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Stock Market & Financial Investment News

News Breaks
August 8, 2014
06:16 EDTAGN, VRXAllergan upgraded to Outperform from Market Perform at Leerink
Leerink upgraded its rating on Allergan (AGN) shares to Outperform citing a compelling risk/reward profile following the recent pullback in shares. The firm believes Valeant's (VRX) takeover attempt is having little if any impact on Allergan's business. Leerink has a $184 price target for Allergan shares, which closed yesterday down $5.18 to $151.92.
News For AGN;VRX From The Last 14 Days
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September 19, 2014
11:25 EDTVRX, AGNSenators bring bill requiring companies to settle before inverting
U.S. Senators Sherrod Brown and Dick Durbin announced new legislation requiring corporations to "Pay What You Owe Before You Go" Ė settling their U.S. tax bill before relocating to a foreign country. "Everyone knows that before you leave a restaurant you have to settle your tab," Brown said. "Corporations shouldnít get to play by different rules. While it is critical that we reach a long-term solution that reforms our international corporate tax code by implementing a global minimum tax and reducing the statutory tax rate, this bill is an immediate, commonsense measure to ensure businesses settle up before leaving the U.S." Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN).
September 16, 2014
11:51 EDTVRX, AGNOECD looks to close tax loopholes with new proposals
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05:37 EDTVRX, AGNValeant, Pershing Square, Allergan settle pending litigation before DE Court
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September 15, 2014
11:57 EDTAGNPershing Square submits additional meeting requests
Pershing Square Capital Management announced that on Friday it submitted to Allergan (AGN) additional special meeting requests from shareholders owning approximately 0.6% of Allerganís shares. With these requests, Pershing Square has delivered requests from 51 institutions representing 35.68% of the outstanding common stock of Allergan. At the special meeting, Allergan shareholders will have the opportunity to voice their support for a number of matters, including the removal of six incumbent members of the Allergan board, the appointment of an independent slate of directors, amendments to Allerganís bylaws to eliminate onerous restrictions on the calling of a special meeting, a request that Allergan engage in negotiations with Valeant Pharmaceuticals(VRX) and Pershing Square, and certain other actions to improve corporate governance of Allergan.
September 12, 2014
08:02 EDTAGN, VRXPershing submits special meeting requests totaling 35% of Allergan shares
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05:09 EDTAGN, VRXAllergan comments on Pershing Square delivery of additional requests
Allergan (AGN) commented on Pershing Square Capital Management delivery of additional requests from stockholders owning 1.5% of Allerganís shares to call a Special Meeting of Stockholders. Allergan will review these requests in addition to the requests from stockholders owning 2.8% of Allerganís shares that were delivered on September 3. The company issued the following statement: Notwithstanding Pershing Square and Valeant Pharmaceuticals (VRX) efforts to change the subject, Allergan recognizes that what actually matters is value, and thatís what the company is focusing on delivering to stockholders. In that regard, Allerganís current strategic plan is expected to deliver a compounded annual growth rate of greater than 20% EPS growth, including estimated 2016 EPS at approximately $10.00. Allergan has already scheduled the Special Meeting for December 18. As such, the delivery of additional requests for the Special Meeting by Pershing Square is not a meaningful development. The lawsuit in California is seeking an order barring Valeant, Pershing Square, Ackman, and entities affiliated with them from voting shares that Allergan believes were acquired in violation of the federal securities laws, including insider trading. If Allerganís motion for a preliminary injunction is granted, it would prevent Valeant, Pershing Square, and Ackman from voting their shares at any meeting of stockholders.
September 11, 2014
11:08 EDTAGNAllergan shareholders owning 35% to ask for meeting, Reuters says
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09:52 EDTVRX, AGNValeant to submit consent from 35% of Allergan holders, CNBC reports
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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 Allerganís shareholders have sold all or a portion of their investment including the companyís 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 executiveís need to retire from a company for family reasons, Edwards exit also calls into question the companyís 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 companyís owners."
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.
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.

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