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Stock Market & Financial Investment News

News Breaks
April 2, 2012
16:15 EDTGSK, GRPN, KERX, THRX, YPF, WG, AVPOn The Fly: Closing Wrap
Stocks on Wall Street were higher after manufacturing reports in the U.S. and China indicated expansion. Stock futures traded below fair value for most of the pre-market trading session leading to a lower open for the broader market. The weakness was attributed to a high unemployment reading and a lackluster PMI report out of Europe. The market reversed its course and moved into positive territory following the slightly better than expected ISM manufacturing report here in the U.S. Once in positive territory the market moved quickly, but its advance stalled at a resistance level for the S&P. The move broadened out with the Nasdaq ending the day as the leading major index... ECONOMIC EVENTS: Domestically, the ISM manufacturing reading of 53.4 exceeded expectations for a 53.0 reading. Construction spending in February was down 1.1%, versus the expected increase of 0.6%. Internationally, an official reading of China's PMI rose to 53.1 while Markit's Eurozone manufacturing PMI fell to 47.7... MARKET NEWS: Avon Products (AVP) rejected the increased bid of $23.25 per share from fragrance-maker Coty. Avon shares rose $3.34, or 17.25%, to $22.70 following the announcement of the sweetened offer though Coty said it will not go hostile with its buyout plan... Groupon (GRPN) shares slid almost 17%, to $15.27, after the company announced weakness in its internal controls and revised its Q4 results lower... MAJOR MOVERS: Among the notable gainers were Willbros Group (WG), up 69c, or 21.30%, to $3.93, after its Q4 revenues beat expectations, and Theravance (THRX), up $3.79, or 19.44%, to $23.29, after GlaxoSmithKline (GSK) moved to raise its stake in the company to 26.8% with the purchase of 10M shares. Noteworthy losers included YPF SA (YPF), down $4.40, or 15.49%, to $24.01, following a downgrade at Merrill Lynch and a report that Argentina's government will take control of the company, and Keryx Biopharmaceuticals (KERX), down $3.24, or 65.06%, to $1.74, after the company announced that a trial for its lead drug missed its primary endpoint... INDICES: The Dow gained 52.45, or 0.40%, to 13,264.49; the Nasdaq added 28.13, or 0.91%, to 3,119.70; and the S&P 500 rose 10.43, or 0.74%, to 1,418.90.
News For AVP;GRPN;WG;THRX;GSK;YPF;KERX From The Last 14 Days
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May 14, 2015
12:49 EDTAVPOn The Fly: Top stock stories at midday
The market opened higher amid lower than expected weekly jobless claims, data showing that producer prices fell rather than rose in April and a continued slide in the dollar against the euro. The Dow notched triple digit gains right out of the gate and the averages have moved in a narrow range in morning trading, albeit at near-record levels. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 1K to 264K in the week ended May 9, versus expectations for 273K first-time claims. The weekly data brought the four week moving average to 271.75K, which marks its lowest level in 15 years. The Producer Price Index fell 0.4% in April, with the core PPI reading sliding 0.2%, which missed expectations for both the headline and core PPI figures to have grown 0.1%. After dropping 1.3% yesterday against the euro, the U.S. dollar slid another 0.4% earlier to about $1.14 per euro, bringing its decline to about 7% versus the euro in the past month. COMPANY NEWS: Shares of Avon Products (AVP) were volatile after "PTG Capital Partners" announced via a filing with the SEC that it has submitted an offer to the board of Avon proposing to acquire all of the company's outstanding stock, and outstanding options to acquire such shares, in a recommended cash tender offer at a price per share of $18.75. Shares of Avon spiked initially after the filing, were halted several times due to volatile trading, and came well off their earlier highs as investors questioned the validity of the firm making the purported offer. A source told Dow Jones that the company was treating the purported bid as a hoax and Avon told CNBC that it had no proof PTG exists and that it has not received any offer. Still, Avon remained up about 4% to trade near $6.92 per share in early afternoon trading. MAJOR MOVERS: Among the notable gainers was Russia's QIWI (QIWI), which jumped 12% after the company announced that it has entered into an agreement with Otkritie to acquire the Contact money transfer system and the Rapida payment processing system, which are "highly value accretive" acquisitions according to analysts at JPMorgan. Also higher was China's Ctrip.com (CTRP), which gained 10% and was upgraded at Stifel and Oppenheimer following the company's Q1 results. Among the noteworthy losers was Puma Biotechnology (PBYI), which dropped 18% after data on the company's neratinib drug was disclosed via an abstract for the company's upcoming presentation at the American Society of Clinical Oncology, or ASCO, meeting. Also lower following its earnings report was retailer Kohl's (KSS), which slid over 12%. INDEXES: Near midday, the Dow was up 170.23, or 0.94%, to 18,230.72, the Nasdaq was up 55.96, or 1.12%, to 5,037.65, and the S&P 500 was up 17.10, or 0.81%, to 2,115.58.
12:41 EDTAVPAvon treating PTG takeover offer as hoax, Dow Jones reports
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12:38 EDTAVPSuspect Avon purported bidder mirrors language of respected firm TPG
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12:36 EDTAVPAvon Products says no proof PTG exists, has not received offer, CNBC reports
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12:02 EDTAVPAvon Products off highs as questions surround PTG Capital
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11:57 EDTAVPBloomberg unsuccessful in attempts to reach PTG Capital
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11:48 EDTAVPPTG Capital recommends tender offer for Avon at $18.75 per share
PTG Capital Partners announced via a filing with the SEC that it has submitted an offer to the board of Avon Products proposing to acquire all of the company's outstanding stock, and outstanding options to acquire such shares, in a recommended cash tender offer at a price per share of $18.75. The offer is subject to "satisfactory completion of due diligence, the redemption or termination of the rights plan, or 'poison pill', if any, and negotiation and execution of a definitive written agreement." PTG said it has "substantial experience in managing acquisitions and is committed to working quickly to complete due diligence and execute a definitive agreement." PTG Partners expects to be able to complete such an agreement within 10 days from the beginning of the due diligence period. PTG cautioned that the offer "does not create any binding obligation, and no such binding obligation will arise unless and until a mutually satisfactory definitive agreement has been executed and delivered by the parties." It added that it believes a combination of the company and PTG would result in "substantial benefits" to shareholder bases. After being halted for volatility, Avon shares are up $1.31 to $7.98. The stock halted again after the quick rise.
11:47 EDTAVPAvon Products halts again for volatility after jumping $1.31 to $7.98
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11:45 EDTAVPAvon Products resumes trading, shares up $1.13 to $7.80
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11:41 EDTAVPPTG Capital offers to buy Avon Products for $18.75 per share
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11:39 EDTAVPPTG Capital submits offer to acquire Avon Products for $18.75 per share
11:38 EDTAVPAvon Products halts for volatility after PTG Capital reportedly makes offer
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May 13, 2015
11:38 EDTGSKGlaxoSmithKline downgraded to Neutral from Buy at UBS
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08:41 EDTWGWillbros Group to vote for proposal to de-stagger Willbros Group board
Lawndale Capital Management and its affiliated activist funds announced its intent to vote "FOR" a shareholder proposal calling for Willbros' board members to be elected annually instead of its present practice of its board members serving staggered 3-year terms. The shareholder proposal will be voted on by Willbros' shareholders at the Company's Annual Meeting scheduled for the morning of June 9, 2015 in Houston.
07:25 EDTWGUBS to hold a tour
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07:07 EDTGSKGSK, Emergent BioSolutions, Oxford initiate Prime Boost study of Ebola vaccine
A new phase 1 study has begun at the University of Oxford that will investigate the use of a modified vaccinia Ankara, or MVA, Ebola Zaire vaccine candidate, or MVA EBOZ, as a prime-boost to GlaxoSmithKline's (GSK) Chimp Adenovirus type 3, or ChAd3, Ebola vaccine candidate. The study, being conducted by the clinical research group of Professor Adrian Hill of the Jenner Institute, has received regulatory approval to begin from the United Kingdom's Medicines and Healthcare Products Regulatory Agency, or MHRA. The phase 1 study has a planned enrollment of 38 volunteers of which 6 will receive MVA EBOZ only while the other 32 will receive ChAd3-EBO-Z prime followed by MVA EBOZ boost. Emergent BioSolutions (EBS) manufactured the supply of MVA EBOZ to be used in this phase 1 study, which is being conducted in the U.K. with support from the Wellcome Trust and the U.K. Department for International Development.
May 12, 2015
06:02 EDTGSKGSK CEO cites 'poor choices' in rivals' M&A deals, Financial Times reports
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May 11, 2015
15:54 EDTGSKGlaxo CEO defends strategy, warns of risks of chasing higher prices, FT says
GlaxoSmithKline (GSK) CEO Andrew Witty defends the company's shift in focus from high-priced prescription drugs to higher volume, but lower priced, products, warning that chasing ever-higher prices risks undermining the industry and may create "its own tension that leads to some kind of change,” reported Financial Times, citing an interview. Witty acknowledges the company's asset swap with Novartis (NVS) opens the door to a potential break up, but argues there are benefits to keeping pharmaceuticals, vaccines and consumer goods together and there would be “no logic” in a split at this early time after the Novartis deal, the report added. Reference Link
10:17 EDTGRPNOptions with decreasing implied volatility
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05:58 EDTGSKUNC, GlaxoSmithKline create dedicated HIV Cure center
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