New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 25, 2014
08:18 EDTAZN, BCSAstraZeneca, Barclays investors push back on executive pay, Telegraph says
38.5% of AstraZeneca (AZN) shareholders voted against the company's executive pay plan, while 24% of investors voted against Barclays' (BCS) pay plan, reported The Telegraph. "We are disappointed with today's vote. As a priority we will be seeking to understand what concerns lay behind this," said an AstraZeneca spokesman. Reference Link
News For AZN;BCS From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent news | >>
May 20, 2015
12:33 EDTBCSOn The Fly: Top stock stories at midday
Stocks began the session relatively unchanged from yesterday’s close and continue to trade in a holding pattern as investors await the release of the minutes from the Federal Reserve's last FOMC meeting. ECONOMIC EVENTS: In the U.S., EIA inventory data showed a 2.67M barrel fall in crude stocks, versus expectations for a 1.75M barrel decrease. The Federal Reserve is scheduled to release the minutes from its last rate setting meeting at 2 pm EDT. In Asia, Japan's GDP accelerated to a 2.4% growth pace in the first quarter, which was much better than expected. Japanese stock markets rallied on the news, sending the Nikkei 225 average to its best level in 15 years. COMPANY NEWS: Five of the world's largest banks - Citi (C), JPMorgan Chase (JPM), Barclays (BCS), The Royal Bank of Scotland (RBS) and UBS (UBS) - agreed to pay more than $5B and plead guilty to felony charges related to manipulating foreign currencies and interest rates. In conjunction with previously announced settlements with regulatory agencies in the United States and abroad, today’s resolutions bring the total fines and penalties paid by these five banks for their conduct in the foreign exchange spot market to nearly $9B, the Department of Justice stated... Target (TGT) shares advanced 1% after the retailer's first quarter earnings topped expectations and it raised the low-end of its fiscal year profit forecast. Brian Cornell, chairman and CEO of Target, said the company was pleased with its first quarter traffic and sales, particularly in its signature categories, which drove better-than-expected profitability through improved gross margin and continued expense management. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 53% after the company announced that, following meetings with the FDA, it would submit its eteplirsen drug to the FDA for approval on a rolling basis, with various components of the application being submitted separately. Eteplirsen is a treatment for Duchenne muscular dystrophy, or DMD. Also higher was Pep Boys (PBY), which gained 14% after The Wall Street Journal said private equity firm Golden Gate Capital and other potential suitors have expressed interest recently in buying the company. Among the noteworthy losers was Etsy (ETSY), which operates an online marketplace to buy and sell handmade items and vintage goods. The stock, which priced its IPO at $16 and opened for trading at $31 per share, dropped 22% to trade near $16.50 after the company issued its first financial report since coming public in April. Also lower were shares of several airline stocks, led by Southwest (LUV), which was down 8% near noon. In a regulatory filing last night, Southwest indicated it expects FY15 capacity growth to increase 7%-8% and to grow another 6%-7% in FY16. Buckingham downgraded Southwest to Neutral from Buy this morning, stating it has a more cautious revenue outlook for the company due to a worsening backdrop as competitors vow to compete aggressively. INDEXES: Near midday, the Dow was down 6.10, or 0.03%, to 18,306.29, the Nasdaq was up 1.65, or 0.03%, to 5,071.69, and the S&P 500 was down 0.49, or 0.02%, to 2,127.34.
11:51 EDTAZNExpress Scripts' Medco to pay $7.9M to resolve kickback allegations
Medco Health Solutions, a wholly-owned subsidiary of the pharmacy benefit manager Express Scripts Holding Company (ESRX), of Missouri, has agreed to pay the government $7.9M to settle allegations that it engaged in a kickback scheme in violation of the False Claims Act, the Justice Department announced. Medco provides pharmacy benefit management services to clients who receive subsidies under the Medicare Retiree Drug Subsidy program. The settlement resolves allegations that Medco solicited remuneration from AstraZeneca, a pharmaceutical manufacturer, in exchange for identifying Nexium as the “sole and exclusive” proton pump inhibitor on certain of Medco’s prescription drug lists known as formularies. The United States alleged that Medco received some or all of the remuneration from AstraZeneca in the form of reduced prices on the following AstraZeneca drugs: Prilosec, Toprol XL and Plendil. The United States contended that this kickback arrangement between Medco and AstraZeneca (AZN) violated the Federal Anti-Kickback statute, and thereby caused the submission of false or fraudulent claims for Nexium to the Retiree Drug Subsidy Program. In January 2015, the United States and AstraZeneca reached a $7.9M settlement to resolve kickback allegations arising out of the same conduct. This civil settlement resolves a lawsuit filed under the qui tam, or whistleblower, provision of the False Claims Act, which allows private citizens with knowledge of false claims to bring civil actions on behalf of the government and to share in any recovery. The lawsuit was filed by former AstraZeneca employees Paul DiMattia and F. Folger Tuggle, whose share of the settlement has not been determined. The settlement with Medco was the result of a coordinated effort among the Civil Division, the U.S. Attorney’s Office of the District of Delaware and HHS-OIG.
10:16 EDTBCSBarclays to pay $115M for attempted manipulation of ISDAFIX swap rates
The CFTC issued an Order today filing and settling charges against Barclays PLC, Barclays Bank PLC, and Barclays Capital. The Order finds that, beginning at least as early as January 2007 and continuing through June 2012, Barclays attempted on many occasions to manipulate and made false reports concerning the U.S. Dollar International Swaps and Derivatives Association Fix, a global benchmark for interest rate products. This is the first enforcement action addressing abuses of this benchmark. The CFTC Order requires Barclays to pay a $115M civil monetary penalty, cease and desist from further violations as charged, and take specified remedial steps, including measures to detect and deter trading intended to manipulate swap rates such as USD ISDAFIX, to ensure the integrity and reliability of the Bank’s benchmark submissions, and to improve related internal controls. Barclays, through its traders, bid, offered, and executed interest rate swap spread transactions in a manner deliberately designed – in timing, price, and other respects – to influence the published USD ISDAFIX to benefit the Bank in its derivatives positions, according to the Order. In addition, Barclays, through its employees making the Bank’s USD ISDAFIX submissions, also attempted to manipulate and made false reports concerning USD ISDAFIX by skewing the Bank’s submissions in order to benefit the Bank at the expense of its derivatives counterparties and customers. The Order recognizes Barclays’ significant cooperation with the CFTC during the investigation of this matter. The Order also notes that the civil monetary penalty imposed on Barclays reflects the Bank’s early resolution of this matter.
10:15 EDTBCSFive banks agree to parent-level guilty pleas in settlement over forex rigging
Subscribe for More Information
10:15 EDTBCSBarclays to pay $400M penalty to settle CFTC forex charges
The CFTC issued an Order filing and settling charges against Barclays Bank for attempted manipulation, false reporting, and aiding and abetting other banks’ attempts to manipulate, global foreign exchange benchmark rates to benefit the positions of certain traders. This Order requires Barclays to pay a civil monetary penalty of $400M, cease and desist from further violations, and take specified steps to implement and strengthen its internal controls and procedures, including the supervision of its FX traders, to ensure the integrity of its participation in the fixing of foreign exchange benchmark rates and internal and external communications by traders. The Order notes that the $400M civil monetary penalty reflects in part that Barclays did not settle at an earlier stage of the investigation. In addition to the charges related to Barclays’ misconduct in FX benchmark rates, the Commission took enforcement action against Barclays and its affiliates on the same charges relating to abuses of the ISDAFIX benchmark. The Order recognizes the significant cooperation of Barclays during the CFTC’s Division of Enforcement’s investigation of this matter.
10:09 EDTBCSCiti, JPMorgan, RBS, Barclays, UBS agreed to guilty pleas in forex settlement
Subscribe for More Information
10:04 EDTBCSFCA fines Barclays GBP284M for forex failings
Subscribe for More Information
May 19, 2015
15:42 EDTBCSBanks' settlement over forex rigging to be announced tomorrow, CNBC says
Several banks are said to plan to plead guilty and pay "billions" in fines in a settlement over their roles in foreign exchange manipulation that is expected to be announced Wednesday, according to CNBC's Kate Kelly. Prior media reports have listed Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS), JPMorgan (JPM) and Citigroup (C) as having been in talks with U.K. and U.S. authorities for their roles in foreign currency rigging.
15:05 EDTAZNArdelyx scheduled for end Phase 2 meeting with FDA scheduled in June
Subscribe for More Information
May 18, 2015
07:12 EDTBCSBarclays expected to face over GBP250M in fines for rigging, Telegraph says
Subscribe for More Information
06:15 EDTBCSCiti divests 16% stake in Grupo Aeromexico, Reuters reports
Citigroup (C) has sold its 16% stake in Grupo Aeromexico, the Mexican airline says, Reuters reports. According to the airline, Barclays Capital (BCS) acquired about 8% of shares through a financial operation with Delta (DAL). Reference Link
06:13 EDTAZNAstraZeneca to invest $285M in new biologics manufacturing facility in Sweden
AstraZeneca announced that it plans to invest approximately $285M in a new high-tech facility for manufacturing of biological medicines in Södertälje, Sweden. The new plant will be focused on filling and packaging of protein therapeutics. It is anticipated that the new facility will supply medicines for clinical trial programs of AstraZeneca and MedImmune, the company’s global biologics research and development arm, from the end of 2018, and will deliver finished products for commercial use once fully operational by 2019. Södertälje is currently home to AstraZeneca’s largest global tablets and capsules manufacturing facility and is also a launch platform site for the company, with specialist capabilities on-site that allow large-scale production of new medicines, working closely with the research and development organisation. By locating the new manufacturing plant in Södertälje, the company will combine its expertise in biologics with the well-established culture of operational excellence that exists within the Sweden Operations unit. The planned investment will, subject to relevant approvals by the local authorities, create between 150 and 250 highly skilled new roles at AstraZeneca by 2019. The new manufacturing facility in Sweden will support the progression of drug candidates across the main therapy areas and be aligned with investments being made in the current biologics manufacturing centers, such as the expansion in Frederick, Maryland, announced in November.
May 17, 2015
15:49 EDTAZNAstraZeneca reports Movantik shows 'similar' adverse event rate vs. placebo
Subscribe for More Information
May 15, 2015
09:31 EDTAZNAmerican Thoracic Society to hold a conference
ATS 2015 Conference is being held in Denver on May 15-20.
07:50 EDTBCSDOJ tearing up prior UBS rigging settlement after new violations, WSJ reports
Subscribe for More Information
May 14, 2015
09:22 EDTAZNLeerink pharma/biotech analysts hold an analyst/industry conference call
Subscribe for More Information
06:49 EDTBCSBanks to pay several billion over alleged currency violations, NY Times says
Barclays (BCS), JPMorgan Chase (JPM), Citigroup (C) and the Royal Bank of Scotland (RBS) are expected to agree to pay a combined "several billion dollars" as part of a settlement with the U.S. over alleged foreign exchange rigging, according to The New York Times, which cited unnamed sources. The banks are also expected to plead guilty to criminal antitrust violations, but it is not anticipated that their operations will be significantly affected as a result of those pleas, the newspaper stated. Meanwhile, UBS (UBS) will pay a fine of up to $500M related to alleged "foreign currency misconduct," the newspaper stated. Reference Link
05:52 EDTAZNMizuho expects CAR T stocks to be volatile after ASCO abstract
Subscribe for More Information
May 13, 2015
17:24 EDTAZNAstraZeneca to update progress with immuno-oncology pipeline at ASCO
AstraZeneca and MedImmune, the company’s global biologics research and development arm, will demonstrate rapid progress with their combination-focused oncology pipeline at the American Society of Clinical Oncology, or ASCO, Annual Meeting, May 29-June 2. 61 scientific abstracts will be presented at the meeting, reinforcing the significant progress in immuno-oncology through combination therapies and innovative companion diagnostics.
May 12, 2015
07:48 EDTBCSStandard & Poor's to hold a summit
Subscribe for More Information
1 | 2 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use