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Stock Market & Financial Investment News

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April 28, 2014
13:03 EDTETP, OGXI, SUSS, ATHX, FRX, FURX, TWC, BAC, AZN, SI, CMCSA, BMY, GE, CHTR, PFEOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday amid news of a number of completed, contemplated and rejected merger and acquisition deals, highlighted by a potential blockbuster in the pharmaceutical industry. The averages opened higher though have turned mixed by midday, with the Dow leading and the Nasdaq lagging. Shares of Bank of America (BAC) have weighed on the banking sector after the company suspended its capital plans in order to boost its regulatory capital amounts and ratios after finding errors in the data the bank had previously submitted to the Federal Reserve. ECONOMIC EVENTS: In the U.S., the National Association of Realtors' pending home sales index rose 3.4% to 97.4 in March, topping expectations for a more modest 1.0% advance from the prior month. Also, the U.S. and Europe imposed more sanctions against Russia over its alleged intervention in Ukraine. COMPANY NEWS: Shares of U.K.-based drugmaker AstraZeneca (AZN) surged 13% after Pfizer (PFE) confirmed it proposed to buy its peer for nearly $100B in cash and stock. AstraZeneca revealed that its board concluded that the proposal "very significantly" undervalued the company and Pfizer said it is currently considering its next steps, but would still like to pursue some kind of mutually beneficial deal. Analysts at Jefferies said they expect Pfizer to up its bid for AstraZeneca and believe Astra will see "significant additional pressure" to engage in merger talks now that Pfizer has come public. The firm views Bristol-Myers (BMY) as another takeover option for Pfizer, but notes such a deal does not offer the tax incentives that AstraZeneca provides... Charter (CHTR) rose almost 6% after striking a deal to acquire approximately 1.4M existing Time Warner Cable (TWC) subscribers after that company completes its previously announced merger with Comcast (CMCSA). In addition, Charter will form a new holding company that will own 100% of Charter and acquire an approximate 33% stake in a new publicly-traded cable provider to be spun-off by Comcast serving approximately 2.5M customers... After General Electric (GE) made an offer to purchase the energy assets of France's Alstom (ALSMY), German industrial conglomerate Siemens (SI) confirmed it will convene "as soon as possible" after have the opportunity to meet with France's president and other high-ranking French political leaders to decide how to proceed with a competing offer... Shares of Bank of America fell more than 5% after the bank lowered its previously disclosed regulatory capital amounts and ratios due to a newly discovered accounting error, after which the Federal Reserve Board directed the company to resubmit its requested capital actions. At the Fed’s request, the company has suspended its previously announced 2014 capital actions, including the $4.0B common stock repurchase authorization and the planned increase in the quarterly common stock dividend to 5c per share from 1c. MAJOR MOVERS: Among the notable gainers were two other companies that did agree to be acquired. Susser Holdings (SUSS) rose 36% after reaching a deal to be bought by Energy Transfer Partners (ETP) in a unit and cash transaction valued at a total consideration of approximately $1.8B, while Furiex Pharmaceuticals (FURX) jumped 30% after agreeing to be purchased by Forest Laboratories (FRX) for $95 per share and up to $30 per share in a contingent value right based on the success of a particular drug candidate. Among the noteworthy losers was Athersys (ATHX), which plunged 56% after its MultiStem therapy failed to show meaningful benefit in a phase 2 clinical study. Also lower following its own disappointing news from a drug trial was OncoGenex Pharmaceuticals (OGXI), which fell 55% after top-line results indicated its therapy did not result in a statistically significant improvement in overall survival in men with a certain type of prostate cancer. INDEXES: Near midday, the Dow was up 45.51, or 0.28%, to 16,406.97, the Nasdaq was down 32.15, or 0.79%, to 4,043.41, and the S&P 500 was down 0.96, or 0.05%, to 1,862.44.
News For AZN;PFE;BMY;BAC;CHTR;CMCSA;TWC;GE;SI;FURX;FRX;SUSS;ETP;ATHX;OGXI From The Last 14 Days
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May 12, 2015
08:31 EDTCMCSAApple likely to launch TV video service this year, says Pacific Crest
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06:41 EDTCMCSATV networks touting digital, targeting technologies to marketers, NY Times says
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May 11, 2015
19:15 EDTATHXOn The Fly: After Hours Movers
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17:36 EDTATHX, PFEAthersys down 10.1% after Pfizer notified that it will terminate agreement
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17:34 EDTATHX, PFEAthersys receives notification that Pfizer will terminate agreement
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17:23 EDTGEGE would consider concessions to secure Alstom deal, Reuters says
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16:33 EDTPFEPfizer takes minority interest in AM-Pharma, secures option to acquire company
AM-Pharma and Pfizer announced that Pfizer has acquired a minority equity interest in AM-Pharma and secured an exclusive option to acquire the remaining equity in the company. The option becomes exercisable upon completion of a Phase II trial of recAP in the treatment of Acute Kidney Injury related to sepsis. There are no drugs currently approved for this condition and the only treatment option is dialysis and supportive care. Results from the current Phase II trial for recAP are expected in the second half of 2016. Under the terms of the agreement, Pfizer has made an upfront payment of $87.5M for the minority equity interest and exclusive option, with additional potential payments of up to $512.5M upon option exercise and potential launch of any product that may result from this agreement. Other terms of the transaction were not disclosed. “Pfizer is committed to advancing the science to address the high unmet medical need in Acute Kidney Injury,” said Mikael Dolsten, M.D., Ph.D., president, Worldwide Research and Development at Pfizer. “Clinical data for recAP show the potential to uniquely address Acute Kidney Injury in the setting of sepsis, and we look forward to working with our partners at AM-Pharma as we aim to accelerate the development of recAP into a potential first-in-class treatment for patients.”
16:27 EDTATHXAthersys reports Q1 EPS (16c), consensus (9c)
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16:00 EDTBACOptions Update; May 11, 2015
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12:35 EDTGEGE not likely to gain unconditional approval for Alstom deal, Reuters reports
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12:28 EDTGEGE launches cloud foundry ‘Industrial Dojo’
GE Software announced its ‘Industrial Dojo,’ in collaboration with the Cloud Foundry Foundation, to strengthen its efforts to solve the world’s biggest industrial challenges. The Cloud Foundry Dojo program allows software developers to immerse themselves in open source projects to quickly learn the inner workings of the core technology and the unique agile development environment, as well as recommended methodologies for contributing code. GE also announced it will work with the Cloud Foundry community to develop and contribute open source code to the Cloud Foundry Foundation that will route all industrial messaging protocols. By opening this Industrial Dojo, GE Software is enabling developers to better learn industrial intricacies by pairing with experienced developers, thereby greatly reducing the time-to-productivity for those new to a project. Through this program, GE is bolstering its commitment to open source development and Cloud Foundry, and ultimately promoting the next wave of industrial innovation. Also announced, GE will drive, in collaboration with Pivotal, creation of a “TCP Router” to direct non-HTTP protocols and better equip Cloud Foundry to connect industrial machines with IT networks. By donating this innovation to the open source community, GE will enable Cloud Foundry to be used in a variety of industrial applications and use cases.
10:21 EDTGEGE says EU suspends review on Alstom deal, sees probe resuming, Reuters reports
General Electric (GE) said the investigation of its takeover bid for Alstom's (ALSMY) power equipment business was suspended last month by EU antitrust regulators, Reuters reports. GE says the probe was halted on April 24 to give the regulators time to review additional information, and believes the review will restart this week. Reference Link
09:58 EDTBACBarclays expected to pay GBP2B to settle forex rigging charges, FT says
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09:37 EDTBACActive equity options trading on open
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09:02 EDTCMCSAComcast names Michael Cavanagh as CFO
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08:18 EDTBACBanks executives seek to push back on 'false, damaging' statements, WSJ reports
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06:33 EDTCMCSATV networks worried amid tough competition from digital outlets, NY Times says
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May 10, 2015
17:35 EDTCMCSADisney's 'Avengers: Age Of Ultron' leads U.S. weekend box office with $77.2M
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16:06 EDTCHTR, TWCCharter seeking up to $30B to finance potential Time Warner deal, WSJ says
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12:33 EDTGEHoneywell stock could rise 20% in 12 months, Barron's says
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