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Stock Market & Financial Investment News

News Breaks
May 30, 2014
16:34 EDTAGN, VRX, BLOX, LGF, NPSP, SHPG, RTRX, SPLKOn The Fly: Closing Wrap
The market began the session in quiet fashion and remained that way throughout the day. There was little for investors to get excited about, as the day’s economic data proved to be a mixed bag. The averages moved in a narrow range on very light volume while the news flow slowed to a trickle. With memorial Day kicking off the summer season and the week shortened by a day, investors appeared content to let the market drift in the last trading day of the week and the month, albeit near record levels. ECONOMIC EVENTS: In the U.S., personal income rose 0.3% in April, matching expectations, while consumer spending fell 0.1%, versus an expected increase of 0.2%. The Chicago ISM index rose 2.5 points to 65.5 in May, which was much better than expected. The final University of Michigan consumer confidence reading for May came in at 81.9, which was up just 0.1 from the prior reading and a hair below the expected 82.5 figure. COMPANY NEWS: Valeant Pharmaceuticals (VRX) raised its offer for Allergan (AGN) for the second time this week. Under the newly revised proposal, each Allergan share would be exchanged for $72.00 in cash and 0.83 shares of Valeant common stock, plus a Contingent Value Right for DARPin of up to $25.00 per share in value. This is up from the $58.30 in cash, plus shares and the CVR, that Valeant offered just two days ago. MAJOR MOVERS: Among the notable gainers was Retrophin (RTRX), which gained $1.74, or 13.51%, to $14.62 after announcing a license agreement with Mission Pharmacal for Thiola and revising its guidance. Also higher was NPS Pharmaceuticals (NPSP), which jumped $3.68, or 13.41%, to $31.13 after FT Alphaville, citing "usually well informed sources," said Shire (SHPG) has held internal discussions about a potential cash takeover offer for its smaller pharmaceutical industry peer. Among the noteworthy losers was Infoblox (BLOX), which plunged $7.56, or 36.84%, to $12.96 after the company's outlook for the new quarter missed expectations, its CEO Robert Thomas said he will step down and the shares were downgraded by at least six Street research firms. Other decliners following their earnings reports were data analysis software provider Splunk (SPLK), which fell $8.18, or 16.35%, to $41.86, and "Hunger Games" producer Lions Gate (LGF), which dropped $3.40, or 11.51%, to $26.13. INDEXES: The Dow was up 18.43, or 0.11%, to 16,717.17, the Nasdaq was down 5.33, or 0.13%, to 4,242.62, and the S&P 500 was up 3.54, or 0.18%, to 1,923.57.
News For AGN;VRX;BLOX;LGF;NPSP;SHPG;RTRX;SPLK From The Last 14 Days
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September 10, 2014
10:48 EDTNPSPNPS briefing docs 'much less negative' than feared, says Leerink
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10:36 EDTNPSPNPS Pharmaceuticals briefing docs for Naptara benign, says Canaccord
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08:37 EDTSHPGMedgenics appoints Scott Applebaum as Chief Legal Officer
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08:27 EDTNPSPNPS Pharmaceuticals rises after FDA briefing materials posted
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08:06 EDTNPSPNPS says FDA posts briefing materials for meeting reviewing Natpara
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07:31 EDTLGFGoldman to hold a conference
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07:06 EDTSHPGSangamo plans to submit IND application for hemophilia B in 2Q15
Sangamo BioSciences (SGMO) plans to submit an Investigational New Drug application for the treatment of hemophilia B in Q2 2015. This program, partnered with Shire (SHPG), is the first therapeutic application of Sangamo's zinc finger nuclease-mediated In Vivo Protein Replacement Platform. Sangamo is developing the IVPRP as a generally applicable strategy to provide a one-time, permanent genetic cure for monogenic diseases that are currently managed by protein replacement therapy, which involves costly repeat infusions over the lifetime of the patient.
September 9, 2014
16:04 EDTAGNPershing Square reports 9.7% stake in Allergan, sends letter to board
Pershing Square Capital Management sent a letter to the board of Allergan that highlights several reasons why Allergan is extremely shareholder unfriendly and why now is the time for Allergan's management team to wake up. In the letter, Pershing Square said: "Since the bid was announced in April, 75% of Allergan’s shareholders have sold all or a portion of their investment including the company’s largest shareholder, which has sold its entire position. These shareholders are sending the board a message. They would not have sold if they believed that Allergan stock was worth more than current values... We note CFO Jeff Edwards recent decision to retire from the company at age 53 for family reasons, and his replacement by an investor relations executive rather than an experienced public company CFO. The notion that Allergan should execute the largest acquisition in its history led by an investor relations executive is a frightening proposition. While we respect an executive’s need to retire from a company for family reasons, Edwards exit also calls into question the company’s forward earnings guidance which shareholders expected him to execute on when the Company presented these projections on July 21st. I had expected that at some point one or more directors would have woken up and smelled the coffee. There is still time for a subset of directors to rescue their reputations by taking over leadership of this process from David Pyott and his handpicked advisors and doing what you are paid $400,000 per year to do on behalf of the company’s owners."
15:13 EDTNPSPNPS Pharmaceuticals September volatility elevated into PDUFA
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08:17 EDTNPSPNPS Pharmaceuticals likely volatile on briefing docs, says FBR Capital
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06:42 EDTAGN, VRXLew expects to make decision on combating inversion deals soon, NY Times reports
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06:06 EDTRTRXRetrophin files $500M mixed securities shelf
September 8, 2014
17:01 EDTVRXValeant to expand Bausch + Lomb facility, will add 120 new jobs
Valeant Pharmaceuticals announced that the company hosted a ribbon cutting ceremony for the new Bausch + Lomb ULTRA contact lens manufacturing lines and solar array assembly at the company's Optics Center in Rochester, NY. The ceremony recognized the expansion and installation of the new manufacturing lines, which will produce the company's silicone hydrogel contact lens, Bausch + Lomb ULTRA. The solar array, which is currently under construction, will generate and supply electricity through the installation of 3,667 solar panels, helping to reduce the Rochester facility's carbon footprint by 800 tons of carbon dioxide emissions annually.
14:37 EDTNPSPNPS Pharmaceuticals September volatility elevated into PDUFA
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11:05 EDTNPSPOptions with increasing implied volatility
Options with increasing implied volatility: NPSP GILD VNET AVNR GTAT YHOO RHT VRTX SDRL COV MYL
10:03 EDTLGFLionsgate says Lionsgate UK to assume distribution of Summit films
Lionsgate announced that Lionsgate UK will assume responsibility for the distribution of all Summit label films and will integrate them with the Lionsgate, third-party and locally-produced films it already distributes. The expanded distribution will begin with Summit label films produced after July 2015. The move follows last month's announcement that Lionsgate has moved its international sales headquarters to London. Lionsgate UK's distribution of Summit releases will include Allegiant Part 2, the fourth film in the Divergent franchise, which is slated to begin production in 2016 for worldwide release on March 24, 2017. Distribution of Summit titles in the UK was previously handled by eOne Entertainment. eOne and Lionsgate announced last week that they are extending and expanding their partnership in three territories, with eOne continuing to distribute Lionsgate and Summit films in Canada and Spain and Summit titles in Australia through 2018.
10:03 EDTLGFLionsgate UK expands distribution operations
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08:16 EDTSPLKBarclays software analyst holds an analyst/industry conference call
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08:03 EDTLGFLionsgate increases quarterly dividend to 7c from 5c
e dividend is payable on November 7 to shareholders of record as of September 30.
07:21 EDTAGNJazz looks more attractive for Allergan than Salix, says Wells Fargo
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