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Stock Market & Financial Investment News

News Breaks
June 10, 2014
12:22 EDTIDIX, SGMS, AGN, FRAN, MRK, ACHN, IGT, RSH, VRXOn 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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December 8, 2014
17:30 EDTMRKMerck shares lower after reports of judge decision in Cubist/Hospira case
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16:24 EDTMRKOn The Fly: Closing Wrap
Stocks on Wall Street were lower amid another drop in crude oil prices, which tumbled to five-year lows. The market opened slightly lower following weaker than expected data from China and Japan, with nothing of note on the domestic calendar to get buyers involved in the day’s activity. Near noon, the averages gained downside momentum and though the market pared its losses several times, it was never able to gain any steam to pull the indexes back into the green. ECONOMIC EVENTS: In the U.S., no major economic data was released. In Asia, Chinese exports rose 4.7% from a year earlier in November, which missed the consensus estimate for an 8% increase. Chinese imports fell 6.7% from the prior year last month, compared with projections for a 3.8% increase. Additionally, Japan's revised third quarter gross domestic product estimate showed the economy shrank more than initially thought, with growth contracting an annualized 1.9%. COMPANY NEWS: Shares of Cubist Pharmaceuticals (CBST) surged $26.24, or 35.29%, to $100.60 after Merck (MRK) agreed to acquire the maker of next-generation antibiotics for $102 per share in cash, or $8.4B and the assumption of $1.1B in debt. A number of other antibiotic makers also climbed, including Tetraphase (TTPH), which rose $2.45, or 8.82%, to $30.24, and Cempra (CEMP), which advanced $1.64, or 11.37%, to $16.06, while shares of Merck finished fractionally higher, adding 39c, or 0.63%, to $61.88 following the deal announcement. MAJOR MOVERS: Among the notable gainers following their presentations at the American Society of Hematology, or ASH, annual meeting were Calithera Biosciences (CALA), which gained $2.38, or 22.52%, to $12.95, and Acceleron Pharma (XLRN), which jumped $5.11, or 13.6%, to $42.67. Among the noteworthy losers was McDonald's (MCD), which fell $3.70, or 3.84%, to $92.61 after the Dow member reported a 2.2% decline in global same-restaurant sales in November. Additionally, the fast-food giant warned that its fourth quarter results would be hurt by its sales pressures, supplier issues in China and a stronger U.S. dollar. Also lower were shares of Liquidity Services (LQDT), which plunged $2.77, or 27.0%, to $7.49 after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with surplus merchandise. INDEXES: The Dow fell 106.31, or 0.59%, to 17,852.48, the Nasdaq dropped 40.06, or 0.84%, to 4,740.69, and the S&P 500 slipped 15.06, or 0.73%, to 2,060.31.
16:24 EDTMRKAmgen initiates new combination trial for talimogene laherparepvec with KEYTRUDA
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13:12 EDTMRKMerck paid full price but made good deal for Cubist, says UBS
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12:40 EDTMRKOn The Fly: Midday Wrap
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12:25 EDTMRKAntibiotic makers rise after Merck agrees to buy Cubist
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11:49 EDTACHNAchillion December volatility elevated
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08:32 EDTACHNTrout Group to hold events at ASH 2014
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08:30 EDTMRKMerck says deals with Cubist includes $250M break-up fee clause
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08:21 EDTMRKMerck says looked at all risks, including patent litgation, before Cubist deal
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08:11 EDTMRKCubist volatility elevated into Merck acquiring for $8.4B in cash
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08:08 EDTMRKMerck says about $9.5B of debt to be issued related to Cubist deal
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07:51 EDTRSHRadioShack denies claims of default under $250M credit agreement
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07:35 EDTMRKAdvaxis reports FDA acceptance of IND application for ADXS-PSA combination trial
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07:29 EDTAGNUBS to hold investor trip
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07:18 EDTAGNUBS to hold investor trip
2014 Annual West Coast Investor Trip travels on the West Coast on December 8-10.
07:13 EDTMRKMerck to host conference call
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07:01 EDTMRKMerck to acquire Cubist for $102 per share in cash, or $9.5B
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07:00 EDTMRKMerck to acquire Cubist for $102 per share in cash
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06:12 EDTACHNStocks with implied volatility above IV index mean; LULU ACHN
Stocks with implied volatility above IV index mean; lululemon (LULU) 53, Achillion (ACHN) 216 according to iVolatility.
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