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Stock Market & Financial Investment News

News Breaks
June 16, 2014
07:07 EDTMS, VRX, AGNAllergan: Executives from Morgan Stanley recently sent emails to management
Allergan (AGN) says executives from Morgan Stanley (MS), the investment bank understood to have recently been retained by Valeant (VRX), have sent emails directly to Allergan’s management team that suggest they share the concerns of Allergan and third parties.
News For AGN;VRX;MS From The Last 14 Days
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July 20, 2015
08:47 EDTMSMorgan Stanley CFO: Retail investor activity yet to increase from subdued levels
Morgan Stanley CFO Jonathan Pruzan said the firm's view on Wealth Management remains positive as the recovery plays out in the U.S., with growth expected to come from its bank strategy and fee-based program. "We continue to see softness in transactional revenues, which were down 8% compared to last quarter as retail investor activity has yet to increase from subdued levels," Pruzan added.
08:43 EDTMSMorgan Stanley CEO says firm should benefit from being overweight U.S.
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08:38 EDTVRXAnalyst predicts Zoetis merges with Bayer unit, not Valeant
Zoetis (ZTS) in recent months has been the subject of takeover speculation, possibly for Valeant (VRX), but a Jefferies analyst told investors today in a research note that he views a deal with a unit of healthcare giant Bayer (BAYRY) as "highly likely" for the animal medicine company. BACKGROUND: Bill Ackman of Pershing Square, who owns stakes in both Zoetis and Valeant, said in early May while speaking on CNBC that Zoetis is a "great” business on a standalone basis, but he also spoke of the company's strategic value. Ackman added, however, that he was "not sure" that Valeant was the best acquirer of Zoetis. Subsequently, in late June, The Wall Street Journal reported that Valeant made a preliminary approach regarding a potential deal to buy Zoetis. CNBC's David Faber said the next day, citing his own sources, that Valeant reached out to Zoetis as a courtesy to common shareholder Ackman and was unlikely to pursue an acquisition of the company, though he cautioned then Valeant could change its approach and pursue a deal. BAYER: Jefferies analyst Jeffrey Holford said in a note today that he views a tie-up between Zoetis and Bayer's Animal Health business in 2016 as "highly likely." He sees Mylan's (MYL) acquisition of Abbott's (ABT) non‑U.S. developed markets specialty and branded generics business as a potential proxy for how a transaction could be structured, adding that such a "spinversion" could achieve up to 36% long-term earnings accretion for Zoetis. Holford reiterated a Buy rating on Zoetis with a $60 price target, while downgrading Bayer to Hold, citing valuation following the recent outperformance of its shares. IDEXX: While being discussed as a target, some analysts have also opined on companies that Zoetis could pursue as a buyer. On June 29, Canaccord said that in investor meetings with IDEXX (IDXX) executives declined to comment on Zoetis' potential interest in scaling up its animal health diagnostics business. Canaccord added that it thought Zoetis could make a bid for IDEXX. The firm reiterated its Buy rating and $80 price target on IDEXX shares at that time. PRICE ACTION: Since June 25, the day the Journal first reported on Valeant's preliminary takeover approach to Zoetis, the animal health company's shares have dropped nearly 4%. Zoetis closed down 20c to $47.80 on Friday.
07:33 EDTVRXValeant price target raised to $285 from $275 at Canaccord
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07:10 EDTMSMorgan Stanley rises 3.8% to $41.75 in pre-market after Q2 earnings beat
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07:05 EDTAGNAllergan Q2 to alleviate competitive concerns, says JPMorgan
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07:05 EDTMSMorgan Stanley reports tangible book value per common share $29.54
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07:04 EDTMSMorgan Stanley reports Q2 Wealth Management net revenues $3.9B
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07:01 EDTMSMorgan Stanley reports Q2 EPS ex DVA 79c, consensus 74c
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July 19, 2015
19:12 EDTMSFederal Reserve proposes changes to 'stress test' regulations
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July 17, 2015
15:20 EDTMSMorgan Stanley July weekly 40 straddle priced for 3.1% movement into Q2
14:00 EDTMSEarnings Watch: Morgan Stanley rounds out quarterly results for financial firms
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13:34 EDTMSMorgan Stanley technical comments ahead of results
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10:05 EDTAGNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Accretive Health (ACHI) downgraded to Market Perform from Outperform at Cowen... Allergan (AGN) downgraded to Outperform from Top Pick at RBC Capital... Best Buy (BBY) downgraded to Underperform from Buy at BofA/Merrill... Cablevision (CVC) downgraded to Hold from Buy at Jefferies... Credit Suisse (CS) downgraded to Hold from Buy at Deutsche Bank... Domino's Pizza (DPZ) downgraded to Sector Weight from Overweight at KeyBanc... First Quantum Minerals (FQVLF) downgraded to Neutral from Outperform at Credit Suisse... First Republic (FRC) downgraded to Market Perform from Outperform at FBR Capital... Fresenius SE (FSNUY) downgraded to Neutral from Buy at Goldman... Golden Minerals (AUMN) downgraded to Neutral from Buy at Roth Capital... JD Wetherspoon (JDWPY) downgraded to Reduce from Neutral at Nomura... NV5 Holdings (NVEE) downgraded to Neutral from Accumulate at Global Hunter... National Oilwell (NOV) downgraded to Sell from Neutral at UBS... Natural Gas Services (NGS) downgraded to Neutral from Buy at Global Hunter... Primoris (PRIM) downgraded to Neutral from Accumulate at Global Hunter... Receptos (RCPT) downgraded to Hold from Buy at Evercore ISI... SKF AB (SKFRY) downgraded to Hold from Buy at Deutsche Bank... STAG Industrial (STAG) downgraded to Sell from Neutral at UBS... SolarWinds (SWI) downgraded to Hold from Buy at Deutsche Bank... Syntel (SYNT) downgraded to Market Perform from Outperform at William Blair... TECO Energy (TE) downgraded to Neutral from Buy at UBS... Tangoe (TNGO) downgraded to Underweight from Equal Weight at Barclays... Tegna (TGNA) downgraded to Hold from Buy at Evercore ISI.
08:02 EDTVRXValeant agrees to acquire Amoun Pharmaceutical
Valeant announced that it has entered into a definitive agreement under which Valeant will acquire Mercury Holdings, the holding company of Amoun Pharmaceutical, for consideration of approximately $800M, plus contingent payments. Amoun Pharmaceutical currently expects to reach EGP 1.75B by 2015, with annual growth of approximately 20%. Valeant intends for Amoun to serve as a platform for further expansion in the broader Middle East and North Africa pharmaceutical market and expects the transaction to close in the third quarter, subject to customary closing conditions.
06:39 EDTAGNAllergan downgraded to Outperform from Top Pick at RBC Capital
RBC Capital downgraded Allergan to Outperform and maintained its $361 price target. The firm sees few catalysts and is less confident near-term in P&L upside, but has left estimates unchanged. RBC Capital said there are several important products subject to competitive threats that could pressure sentiment but said valuation remains attractive against solid mid-teens multi-year earnings growth.
July 16, 2015
13:54 EDTMSEQT Partners exploring selling EEW to Morgan Stanley, Bloomberg reports
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08:17 EDTMSMorgan Stanley July weekly volatility elevated into Q2 and outlook
Morgan Stanley July weekly call option implied volatility is at 25, August is at 21, October is at 20 compared to its 52-week range of 16 to 34, suggesting large near term price movement into the expected release of Q2 results on July 20.
July 15, 2015
16:24 EDTAGNAllergan says Akorn seeks FDA approval for generic Restasis
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07:42 EDTMSCommodity Futures Trading Commission to hold a public roundtable
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