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Stock Market & Financial Investment News

News Breaks
May 28, 2014
16:24 EDTAGN, VRX, TWTR, SYK, SNN, DSW, DDDOn The Fly: Closing Wrap
Stocks on Wall Street finished lower following a session that began in quiet fashion and remained that way throughout the day. The volume was light, the trading range was tight, and the news flow failed to produce a catalyst that brought buyers into the fray. The S&P 500 touched an all-time high during the session, but was unable to hold onto its narrow gains into the close. Investors will have a busier economic calendar to look forward to tomorrow, which will include the first quarter annualized GDP numbers, weekly jobless claims data, a personal consumption reading, and energy inventory reports. ECONOMIC EVENTS: In the U.S., no major economic data was released. In Europe, a measure of business confidence In the euro area increased to 0.37 in May from 0.28 in April. COMPANY NEWS: Shares of Allergan (AGN) fell $8.90, or 5.39%, to $156.12 after Valeant Pharmaceuticals (VRX) raised the cash portion of its takeover bid by $10 to $58.30, along with 0.83 of a Valeant share and a new contingent value right, or CVR, related to DARPin sales which would provide up to approximately $25.00 per share of additional value. Wells Fargo calculated that, based on Valeant's closing price yesterday, the total new offer for Allergan is around $166 per share, which the firm believes may still be insufficient for Allergan. Following the new bid, which Allergan said it will "carefully review and consider," Valeant shares slid $3.00, or 2.31%, to $126.95. MAJOR MOVERS: Among the notable gainers was Twitter (TWTR), which climbed $3.26, or 10.69%, to $33.77 after Japanese bank Nomura upgraded the stock to Buy from Neutral in a note to investors. Also higher was Stryker (SYK), which rose $2.28, or 2.84%, to $82.64 after Financial Times reported this morning that the company was preparing a takeover bid for its U.K-based rival Smith & Nephew (SNN) and Stryker's CEO reportedly confirmed in an interview that the company was in the early stages of evaluating a potential acquisition of its peer. However, Stryker, at the urging of a British regulator, said it does not intend to make an offer for Smith & Nephew at this time, but reserved the right to make a future bid. Smith & Nephew shares trading in New York advanced $2.71, or 3.37% to $83.05. Among the noteworthy losers was shoe retailer DSW (DSW), which fell $8.90, or 27.37%, to $23.62 and was downgraded at Sterne Agee and Citigroup after its quarter report and yearly profit outlook disappointed. Also lower was 3D Systems (DDD), which slipped $6.20, or 10.95%, to $50.44 after announcing a secondary offering of about 6 million shares. INDEXES: The Dow fell 42.32, or 0.25%, to 16,633.18, the Nasdaq dropped 11.99, or 0.28%, to 4,225.08, and the S&P 500 declined 2.13, or 0.11%, to 1,909.78.
News For AGN;VRX;TWTR;SYK;SNN;DSW;DDD From The Last 14 Days
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October 9, 2014
11:14 EDTAGN, VRXAllergan raises outlook again as Valeant pursuit continues
Drug maker Allergan (AGN) this morning preannounced stronger than expected results and again raised its fiscal year profit guidance. The beat and raise results come after The Wall Street Journal reported on Tuesday that drug maker Valeant (VRX) and hedge fund Pershing Square intend to raise their previous bid for Allergan by $15 per share to about $191. Meanwhile, also on Tuesday, Reuters said that drug maker Actavis (ACT) plans to make a new merger offer to Allergan, and sources indicated to the news service that Allergan may be willing to consider an offer from Actavis if the bid is for more than $200 per share. WHAT'S NEW: Allergan estimated that its third quarter earnings per share would come in at $1.76-$1.78, versus analysts' consensus estimate of $1.48. The drug maker had previously provided Q3 EPS guidance of $1.44-$1.47. Allergan raised its fiscal 2014 EPS guidance to $6.20-$6.25 from $5.74-$5.80. Analysts' consensus estimate was $5.81. This is the fourth time that Allergan has raised its guidance this year. Allergan said that its markets have been strong around the world, while it is gaining market share in most categories. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that, in the wake of Allergan's guidance increase, the company's price to earnings multiple could expand to 22x its estimated 2016 earnings, up from its current multiple of 19x. In addition to the raised guidance, a potential accretive acquisition by Allergan and the possibility that it will be acquired make such an increase in the multiple "quite possible," Biegelsen contended. He kept an Outperform rating on the stock. WHAT'S NOTABLE: Allergan has reportedly held advanced talks about acquiring another company in the sector, Salix (SLXP), although CNBC's David Faber on October 2 reported that the talks between the two companies about a merger had "cooled considerably." PRICE ACTION: In late morning trading, Allergan rose fractionally to $191.06 while Valeant slid 1.5% to $124.08.
10:00 EDTAGNOn The Fly: Analyst Initiation Summary
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09:38 EDTTWTRActive equity options trading on open
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08:50 EDTVRX, AGNAllergan shares have further upside, says Wells Fargo
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06:49 EDTAGNAllergan cites momentum from robust growth of worldwide markets
The company also cites increases in market share in most categories, many regulatory approvals for new products in the U.S. and internationally, and targeted investments to create and grow new products and new categories. Exceptional growth in EPS from the acceleration in sales but also in leveraging of sales and marketing expenditures. The benefits from Allerganís previously announced restructuring program will be reflected in the Companyís actual results beginning in the fourth quarter of 2014 and continuing through 2015.
06:47 EDTAGNAllergan sees FY16 non-GAAP EPS $10.25
06:47 EDTAGNAllergan sees FY15 non-GAAP EPS $8.60, consensus $8.25
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06:47 EDTAGNAllergan sees FY14 non-GAAP EPS $6.20-$6.25, consensus $5.81
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06:46 EDTAGNAllergan raises Q3 EPS to $1.76-$1.78 from $1.44-$1.47, consensus $1.48
Expects Q3 product net sales to increase in excess of 17% in dollars compared to product net sales from 3Q13.
06:18 EDTSYK, SNNBiomet reports Q1 sales up 6% to $775M
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October 8, 2014
20:03 EDTTWTRTwitter news head Vivian Schiller leaving company, Re/code reports
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16:10 EDTAGNAllergan initiated with a Buy at Deutsche Bank
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09:38 EDTTWTRActive equity options trading on open
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09:30 EDTDSWDSW checks indicate improving comp trends, says Cleveland Research
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09:23 EDTDSWCitigroup to hold a tour
Athletic Footwear Mall Tour travels to Roosevelt Field Mall, Garden City, New York on October 8.
08:42 EDTAGNSalix shares should be bought on weakness, says Sterne Agee
After Reuters yesterday afternoon reported that Actavis (ACT) plans to make a new merger approach to Allergan (AGN), Sterne Agee believes that Salix's standalone value is $162. The firm expects the shares to reach that level following approval of its Xifaxan IBS-D drug after the February 2015 PDUFA date.
07:31 EDTDDDFDA to hold a public workshop
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07:19 EDTAGNCBI to hold a conference
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06:23 EDTVRX, AGNActavis more inclined to pursue Allergan over Salix, says Citigroup
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06:00 EDTTWTRInstagram still most used social network for teens, says Piper Jaffray
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