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Stock Market & Financial Investment News

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June 9, 2014
09:58 EDTARCO, MTU, OXM, PFG, SJM, COF, STI, TCP, NVS, FDO, BMRN, GPRE, LPL, SRE, LB, DGOn The Fly: Analyst Upgrade Summary
Arcos Dorados (ARCO) upgraded to Buy from Underperform at BofA/Merrill... BioMarin (BMRN) upgraded to Outperform from Neutral at Credit Suisse... Capital One (COF) upgraded to Buy from Neutral at Nomura... Dollar General (DG) upgraded to Buy from Hold at Jefferies... Family Dollar (FDO) upgraded to Buy from Hold at Jefferies... J.M. Smucker (SJM) upgraded to Market Perform from Underperform at Wells Fargo... L Brands (LB) upgraded to Perform from Underperform at Oppenheimer... Novartis (NVS) upgraded to Equalweight from Underweight at Barclays... Principal Financial (PFG) upgraded to Equal Weight from Underweight at Morgan Stanley... Sempra Energy (SRE) upgraded to Buy from Neutral at ISI Group... TC PipeLines (TCP) upgraded to Equal Weight from Underweight at Barclays... Oxford Industries (OXM) upgraded to Buy from Neutral at Sidoti... LG Display (LPL) upgraded to Outperform from Neutral at Macquarie... SunTrust (STI) upgraded to Outperform from Market Perform at Keefe Bruyette... Mitsubishi UFJ (MTU) upgraded to Buy from Neutral at BofA/Merrill...Green Plains (GPRE) upgraded to Overweight from Equal Weight at Stephens.
News For ARCO;BMRN;COF;DG;FDO;SJM;LB;NVS;PFG;SRE;TCP;OXM;LPL;STI;MTU;GPRE From The Last 14 Days
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February 23, 2015
16:27 EDTBMRNOn The Fly: Closing Wrap
Stocks on Wall Street began the session in negative territory and remained there for most of the session, with the Nasdaq the lone index to post a small gain. The Dow was weighed down by shares of Boeing (BA), which slid after the stock received a downgrade. There was little in the way of positive economic news, as the most notable report showed existing homes were lower than expected due to a shortage of inventory. The averages drifted for most of the session, as investors may be waiting on the sidelines ahead of tomorrow’s banking panel testimony by Fed Chair Janet Yellen. ECONOMIC EVENTS: In the U.S., the Chicago Fed national activity index rebounded to 0.13 in January, which was nearly in-line with expectations. Existing home sales dropped 4.9% to a 4.82M rate in January, which was much worse than the expected 1.8% drop to a 4.95M unit rate. In Europe, the Ifo Institute’s measure of German business confidence rose to 106.8 in February, which was up a tenth of a percentage point from the previous month but below the 107.7 consensus forecast. Also, the Bank of Israel became the latest central bank to cut rates this year, lowering its main interest rate to 0.1% from 0.25%. COMPANY NEWS: The shares of a number of health insurers rose after the Centers for Medicare and Medicaid Services, or CMS, issued preliminary 2016 Medicare Advantage rates. According to Credit Suisse, the rates were favorable for the insurers. Following the CMS announcement made late Friday, Humana (HUM) climbed $8.40, or 5.38%, to $164.52, UnitedHealth (UNH) rose $3.78, or 3.36%, to $116.40, and WellCare (WCG) gained $4.68, or 5.53%, to $89.30. MAJOR MOVERS: Among the notable gainers was PTC Therapeutics (PTCT), which jumped $9.77, or 17.7%, to $64.96 after Reuters said the company is working with financial advisers to explore a potential sale after receiving takeover interest from several companies including Shire (SHPG) and BioMarin (BMRN). Also higher was Valeant (VRX), which rose $25.49, or 14.71%, to $198.75 after the company agreed to buy Salix (SLXP) for $158 per share and also reported better-than-forecast earnings. Salix shares, however, fell $2.09, or 1.32%, to $155.76, as a report Friday from CNBC's David Faber telegraphed the deal and suggested Valeant could value Salix around $160 per share. Among the noteworthy losers was Spectrum Pharmaceuticals (SPPI), which dropped $1.18, or 15.82%, to $6.28 after a judge ruled that a drug which could compete with the company's Fusilev treatment does not infringe on the company's intellectual property. Also lower were shares of Boeing, which fell $3.57, or 2.26%, to $154.74 after the stock was downgraded to Sell from Neutral at Goldman Sachs. INDEXES: The Dow fell 23.60, or 0.13%, to 18,116.84, the Nasdaq gained 5.01, or 0.1%, to 4,960.97, and the S&P 500 slipped 0.64, or 0.03%, to 2,109.66.
15:00 EDTNVSFDA approves Farydak for treatment of multiple myeloma
The FDA approved Farydak for the treatment of patients with multiple myeloma, a form of blood cancer that arises from plasma cells, a type of white blood cell, found in bone marrow. Farydak is the first HDAC inhibitor approved to treat multiple myeloma. It is intended for patients who have received at least two prior standard therapies, including bortezomib and an immunomodulatory agent. Farydak is to be used in combination with bortezomib, a type of chemotherapy, and dexamethasone, an anti-inflammatory medication. Farydak is marketed by Novartis.
13:40 EDTNVSAnalysts clash on Spectrum outlook after patent suit setback
Two research firms had divergent views on Spectrum Pharmaceuticals (SPPI) after a judge ruled that a drug which could compete with the company's Fusilev treatment does not infringe on the company's intellectual property. BACKGROUND: Late Friday, a federal judge ruled that Novartis' (NVS) levoleucovorin, a generic version of Spectrum's Fusilev, does not infringe on Spectrum's intellectual property. Fusilev is indicated after high-dose methotrexate therapy in osteosarcoma, a type of cancer that starts in the bones. It is also used to treat patients with advanced metastatic colorectal cancer. BEARISH TAKE: Roth Capital analyst Joseph Pantginis downgraded Spectrum to Neutral from Buy following the ruling, as he believes the risk to the company's revenue has risen. The company is meaningfully less likely to become profitable again, wrote Pantginis, noting that Fusilev accounted for about 50% of the company's product revenue. According to the analyst, Spectrum is becoming increasingly focused on developing its earlier stage drugs, and he expects those drugs to grow slowly. Pantginis slashed his price target on the shares to $7 from $15. BULLISH TAKE: In a note to investors earlier today, Reni Benjamin, an analyst at research firm H.C. Wainwright, wrote that the stock's plunge after the judge's ruling "creates a table-pounding buying opportunity," noting that Fusilev has been granted exclusivity as a colorectal treatment until 2018. Benjamin does not expect the company's revenue from Fusilev to decline at all until 2018, as a citizen's petition submitted by Spectrum to the FDA, along with an appeal the company is mounting to Friday's ruling, and the difficulty that Novartis will have launching its version of the drug while the appeal is ongoing, will help prevent Spectrum's revenue from dropping. Also likely to protect Spectrum's revenue are the strong relationships that the company has developed with hospitals and community doctors, the analyst stated. He kept a $15 price target and Buy rating on the shares. PRICE ACTION: In mid-afternoon trading, Spectrum tumbled $1.44, or 19.3% to $6.02.
12:46 EDTMTUMitsubishi UFJ to reconfigure securities unit, Nikkei reports
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12:29 EDTBMRNPTC Therapeutics exploring potential sale, Reuters reports
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12:21 EDTNVSOn The Fly: Midday Wrap
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11:17 EDTNVSFTC puts conditions on Novartis's proposed acquisition of GSK oncology drugs
According to the FTC, Global pharmaceutical company Novartis (NVS) has agreed to divest all assets related to its BRAF and MEK inhibitor drugs, currently in development, to Boulder, Colorado-based Array BioPharma (ARRY) to settle charges that Novartis’s $16B acquisition of GlaxoSmithKline’s (GSK) portfolio of cancer-treatment drugs would likely be anticompetitive...If the acquisition goes forward as proposed, Novartis would likely delay or terminate development of both its BRAF and MEK inhibitors, as well as the combination product. For that reason, Novartis’s acquisition of GSK’s portfolio of cancer-treatment drugs would likely cause significant competitive harm in the U.S. markets for both the BRAF and MEK inhibitors, ultimately raising prices for consumers and depriving them of potentially superior products. Under the terms of the proposed consent agreement, Novartis is required to provide transitional services to Array BioPharma to ensure that development of the BRAF and MEK inhibitors continues uninterrupted and that competition in BRAF and MEK inhibitor markets is not reduced. Reference Link
07:57 EDTDGDollar General resumed with an Overweight at JPMorgan
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07:14 EDTNVSSpectrum says plans to appeal patent suit loss to Novartis unit
Spectrum Pharmaceuticals (SPPI) confirmed in a regulatory filing that on February 20, the U.S. District Court for the District of Nevada ordered that judgment be entered in favor of defendant Sandoz in the matter entitled Spectrum Pharmaceuticals, Inc. et al v. Sandoz Inc. "Spectrum Pharmaceuticals Inc. intends to appeal this decision and the ultimate outcome of this litigation remains uncertain," the company stated. Sandoz is the generic pharmaceuticals division of Novartis (NVS).
February 20, 2015
15:00 EDTSRESempra Energy raises dividend 6% to 70c
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10:47 EDTCOFNY AG says Santander Bank to adopt new policies regarding use of ChexSystems
New York Attorney General Eric T. Schneiderman announced that Santander Bank, N.A. (SAN) has agreed to adopt new policies governing its use of ChexSystems, a consumer-reporting agency that screens people seeking to open checking or savings accounts. Santander’s new policies are expected to allow thousands of additional New Yorkers and consumers nationwide to open bank accounts by September 30. The change comes amid concerns that screenings by ChexSystems and other consumer-reporting agencies, which are used by most of the nation’s banks, adversely affect lower-income applicants and force them to turn to high-cost alternative financial services like check-cashing outlets. With this agreement, Santander now joins Capital One (COF) and Citibank (C) as the third bank to commit to overhaul its use of ChexSystems. The three banks operate a combined 613 branches across New York State and 2,822 branches nationwide.
07:08 EDTNVSAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
February 19, 2015
14:24 EDTSRESempra Energy units sign MOU with PEMEX for nat gas liquefaction facilities
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07:12 EDTNVSWharton Health Care Club to hold a conference
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February 17, 2015
18:17 EDTDGJANA Partners gives quarterly update on stakes
NEW STAKES: NCR (NCR), Liberty Ventures (LVNTA), Solarcity (SCTY), Computer Sciences Corp (CSC), Salix (SLXP), and Applied Materials (AMAT). INCREASED STAKES: Hertz (HTZ), Valeant (VRX), Walgreens Boots Alliance (WBA), Rackspace (RAX), and HD Supply (HDS). DECREASED STAKES: AIG (AIG), Actavis (ACT), Charter (CHTR), AerCap (AER), and Energy Transfer Equity (ETE). LIQUIDATED STAKES: Equinix (EQIX), Cameron International (CAM), Dollar General (DG), QEP Resources (QEP), and Amgen (AMGN).
18:06 EDTDG, FDOPaulson & Co gives quarterly update on stakes
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15:54 EDTSJMJ.M. Smucker targets long-term EPS growth of 8% plus
Targets long term organic growth 3%-4%.
15:51 EDTSJMJ.M. Smucker share repurchase activity on hold in near time
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07:15 EDTSJMConsumer Analyst Group of New York (CAGNY) to hold a conference
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06:05 EDTCOFCapital One reports January net charge-off rate 3.57% vs. 3.53% last month
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