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Stock Market & Financial Investment News

News Breaks
January 26, 2013
16:11 EDTACT, ENDP, ABT, TEVA, COVFDA panel recommends new restrictions on painkiller, WSJ says
After two days of testimony, an FDA drug safety advisory panel voted 19-10 to recommended new restrictions on products containing hydrocodone—a category that includes Vicodin--should be reclassified as Schedule II controlled substances, along with other narcotic painkillers such as oxycodone, says the Wall Steet Journal. Hydrocodone products are currently in Schedule III. Reference Link
News For ACT;TEVA;ENDP;COV;ABT From The Last 14 Days
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November 18, 2014
10:26 EDTACTAckman to withdraw Allergan special meeting request, CNBC reports
Bill Ackman said he will withdraw his request for an Allergan (AGN) special meeting and that he supports the company's planned transaction with Actavis (ACT), according to CNBC's Scott Wapner. Reference Link
10:08 EDTTEVATeva calls active on renewed takeover chatter
Teva November 57 and 58 calls are active on total call volume of 21K contracts (2K puts) following renewed takeover chatter. November call option implied volatility is at 18, December is at 19; compared to its 26-week average of 24 according to Track Data. Active call volume suggests traders taking positions for upside price movement.
09:47 EDTTEVARumor: Teva moves up on renewed takeover chatter
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09:08 EDTCOVMedtronic says regulatory processes for Covidien deal 'all on track'
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08:59 EDTACTActavis deal positive, says Sterne Agee
Sterne Agee believes that the friendly nature of Actavis' (ACT) takeover of Allergan (AGN) will enable the combined companies to achieve greater revenue growth. The firm thinks the deal will enable the companies to integrate seamlessly, and it thinks that CEO Brent Saunders' experience at Forest and Bausch & Lomb will help him manage Allergan's leading ophthalmology franchises. Sterne keeps a Buy rating on Actavis.
08:00 EDTTEVATeva launches liquid formulation of TREANDA injection in the U.S.
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07:48 EDTACTValeant not likely to raise bid for Allergan, says Canaccord
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07:41 EDTACTActavis provides best value in pharmaceutical sector, says UBS
UBS believes Actavis (ACT) provides the best value in the pharmaceutical sector following its deal to acquire Allergan (AGN). The firm pointed to the double digit accretion to earnings, synergies, and very attractive current valuation. UBS reiterated its Buy rating on Acatvis and raised its price target to $333 from $278.
07:20 EDTCOVMedtronic confirms commitment to Covidien transaction
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06:40 EDTACTActavis price target raised to $338 from $280 at Piper Jaffray
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06:18 EDTACTActavis price target raised to $310 from $290 at Leerink
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06:15 EDTACTActavis price target raised to $310 from $250 at Citigroup
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November 17, 2014
16:24 EDTACTOn The Fly: Closing Wrap
Stocks on Wall Street were quiet and traded in a fairly narrow range for their sixth straight session, despite a "merger Monday" that saw over $100B in deals announced. The Dow and S&P, which began the week near record levels, passed back and forth across the flat line several times during the day, though the Nasdaq weakened early in the session and never really recovered. ECONOMIC EVENTS: In the U.S., industrial production fell 0.1% in October, missing expectations for it to have risen 0.2% from the prior month. October capacity utilization came in at 78.9%, which fell short of the expected 79.3% rate. The Empire State manufacturing index, which reflects manufacturing activity in the New York region, rose 4 points to 10.2 in November, which was generally in-line with the consensus forecast. In Asia, Japan's GDP unexpectedly shrank an annualized 1.6% last quarter, missing projections for a 2.2% gain and sinking its economy into a recession. COMPANY NEWS: Actavis (ACT) gained $4.17, or 1.71%, to $247.94 after confirming that it agreed to acquire Allergan (AGN) for a combination of $129.22 in cash and 0.3683 Actavis shares valued at approximately $66B, or $219 per Allergan share. Valeant Pharmaceuticals (VRX), which had been in a contentious fight to buy Allergan, commented that it "cannot justify to its own shareholders" paying a price of $219 or more per share for the Botox maker, whose stock rose $10.55, or 5.31%, to $209.20... Halliburton (HAL), conversely, fell $5.85, or 10.62%, to $49.23 after it agreed to acquire Baker Hughes (BHI) in a stock and cash transaction valued at $78.62 per Baker Hughes share, representing an enterprise value of $38B. When the deal talks were first reported by The Wall Street Journal last week, antitrust concerns were highlighted by analysts, but Halliburton said it had agreed to divest businesses that generate up to $7.5B in revenues, if required by regulators, and agreed to pay a fee of $3.5B if the transaction terminates due to a failure to obtain required approvals. Baker Hughes rose $5.34, or 8.92%, to $65.23 after the deal was announced. MAJOR MOVERS: Among the notable gainers was Celldex Therapeutics (CLDX), which advanced $4.09, or 28.88%, to $18.25 after the company reported it saw a statistically significant overall survival benefit, along with an increase in clinically meaningful tumor shrinkage, in a sub-group of its study of a drug to treat a specific type of brain tumor. Also higher was Amicus Therapeutics (FOLD), which rose $1.01, or 17.75%, to $6.70 after the company announced additional data on secondary endpoints from its second Phase 3 study of its treatment for Fabry disease. Among the noteworthy losers was William Lyon Homes (WLH), which fell $3.52, or 15.53%, to $19.14 after the company announced that it intends to offer, subject to market and other conditions, 1M tangible equity units, which will consist of a prepaid stock purchase contract and an amortizing note. Also lower were shares of DreamWorks (DWA), which dropped $3.71, or 14.26%, to $22.31 after multiple media outlets reported that talks about a takeover of the company by Hasbro (HAS) had ended. INDEXES: The Dow gained 13.01, or 0.07%, to 17,647.75, the Nasdaq lost 17.54, or 0.37%, to 4,671.00, and the S&P 500 added 1.50, or 0.07%, to 2,041.32.
15:40 EDTACTActavis price target raised to $286 from $227 at BMO Capital
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12:27 EDTACTOn The Fly: Midday Wrap
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12:12 EDTACTActavis, Allergan deal 'great' for both companies, says BMO Capital
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11:14 EDTACTActavis says 2017 EPS goal of $25 does not include 'transformational' M&A
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09:39 EDTACTActavis CEO says 'aspirational goal' is to grow EPS to $25 by 2017
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09:34 EDTACTCombined Actavis-Allergan to be led by Actavis CEO Saunders
Actavis (ACT) and Allergan (AGN) said The combined company will be led by Brent Saunders, CEO and President of Actavis, and Paul Bisaro will remain Executive Chairman of the Board. The integration of the two companies will be led by the senior management teams of both companies, with integration planning to begin immediately in order to transition rapidly to a single company. Additionally, two members of the Allergan board of directors will be invited to join the Actavis Board of Directors following the completion of the transaction.
09:32 EDTACTValeant says cannot justify paying $219 per share for Allergan
Valeant Pharmaceuticals (VRX) commented on the announcement that Allergan (AGN) and Actavis (ACT) have entered into a definitive agreement under which Actavis will acquire all outstanding shares of Allergan stock: "We have seen the announcement that Allergan and Actavis have made, and while we will review any such agreement in determining our course of action, Valeant cannot justify to its own shareholders paying a price of $219 or more per share for Allergan. Our business is performing extremely well as evidenced by our third quarter results, our expected strong fourth quarter, and our robust outlook for 2015, and I am confident in our continued ability to generate exceptional shareholder value. We will remain focused on delivering strong organic results and evaluating acquisition opportunities as we always have: prudently, in a disciplined manner, and in the best interests of our shareholders."
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