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Stock Market & Financial Investment News

News Breaks
May 12, 2014
09:10 EDTAGN, JNJ, SNY, GSK, NVSAllergan CEO says 'rumor mill' inconsistent with company history of discreteness
Allergan CEO suggests "rumors" in the market regarding the company and its potential M&A plans may start outside of the company and may come from those that have an "interest" in spreading such rumors. Note that Bloomberg previously reported, citing sources, that Allergan has so far been rejected by companies including Sanofi (SNY) and Johnson & Johnson (JNJ) and the news service quoted one source as having said that Allergan also contacted GlaxoSmithKline (GSK) and Novartis (NVS).
News For AGN;JNJ;SNY;GSK;NVS From The Last 14 Days
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August 11, 2014
08:47 EDTGSKGlaxo to conduct Ebola vaccine trials later this year, Guardian says
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07:45 EDTSNYMannKind partnership likely to be viewed favorably, says Piper Jaffray
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07:22 EDTAGNJudge sets hearing date for Allergan suit vs. Valeant, Reuters reports
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07:07 EDTSNYIgnyta names Adrian Senderowicz as Chief Medical Officer
Ignyta (RXDX) announced that Adrian Senderowicz, M.D., has been appointed as Chief Medical Officer and SVP, Clinical Development and Regulatory Affairs. Senderowicz was most recently Vice President, Global Regulatory Oncology at Sanofi (SNY).
06:31 EDTSNYMannKind to host conference call
Conference call to discuss the collaboration with Sanofi about global licensing agreement for development and commercialization of Afrezza will be held on August 11 at 8:30 am. Webcast Link
05:18 EDTNVSNovartis reports LCZ696 significantly reduced cardiovascular deaths
New data revealing the reduction in cardiovascular, or CV, deaths with Novartis' LCZ696 in patients with heart failure with reduced ejection fraction, or HF-REF, will be presented at the European Society of Cardiology, or ESC, Congress 2014. The 8,442 patient study, PARADIGM-HF, was specifically designed to see if LCZ696 could increase survival over and above what can be achieved with ACE-inhibitor enalapril in addition to current best treatment in HF-REF patients. In March the Data Monitoring Committee overseeing the study confirmed those given LCZ696 were significantly less likely to die from CV causes, leading to the trial being closed early. LCZ696 significantly reduced cardiovascular deaths in head to head study against enalapril, in addition to current best treatment, in patients with HF-REF. PARADIGM-HF is the largest heart failure study ever conducted and was stopped early in March due to compelling efficacy. LCZ696 was recently granted FDA Fast Track status and rolling submission expected to be complete by end of year.
05:13 EDTSNYSanofi, MannKind announce global licensing agreement for Afrezza
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August 8, 2014
17:10 EDTAGNMarket finishes week up slightly as earnings offset by political events
Stocks finished the week fractionally higher than where they started as strong corporate earnings reports and better than expected economic data was weighed against concerns about geopolitical issues and negative M&A news. MACRO NEWS: A few ongoing geopolitical conflicts worried investors and weighed on shares. Russia unveiled sanctions against Western countries, banning the import of a wide range of food items from the U.S, the EU and a few allied countries in response to sanctions recently enacted against it from G7 nations... President Obama authorized the bombing of rebels in Iraq and Hamas and Israel failed to reach a permanent truce... An ISM services index, the U.S. trade deficit for June, and weekly jobless claims were all better than expected. Meanwhile, the increase in unit labor costs last quarter came in below the consensus outlook, perhaps easing fears that the Fed will need to raise interest rates sooner than expected. COMPANY NEWS: On the M&A front, two huge potential deals fell through as 21st Century Fox (FOX, FOXA) withdrew its offer to acquire Time Warner (TWX) and Sprint (S) reportedly decided to end its pursuit of a merger with peer T-Mobile (TMUS)... President Obama indicated that his administration would take unilateral steps in an effort to prevent companies from carrying out tax inversion acquisitions. Among the deals or possible transactions that involve inversion are Medtronic's (MDT) acquisition of Covidien (COV), Valeant's (VRX) proposed takeover of Allergan (AGN) and Mylan's (MYL) acquisition of Abbott's (ABT) developed markets branded generics pharmaceuticals business. Meanwhile, Walgreen's (WAG) stock tumbled after the U.S. company said it would not structure its takeover of European drugstore chain Alliance Boots as a tax inversion deal... 21st Century Fox, 3D printer maker Stratasys (SSYS), chip maker NVIDIA (NVDA), brewer Molson Coors (TAP), and luxury accessories maker Coach (COH) all rose following their earnings reports. Conversely, Target (TGT), luxury accessories maker Michael Kors (KORS) and Internet coupon provider Groupon (GRPN) fell following their results or guidance... Gannett (GCI) struck a deal to acquire the remaining 73% interest in Classified Ventures, whose primary asset is the online car shopping website Cars.com, for $1.8B from the other partners in the venture, which include McClatchy (MNI), Tribune Media (TRBAA), Graham Holdings (GHC) and A. H. Belo (AHC). Gannett also announced plans to spin-off its Publishing business, which includes USA Today, through a tax-free distribution to shareholders... McDonald's (MCD) stock was little changed after the company reported that its comparable store sales fell 2.5% in July, which was significantly worse than expected. Food quality issues weighed on the fast food company's sales in Asia and as a result of the China supplier issue, the company warned its previously issued global comparable sales forecast for 2014 is now at risk. INDEXES: The Dow finished the week up 0.35% to 16,553.93, the S&P 500 rose 0.32% to 1,931.59, and the Nasdaq gained 0.41% to 4,370.90.
10:58 EDTAGNAllergan rises after analyst sees compelling risk/reward, upgrades stock
Shares of drug maker Allergan (AGN) are rising after research firm Leerink Swann upgraded the stock in a note to investors today. WHAT'S NEW: After Allergan's stock fell recently, the shares' risk/reward ratio has become "increasingly positive" and is now compelling, Leerink analyst Seamus Fernandez wrote. Allergan's business has shown little if any weakness as a result of Valeant's (VRX) takeover bid for the company and Allergan's planned restructuring is overdue, the analyst contended. The weakness in Allergan's shares has been caused mainly by technical and arbitrage issues, according to Fernandez, who forecasts that the company can generate EPS of over $8.20 next year. Meanwhile, Valeant's bid will prevent Allergan's stock from dropping too far as long as it is on the table, Fernandez believes. Allergan has a number of other upcoming potential positive catalysts, including a potential $5B-$10B share repurchase initiative and data due to be released on August 12 on DARPin, the company's drug for wet age-related macular degeneration. A potential compelling acquisition by Allergan could also boost the stock, the analyst wrote. He upgraded the stock to Outperform from Market Perform and placed a $184 price target on the shares. PRICE ACTION: In mid-morning trading, Allergan rose $3.98, or 2.6%, to $155.67.
10:00 EDTAGNOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Activision Blizzard (ATVI) upgraded to Buy from Neutral at Longbow... Allergan (AGN) upgraded to Outperform from Market Perform at Leerink... Andersons (ANDE) upgraded to Buy from Hold at Feltl... Arista Networks (ANET) upgraded to Buy from Neutral at Citigroup... Barrick Gold (ABX) upgraded to Conviction Buy from Buy at Goldman... Brinker (EAT) upgraded to Outperform from Market Perform at Raymond James... CF Industries (CF) upgraded to Buy from Hold at Feltl... CST Brands (CST) upgraded to Neutral from Underperform at Credit Suisse... Cimarex Energy (XEC) upgraded to Accumulate from Hold at KLR Group... Coca-Cola HBC (OCCH) upgraded to Buy from Hold at Deutsche Bank... Delek US (DK) upgraded to Outperform at Cowen... Fifth Street Finance (FSC) upgraded to Buy from Neutral at Guggenheim... Glimcher Realty Trust (GRT) upgraded to Buy from Neutral at BofA/Merrill... Goodrich Petroleum (GDP) upgraded to Strong Buy from Outperform at Raymond James... Monster Beverage (MNST) upgraded to Neutral from Underperform at Longbow... NIC Inc. (EGOV) upgraded to Outperform from Market Perform at Barrington... NVIDIA (NVDA) upgraded at Needham... POZEN (POZN) upgraded to Buy from Hold at Ascendiant... Power Solutions (PSIX) upgraded to Accumulate from Neutral at Global Hunter... Primoris (PRIM) upgraded to Buy from Hold at BB&T... Sierra Bancorp (BSRR) upgraded to Outperform from Market Perform at Raymond James... Sonus Networks (SONS) upgraded to Outperform from Market Perform at Barrington... Stone Energy (SGY) upgraded to Buy from Accumulate at KLR Group... Tornier (TRNX) upgraded at BMO Capital... Tyson Foods (TSN) upgraded to Buy from Hold at BB&T... WGL Holdings (WGL) upgraded to Buy from Hold at Brean Capital.
09:03 EDTGSKGlaxoSmithKline weakness creates buying opportunity, says Argus
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09:01 EDTJNJJohnson & Johnson remains undervalued, says Cowen
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07:01 EDTAGNHarvard professor says Treasury can reduce inversion incentives, NY Times says
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06:51 EDTNVSJudge rules DOJ can pursue Novartis kickback suit, Reuters says
U.S. District Judge Colleen McMahon ruled that the U.S. Department of Justice is allowed to continue its False Claims Act lawsuit versus Novartis regarding allegations that the company used kickbacks to increase sales of medications covered by Medicare and Medicaid, according to Reuters, citing comments from McMahon. Reference Link
06:18 EDTGSKRoyal Bank of Scotland's Hampton leads race to become new GSK chair, FT reports
Royal Bank of Scotland (RBS) Chairman Philip Hampton is the frontrunner to succeed Christopher Gent as chairman of GlaxoSmithKline (GSK), the Financial Times reports, citing sources. Gent will step down from his role at GSK next year. Hampton is not expected to step down from RBS until after May's general election, the sources say. Reference Link
06:16 EDTAGNAllergan upgraded to Outperform from Market Perform at Leerink
Leerink upgraded its rating on Allergan (AGN) shares to Outperform citing a compelling risk/reward profile following the recent pullback in shares. The firm believes Valeant's (VRX) takeover attempt is having little if any impact on Allergan's business. Leerink has a $184 price target for Allergan shares, which closed yesterday down $5.18 to $151.92.
August 7, 2014
08:40 EDTSNYSanofi and Immune Design enters licensing agreement for use of GLASStm
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08:38 EDTNVSEnanta's HCV NS5A inhibitor EDP-239 advances into combination studies
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07:42 EDTSNYPOZEN plans to make future employee reductions
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06:42 EDTAGNObama to look to limit inversion deals, Politico says
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