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Stock Market & Financial Investment News

News Breaks
April 29, 2014
07:59 EDTAMGN, ABBV, AZN, PFE, SNYAnalyst sees Amgen, AbbVie as alternate Astra partners, Bloomberg says
Citigroup analyst Andrew Baum contended yesterday that AstraZeneca (AZN) could seek a merger of equals with Amgen (AMGN) or AbbVie (ABBV) as an alternative to the deal proposed by Pfizer (PFE), or that others like Sanofi (SNY) could make rival unsolicited bids, reported Bloomberg. Note that a later Bloomberg report claimed that Amgen is not interested in making a bid for AstraZeneca. Reference Link
News For AMGN;ABBV;AZN;PFE;SNY From The Last 14 Days
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July 18, 2014
16:47 EDTABBVMarket ends week higher as earnings, M&A offset geopolitical tensions
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13:46 EDTABBVAbbVie price target raised to $85 from $71 at Jefferies
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10:34 EDTABBVShire downgraded to Neutral from Overweight at Piper Jaffray
Shire (SHPG) is being acquired by AbbVie (ABBV).
10:30 EDTABBVAbbVie says can't back out of Shire deal based on tax law change, Bloomberg says
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09:29 EDTABBVAbbVie, Shire says merger should help in enhanced buyback and dividend programs
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05:17 EDTABBVAbbVie, Shire agree on merger worth GBP32B pounds
The boards of AbbVie (ABBV) and Shire (SHPG) announced that they have reached agreement on the terms of a recommended combination of Shire with AbbVie. Under the terms of the Merger, Shire shareholders will be entitled to receive per share GBP 24.44 in cash and 0.8960 new AbbVie shares. Immediately following the transaction, Shire shareholders are expected to hold new AbbVie Shares representing approximately 25% of the issued share capital of new AbbVie. AbbVie expects the transaction to be accretive to adjusted earnings per share in the first year following completion, growing to above $1.00 per share by 2020, with "material ongoing financial and operating benefits." The AbbVie board also expects the transaction to reduce New AbbVie's effective tax rate to approximately 13% by 2016. The Shire board said it "considers the terms of the Transaction to be fair and reasonable." In order to undertake the transaction, AbbVie has formed a new company, New AbbVie, which is incorporated in Jersey, Shire's current place of incorporation. Following completion of the Transaction, New AbbVie will become the holding company of the Shire Group and the AbbVie Group. It is intended that the New AbbVie Shares will be listed on the New York Stock Exchange.
05:12 EDTABBVAbbVie to acquire Shire for 52.48 pounds per share in cash, stock
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July 17, 2014
16:10 EDTAMGNAmgen announces positive Phase 3 results for AMG 416
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12:56 EDTABBVAbbVie set to announce GBP 31B deal to buy Shire, FT says
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12:54 EDTABBVAbbVie set to announce GBP 31B deal to buy Shire, FT says
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08:08 EDTPFEBristol-Myers, Pfizer announce enrollment in Phase IV EMANATE trial for Eliquis
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05:53 EDTABBVStocks with implied volatility movement; HLF ABBV
Stocks with implied volatility movement; Herbalife (HLF) 52, AbbVie (ABBV) 30 according to iVolatility.
July 16, 2014
10:36 EDTAZN, PFETreasury calls on Congress to halt inversion deals
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09:27 EDTPFEPfizer to acquire InnoPharma for upfront cash payment of $225M
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09:03 EDTSNYSanofi held talks on mature drugs with Abbott, Mylan, PE firms, Reuters says
Sanofi (SNY) has shopped an $8.5B portfolio of mature drugs to Abbott (ABT), Mylan (MYL) and private equity firms, according to Reuters, citing an internal company document circulated by the CGT union. Sanofi is considering whether to sell, carve out or create a joint venture for the portfolio of about 200 drugs, but a Sanofi spokesman said no decision has yet been made, the report noted. Reference Link
08:01 EDTAZNAlexion names former AstraZeneca CEO David Brennan to board
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07:59 EDTAZN, PFE, ABBVTreasury Secretary urges Congress to take action on tax inversions
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07:04 EDTPFEPfizer says primary endpoint met in Phase 3 study of BeneFIX
Pfizer announced the positive results of a Phase 3 study comparing a prophylaxis regimen of BeneFIX Coagulation Factor IX 100 IU/kg once-weekly to on-demand treatment in people with moderately severe to severe hemophilia B. The top-line results of the study showed that the primary study endpoint was met and hemophilia B patients taking once-weekly BeneFIX showed a statistically significant reduction in the annualized bleeding rate relative to on-demand treatment with BeneFIX. In the study, the median ABR value, a commonly used measure of efficacy for prophylaxis regimens in hemophilia, was 2.0 for the prophylaxis regimen, compared to 33.6 for the on-demand regimen, representing a 94% decrease in bleeding rates. The mean ABR value was 3.6 for the prophylaxis period, compared to 32.9 for the on-demand treatment, which represents a reduction of 89%. Study results also showed that prophylaxis treatment significantly reduced both spontaneous and traumatic ABR compared to on-demand treatment with BeneFIX. In addition to meeting the primary endpoint, the secondary study endpoints showed that none of the 1,254 prophylaxis infusions administered during the study were associated with a less than expected therapeutic effect occurrence, which was defined as a spontaneous bleed occurring within 48 hours of a prophylaxis infusion. These results are preliminary, top-line data and are subject to additional analyses. Complete results from this study will be submitted for presentation at upcoming medical congresses and submitted for publication in a peer-reviewed journal.
July 15, 2014
10:56 EDTAMGNFed calls small cap social media, biotech valuations 'stretched'
The Board of Governors of the Federal Reserve in its Monetary Policy Report dated today said valuation metrics in "some sectors" appear substantially stretched, "particularly those for smaller firms in the social media and biotechnology industries, despite a notable downturn in equity prices for such firms early in the year." A later part in the document reads, "Equity valuations of smaller firms as well as social media and biotechnology firms appear to be stretched, with ratios of prices to forward earnings remaining high relative to historical norms." The specific targeting of sectors by the Fed seems to be having an impact on stocks in the social media and biotech spaces. Shares of Yelp (YELP) are down over 5% to $67.51, while Twitter (TWTR) and Facebook (FB) are each down 2%. Celgene (CELG) and Amgen (AMGN) are leading the biotech space lower with pullbacks of greater than 1%.
10:33 EDTAMGNFacebook, Twitter slip following cautious valuation comments from Fed
Shares of a number of companies in the social media and biotech industries moved lower following the circulation of cautious comments about their stock valuations that were included in the Federal Reserve's latest Monetary Policy Report. WHAT'S NEW: In the report, presented by the Board of Governors of the Federal Reserve and signed on behalf of the governors by Chair Janet Yellen, the central bank wrote that some broad equity price indexes have increased to all-time highs in nominal terms since the end of 2013, but that valuation measures for the overall market in early July were "generally at levels not far above their historical averages." However, the Fed's report also cautioned that valuation metrics in some sectors do appear substantially "stretched," particularly those for smaller firms in the social media and biotechnology industries, despite a notable downturn in equity prices for such firms early in the year. As support for its assessment, the Fed noted that ratios of prices to forward earnings for "smaller firms as well as social media and biotechnology firms" remain "high relative to historical norms." PRICE ACTION: Following the circulation of the comments in the Fed report, shares of Facebook (FB) are down 88c, or 1.3%, to $67.02, Twitter (TWTR) is down 24c, or 0.6%, to $38.07 and LinkedIn (LNKD), is down 21c, or 0.1%, to $159.57. Shares of some biotechnology companies including Celgene (CELG) and Amgen (AMGN) also ticked lower following the circulation of the comments from the Fed's report.
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