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Stock Market & Financial Investment News

News Breaks
March 18, 2013
06:03 EDTACT, TEVA, IPXL, MYL, PFEGeneric Drug sector downgraded to Market Weight at Wells Fargo
Wells Fargo downgraded its rating on the Generic Drug sector to Market Weight from Overweight citing the outperformance of the group over the past four years and concerns about new growth drivers. Coinciding with the sector downgrade, Wells cut its ratings on Actavis (ACT) and Teva (TEVA) to Market Perform from Outperform. The firm keeps Market Perform ratings on Impax (IPXL) and Mylan (MYL) and recommends rotation into Large Cap Pharma. Wells calls Pfizer (PFE) its top large cap pick in Pharma.
News For ACT;TEVA;IPXL;MYL;PFE From The Last 14 Days
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April 4, 2014
12:09 EDTMYLOn The Fly: Midday Wrap
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10:45 EDTMYL, TEVAMylan rises despite Meda rejecting takeover offer
Mylan (MYL) shares are higher this morning following a Financial Times report of its desire to buy Swedish rival Meda. Subsequent to the story being published, Meda confirmed it had been in talks with Mylan but rejected the company's takeover offer. WHAT'S NEW: The Financial Times reported that Mylan was considering buying Meda, a Swedish drugmaker, in a deal that would create a $23B+ pharmaceuticals business. Mylan reportedly hired advisers to put a deal together for Meda, and though the value of a deal was not noted, sources said Mylan was likely to pay a "significant" premium to Meda's market value, which was $4.5B at the end of trading on Thursday. Mylan's market value currently stands at $18.5B. A combination of the drugmakers would create a company with annual revenues of around $9B, the FT said, noting that would be half the size of generic drug rival Teva (TEVA). WHAT'S NOTABLE: Meda's board of directors confirmed that it was contacted by Mylan regarding a proposal to merge the companies, but the board decided to reject the proposal. Meda said all discussions between the company and Mylan have been terminated "without further actions." ANALYST REACTION: Citigroup upgraded Mylan to Buy from Neutral and raised its price target on the stock to $61 from $52 this morning. The firm cited potential operational and tax benefits from an acquisition of Meda, stating that in addition to expanding Mylan's geographic presence, the deal would increase its presence in specialty, OTC and branded generics. OTHER NEWS: Mylan sued Celgene (CELG) to block that company's efforts to keep generic versions of Revlimid and Thalomid off the market, Reuters reported. PRICE ACTION: Mylan shares are up $2.98, or 5.98%, to $52.84 in mid-morning trading.
10:02 EDTMYLOn The Fly: Analyst Upgrade Summary
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09:13 EDTMYLOn The Fly: Pre-market Movers
HIGHER: Mylan (MYL), up 6.8% after report of desire to buy Swedish rival Meda, which confirmed it had been in talks with Mylan but rejected the company's takeover offer. Shares of Mylan were also upgraded to Buy this morning at Citigroup... Mercury Systems (MRCY), up 8.8% after Reuters said Boeing (BA) is considering a takeover bid of the supplier..Micron (MU), up 3% after reporting earnings and revenue that topped expectations... Align (ALGN), up 6% after winning patent case against ClearCorrect... GameStop (GME), up 2.8% following upgrade at BofA Merrill Lynch... Potbelly (PBPB), up 4.6% after upgrade at William Blair.... SYNNEX (SNX), up 18.5% after earnings report. LOWER: CarMax (KMX), down 3.3% after reporting earnings and revenue that fell below expectations... Halozyme (HALO), down 33% after announcing temporary halt of Phase 2 trial enrollment for PEGPH20... Ocean Power (OPTT), down 15% after 3.8M share Spot Secondary priced at $3.10.
09:07 EDTMYLMylan off highs, shares still up 5% after Meda ends takeover talks
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09:06 EDTMYLMeda ends talks with Mylan, rejects takeover proposal
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09:02 EDTMYLMeda says 'decided to reject' proposal from Mylan
09:00 EDTMYLMylan rises 10.7%
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08:46 EDTMYLMylan upgraded to Buy from Neutral at Citigroup
Citigroup upgraded Mylan to Buy citing potential operational and tax benefits from an acquisition of Swedish-based Meda. Mylan is in preliminary talks to acquire Meda, according to the Financial Times. Citi raised its price target for shares to $61 from $52.
08:39 EDTMYLMylan upgraded to Buy from Neutral at Citigroup
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07:45 EDTMYLMylan volatility expected to move on looking at buying Swedish drug maker Meda
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06:49 EDTMYLMylan sues Celgene for blocking Thalomid, Revlimid generics, Reuters says
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06:44 EDTMYLMeda chairman says firm had preliminary discussions with Mylan, Reuters says
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06:08 EDTMYLMylan eyes takeover of Swedish rival Meda, FT reports
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April 3, 2014
14:30 EDTTEVA, MYLMylan says USPTO rejects Teva '808 patent reissue application on Copaxone
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14:28 EDTMYL, TEVAMylan says USPTO rejects Teva '808 patent reissue application on Copaxone
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09:30 EDTPFEApple, Pfizer others create 'go slow' patent lobby group, Reuters says
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08:27 EDTPFELeerink's biotech analyst holds a dinner meeting update
Biotech Analyst Liang holds an update from the AACR's Annual Meeting to discuss some of the presentations including PFE/AMGN's Palbociclib, PBYI/PFE's Neratinib, as well as other new agents for breast cancer from LLY, MDVN and CLDX, in San Diego on April 7 at 9 pm.
06:04 EDTMYLMylan implied volatility of 44 at upper end of index mean range
05:50 EDTPFEStocks with implied volatility movement; OXY PFE
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