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Stock Market & Financial Investment News

News Breaks
April 21, 2014
19:02 EDTNFLX, RMBS, AGN, VRXOn The Fly: After Hours Movers
NOTABLE: Allergan (AGN), up 20%, and Valeant Pharmaceuticals (VRX), up 9.1%, both advanced after The Wall Street Journal reported that activist investor Bill Ackman is teaming up with Valeant to make a bid for Allergan. Following the report, Ackman's Pershing Square filed a 13D with the SEC disclosing a 9.7% stake in Allergan and outlining an agreement with Valeant. The agreement, among other things, said that Valeant plans to make a bid for Allergan comprised of $15B of cash and a to-be-determined amount of Valeant stock. The filing also showed that Ackman began building a position in Allergan in late February, and at that time entered an agreement with Valeant forming a new, jointly-owned entity through which to acquire a position in Allergan. CNBC's David Faber reported that Valeant is expected to officially make a hostile bid for Allergan by tomorrow. UP AFTER EARNINGS: Netflix (NFLX) gained 6.3% after reporting profits that beat expectations on revenues that were in-line with expectations. The streaming internet video service also reported that U.S. subscribers grew by 2.25M in the first quarter, with its international subscriber base expanding by 1.75M for the period. DOWN AFTER EARNINGS: Rambus (RMBS) fell 7.5% after providing a second quarter revenue outlook that fell short of expectations, with the company adding that its revenue outlook, "includes expectations that the company will sign new customers for patent as well as solutions licensing." Rambus' first quarter results, however, came in better than expected, and the company also reaffirmed its fiscal 2014 revenue outlook.
News For AGN;VRX;NFLX;RMBS From The Last 14 Days
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September 10, 2014
09:38 EDTNFLXActive equity options trading on open
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06:26 EDTNFLXNetflix initiated with a Neutral at SunTrust
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06:04 EDTNFLXNetflix initiated with a Buy at Canaccord
Target $550.
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."
12:55 EDTNFLXNetflix advances after analyst ups target to $600
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09:36 EDTNFLXActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL KNDI NFLX YHOO TWTR TSLA C BAC FB MCD
08:22 EDTNFLXNetflix price target raised to $600 from $530 at RBC Capital
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07:31 EDTNFLXNetflix enters online U.S. net neutrality strike, Reuters says
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06:42 EDTVRX, AGNLew expects to make decision on combating inversion deals soon, NY Times reports
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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.
16:00 EDTNFLXOptions Update; September 8, 2014
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09:40 EDTNFLXActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TWTR TSLA YHOO BAC FB MSFT NFLX GILD MCD
07:42 EDTNFLXNetflix expands in Europe amid scrutiny, skepticism, WSJ says
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07:21 EDTAGNJazz looks more attractive for Allergan than Salix, says Wells Fargo
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September 5, 2014
10:05 EDTVRX, AGNOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Actavis (ACT) initiated with a Buy at ISI Group... Akamai (AKAM) initiated with a Buy at UBS... Alexion (ALXN) initiated with a Buy at SunTrust... Allegion (ALLE) initiated with a Buy at Buckingham... Allergan (AGN) initiated with a Buy at ISI Group... Aviat Networks (AVNW) initiated with a Neutral at H.C. Wainwright... Celgene (CELG) initiated with a Buy at SunTrust... EZCORP (EZPW) initiated with a Hold at Jefferies... Eaton (ETN) initiated with a Neutral at Buckingham... Emerson (EMR) initiated with a Neutral at Buckingham... HMS Holdings (HMSY) initiated with an Overweight at Stephens... Incyte (INCY) initiated with a Buy at SunTrust... Ingersoll-Rand (IR) initiated with a Neutral at Buckingham... Insmed (INSM) initiated with an Outperform at Cowen... Intercept (ICPT) initiated with an Outperform at Cowen... Johnson & Johnson (JNJ) initiated with an Outperform at BMO Capital... Lennox (LII) initiated with a Neutral at Buckingham... Mylan (MYL) initiated with a Hold at ISI Group... Orion Engineered Carbons (OEC) initiated with a Buy at Goldman... Parker-Hannifin (PH) initiated with a Buy at Buckingham... Pentair (PNR) initiated with a Neutral at Buckingham... Pharmacyclics (PCYC) initiated with a Neutral at SunTrust... Rockwell Automation (ROK) initiated with a Neutral at Buckingham... Sabre (SABR) initiated with an Outperform at Oppenheimer... Santander Consumer (SC) initiated with a Buy at Jefferies... Springleaf (LEAF) initiated with a Buy at Jefferies... Susser Petroleum (SUSP) initiated with a Neutral at Credit Suisse... Teva (TEVA) initiated with a Buy at ISI Group... Valeant (VRX) initiated with a Buy at ISI Group... WESCO (WCC) initiated with a Neutral at Buckingham... Watsco (WSO) initiated with a Neutral at Buckingham... Weyerhaeuser (WY) initiated with a Neutral at JPMorgan... World Acceptance (WRLD) initiated with a Hold at Jefferies.
September 4, 2014
19:12 EDTAGNAllergan provides update on requests from Pershing regarding special meeting
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17:17 EDTAGNAllergan initiated with a Buy at ISI Group
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17:16 EDTVRXValeant initiated with a Buy at ISI Group
Target $159.
16:00 EDTNFLXOptions Update; September 4, 2014
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09:44 EDTAGN, VRXValeant, Ackman deliver another 2.8% consent vote to Allergan, CNBC reports
Valeant (VRX) and Bill Ackman delivered another 2.8% consent vote to Allergan, bringing its total vote to call a special meeting to 33.8%, CNBC's David Faber reports, citing sources. A special meeting has been set for December 18, Faber added.
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