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August 14, 2014
17:02 EDTAIV, CP, HME, AGNPershing Square gives quarterly update on stakes
NEW STAKES: None. INCREASED STAKES: Allergan (AGN). DECREASED STAKES: Canadian Pacific Railway (CP). LIQUIDATED STAKES: Apartment Investment and Management (AIV), and Home Properties (HME).
News For AGN;CP;AIV;HME From The Last 14 Days
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October 1, 2015
07:39 EDTAGNJPMorgan sees opportunities in pharma after pullback
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07:03 EDTAGNAllergan receives approval from FDA to market Juvederm Ultra XC
Allergan announced that the company has received approval from the FDA to market JUVEDERM ULTRA XC for injection into the lips and perioral area for lip augmentation in adults over the age of 21. JUVEDERM ULTRA XC instantly adds fullness to the lips and is the only dermal filler that has proven results lasting up to one year for lip augmentation. Since JUVEDERM formulations were first approved in the United States in 2006, physicians and patients have relied on them to correct moderate to severe facial wrinkles and folds, such as the parentheses lines around the nose and mouth. This heritage has continued with introduction of JUVEDERM(R) VOLUMA XC for age-related mid-face volume loss in 2013, and now, with JUVEDERM ULTRA XC for lip augmentation. In clinical trials of JUVEDERM ULTRA XC, the majority of subjects reported improvement in the softness, smoothness and natural look and feel of their lips through one year. In clinical trials, 79% of subjects showed a meaningful improvement in lip fullness three months after treatment. Additionally, more than 78% of subjects reported an improvement in their overall satisfaction with the look and feel of their lips at one year after treatment.
September 30, 2015
12:26 EDTCPRails advance after Goldman says rate of volume declines improving
Shares of railroad operators are advancing after Goldman Sachs moved its Rails coverage view to Attractive from Neutral. WHAT'S NEW: In a note to investors, Goldman Sach's Tom Kim and team said while rail volumes continue to contract, the rate of change has begun to improve and the firm sees this as an early inflection indicator. The negatives in the rail sector appear to be well known as the sector has been under "significant" selling pressure since peaking in the fourth quarter of 2014, added Goldman Sachs. The firm sees structural improvement in the profitability of the rail sector as operating margins for 2015 are estimated to have expanded to 35% from 29% in 2010. Goldman thinks the negative earnings per share revisions cycle for rails is over and that investor expectations are achievable. The firm sees earnings as a catalyst for sector performance and believes carloads will grow again in 2016 with 4% year-over-year growth in intermodal. WHAT'S NOTABLE: Kim upgraded Canadian Pacific (CP) to Buy from Neutral and reiterated its Buy rating on Union Pacific (UNP). The firm sees upside potential for Canadian National Railway (CNI), CSX (CSX), Kansas City Southern (KSU), and Norfolk Southern Corporation (NSC), but it maintained its Neutral ratings on those names as the firm expects these stocks to trade in-line with its broader Transportation coverage universe. PRICE ACTION: In afternoon trading, shares of Canadian Pacific are up nearly 3%, while Union Pacific is higher by almost 1%. CSX is advancing 2.2%, while Canadian National Railway, Kansas City Southern, and Norfolk Southern Corporation are each up over 1%.
10:00 EDTCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Analog Devices (ADI) upgraded to Buy from Neutral at Citi... Asbury Automotive (ABG) upgraded to Neutral from Underperform at BofA/Merrill... Brookfield (BAM) upgraded to Outperform from Market Perform at BMO Capital... CNOOC (CEO) upgraded to Buy from Hold at Jefferies... Canadian Pacific (CP) upgraded to Buy from Neutral at Goldman... Citizens Financial (CFG) upgraded to Buy from Neutral at UBS... Esperion (ESPR) upgraded to Neutral from Sell at Chardan... HSBC (HSBC) upgraded to Buy from Neutral at UBS... Hecla Mining (HL) upgraded to Outperformer from Sector Performer at CIBC... Johnson Controls (JCI) upgraded to Outperform from Market Perform at William Blair... Level 3 (LVLT) upgraded to Buy from Neutral at UBS... Madison Square Garden (MSG) upgraded on asset value, share buyback outlook at Stifel... Medivation (MDVN) upgraded to Market Perform from Underperform at Cowen... PHH Corp. (PHH) upgraded to Buy from Neutral at Compass Point... Post Holdings (POST) upgraded to Buy from Neutral at SunTrust... Ralph Lauren (RL) upgraded to Buy from Neutral at UBS... Regions Financial (RF) upgraded to Buy from Hold at Sandler O'Neill... Shire (SHPG) upgraded to Hold from Reduce at HSBC... Sinopec (SNP) upgraded to Buy from Hold at Jefferies... Verifone (PAY) upgraded to Buy from Hold at Argus.
08:08 EDTCPRails sector upgraded to Attractive from Neutral at Goldman
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07:50 EDTCPCanadian Pacific upgraded to Buy from Neutral at Goldman
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September 29, 2015
16:36 EDTCPCanadian Pacific acquires Steelcare, terms not disclosed
Canadian Pacific has acquired Steelcare, Canada's largest steel transload facility. Steelcare is a transload and distribution hub providing superior transloading, warehousing and distribution services of steel products. Steelcare's Plant Six facility in CP's Aberdeen yard in Hamilton, Ontario, is a 168,000-square-foot facility featuring two drive-through rail and truck loading and unloading areas. Steelcare is able to handle up to 1.5M tons of rail transload product in a given year. The transaction includes TransCare Logistics Corporation, Prometheus Six Inc. and East Port Warehousing & Distribution. Projected yearly revenue as a result of the transaction is approximately $10M. The intent is to keep the current management structure and employees in place. Clements will also serve as Steelcare's Executive Vice President.
13:28 EDTAGNAllergan volatility at 52-week high on share price pull back
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12:33 EDTAGNOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday as the market seeks to break its losing streak, helped by an improvement in consumer confidence that came despite the recent market volatility. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.2% month over month in July, versus the consensus forecast for a rise of 0.1%. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. COMPANY NEWS: Shares of Yahoo (YHOO) advanced 3% after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA). MAJOR MOVERS: Among the notable gainers was Radius Health (RDUS), which rose nearly 10% after Ben Harrington of the Betaville blog stated during an appearance on Tip TV that he has heard that "something will be happening" in terms of M&A involving the company over the "next few weeks." Also higher were several recently beaten down biotech stocks that were seeing some bounceback, including Vertex Pharmaceuticals (VRTX), which gained 5%, and Biogen (BIIB), which advanced 4%. Notably, both of them, along with Amgen (AMGN), were mentioned in a note to investors by Cowen analyst Ken Cacciatore as "hypothetical" targets for Allergan (AGN). Among the noteworthy losers was OvaScience (OVAS), which dropped 38% after saying it now longer expects to meet its 2015 goal of 1,000 Augment cycles. Esperion (ESPR) also fell 38% after the company warned that the FDA could require it to undertake new studies before its ETC-1002 is approved. INDEXES: Near midday, the Dow was up 7.27, or 0.05%, to 16,009.16, the Nasdaq was up 7.38, or 0.16%, to 4,551.35, and the S&P 500 was up 4.56, or 0.24%, to 1,886.33.
10:26 EDTHMEHome Properties to host special shareholder meeting
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10:00 EDTAGNOn The Fly: Analyst Initiation Summary
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08:57 EDTAGNCowen lists Vertex, Biogen and Amgen as hypothetical Allergan targets
Cowen analyst Ken Cacciatore noted that the price agreed for Allergan's (AGN) generic divestiture to Teva (TEVA) is fixed and that the cash value from this deal has not depreciated in any way while the corresponding valuations of potential targets have corrected, increasing the potential value creation available for Allergan as it decides how to deploy its capital. To illustrate the value creation that Allergan's capital deployment could generate, Cacciatore estimates the type of accretion potential that might be seen if the company were to buy Vertex with an acquisition price of $36.5B, if it were to acquire Biogen (BIIB) at a price of $91B or if it were to purchase Amgen (AMGN) with an acquisition price of $140B. Although the market correction has lowered Allergan's stock, the decline could be viewed as a near-term positive, given that a key component of its strategy and business model is to seek to aggressively deploy its capital, Cacciatore argues in a note to investors. The analyst keeps an Outperform rating and $400 price target on Allergan shares.
08:18 EDTAGNAllergan initiated with a Buy at Nomura
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08:03 EDTAGNAllergan price target lowered to $311 from $357 at Leerink
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07:09 EDTAGNAllergan selloff brings 'compelling' buying opportunity, says JPMorgan
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September 28, 2015
16:40 EDTAGNAllergan to begin reporting Global Generics business as discontinued ops in Q3
Allergan (AGN) intends to begin reporting its Global Generics business as discontinued operations with its third quarter 2015 results. The transaction with Teva (TEVA) is expected to close in the first quarter of 2016.
16:23 EDTAGNAllergan sees 10% branded revenue growth after divestiture of generics unit
Following the close of the divestiture of the Generics business to Teva (TEVA), New Allergan (AGN) expects to have a powerful financial profile to drive continued long-term growth: 10% branded revenue growth; Non-GAAP gross margins of 77% to 79% with additional long-term expansion anticipated; Non-GAAP SG&A as a percentage of revenue between 21-24%, declining within that range over time; Non-GAAP tax rate of ~15%; Interest expense for New Allergan will be largely dependent on capital deployment decisions following the close of the transaction; Commitment to investment grade ratings. "New Allergan will have strong double-digit revenue growth and will be a development powerhouse stacked with 70 mid-to-late stage R&D projects to address customer and patient needs," said Brent Saunders, CEO and President. "The New Allergan will be lean and nimble with an expanded margin profile driven by leading brands in seven therapeutic categories, a streamlined operating model with one of the most efficient SG&A as a percentage of sales in the industry, a non-GAAP tax rate of approximately 15 percent, and a simplified manufacturing network globally. The continued robust performance of our overall business and strong mid-to-late stage pipeline puts Allergan in a strong position to meet our growth targets for the remainder of the year and over the long-term."
16:21 EDTAGNAllergan sees 2H15 adjusted EPS $6.25-$6.65
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07:52 EDTAGNIIR Holdings to hold a conference
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September 25, 2015
08:00 EDTAGNAllergan launches generic version of INVEGA
Allergan announced that it has launched a generic version of Janssen's INVEGA in the U.S. Allergan is the first company to receive FDA approval for and launch a generic version of INVEGA, demonstrating the deep expertise of the Company's global generics R&D, regulatory and supply chain teams.
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