New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 28, 2013
10:15 EDTRBS, OSK, BWA, SCCO, LIFE, ENR, BBBY, F, CELG, WY, NE, JOY, EEP, AAPL, JOSB, VNO, INGR, STT, NYX, IMGN, GLW, AKSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AK Steel (AKS) downgraded to Sell from Neutral at Goldman... Apple (AAPL) downgraded to Neutral from Outperform at RW Baird... Bed Bath & Beyond (BBBY) downgraded to Sell from Neutral at Goldman... Brookfield Properties (BPO) downgraded to Sell from Neutral at Citigroup... Corning (GLW) downgraded to Equal Weight from Overweight at Barclays... Enbridge Energy (EEP) downgraded to Market Perform from Outperform at Wells Fargo... Energizer (ENR) downgraded to Equal Weight from Overweight at Morgan Stanley... ImmunoGen (IMGN) downgraded to Perform from Outperform at Oppenheimer... Joy Global (JOY) downgraded to Market Perform from Outperform at Raymond James... Life Technologies (LIFE) downgraded to Neutral from Buy at UBS... NYSE Euronext (NYX) downgraded to Neutral from Buy at UBS... Noble Corp. (NE) downgraded to Equal Weight from Overweight at Stephens... Southern Copper (SCCO) downgraded to Underweight from Hold at BB&T... State Street (STT) downgraded to Market Perform from Outperform at Keefe Bruyette... Weyerhaeuser (WY) downgraded to Sector Perform from Outperform at RBC Capital... BorgWarner (BWA) downgraded to Neutral from Buy at Sterne Agee... Ingredion (INGR) downgraded to Neutral from Buy at Citigroup... Celgene (CELG) downgraded to Hold from Buy at Argus... Oshkosh (OSK) downgraded to Neutral from Buy at Longbow... Vornado (VNO) downgraded to Cautious from Neutral at ISI Group... Ford (F) downgraded to Underperform from Neutral at Buckingham... Royal Bank of Scotland (RBS) downgraded to Sell from Neutral at Goldman... JoS. A. Bank (JOSB)downgraded to Equal Weight from Overweight at Johnson Rice.
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | 3 | 4 | 5 >>
November 16, 2015
16:00 EDTAAPLOptions Update; November 16, 2015
Subscribe for More Information
14:07 EDTIMGNClovis plunges after lung cancer drug response rate misses expectations
Shares of Clovis Oncology (CLVS) plunged more than 70% after the drugmaker reported new details regarding its cancer drug candidate rociletinib, with new, confirmed data showing an unexpected drop in effectiveness. SURPRISING DRUG RESULTS: Clovis announced this morning new details regarding its rociletinib drug, which is being studied for the treatment of non-small cell lung cancer. According to the company, the Food and Drug Administration is now requesting additional clinical data on the drug, with a renewed focus on so-called confirmed treatment responses. Clovis explained that previous applications submitted to the FDA -- as well as early data on the drug publicized at medical conferences and elsewhere -- contained some immature and unconfirmed results. Perhaps most notably, the company disclosed that "as the efficacy data have matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected," with the current confirmed response rate for rociletinib now standing at 28% for the 500mg dose and 34% for the 625mg group. The primary driver of the low conversion to confirmed responses was due to ineffective tumor shrinkage as well as general disease progression, including brain metastasis, said the company. APPROVAL DELAY: In the wake of this morning's update, Piper Jaffray's Charles Duncan cut his price target on Clovis shares to $28 from $92 while reiterating a Neutral rating. Duncan explained that Clovis had previously reported a 54%-60% unconfirmed response rate for rociletinib, a significant change from today's confirmed numbers. The analyst had previously speculated that rociletinib might further differentiate itself in the market by demonstrating a meaningful impact on brain metastasis, but Monday's commentary from Clovis seems to specifically downplay that possibility. Though the new data "may still ultimately be approvable," Duncan envisions an approval delay of three to six months given what was revealed, and he pushed anticipated first U.S. sales of the drug to the fourth quarter of 2016 while cutting his expected second-line market penetration to just 25% from 45%. RETHINKING CLOVIS: Goldman Sachs analyst Terence Flynn said he views the news as a "significant setback" for rociletinib, especially given that the updated responses rates come in below that of Tagrisso, AstraZeneca's (AZN) recently-approved rival treatment option. As a result, Flynn put his Conviction Buy rating and $123 price target on Clovis "under review." IMMUNOGEN PRESSURED: Weighing in on the news, RBC's Simos Simeonidis speculated that Monday's selloff in ImmunoGen (IMGN) shares could be related to the Clovis update, as investors may be drawing a parallel between the company's IMGN853 and rociletinib. IMGN853 saw a similar drop in efficacy when adjusting data for confirmed responses, but the drug looks outright potent when limiting results to just key patient groups, the analyst contended. Though IMGN853 will still have to prove itself in larger trials, Simeonidis nevertheless sees the current weakness in ImmunoGen as a buying opportunity. PRICE ACTION: Shares of Clovis have dived more than $71, or 71.5%, to $28.35 in afternoon trading, while ImmunoGen has fallen 7% to $11.62. AstraZeneca, meanwhile, is up better than 4%.
13:11 EDTCELGCelgene jumps 2% after defeating Kyle Bass patent challenge
Shares of Celgene moved higher after the U.S. Patent and Trademark Office declined to review a Revlimid patent expiring in 2019. The USPTO found that that Bass's Coalition for Affordable Drugs was unlikely to succeed, according to Bloomberg. Shares of Celgene are up 2%, or $1.64, to $190.13 in afternoon trading. The agency is reviewing two other patents on the drug.
13:08 EDTCELGCelgene defeats Bass challenege on Revlimid patent, Bloomberg reports
Subscribe for More Information
12:56 EDTFFord faces trial over allegedly exaggerated MPG estimates, Bloomberg says
Subscribe for More Information
12:35 EDTAAPLApple reaps 94% of global smartphone profits, Business Insider says
Subscribe for More Information
12:21 EDTIMGNImmunoGen selloff on Clovis news unwarranted, says RBC Capital
Subscribe for More Information
11:24 EDTSTTClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
10:25 EDTAAPLUBS trims Apple target, says iPhone partner cut production forecast
Hon Hai, which manufactures Apple's (AAPL) iPhones, expects to assemble significantly fewer iPhones this quarter than in the same period in 2014, UBS wrote in a note to investors today. WHAT'S NEW: Hon Hai Precision Industry, also known as Foxconn, is expected to assemble 10% fewer iPhones this quarter than in the same period in 2014, said UBS analyst Steven Milunovich, citing work from fellow UBS analyst Arthur Hsieh. Previously, companies that supply force touch components for iPhones saw a 10%-15% reduction in their orders, the analyst reported. These developments "are not encouraging," but Apple had previously ordered a large number of iPhones for Q4, according to Milunovich. Overall iPhone demand "could still be decent," he believes. However, the analyst lowered his iPhone sales estimate for Apple's March quarter to 61M from 62.5M, asserting that iPhone sales on China's November 11 Singles Day holiday may have come in below expectations. Based on October search volumes, he continues to believe that demand for iPhone units in the fourth quarter of the calendar year will be 75M, in-line with the consensus outlook. Milunovich trimmed his price target on Apple to $140 from $150 but kept a Buy rating on the shares. WHAT'S NOTABLE In a note to investors on November 10, Credit Suisse reported that it was cutting its estimates for 2016 iPhone sales. The firm expects sales of the device to fall 10.4% in the first quarter versus the same period in 2015, and it predicts that iPhone sales will decline 5.5% year-over-year in 2016. Suppliers with greater than 10% exposure to Apple include Avago (AVGO), SanDisk (SNDK), Analog Devices (ADI), Broadcom (BRCM), Texas Instruments (TXN), NXP Semiconductors (NXPI) and Fairchild (FCS), Credit Suisse reported. The firm said it continues to have a negative view of the smartphone sector. PRICE ACTION: In early trading, Apple added nearly 1% to $113.34.
09:37 EDTAAPLActive equity options trading on open
Active equity options trading on open: AAPL FB ORCL BAC SUNE FDX FCX EXPE NFLX MU AMZN INTC TSLA
08:59 EDTWYPlum Creek Timber price target raised to $58 from $46 at DA Davidson
Subscribe for More Information
08:46 EDTAAPL4-inch iPhone 6c may be available in middle of 2016, Cult of Mac reports
Subscribe for More Information
08:44 EDTAAPLGerman watchdog launches probe into Apple, Amazon audio books pact, Reuters says
Germany's Federal Cartel Office has initiated a probe into Apple's (AAPL) arrangement with Amazon (AMZN) for buying audiobooks, Reuters reports. The watchdog said that both companies had a long-term agreement for the purchase of audio books by Apple from Amazon via Apple's iTunes, the report says. Reference Link
08:20 EDTFFord sold remaining interest in Mazda, Nikkei reports
Subscribe for More Information
08:06 EDTENREnergizer should be bought on weakness, says RBC Capital
Subscribe for More Information
06:37 EDTAAPLApple's Cook: No plans to make 'converged' MacBook and iPad, Independent reports
Apple has no plans to build a "converged" MacBook and iPad, the Independent reports, citing CEO Tim Cook. "We feel strongly that customers are not really looking for a converged Mac and iPad," Cook said. "Because what that would wind up doing, or what we're worried would happen, is that neither experience would be as good as the customer wants. So we want to make the best tablet in the world and the best Mac in the world. And putting those two together would not achieve either. You'd begin to compromise in different ways." Reference Link
06:19 EDTAAPLApple News fails to impress publishers, Digiday reports
Subscribe for More Information
06:05 EDTAAPLApple price target lowered to $140 from $150 at UBS
UBS analyst Steven Milunovich lowered his price target for Apple to $140 from $150 saying the stock's multiple is likely to be pressured until supply chain concerns are resolved. UBS analyst Arthur Hsieh indicates Hon Hai's Q4 iPhone assembly order forecast has been cut and should be down 10% year-over-year, Milunovich tells investors in a research note. The analyst is unclear what the order pullback means for iPhone shipments, but notes "it is not encouraging." Milunovich maintains his above-consensus December estimates for Apple, but trimmed his estimates for the March quarter. He keeps a Buy rating on Apple.
November 15, 2015
19:49 EDTAAPLApple CEO Cook expects 'huge' Watch sales this year, IE says
In an interview with Irish Independent published Sunday, Apple CEO Tim Cook said he expects "huge" Apple Watch sales this year. Cook added that he sees iPad sales rebounding, and said the company does not plan a combined iPad-Mac device. Reference Link
13:45 EDTWYWeyerhaeuser shares could return 40% in a year, Barron's says
Subscribe for More Information
1 | 2 | 3 | 4 | 5 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use