New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 10, 2014
12:22 EDTIGT, RSH, VRX, IDIX, SGMS, AGN, FRAN, MRK, ACHNOn 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
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | 3 | 4 | all recent news | >>
March 16, 2015
18:38 EDTAGNAmerican Airlines to replace Allergan in S&P 500 as of 3/20 close
Subscribe for More Information
17:19 EDTAGNAmerican Airlines to replace Allergan in S&P 500 as of 3/20 close
16:28 EDTVRXOn The Fly: Closing Wrap
Subscribe for More Information
16:01 EDTVRXValeant files to sell $1.45B in common stock
Subscribe for More Information
15:33 EDTMRKMerck says study shows VYTORIN reduced CV events more than simvastatin alone
Subscribe for More Information
12:43 EDTVRXOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after stimulus talk out of China and a rally in European stock markets lifted the U.S. market at the open. There was little reaction to the day’s domestic economic reports, which included the Empire manufacturing index, industrial production data, and a homebuilder confidence index. The week's big economic news, however, is yet to come, as investors look forward to the conclusion of the Federal Reserve's latest rate setting meeting on Wednesday. ECONOMIC EVENTS: In the U.S., the Empire State manufacturing index dipped to 6.9 in March, versus the consensus forecast for a reading of 8.0. Industrial production edged up 0.1% in February, versus expectations for an increase of 0.2%, and capacity utilization fell to 78.9%, versus the 79.5% consensus forecast. The NAHB homebuilder sentiment index dropped to 53 in March from 55 in February, missing expectation for the index to rise to 56. Oil prices continued to tumble, with U.S. crude dropping to a six-year low below $44 per barrel earlier in the session. In Asia, Chinese Premier Li Keqiang said Sunday that his government has room and the tools to take action should growth falter, without detailing specific remedies the government might pursue. COMPANY NEWS: Valeant (VRX), which not long ago lost out to Actavis (ACT) in the race to buy Allergan (AGN), increased its chances of making sure its latest buyout deal gets done by increasing its takeover offer to Salix Pharmaceuticals (SLXP) by about $1B. Rival bidder Endo Health (ENDP) confirmed that it is withdrawing its cash and stock proposal to acquire Salix after Valeant raised its all-cash bid for Salix to $173 per share from $158 per share. Shares of Valeant and Salix both rose about 2%, while Endo shares gained 2.5% following the announcements. MAJOR MOVERS: Among the notable gainers was Life Time Fitness (LTM), which rose 5% after entering into a definitive agreement to be acquired by private equity firms Leonard Green & Partners and TPG in a transaction valued at more than $4B, or $72.10 per share, in cash. Also higher was Edwards Lifesciences (EW), which rose 8% after the company reported data at this weekend's American College of Cardiology conference. Among the noteworthy losers was iDreamSky (DSKY), which dropped more than 25% after the company lowered its guidance because the launch of a popular casual game was delayed on one of the company distribution platforms and the monetization of another popular casual game was less than expected. Also lower were shares of Enzo Biochem (ENZ), which fell 17% after an appeals court reversed-in-part and vacated-in-part the judgment in Enzo’s favor that Life Technologies' (LIFE) Applera Corp. infringed certain Enzo patents. INDEXES: Near midday, the Dow was up 174.81, or 0.98%, to 17,924.12, the Nasdaq was up 39.80, or 0.82%, to 4,911.55, and the S&P 500 was up 20.07, or 0.98%, to 2,073.47.
12:18 EDTVRXProgenics Relistor SI royalty loss transient, says Brean Capital
Subscribe for More Information
10:58 EDTVRXValeant price hike likely ends Salix saga, says UBS
UBS believes the race for Salix (SLXP) is likely over now that Valeant (VRX) has increased its offer price, as expected. The firm said it will still like both Valeant (VRX) and Endo (ENDP) if this is how things end, as it believes the deal is still a very good one for Valeant despite the higher price and it expects Endo to find another deal that should be accretive. UBS has Buy ratings on both Valeant and Endo Health.
10:22 EDTAGNEuropean Commission clears Actavis' pending acquisition of Allergan
Subscribe for More Information
10:18 EDTVRXValeant should win Salix with increased offer, says Cantor
Subscribe for More Information
10:14 EDTSGMS, AGNOptions with decreasing implied volatility
Options with decreasing implied volatility: EXPR ULTA SGMS QIHU BKS PAY URBN AGN AGNC
10:02 EDTFRANOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AmerisourceBergen (ABC) upgraded to Buy from Neutral at UBS... Avago (AVGO) upgraded to Buy from Neutral at DA Davidson... Francesca's (FRAN) upgraded to Buy at Janney Capital... Goldcorp (GG) upgraded to Overweight from Neutral at HSBC... Jabil Circuit (JBL) upgraded to Buy from Hold at Cross Research... JetBlue (JBLU) upgraded to Outperform at Raymond James... King Digital (KING) upgraded to Overweight from Neutral at JPMorgan... L.B. Foster (FSTR) upgraded to Outperform from Neutral at Macquarie... NextEra Energy (NEE) upgraded to Buy from Hold at Deutsche Bank... Petrobras Argentina (PZE) upgraded to Buy from Neutral at BofA/Merrill... Qorvo (QRVO) upgraded to Buy from Neutral at DA Davidson... Randgold (GOLD) upgraded to Overweight from Neutral at HSBC... Royal Gold (RGLD) upgraded to Overweight from Neutral at HSBC... Seagate (STX) upgraded at Needham... Standex (SXI) upgraded to Buy from Hold at BB&T... Union Pacific (UNP) upgraded to Outperform from Neutral at Macquarie... West Corp. (WSTC) upgraded to Outperform from Neutral at RW Baird... Xilinx (XLNX) upgraded to Buy from Hold at Drexel Hamilton... YPF (YPF) upgraded to Buy from Neutral at BofA/Merrill.
09:22 EDTVRXOn The Fly: Pre-market Movers
Subscribe for More Information
08:17 EDTVRXValeant rises 1% after sweetening Salix takeover offer
Subscribe for More Information
08:06 EDTVRXValeant ses Salix deal closing on April 1
08:05 EDTVRXValeant raises offer price for Salix to $173 per share from $158
Subscribe for More Information
08:04 EDTVRXValeant, Salix agree on amended terms to merger agreement
Subscribe for More Information
07:50 EDTVRXValeant to raise offer for Salix to $173 per share, DJ reports
Dow Jones cites sources.
07:31 EDTFRANFrancesca's upgraded to Buy at Janney Capital
Subscribe for More Information
06:37 EDTFRANFrancesca's upgraded to Buy from Neutral at Janney Capital
Subscribe for More Information
1 | 2 | 3 | 4 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use