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Stock Market & Financial Investment News

News Breaks
February 26, 2014
10:00 EDTITCI, INCY, COV, WCIC, TRVN, RTEC, GOLD, NUTR, LJPC, KLIC, IVAC, HELI, EPE, APLOn The Fly: Analyst Initiation Summary
Atlas Pipeline Partners (APL) initiated with a Hold at Deutsche Bank... CHC Group (HELI) initiated with a Buy at UBS... EP Energy (EPE) initiated with an Overweight at JPMorgan... Intevac (IVAC) initiated with a Neutral at B. Riley... Kulicke & Soffa (KLIC) initiated with a Buy at B. Riley... La Jolla Pharmaceutical (LJPC) initiated with an Outperform at Wedbush... Nutraceutical (NUTR) initiated with an Outperform at Imperial Capital... Randgold Resources (GOLD) initiated with a Buy at UBS... Rudolph Technologies (RTEC) initiated with a Buy at B. Riley... Trevena (TRVN) initiated with an Outperform at JMP Securities... WCI Communities (WCIC) reinstated with an Outperform at Credit Suisse... Covidien (COV) initiated with a Buy at CRT Capital... Incyte (INCY) coverage assumed with a Buy at BofA/Merrill... Intra-Cellular (ITCI) initiated with an Outperform at Cowen.
News For APL;EPE;HELI;IVAC;KLIC;LJPC;NUTR;GOLD;RTEC;TRVN;WCIC;COV;INCY;ITCI From The Last 14 Days
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October 13, 2014
07:57 EDTAPLTarga Resources CEO says acquisition is 'compelling strategic opportunity'
Joe Bob Perkins, CEO of the Targa Resources and of the general partner of the Partnership, stated, "Both the Targa and Atlas management teams and our boards view this integrated transaction as a highly compelling strategic opportunity to combine two outstanding midstream businesses and create value for all shareholders and unitholders. We believe the combination provides our customers an enhanced midstream service offering, and presents our investors with an enterprise that has increased scale, diversity and growth. The acquisitions will significantly and immediately increase our scale and geographic diversity, accelerating the growth of our premier North American midstream platform. APL's footprint solidifies the Partnership's position as a leader in the Permian Basin, while adding top-tier assets in the Midcontinent and South Texas regions. Importantly, the combination of APL's NGL production with Targa Resources Partners' leading NGL downstream assets will allow the pro forma partnership to generate additional revenue along the NGL value chain, create additional attractive growth capital expenditure projects and accelerate current growth capital expenditure projects." The boards of the partnership (NGLS), the company (TGRP), ATLS (ATLS) and APL (APL) have each approved the respective merger agreements. Subject to the completion of the spin-off and customary approvals and conditions, including the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act, the acquisitions are expected to close in 1Q15. The respective boards of APL, ATLS and the Company have voted to recommend the transaction to their unitholders and shareholders.
07:50 EDTAPLAtlas Energy to spin-off non-midstream assets prior to acquisition by Targa
Prior to Targa Resources' (TRGP) acquisition of Atlas Energy (ATLS), ATLS will spin-off its non-midstream assets. After giving effect to the spin-off, ATLS's assets will solely comprise its general partner and incentive distribution rights interests in APL and 5.8M APL common units. Immediately following the spin-off and subject to the concurrent closing of the Partnership's acquisition of APL, Targa Resources will acquire Atlas Energy for total consideration of $1.87B, including 10.35M TRC shares valued at $1.26B based on the closing price of TRC's common stock on October 10 and $610M in cash. Targa Resources has arranged committed financing of $1.1B to replace its existing revolving credit facility and to fund the cash components of the transaction, including cash merger consideration and $149M related to change of control payments. Based on shares of TRC and units of ATLS outstanding as of September 30, current Targa Resources shareholders will own approximately 80% of the pro forma shares outstanding and current ATLS unitholders will own approximately 20%.
07:48 EDTAPLTarga Resources sees 11%-13% distribution growth in 2015 following acquisition
For the Partnership, management expects to recommend a distribution increase 4c per limited partner unit at the first Bboard distribution declaration meeting after the transaction closes; which is expected to be in the first quarter of 2015. Assuming a first quarter close, the Partnership estimates full year 2015 pro forma distribution growth over full year 2014 of 11% 13%, and expects distribution coverage to be at or above the Partnership's stated target range of 1.1x 1.2x. In conjunction with the Partnership recommendation, management expects to recommend a dividend increase of 10c per share for Targa Resources following the closings of the transactions. Assuming a first quarter close and 11%-13% distribution growth at the Partnership, the company estimates full year 2015 pro forma dividend growth over full year 2014 of approximately 35%. The Company's estimated 2015 effective cash tax rate pro forma for the transaction is expected to be 10%-15% compared to 33% on a standalone basis. Targa Resources Corp. expects $1.00 - $2.00 per share dividend accretion over the long term
07:46 EDTAPLTarga Resources to acquire Atlas Pipeline Partners, Atlas Energy
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07:44 EDTAPLTarga Resources to acquire Atlas Pipeline Partners, Atlas Energy
07:37 EDTCOVAmerican Society of Anesthesiologists to hold annual meeting
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07:25 EDTCOVEuropean Association of Cardiothoracic Surgery to hold annual meeting
28th EACTS Annual Meeting is being held in Milan, Italy on October 11-15.
07:17 EDTITCIIntra-Cellular announces top-line safety results from ITI-007 Phase I/II trial
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05:23 EDTGOLDRandgold upgraded to Buy from Neutral at UBS
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October 10, 2014
07:16 EDTCOVAmerican Society of Plastic Surgeons to hold annual meeting
Annual Meeting of ASPS is being held in Chicago on October 10-14.
07:04 EDTCOVMedtronic announces Omar Ishrak will remain CEO of new company
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October 9, 2014
16:37 EDTCOVCovidien receives FDA 510k clearance for Nellcor Portable SpO2 system
Covidien announced FDA 510k clearance for the Nellcor Portable SpO2 Patient Monitoring System. The system is the only commercially available portable oximeter that is equipped with home care and sleep study modes and complies with IEC 60601-1-11 standards for devices used in the home health care environment.
10:00 EDTGOLDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Acuity Brands (AYI) upgraded at Oppenheimer... Agnico-Eagle (AEM) upgraded to Buy from Hold at Desjardins... Apple (AAPL) upgraded to Outperform from Perform at Oppenheimer... Bank of Montreal (BMO) upgraded to Buy from Hold at Canaccord... Basic Energy (BAS) upgraded to Hold from Underperform at Jefferies... BreitBurn Energy (BBEP) upgraded to Outperform from Perform at Oppenheimer... Golden Minerals (AUMN) upgraded at Roth Capital... Helmerich & Payne (HP) upgraded to Buy from Hold at Jefferies... II-VI (IIVI) upgraded to Buy from Neutral at DA Davidson... LivePerson (LPSN) upgraded at Credit Suisse... Luminex (LMNX) upgraded to Market Perform at Cowen... MGM Resorts (MGM) upgraded at Craig-Hallum... New Gold (NGD) upgraded to Buy from Hold at Desjardins... New Source Energy (NSLP) upgraded to Outperform from Perform at Oppenheimer... Pacific Coast Oil (ROYT) upgraded to Buy from Hold at Stifel... Pioneer Energy (PES) upgraded to Buy from Hold at Jefferies... Precision Drilling (PDS) upgraded to Strong Buy from Outperform at Raymond James... Randgold (GOLD) upgraded to Overweight from Neutral at HSBC... Resource Capital (RSO) upgraded to Buy from Hold at MLV & Co.... Toyota (TM) upgraded to Buy from Neutral at BofA/Merrill... Transocean (RIG) upgraded to Outperform from Sector Perform at Iberia... Universal Technical (UTI) upgraded to Outperform from Market Perform at Wells Fargo... Vulcan Materials (VMC) upgraded to Buy from Neutral at Longbow.
05:53 EDTGOLDRandgold upgraded to Overweight from Neutral at HSBC
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October 8, 2014
10:46 EDTCOVOptions with decreasing implied volatility
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10:19 EDTITCIIntra-Cellular management to meet with Leerink
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07:02 EDTTRVNTrevena announces early enrollment completion of TRV130 Phase 2a/b study
Trevena announced that it has closed enrollment of its Phase 2a/b study of intravenous TRV130 in postoperative bunionectomy pain after enrolling a pilot phase and eight of ten planned study cohorts in a second phase. Enrollment closed following a pre-specified interim analysis indicating that the trial had met its key objectives. As a result of the early completion of enrollment, Trevena now expects to report top-line results from the study this quarter, including efficacy, tolerability, and safety measures of TRV130 and morphine. This study was designed to enable Phase 3 development by providing information on dose- and interval-ranging and further elaborating the differentiation of TRV130 versus morphine. In this multicenter, randomized, double-blind, placebo- and active-controlled, multiple dose, adaptive study, the effects of TRV130 were assessed in patients following first metatarsal bunionectomy surgery. Following a pilot phase of the study, pre-specified interim analyses were performed after each cohort of 25 patients to determine dosing adaptations for successive cohorts. Patients were enrolled and randomized after surgery to receive TRV130, morphine or placebo to manage their pain postoperatively. Pain intensity and pain relief were measured using validated rating scales at multiple time points up to 48 hours during the study period. Efficacy, safety, and tolerability were measured in comparison to both placebo and a standard dose of morphine.
October 7, 2014
10:43 EDTCOVOptions with decreasing implied volatility
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October 6, 2014
11:00 EDTCOVOptions with decreasing implied volatilit
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07:12 EDTCOVThe MedTech Conference holds a conference
AdvaMed 2014 is being held in Chicago on October 6-8.
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