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April 2, 2012
16:15 EDTYPF, WG, GSK, GRPN, KERX, THRX, 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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October 8, 2015
10:24 EDTYPFOptions with decreasing implied volatility
Options with decreasing implied volatility: ONCE PMCS YPF NBIX TCK ERX MU OLN OVTI SPXU
10:15 EDTGRPNGroupon retreats after analyst starts coverage with sell rating
The shares of Groupon (GRPN) after falling after research firm Cowen initiated coverage of the stock with an Underperform rating, the firm's equivalent to a sell, warning that the company's operating margins are "low and trending down." WHAT'S NEW: Groupon's margins are "steadily deteriorating" as the company has lowered the amount it charges retailers who participate in its Services deals, Cowen analyst Kevin Kopelman reported. Moreover, Groupon has begun subsidizing the discounts that Services merchants offer, the analyst said. Meanwhile, the coupon company's Shopping business carries much lower margins than its Services unit and its efforts to raise Shopping's margins have yielded "choppy" progress, according to Kopelman. The year-over-year growth of Groupon's active North America customer base dropped to 10% in Q2, from 18% in the second quarter of 2014, indicating that its core market has peaked, the analyst stated. Noting that Groupon has identified food delivery as its next growth catalyst, Kopelman warned that the space is "hyper-competitive." Yelp (YELP), Amazon (AMZN) and Uber have all announced plans to enter the sector, noted the analyst, who believes that it will be difficult for Groupon to generate return on investment in the space. Kopelman set a $2.75 price target on Groupon. WHAT'S NOTABLE: Grubhub (GRUB) is a key player in the Internet food delivery space. PRICE ACTION: In early trading, Groupon fell 3.7% to $3.68, while GrubHub lost 1% to $28.18.
10:00 EDTGRPNOn The Fly: Analyst Initiation Summary
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09:27 EDTGRPNOn The Fly: Pre-market Movers
HIGHER: Novocure (NVCR), up 10.9% after FDA approves Optune... Neurocrine Biosciences (NBIX), up 15.9% after reporting positive results from its Phase III Kinect 3 study of NBI-98854... Biomed Realty Trust (BMR), up 8.7% after agreeing to be acquired by Blackstone (BX)... EMC (EMC), up 4% following reports that Dell is in talks to acquire the company. DOWN AFTER EARNINGS: Domino's Pizza (DPZ), down 5.1%. ALSO LOWER: Ocean Rig UDW (ORIG), down 16% after receiving notice of a material breach for the Ocean Rig Mylos contract... Shake Shack (SHAK), down 7% after filing to sell up to 26.16M shares of Class A common stock for holders... Groupon (GRPN), down 3.1% after being initiated with an Underperform at Cowen.
07:50 EDTGRPNGroupon initiated with an Underperform at Cowen
Cowen initiated Groupon with an Underperform and $2.75 price target on shares. Cowen analyst Kevin Kopelman said recent growth figures suggest the voucher marketplace has peaked and notes the food delivery space is hyper-competitive, making ROI difficult to generate.
07:08 EDTGSKCodexis earns $6.5M milestone payment from GlaxoSmithKline
Codexis (CDXS) announced that it successfully completed Wave 2 of the transfer of its proprietary CodeEvolver protein engineering platform technology to GlaxoSmithKline (GSK) in Q3 of 2015. Codexis expects to receive a $6.5M payment from GSK for completion of this milestone in Q4. Codexis has received a $6M upfront payment and a $5M Wave 1 technology transfer milestone payment from GSK since announcing the technology collaboration and license agreement with GSK in July 2014. The agreement grants GSK a license to use Codexis' CodeEvolver platform technology to develop novel enzymes for use in the manufacture of GSK's pharmaceutical and health care products. The CodeEvolver platform technology has been installed and is operational at a GSK facility in Pennsylvania. Codexis is eligible to receive an additional $7.5M payment from GSK subject to the satisfactory completion of the final CodeEvolver technology transfer milestone. Codexis also has the potential to receive numerous additional contingent milestone payments under the agreement with GSK that range from $5.75M-$38.5M per project based on GSK's successful application of the licensed technology. In addition, Codexis will be eligible to receive royalties based on net sales, if any, of a limited set of products developed by GSK using Codexis' CodeEvolver protein engineering platform technology.
October 7, 2015
12:31 EDTAVPNu Skin plummets after cutting Q3 revenue outlook
Shares of Nu Skin (NUS), a global direct selling company, are sinking after the company lowered its third quarter revenue outlook. WHAT'S NEW: Tuesday after the bell, Nu Skin lowered its Q3 revenue view to $570M-$573M from $600M-$620M, well below analysts' consensus estimates of $621.55M. Foreign currency headwinds associated with the strengthening of the U.S. dollar negatively impacted revenue by more than $60M compared to the prior-year period. The revised revenue range is expected to represent continued improvement on a sequential basis, and the company continues to forecast constant-currency revenue growth in the fourth quarter of 2015 versus the prior year. WHAT'S NOTABLE: Truman Hunt, Nu Skin's Chief Executive Officer, noted, "Third quarter results were impacted by lower-than-expected sales of our new cosmetic oils in China during August and September, which may be a reflection of economic conditions in China." Hunt continued, "Our third quarter results will be in-line with expectations, with the exception of the Greater China region. Revenue growth in the third quarter was particularly strong in South Asia/Pacific, where our first introduction of ageLOC Youth drove more than 20% growth in that region, or more than 40% on a constant-currency basis. Given the successful launch of ageLOC Youth in South Asia/Pacific, we look forward to the introduction of ageLOC Youth as well as ageLOC Me in most of our regions during the fourth quarter. We forecast year-over-year constant-currency revenue growth of between 7%-10% in the fourth quarter." ANALYST REACTION: Sentiment on the Street was cautious at midday. Research firm Stifel downgraded Nu Skin to Sell from Hold, citing the company's negative pre-announcement and its deteriorating trends in Greater China. Its price target for shares is $35. Another firm, Canaccord, noted that NuSkin pre-announced revenue numbers that were below guidance, which suggests softer trends in China and the long awaited sustainable turn in momentum has failed to materialize. The firm expects a new product cycle to help support the return to growth. Canaccord maintained its Hold rating and lowered its price target to $45 from $48 on NuSkin shares. PRICE ACTION: In midday trading, Nu Skin fell $12.13, or about 26%, to $34.45 on about six times its average daily trading volume. OTHERS TO WATCH: Other companies in the direct selling business include Herbalife (HLF), down 9.2%, Estee Lauder (EL), down fractionally, USANA Health Sciences (USNA) down 8.4%, Avon Products (AVP) up almost 8%, and Tupperware Brands (TUP), up 2.5%.
11:14 EDTAVPAvon Products October calls active
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09:04 EDTYPFYPF drops Petrobras Argentina bid over price, La Nacion says
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October 6, 2015
13:32 EDTGSKBiotechs plummet with TPP seen as industry negative
Biotechs are falling intraday after reports that the Trans-Pacific Partnership, or TPP, has language that the exclusivity period for bioligics, or drugs derived from a biological sources, would be eight years, less than the twelve years it is currently in the United States. WHAT'S NOTABLE: In the U.S., biologics are protected from competition by follow-on products for twelve years from the time they are first granted marketing approval by the U.S. Food and Drug Administration, a protection that is distinct from patent protection. Recent reports on the TPP suggest that the protection will last five years with an additional safety monitoring period of up to three years before a biosimilar can be registered, which would effectively be an eight year exclusivity period. ANALYST REACTION: Piper Jaffray analyst Joshua Schimmer, however, said the development is a "step forward," especially since it does not overrule the 12 years' exclusivity for the drugs in the U.S. While the sector asked for twelve years' exclusivity to match the U.S., eight years is a "reasonable compromise," the analyst argued. His top picks were Alexion (ALXN), Celgene (CELG), and Amgen (AMGN) in the large-cap space, GW Pharmaceuticals (GWPH) and bluebird bio (BLUE) among mid-caps, and Flex Pharma (FLKS), Lion Biotechnologies (LBIO), Otonomy (OTIC), and Ignyta (RXDX) in the small-cap sector. Further, Schimmer stated that more names look "increasingly compelling" amid the selloff. NOTABLE DECLINERS: Alexion is lower by 2.53%, Celgene is down 4.32%, Amgen is declining 1.91%, Biogen (BIIB) is down 3.4%, and Gilead Sciences (GILD) is falling 2.22%. STOCKS TO WATCH: Other publicly traded companies in the pharmaceutical space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
October 5, 2015
07:20 EDTWGTRC Companies to acquire Professional Services segment of Willbros Group
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06:33 EDTWGWillbros Group announces sale of Professional Services segment to TRC Companies
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06:28 EDTKERXKeryx upgraded to Equal Weight from Underweight at Morgan Stanley
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October 1, 2015
08:04 EDTGSKPfizer completes acquisition of Nimerix, Mencevax from GSK
Pfizer (PFE) announced that it has completed the acquisition of GlaxoSmithKline's (GSK) quadrivalent meningococcal ACWY vaccines Nimenrix and Mencevax.
September 30, 2015
12:41 EDTGSKGlaxoSmithKline exercises option for Liquidia Technologies' inhaled therapeutics
Liquidia Technologies announced that GlaxoSmithKline has exercised its option under a Collaboration and Option Agreement signed in 2012 to exclusively license the right to research, develop, and commercialize inhaled therapeutics derived from the company's proprietary PRINT technology. Through this collaboration, Liquidia and GSK will continue to work together with the goal of advancing inhaled therapeutics into clinical studies. According to the agreement signed in June 2012, Liquidia was granted an upfront payment comprised of cash and equity, R&D funding, and potential development milestones and royalties. As a result of the GSK decision to exercise the option, Liquidia will receive an option fee, continued R&D funding, and potential product-based development and regulatory milestone payments. Liquidia has also retained the ability to independently develop an inhaled treatment for a particular disease field.
09:21 EDTGRPNOrderUp updates iPhone app to include Apple Pay
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September 28, 2015
07:52 EDTGSKIIR Holdings to hold a conference
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06:49 EDTWGWillbros Group awarded additional projects for Canada and oil & gas segments
Willbros Group announced that its Canada segment has won a project to add API tank storage capacity in Alberta. The EPC project includes engineering, procurement and construction of approximately 150,000 barrels of additional storage at an existing facility. The scope of work includes civil site preparation and tank supply and erection. Willbros Oil & Gas has won a similar assignment with the same client in the Northern Plains for approximately 900,000 barrels of additional storage. Site work has begun and project completion is scheduled for the third quarter of 2016. Willbros announced that its Oil & Gas segment has also won a cross-country pipeline project to construct approximately 60 miles of 10-inch pipeline. The project, to expand capacity on an existing system, begins in Panola County, Texas and ties in to the existing system in Angelina County, Texas. The project is underway now and completion is scheduled for the first quarter of 2016. The Oil & Gas segment has also won a project in King County, Texas to construct a steel pipeline to transport crude oil to the existing Benjamin Station. The scope of this project is for construction of the launcher at the Hunt initiation site and the carrier pipeline up to the receiver at Benjamin Station, an 80,000 barrel breakout tank and modifications to accommodate increased flow. The project is scheduled to be completed in December 2015.
September 27, 2015
16:58 EDTGSK, THRXGlaxoSmithKline, Theravance report Phase 3 data on Anoro Ellipta for COPD
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