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Stock Market & Financial Investment News

News Breaks
June 3, 2014
10:03 EDTKOS, CLVS, BRCM, GRA, ZQK, OIS, HEINY, CNC, AGN, TPLM, PHH, MWV, DANOY, CSH, AEIS, TSLX, OXLCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Advanced Energy (AEIS) downgraded to Hold from Buy at Needham... Allergan (AGN) downgraded to Neutral from Outperform at Credit Suisse... Broadcom (BRCM) downgraded at Stifel... Cash America (CSH) downgraded to Neutral at Janney Capital... Centene (CNC) downgraded to Sell from Neutral at Citigroup... Clovis (CLVS) downgraded to Neutral from Buy at Citigroup... Danone (DANOY) downgraded to Sell from Neutral at Goldman... Heineken (HEINY) downgraded to Sell from Neutral at Goldman... Kosmos (KOS) downgraded to Neutral from Accumulate at Global Hunter... MeadWestvaco (MWV) downgraded to Neutral from Buy at Buckingham... Oil States (OIS) downgraded to Neutral from Positive at Susquehanna... Oxford Lane (OXLC) downgraded to Neutral from Buy at Ladenburg... PHH Corp. (PHH) downgraded to Neutral from Buy at Compass Point... Quiksilver (ZQK) downgraded at Monness Crespi... TPG Specialty Lending (TSLX) downgraded to Market Perform at Wells Fargo... Triangle Petroleum (TPLM) downgraded to Neutral from Buy at Global Hunter... W.R. Grace (GRA) downgraded to Buy from Conviction Buy at Goldman.
News For AEIS;AGN;BRCM;CSH;CNC;CLVS;DANOY;HEINY;KOS;MWV;OIS;OXLC;PHH;ZQK;TSLX;TPLM;GRA From The Last 14 Days
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February 8, 2016
14:28 EDTCNCNotable companies reporting before tomorrow's open
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11:34 EDTCNCCentene gets contract recommendation for Nebraska's Heritage Health program
Centene announced that its subsidiary, Nebraska Total Care, has been selected by the Nebraska Department of Health and Human Services', DHSS, Division of Medicaid and Long-Term Care as one of three managed care organizations, MCO, to administer its Heritage Health program. Heritage Health is a new healthcare delivery system that combines Nebraska's current physical health, behavioral health, and pharmacy programs into a single comprehensive and coordinated system for 230,000 Medicaid and Children's Health Insurance Program enrollees. Nebraska Total Care has been selected to operate statewide.
09:34 EDTAGNPfizer sees decision about potential separation by no later than end 2018
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09:32 EDTAGNPfizer names executive leadership team for combined organization
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07:37 EDTAGNSupernus prevails in Oxtellar XR ANDA litigation
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February 5, 2016
15:03 EDTAGNCourt rules in favor of Supernus on two patents in suit with Actavis
The U.S. District Court for the District of New Jersey entered judgment against Actavis, now known as Allergan (AGN), and in favor of Supernus (SUPN) as to the '898 and '131 patents disputed in a lawsuit between the two companies. The court found against Supernus and in favor of Actavis as to the '600 patent, according to a court filing. The Patents-in-Suit relate to Supernus' Oxtellar XR drug indicated for the treatment of seizures. Shares of Supernus are up 29% in afternoon trading following the court ruling.
February 4, 2016
12:44 EDTGRAOn The Fly: Top stock stories at midday
Stocks on Wall Street had an up and down morning, with the Dow swinging by triple digits in either direction. The market opened lower as oil prices lost their early gains, but as oil began to move higher so did stocks. When oil prices met resistance near the $34 a barrel level it began to pare its gains, once again taking stocks with it. The averages are now back in the green as investors await tomorrow's monthly jobs report. ECONOMIC EVENTS: In the U.S., the Labor Department said that productivity fell at an annual rate of 3% in the fourth quarter, marking the biggest quarterly decline in nearly two years and worse than the expected decline of 2%. Labor costs rose 4.5% in the fourth quarter, versus expectations for an increase of 4.3%. Initial jobless claims rose to 285,000 in the week ended January 30, versus expectations for 277,000 first-time claims. Factory orders declined 2.9% in December, versus expectations for them to be down 2.8% for the month. In Europe, the European Commission lowered its 2016 economic growth forecast for the 19-nation single currency area to 1.7% from the 1.8% expansion the commission had forecast in November. The Bank of England also cut its economic growth forecasts, saying it now expects Britain's economy to grow 2.2% this year and 2.3% next year, which is down from the 2.5% growth for 2016 and 2.6% in 2017 that it previously predicted. Additionally, the BoE maintained its bank rate and held the size of its asset purchase program steady. COMPANY NEWS: Shares of GoPro (GPRO) sunk to an all-time low after the action camera maker reported fourth quarter revenue that fell $60M short of expectations and guided toward sales in the new quarter that were even further below the consensus forecast. GoPro, which also guided to losses in the first quarter and named a new CFO, fell as low as $9.01 earlier in the session before cutting its losses to be down about 8% near noon... Sumner Redstone stepped down as Executive Chairman of both CBS (CBS) and Viacom (VIA, VIAB), being replaced by the CEOs of the companies in both cases. CBS shares were up 1% after Leslie Moonves was named the next Chair of its board, while Class A shares of Viacom were up about 1.5% after Philippe Dauman was selected to succeed Redstone... ConocoPhillips (COP) fell nearly 7% after the oil and gas explorer reported a worse than expected quarterly loss and slashed its dividend to 25c from 74c per share. CEO Ryan Lance said the decision to reduce the dividend was a "difficult one," but that the company believes it is prudent to plan for lower commodity prices for a longer period of time. MAJOR MOVERS: Among the notable gainers was Hersha Hospitality (HT), which rallied 14% after it announced that it signed agreements with Cindat to form a joint venture for seven of the company's hotels in Manhattan for $571.4M. Also higher was VirnetX (VHC), which gained 53% after it was awarded $625.6M in a verdict against Apple (AAPL) for infringing four VirnetX patents. In addition, GrubHub (GRUB) and ProtoLabs (PRLB) were up 15% and 12%, respectively, after reporting quarterly earnings. Among the noteworthy losers were Ralph Lauren (RL), Kohl's (KSS), and AstraZeneca (AZN), which were down 17%, 19%, and 7%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was up 70.02, or 0.43%, to 16,406.68, the Nasdaq was up 6.50, or 0.14%, to 4,510.74, and the S&P 500 was up 3.90, or 0.2%, to 1,916.43.
07:09 EDTTSLXTPG Specialty Lending seeks to terminate investment advisory agreement at TICC
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06:23 EDTGRAW.R. Grace appoints CFO Hudson La Force as COO
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February 3, 2016
18:09 EDTGRAGCP Applied Technologies launches as new publicly traded company
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18:06 EDTGRAW.R. Grace completes spinoff of new company GCP Applied Technologies
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06:13 EDTAGNPfizer 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
February 2, 2016
11:30 EDTCSHCash America management to meet with CL King
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10:59 EDTAGNPfizer CEO confident Allergan deal can close in second half
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06:54 EDTAGNPfizer expects combination with Allergan to occur in 2H16
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February 1, 2016
16:10 EDTAEISAdvanced Energy sees Q1 adjusted EPS 40c-50c, consensus 38c
Sees Q1 revenue $90M-$100M, consensus $89.53M.
16:10 EDTAEISAdvanced Energy reports Q4 adjusted EPS 32c, consensus 26c
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13:25 EDTAGNEarnings Watch: Pfizer shares down approximately 12% since last earnings report
Pfizer (PFE) is scheduled to report fourth quarter earnings before the market open on Tuesday, February 2, with a conference call scheduled for 10:00 am ET. Pfizer, a biopharmaceutical company, discovers, develops, manufactures, and sells healthcare products worldwide. Its product portfolio includes medicines and vaccines, as well as various consumer healthcare products. EXPECTATIONS: Analysts are looking for earnings per share of 52c on revenue of $13.57B, according to First Call. The consensus range for EPS is 49c-54c on revenue of $13.08B-$13.99B. LAST QUARTER: After completing its Hospira acquisition in early September, Pfizer reported third quarter EPS of 60c, which beat consensus estimates of 51c, on revenue of $12.1B, which was also higher than consensus estimates of $11.56B. In Q3 Operational revenue growth in in developed markets was driven primarily by the performance of several key products, including Prevnar 13 in adults, Ibrance and Eliquis -- all products that are early in their life cycles as well as from Lyrica primarily in the U.S., and the inclusion of one month of legacy Hospira U.S. operations. In emerging markets, revenues increased 5% operationally, reflecting continued strong operational growth, primarily from the Innovative Products business. Operational revenue growth was partially offset primarily by the loss of exclusivity and associated generic competition for Celebrex in the U.S., Zyvox in the U.S. and Lyrica in certain developed Europe markets. With its Q3 earnings announcement the company raised its fiscal year 2015 earnings per share view to $2.16-$2.20 from $2.04-$2.10 against a raised revenue view of $47.5B-$48.5B from $46.5B-$47.5B. Commenting on the improved yearly view, the company CFO said "We raised our 2015 financial guidance for reported revenues and adjusted diluted EPS to reflect the strong performance to date of Pfizer-standalone, excluding legacy Hospira operations coupled with an improved business outlook for Pfizer-standalone for the remainder of the year.PFIZER-ALLERGAN DEAL. On November 23, Pfizer and Allergan (AGN) announced that their boards of directors have unanimously approved, and the companies have entered into, a definitive merger agreement under which Pfizer will combine with Allergan. Pfizer at the time said it anticipates the Allergan transaction will deliver more than $2B in operational synergies over the first three years after closing. Pfizer anticipates that the combined company will have a pro forma Adjusted Effective Tax Rate of approximately 17%-18% by the first full year after the closing of the transaction. The transaction is expected to be neutral to Pfizer's Adjusted Diluted EPS in 2017, modestly accretive beginning in calendar year 2018, more than 10% accretive in 2019 with high-teens percentage accretion in 2020. STREET RESEARCH: On December 1, Barclays analyst Geoff Meacham kept an Equal Weight rating on Pfizer after assuming coverage of the name. The analyst maintained a $34 price target for shares.On November 25, SunTrust upgraded Pfizer to Neutral and increased its price target to $37 from $34 on shares. Analyst John Boris said the Allergan deal makes strategic sense, providing much needed growth from earlier life cycle assets with limited therapeutic overlap. PRICE ACTION: Shares of Pfizer are lower by approximately 12% since its last earnings report on October 27. Pfizer shares are trading over 1% lower to $29.97 in afternoon trading ahead of Tuesday morning's earnings.
08:58 EDTCNCCentene files to sell 1.14M shares of common stock for RGA International
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08:17 EDTCNCCenturion selected to provide correctional healthcare in Florida
Centene Corporation announced that Centurion of Florida, a JV between Centene and MHM Services, has reached a formal agreement to provide correctional healthcare services for the Florida Department of Corrections in Regions 1, 2 and 3. This agreement with Centurion is a result of the State undertaking negotiation of a gap contract due to early termination by its prior vendor. The initial term of Centurion's contract with the Department of Corrections runs through January 2018 when the Department anticipates completion of a formal procurement. However, the agreement also includes optional renewal periods if the formal procurement is not finalized in the anticipated timeframe. Centurion will provide comprehensive healthcare services to over 70,000 inmates housed at facilities throughout the three Regions.
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