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Stock Market & Financial Investment News

News Breaks
June 10, 2014
12:22 EDTAGN, VRX, ACHN, SGMS, RSH, MRK, IDIX, IGT, FRANOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, threatening to break their recent winning streak. The market has steadily moved higher over the past week and has seen the Dow and S&P move to all-time highs, albeit on very light volume. ECONOMIC EVENTS: In the U.S., wholesale inventories rose 1.1% in April, with sales up 1.3%, which were both better than forecast. The JOLTS report showed job openings climbed 289K to 4.46M in April. In China, official data showed an index of consumer prices rose 2.5% year-on-year in May, while China's producer price index contracted 1.4% during the month. COMPANY NEWS: Allergan (AGN) once again rejected the takeover proposal being made by Valeant (VRX) in partnership with hedge fund Pershing Square, saying that their upwardly revised bid still "substantially undervalues the company, creates significant risks and uncertainties for the stockholders of Allergan, and is not in the best interests of the company and its stockholders." Allergan said in a letter to Valeant that it publicly disclosed that the Allergan board has "serious concerns" about the large stock component of the proposal and that the latest Valeant proposal does not warrant discussions between the companies. Following the latest twist in this ongoing story, shares of Allergan were fractionally lower, while Valeant was down a bit over 1%. MAJOR MOVERS: Among the notable gainers was Achillion (ACHN), which rose another 54% near noon after having gained 47% yesterday. This morning JMP Securities upgraded Achillion following Merck's (MRK) acquisition of Idenix (IDIX) yesterday, while Piper Jaffray became the latest Street research firm to say it believes Achillion is positioned as an acquisition target. Also, Achillion announced that the FDA has removed the clinical hold on sovaprevir, an NS3/4A protease inhibitor, to permit the conduct of trials in patients with HCV. Also higher for a second straight session was Scientific Games (SGMS), which rose nearly 13% after the company announced the appointment of a new President and CEO. The company's shares had risen yesterday after Reuters said another company in the same space, International Game Technology (IGT), was exploring a sale and has attracted interest from rival gaming companies and private equity firms. Among the noteworthy losers was apparel, jewelry, and accessories retailer Francesca’s (FRAN), which sunk more than 13% after the company's first quarter quarter results fell short of analysts' consensus estimates and it cut its fiscal 2014 outlook. Also lower following its own earnings report was RadioShack (RSH), which declined over 9% after reporting a Q1 loss that exceeded analyst's expectations and warning that it may need to borrow additional funds or raise capital if the current trend in its operating results continues or further declines. INDEXES: Near midday, the Dow was down 14.18, or 0.08%, to 16,928.92, the Nasdaq was down 6.62, or 0.15%, to 4,329.62, and the S&P 500 was down 3.39, or 0.17%, to 1,947.88.
News For AGN;VRX;ACHN;SGMS;RSH;MRK;IDIX;IGT;FRAN From The Last 14 Days
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July 15, 2014
11:13 EDTMRK, AGNPerrigo retreats after analyst sees limited potential buyers
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08:11 EDTMRKMerck looks to revive livestock drug Zilmax, WSJ says
Merck has been preparing to conduct a large-scale study this summer to evaluate the safety of its Zilmax feed additive, which the company pulled from the U.S. market last year over concerns in the beef industry that the drug made it difficult for some animals to walk, reported The Wall Street Journal. Reference Link
07:35 EDTMRKPerrigo potential buyers list could be limited, says Jefferies
After Globes reported that Perrigo retained an investment bank to assist with a potential merger, Jefferies says the list of potential buyers could be limited since the store brand business is fundamentally a high volume, lower margin model. The firm notes U.S. companies that currently do not have large over-the-counter divisions include Bristol-Myers (BMY), Eli Lilly (LLY) and Merck (MRK). Jefferies views the merger speculation surrounding Perrigo as not surprising given the company's strong long-term fundamentals and attractive Irish domicile. It has a Buy rating on the stock with a $160 price target.
July 14, 2014
12:47 EDTVRX, AGNAllergan slides question Valeant growth, disclosures, says BMO Capital
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10:00 EDTIDIXOptions with decreasing implied volatility: SHPG INFY CWH FDO IDIX FAST
08:13 EDTAGN, VRXAllergan reiterates belief that Valeant model unsustainable in new presentation
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08:02 EDTAGN, VRXValeant submits HSR filing for proposed acquisition of Allergan
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06:02 EDTIGTInternational Game announces comprehensive systems solution with Northern Quest
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July 11, 2014
16:48 EDTAGN, VRXAllergan comments on Pershing Square’s definitive proxy solicitation
Allergan (AGN) provided the following comment in response to the definitive proxy solicitation filed by Pershing Square Capital Management in connection with Pershing Square’s request to call a Special Meeting of Stockholders. At the Special Meeting, if called, Allergan stockholders would be asked to remove a majority of the company’s existing directors in connection with Valeant Pharmaceuticals' (VRX) unsolicited exchange offer to acquire all outstanding common shares of Allergan for 0.83 shares of Valeant common stock and $72.00 in cash, or subject to proration, an amount of cash or a number of Valeant common shares with the implied value set forth in the exchange offer. Under the current Board’s leadership, which includes individuals with significantly more industry experience than Pershing Square’s recommended nominees, Allergan continues to execute on its plan to drive near- and long-term organic growth, enhance its growth prospects and continue generating significant value for all of Allergan’s stockholders. We believe Pershing Square’s attempt to replace a majority of the Allergan Board is a further effort to support Valeant in its bid to acquire Allergan at a grossly inadequate price that substantially undervalues the company and creates significant risks and uncertainties for Allergan stockholders. Valeant has repeatedly failed to address the serious concerns raised by Allergan and important members of the investment community about Valeant’s anemic organic growth driven by unsustainable price increases, among other fundamental business model issues. Allergan has a track record of consistently acting in the best interests of its stockholders and the Board remains confident in the company’s ability to create significantly more value than Valeant’s proposal.
11:54 EDTAGNAbbVie, Shire in active takeover talks, Bloomberg reports
AbbVie (ABBV) and Shire (SHPG) are in active talks about a potential merger after AbbVie raised its takeover offer for a fourth time, Bloomberg reports, citing people with knowledge of the matter. The talks are in the early stage and may not lead to an agreement, sources told Bloomberg. Shares of Shire are up 5%, or $12.04, to $250.65 following the report.
July 10, 2014
16:12 EDTMRKMedivation names Dawn Svoronos as Chief Commercial Officer
Medivation (MDVN) announced Dawn Svoronos has been appointed as its chief commercial officer, reporting to David Hung, M.D., founder, CEO and president of Medivation. Svoronos currently is a member of Medivation's Board of Directors and is a former president of Europe and Canada for Merck & Co. (MRK), where she oversaw commercial operations in approximately 30 EU and EU accession countries. Svoronos will lead Medivation's commercial organization on an interim basis and will participate in the company's search for a permanent chief commercial officer. Cheryl Cohen, Medivation's former chief commercial officer, has left the company to pursue other opportunities.
11:21 EDTSGMS, IGTInternational Game Technology rises as GTECH reportedly prepares bid
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09:31 EDTVRXNestle acquires rights to aesthetic dermatology products in the U.S. and Canada
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09:31 EDTVRXValeant completes filler, toxin asset sale to Galderma
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09:15 EDTIGTOn The Fly: Pre-market Movers
HIGHER: Zumiez (ZUMZ), up 5.7% after raising Q2 outlook... DragonWave (DRWI), up 5% after reporting better than expected Q1 results... International Game (IGT), up 3.6% after Italian press report says the company will soon get a $4B offer from GTECH... United Continental (UAL), up 2.9% after reporting June traffic. LOWER: Lumber Liquidators (LL), down 23% after downgraded at Jefferies and Credit Suisse following the company's reduced full-year outlook. Tile Shop (TTS), which also serves flooring customers, down 5.5% following Lumber Liqudators' profit warning... Family Dollar (FDO), down 1.9% after reporting Q3 earnings that missed expectations... Tractor Supply (TSCO), down 5.9% after reporting Q2 preliminary results, saying it now sees FY14 results at low end of guidance range... Liquidity Services (LQDT), down 8% after revising Q3 guidance after its sales of selected rolling stock and other assets under its Surplus Contract with the U.S. Defense Logistics Agency have ceased at the request of DLA... Potbelly (PBPB), down 18% after lowering its Q2 and FY14 outlook... Memorial Production Partners (MEMP), down 7.4% after filing to sell 8.6M shares of common units for partners... Kosmos (KOS), down 3.3% after filing to sell 17M shares of common stock.
08:44 EDTIGTInternational Game reported to soon get $4B offer from GTECH, Bloomberg says
International Game Technology (IGT), which has put itself up for sale, will "soon" get an offer worth about $4B in cash and shares from lottery operator GTECH, according to Italy's La Repubblica, reported Bloomberg. International Game shares in New York are up nearly 6% in pre-market trading.
July 9, 2014
18:31 EDTAGN, VRXShareholders urge Allergan to make large acquisition, FT reports
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18:21 EDTAGN, VRXAllergan CEO seeks sizeable acquisitions, WSJ reports
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12:00 EDTIGTStocks with call strike movement; BBRY IGT
BlackBerry (BBRY) December 14 call option implied volatility decreased 5% to 54, International Game (IGT) October 19 call option implied volatility increased 3% to 51 according to IVolatility.
06:19 EDTVRX, AGNAllergan plans broad restructuring plan, Bloomberg says
Allergan (AGN), the pharmaceutical maker that is being chased by Valeant (VRX) and Bill Ackman’s hedge fund, will shelve unpromising pipeline medicines and revamp management incentives, according to Bloomberg, citing two people with knowledge of the matter. The sources said that the restructuring plan, which is set to be explained during Allergan's upcoming earnings announcement, will also detail companywide cost reductions including some legacy expenses. Reference Link
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