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Stock Market & Financial Investment News

News Breaks
January 17, 2014
10:04 EDTTTEK, TOT, MXWL, AGN, WBK, RENT, SSW, ESI, IBM, STO, PXD, FRXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Allergan (AGN) upgraded to Buy from Neutral at SunTrust... American Express (AXP) upgraded to Positive from Neutral at Susquehanna ... Forest Labs (FRX) upgraded to Outperform from Neutral at Credit Suisse... ITT Educational (ESI) upgraded to Buy from Neutral at BofA/Merrill... Maxwell (MXWL) upgraded to Overweight from Neutral at Piper Jaffray... Pioneer Natural (PXD) upgraded to Buy from Hold at Stifel... Seaspan (SSW) upgraded to Hold from Sell at Stifel... Statoil (STO) upgraded to Buy from Hold at Deutsche Bank... Total (TOT) upgraded to Buy from Neutral at Citigroup... Rentrak (RENT) upgraded to Market Perform from Underweight at Albert Fried... IBM (IBM) upgraded to Buy from Outperform at CLSA... Tetra Tech (TTEK) upgraded to Overweight from Equal Weight at Stephens... Westpac Banking (WBK) upgraded to Neutral from Sell at Goldman.
News For AGN;FRX;ESI;MXWL;PXD;SSW;TOT;STO;RENT;TTEK;IBM;WBK From The Last 14 Days
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June 18, 2015
11:43 EDTIBMIBM, Sogeti partnering on hybrid cloud development
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07:26 EDTIBMImperva price target raised to $75 from $59 at Stephens
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June 17, 2015
17:19 EDTAGNOn The Fly: Top stock stories for Wednesday
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12:23 EDTAGNOn The Fly: Top stock stories at midday
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10:44 EDTAGNSynergy a potential takeover target after constipation drug data
The shares of Synergy Pharmaceuticals (SGYP) are rallying after the company announced that its chronic constipation treatment had met its primary endpoint in a Phase 3 clinical trial. Research firm Canaccord has previously identified Synergy as a potential takeover target and a Bloomberg report said the company had hired advisers to explor a potential sale. WHAT'S NEW: Synergy reported this morning that the 3 mg and 6 mg versions of its anti-constipation drug, plecanatide, had met their primary endpoint in a Phase III trial. Specifically, a statistically significant percentage of patients taking both versions of the drugs responded favorably, based on criteria that the FDA uses to determine approval of chronic constipation treatments, the company stated. Plecanatide was safe and well tolerated at both dose, and the results were positive, the company reported. "These results strengthen our belief that plecanatide has the potential to not only effectively treat constipation but with a durability and tolerability profile that is ideal for chronic use," said Synergy CEO Gary Jacob. "We look forward to the results of our second pivotal trial in the coming weeks," he added. WHAT'S NOTABLE: In a note to investors on May 22, Canaccord analyst Corey Davis initiated coverage of Synergy with a Buy rating. There is "a high likelihood" that data from the company's four Phase III trials due to be conducted over the next year will be positive and the company would be an attractive takeover target if its Phase III data is positive, Jacobs wrote. The analyst placed an $11 price target on the shares. Meanwhile, in March, Bloomberg reported that Synergy was talking to advisers about potentially selling the company after its competitor, Salix Pharmaceuticals, had agreed to be acquired by Valeant Pharmaceuticals (VRX). After the company reported the trial results today, its CEO told Bloomberg that "all options are on the table." IRONWOOD: The shares of Ironwood (IRWD), whose Linzess drug also treats chronic constipation, are falling today following Synergy's data readout. Canaccord's Davis had said that the diarrhea rate of patients taking Synergy's plecanatide had to come in at 10% or lower for the drug to achieve "best differentiation" versus Linzess. Patients taking the 3 mg dose of plecanatide had a diarrhea rate of 5.5%, while 5.9% of those taking the 6 mg dose experienced diarrhea, Synergy reported. Linzess is co-marketed by Ironwood and Forest Pharmaceuticals, a unit of Allergan (AGN). PRICE ACTION: In morning trading, Synergy surged 45% to $6.74, while Ironwood slid fractionally to $12.16.
10:00 EDTMXWLOn The Fly: Analyst Upgrade Summary
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09:35 EDTRENTGuggenheim to hold a conference
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09:25 EDTAGNIronwood slips after Synergy announces data on constipation drug
Shares of Ironwood (IRWD) are lower in pre-market trading after Synergy Pharmaceuticals (SGYP) announced top-line results from the first of two pivotal phase 3 clinical trials evaluating the efficacy and safety of two different plecanatide treatment doses in adult patients with chronic idiopathic constipation. Plecanatide was safe and well tolerated at both doses, Synergy said, noting that the most common adverse event was diarrhea, which occurred in 5.9% of patients in 3.0 mg and 5.5% of patients in 6.0 mg dose groups. Ironwood’s competing Linzess drug had a 16% diarrhea rate for CIC patients, according to its FDA label. Linzess is co-marketed by Ironwood and Forest Pharmaceuticals, a unit of Allergan (AGN). Ironwood shares are down 45c, or 3.7%, to $11.75 in pre-market trading.
09:16 EDTAGNAllergan buyout of KYTHERA boosts aesthetics portfolio, says BMO Capital
BMO Capital says Allergan's (AGN) buyout of KYTHERA (KYTH) builds out the company's aesthetics portfolio. KYTHERA's double chin treatment Kybella "could be a game changer in contouring," and there is no company better suited to make that happen than Allergan, BMO tells investors in a research note. The firm keeps an Outperform rating on Allergan with a $378 price target.
07:44 EDTAGNKYTHERA volatility low into Allergan acquiring for approximately $2.1B
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07:21 EDTAGNGeneric ADHD drugs still sold despite FDA non-equivalance finding, NYT reports
The FDA announced last November that two generic versions of Johnson & Johnson's (JNJ) Concerta ADHD drug, one made by Mallinckrodt (MNK) and the other by UCB, could no longer be considered the equivalent of the branded drug after tests and analyses suggested that their effectiveness began to wear off much more quickly, but the drugs are still being sold despite an FDA mandated deadline having passed for the companies to either prove the drugs were equivalent or remove them from the market, said The New York Times. The report noted a third generic product, sold by Actavis (AGN), was found to be equivalent to the branded Concerta. Reference Link
07:15 EDTAGNAllergan to host conference call
Conference call to discuss a definitive agreement to acquire KYTHERA Biopharmaceuticals-(KYTH) will be held at 8:30 am on June 17. Webcast Link
07:04 EDTAGNAllergan to acquire KYTHERA for $75 per share, or $2.1B
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07:03 EDTAGNAllergan agrees to acquire KYTHERA for $75 per share or approximately $2.1B
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07:03 EDTAGNAllergan agrees to acquire KYTHERA for $75 per share or approximately $2.1B
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07:02 EDTAGNAllergan to acquire KYTHERA for $75 per share, or $2.1B
06:52 EDTMXWLMaxwell upgraded to Outperform from Market Perform at Northland
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June 16, 2015
05:58 EDTSTOStatoil says to cut 1,100-1,500 permanent employees by end of 2016
The effort to standardize, simplify and increase efficiency across Statoil enters the next phase. The potential workforce reduction is estimated at 1,100–1,500 permanent employees by end 2016. In addition Statoil will further reduce the number of consultants by around 525. The estimate for workforce reductions reflects the STEP efficiency potential and further corporate improvements over the coming 18 months. "We regret the need for further reductions, but the improvements are necessary to strengthen Statoil’s competitiveness and secure our future value creation," says Anders Opedal, EVP and COO in Statoil. The improvement programme and strict capital expenditure prioritization was initiated in 2013, addressing the industry wide cost and competitiveness challenge, well ahead of the current downturn. Since end 2013 the workforce has been reduced by 1,340 permanent employees and 995 external consultants. The reductions are achieved through more limited use of consultants, attrition, internal deployment into new positions, severance packages and early retirement. Recruitment has been very limited, but the company has upheld its focus on recruiting apprentices and graduates. The implementation of the improvement agenda continues in coming weeks and months. The changes and actions from STEP have been decided after consultation with the employees’ representatives, and these will now be handed over to the Business Areas for implementation. Statoil has committed to delivering $1.7B in annual savings from the improvement program in 2016, and beyond.
05:56 EDTESIStocks with implied volatility below IV index mean; KORS ESI
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05:45 EDTAGNAllergan, Richter announce FDA has extended review period for cariprazine
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