markets home beverage carbonation systems and related products. WHAT'S NEW: This morning, SodaStream reported preliminary Q3 revenue of $125M, significantly missing analysts' consensus estimate of about $154M. The company said it expects operating income of about $8.5M for the quarter. Chief Executive Officer Daniel Birnbaum cited an underperformance in the U.S. market as the primary driver of the quarterly shortfall, and said the results are an indication that the company must alter its course and improve its execution. Birnbaum said in a statement that the company is "very disappointed" by its recent performance, noting that it has "not succeeded in attracting new consumers to our home carbonation system at the rate we believe should be achieved." Birnbaum said the company has started a strategic shift towards health and wellness, mostly in the U.S., where he believes the message "will resonate more strongly" with customers. In addition, SodaStream is developing a growth plan, and more details are expected when Q3 results are reported later this month. WHAT'S NOTABLE: The carbonated beverage machine company has been the subject of buyout rumors for months. In July, Bloomberg reported that the company was in talks to go private for around $40 per share. In September, Israel's TheMarker said SodaStream was in talks to sell itself to a British investment fund for $840M, or $40 per share. SodaStream has also been rumored as an acquisition target for beverage makers SABMiller (SBMRY) and Diageo (DEO) or private equity group KKR (KKR), The Independent reported last month. In July, SodaStream cut its fiscal year 2014 revenue growth view to 5% from 15% and cut its FY14 net income expectations to a 5% decrease from a 3% increase. At that time, the company said it believed sales trends for sodamakers would remain challenging in the U.S. in the second half of the year. PRICE ACTION: In mid-morning trading, SodaStream shares dropped $5.72, or 21%, to $21.85.
08:28 EDTCCitigroup October volatility increases into Q3 and revenue outlook
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07:48 EDTACTSalix reinstated with a Buy at Jefferies
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07:28 EDTCWells Fargo ups price target ranges for capital markets banks
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06:51 EDTCJustice Department set to attack more large banks by year end, NY Times says
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06:49 EDTCBNP seeks assistance from banks as ban approaches, Reuters says
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October 6, 2014
16:20 EDTACTOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory and appeared ready to ride the wave of optimism from Friday’s jobs report into the new week. However, with little on the economic calendar to sustain the momentum, each of the major equity indexes had given up their gains by noon. The Dow and S&P 500 made it back to flat late in the session, but weakened into the close to end the day slightly lower. The tech-heavy Nasdaq was the laggard throughout and ended the day with the most significant decline. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Hewlett-Packard (HPQ) climbed $1.67, or 4.74%, to $36.87 after it confirmed plans to split itself into two publicly traded companies by the end of its fiscal 2015. One company will include HP's technology infrastructure, software and services businesses, to be known as "Hewlett-Packard Enterprise," while the other will include the company's PC and printing businesses and be called "HP Inc." After the announcement, HP shares were upgraded to Outperform from Neutral at Credit Suisse, while analysts at Cantor called the split "a bold and smart move" that will give HP the financial flexibility needed to sell off one or both of the PC and printing businesses if an attractive offer emerges for either or both. MAJOR MOVERS: Among the notable gainers was Durata Therapeutics (DRTX), which surged $10.36, or 74.64%, to $24.24 after the company agreed to be acquired by larger drugmaker Actavis (ACT) for $23.00 per share in cash, or approximately $675M, and contingent value rights for additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product are achieved. Also higher was CareFusion (CFN), which jumped $10.58, or 22.92%, to $56.75 after agreeing to be acquired by Becton Dickinson (BDX) for $49 in cash and 0.0777 of a share of BD for each share of CareFusion, or about $12.2B. Becton Dickinson rose $9.14, or 7.89%, to $124.98 after its deal, while Actavis slipped $2.12, or 0.86%, to $243.95, after its own, much smaller purchase. GT Advanced Technologies (GTAT) plunged $10.22, or 92.46%, to 83c after the company announced that it and some of its units had commenced voluntary cases under chapter 11 of the bankruptcy code, which Raymond James believes implies a "fundamental, severe breakdown" of the company's relationship with Apple (AAPL). Also lower were shares of Sunesis (SNSS), which dropped $5.18, or 78.01%, to $1.46 and was downgraded at RBC Capital and Wells Fargo after a trial of a combination therapy for patients with first relapsed or refractory acute myeloid leukemia did not meet its primary endpoint. INDEXES: The Dow slid 17.78, or 0.1%, to 16,991.91, the Nasdaq fell 20.82, or 0.47%, to 4,454.80, and the S&P 500 slipped 3.08, or 0.16%, to 1,964.82.
16:00 EDTCOptions Update; October 6, 2014
iPath S&P 500 VIX Short-Term Futures up 46c to 30.08. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX HPQ C RSH CLF PBR according to Track Data.
12:41 EDTACTOn The Fly: Midday Wrap
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11:15 EDTACTDurata surges after Actavis takeover
Shares of Durata Therapeutics (DRTX) are surging after the drugmaker agreed to be acquired by its larger industry peer, Actavis (ACT). WHAT'S NEW: Actavis announced it will commence a tender offer to acquire all of the outstanding shares of Durata common stock for $23.00 per share in cash, or approximately $675M in the aggregate, and contingent value rights entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product Dalvance are achieved. If Dalvance is approved in Europe for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI, holders of the CVR will receive $1.00 per share. If Dalvance is approved for single dose administration by the FDA, holders of the CVR will receive $1.00 per share. If a net global Dalvance revenue threshold is met over a designated time period, holders of the CVR will receive $3.00 per share. Actavis expects the acquisition to be accretive by the end of the first year, it stated. WHAT'S NOTABLE: The acquisition comes after Durata Therapeutics was granted a Special Protocol Agreement by the FDA for its Phase 3 study of Dalvance on October 3. The study was designed to study Dalvance for the treatment of patients with community-acquired pneumonia and pediatric osteomyelitis. ANALYST REACTION: BMO Capital views the acquisition as a "good deal" for Actavis that is in line with CEO Brent Saunders' goal of making investments that complement its existing business. BMO believes the acquisition does not extend Actavis' balance sheet too far, and therefore does not prevent the company from doing additional deals. The firm expects there could be more deal-related news ahead for Actavis. The Fly notes Bloomberg reported on October 2 that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis after failing to reach a deal with Allergan (AGN). PRICE ACTION: During morning trading, Durata Therapeutics gained $9.93, or 71.5%, to $23.81, Actavis slipped $1.95, or 0.8% to $244.12, and Salix fell $4.02, or 2.6%, to $148.85.
09:49 EDTACTActavis purchase of Durata leaves room for future deals, says BMO Capital
BMO Capital views Actavis' (ACT) deal to buy Durata Therapeutics (DRTX) as in line with its strategy of making investments that complement its existing business and as small enough that it does not prevent the company from doing additional deals. BMO expects there could be more deal-related news ahead for Actavis and keeps its Outperform rating on the stock. The Fly notes that that Bloomberg reported last week that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis.
08:07 EDTACTSalix slips in pre-market trade after Actavis strikes deal for Durata
Note that Bloomberg reported on October 2, citing people with knowledge of the matter, that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis (ACT) after failing to reach a deal with Allergan (AGN). Actavis announced this morning that it has reached a deal to acquire Durata Therapeutics (DRTX) for $675M, or $23.00 per share. In pre-market trading, shares of Salix are down nearly 2% to $150 per share.
08:05 EDTACTActavis to acquire Durata Therapeutics for $23.00 per share or $675M
Actavis (ACT) and Durata Therapeutics (DRTX) announced that they have entered into a definitive merger agreement under which a subsidiary of Actavis will commence a tender offer to acquire all of the outstanding shares of Durata common stock for $23.00 per share in cash, or approximately $675M in the aggregate, and contingent value rights entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product DALVANCETM are achieved. Actavis expects the acquisition to be accretive by the end of the first year. DALVANCETM was approved by the FDA on May 23, 2014 and was the first drug approved as a Qualified Infectious Disease Product. A Marketing Authorization Application for dalbavancin is under review with the European Medicines Agency, with a decision anticipated in the first half of 2015. A single-dose regimen of DALVANCETM is also in late-stage development for ABSSSI, with a supplemental New Drug Application filing expected by mid-2015. Durata also has plans to continue the development of DALVANCETM for additional indications, such as hospitalized community-acquired pneumonia and pediatric osteomyelitis. Under the terms of the definitive merger agreement, it is anticipated that Actavis will promptly commence the cash tender offer to purchase all of the outstanding shares of Durata common stock for $23.00 per share in cash, plus CVRs of up to an additional $5.00 per share in the event certain developmental or commercial milestones are met. If DALVANCETM is approved in Europe for ABSSSI, holders of the CVR will receive $1.00 per share. If DALVANCETM is approved for single dose administration by the FDA, holders of the CVR will receive $1.00 per share. If a net global DALVANCETM revenue threshold is met over a designated time period, holders of the CVR will receive $3.00 per share.
08:04 EDTACTActavis to acquire Durata Therapeutics for $23.00 per share or $675M
07:29 EDTCHead of NYDFS reaching out to banks in wake of JPMorgan breach, FT says
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06:27 EDTCJPMorgan hackers hit about nine other firms, NY Times says
The group of hackers that infiltrated JPMorgan (JPM) also penetrated about nine other financial institutions, according to The New York Times. Washington intelligence officials and policy makers are much more concerned about the attacks than they have disclosed, the newspaper added. Other publicly traded large banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Publicly traded cybersecurity companies include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC).Reference Link
05:57 EDTSDStocks with implied volatility above IV index mean; ADHD SD
Stocks with implied volatility above IV index mean; Alcobra (ADHD) 406, SandRidge Energy (SD) 64 according to iVolatility.
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