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Stock Market & Financial Investment News

News For AZN;MYL;TEVA From The Last 14 Days
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July 28, 2015
09:47 EDTMYLMylan expected to launch tender offer for Perrigo in early September, CNBC says
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09:14 EDTTEVA, MYLMylan price target lowered to $54 from $82 at BMO Capital
BMO Capital cut its price target on Mylan (MYL) after Teva (TEVA) announced that it was abandoning its bid to buy the company. The firm expects Mylan's stock to continue to face selling pressure in the wake of the news. The firm says that investors will wonder if Mylan can buy Perrigo (PRGO) following the decline in its share price. BMO believes that Perrigo "will put up a strong fight," and it does not think that the deal would be favorable for Mylan in any event. BMO keeps a Market Perform rating on Mylan.
08:24 EDTTEVATeva deal has solid financial and strategic rationale, says Cowen
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08:19 EDTMYL, TEVATeva price target raised to $80 from $69 at Bernstein
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08:03 EDTTEVATeva price target raised to $86 from $70 at Citi
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08:02 EDTTEVATeva says EMA confirms validation of Reslizumab marketing authorization
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07:20 EDTAZNBrookings Institute to hold a public meeting
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07:07 EDTTEVATeva price target raised to $82 from $73 at Deutsche Bank
Deutsche Bank raised its price target for Teva (TEVA) to $82 saying it likes the acquisition of Allergan's (AGN) generics business. The firm reiterates a Buy rating on the stock.
07:02 EDTMYL, TEVAMylan price target lowered to $65 from $82 at Deutsche Bank
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06:43 EDTTEVA, MYLMylan price target lowered to $54 from $82 at BMO Capital
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06:31 EDTTEVA, MYLMylan's move to Netherlands gave it leverage to resist Teva deal, WSJ says
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06:06 EDTTEVA, MYLTeva upgraded to Outperform from Market Perform at BMO Capital
BMO Capital analyst David Maris upgraded Teva (TEVA) to Outperform after the company reached a deal to buy Allergan's (AGN) generics business for $40.5B and dropped its proposal to acquire Mylan (MYL). The acquisition looks "very positive" high accretion and significant cost savings, Maris tells investors in a research note. The deal is a "much better option" than Mylan and brings Teva a leading pipeline of generics, Maris writes. He raised his price target for shares of Teva to $80 from $75. The stock closed yesterday up $10.22 to $72.07.
05:39 EDTTEVAAllergan price target raised to $366 from $333 at UBS
UBS analyst Marc Goodman raised his price target for Allergan (AGN) to $366 saying he remains bullish on the stock after the company sold its generics business to Teva (TEVA). The sale was a surprise, but you can't blame Allergan management for selling at that price, Goodman told investors yesterday in a research note titled "An Offer They Couldn’t Refuse." He sees "significant upside potential" in shares of Allergan and keeps a Buy rating on the name. The maker of Botox closed yesterday up $18.99 to $327.20.
July 27, 2015
19:14 EDTTEVATeva could surge to $100 per share, Barron's says
Investors should expect more gains from Teva following the pharmaceutical company's acquisition of Allergan Generics (AGN) and reporting better than expected quarterly results, Barron's contends in its 'Barron's Take' column. Shares could surge to $100.00 per share, the paper adds. Reference Link
18:30 EDTTEVAAllergan CEO pursuing 'transformational deals,' FT says
In a Financial Times interview following the sale of its generics unit to Teva (TEVA), Allergan's (AGN) CEO Brent Saunders stated, "We’re going to contemplate transformational deals... We couldn’t before because of our capital structure and debt, but now we can." When asked about the timing of a potential deal, Saunders remarked, "We’re not going to plod along," and when asked about a hypothetical takeover by Pfizer (PFE), the CEO commented, "I spend zero time thinking about Pfizer and I am not doing anything to make us more or less attractive to them." Reference Link
17:36 EDTMYL, TEVAOn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory, with weakness attributed to the Chinese market suffering its worst one day loss in over eight years. The U.S. indexes remained in the negatives throughout the day as traders prepare for one of the heaviest weeks for this earnings season. ECONOMIC EVENTS: In the U.S., durable goods orders advanced 3.4% in June versus expectations for a 3.2% increase. Excluding transportation items, the core reading was up 0.8% against estimates for a 0.5% gain. In China, the Shanghai composite index fell 8.5% and the Shenzhen composite dropped 7%, with the moves generally attributed to concerns over growth and fears that the government may pull its market support. Note that Dow Jones quoted the country's top securities regulator this morning as saying China plans to increase stock purchases by the state. COMPANY NEWS: Shares of Teva (TEVA) jumped $10.15, or 16.41%, to $72.07 after the generic drugmaker dropped its pursuit of Mylan (MYL), opting instead to acquire Allergan's (AGN) global generic pharmaceuticals business for $40.5B. Allergan shares rose 6.09% for the session, and Mylan fell 14.51% to $56.37 while reiterating its commitment to pursue Perrigo (PRGO), whose shares gained 3.81% to $193.60. MAJOR MOVERS: Among the notable gainers was Wabtec (WAB), which rose $6.59, or 7.21%, to $97.93 after agreeing to buy Faiveley Transport for roughly $1.8B, noting that it expects EPS accretion in 2016. In other M&A news, Magnetek (MAG) finished the session up $17.27, or 53.55%, to $49.52 after Columbus McKinnon (CMCO) agreed to acquire the company for $50 per share, while Beacon Roofing Supply (BECN) jumped $2.62, or 8.71%%, to $32.70 after agreeing to buy Roofing Supply Group at a transaction value of about $1.1B. Also higher were shares of Xueda Education (XUE), which surged 50.63% after Xiamen Insight Investment announced a deal to purchase the company for $5.50 per American Depository Share. Xueda's positive move came in stark contrast to numerous Chinese stocks traded in New York, with Baidu (BIDU) slipping 4.16% and Alibaba (BABA) losing 2.01% after China's Shanghai composite index plunged overnight. Also lower was McGraw Hill Financial (MHFI), declining $6.01, or 5.69%, to $99.59 after agreeing to acquire SNL Financial for roughly $2.225B in cash. Additionally, GrubHub (GRUB) lost 8.37% to $30.99 following a downgrade from Cowen citing competitive concerns and market saturation. INDEXES: The Dow fell 127.94, or 0.73%, to 17,440.59, the Nasdaq lost 48.85, or 0.96%, to 5,039.78, and the S&P 500 declined 12.01, or 0.58%, to 2,067.64.
14:23 EDTTEVATeva price target raised to $82 from $73 at Deutsche Bank
12:03 EDTTEVA, MYLOn The Fly: Top stock stories at midday
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12:01 EDTTEVAAllergan to use Teva deal proceeds to pursue other deals, Reuters says
Allergan (AGN) CEO Brent Saunders said it will use the $36B it receives from the sale of its generics business to Teva (TEVA) to pursue further acquisitions, Reuters reports, citing a company conference call. Saunders told investors that proceeds from the Teva deal will be used to increase the size of its existing drug businesses, expand into new therapy areas, and seek out larger deals, the report says. Reference Link
10:00 EDTMYLOn The Fly: Analyst Downgrade Summary
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