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Stock Market & Financial Investment News

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April 28, 2014
13:03 EDTOGXI, ATHX, ETP, SUSS, FRX, FURX, SI, GE, TWC, CMCSA, CHTR, BAC, BMY, PFE, AZNOn 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.
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July 16, 2014
07:04 EDTPFEPfizer says primary endpoint met in Phase 3 study of BeneFIX
Pfizer announced the positive results of a Phase 3 study comparing a prophylaxis regimen of BeneFIX Coagulation Factor IX 100 IU/kg once-weekly to on-demand treatment in people with moderately severe to severe hemophilia B. The top-line results of the study showed that the primary study endpoint was met and hemophilia B patients taking once-weekly BeneFIX showed a statistically significant reduction in the annualized bleeding rate relative to on-demand treatment with BeneFIX. In the study, the median ABR value, a commonly used measure of efficacy for prophylaxis regimens in hemophilia, was 2.0 for the prophylaxis regimen, compared to 33.6 for the on-demand regimen, representing a 94% decrease in bleeding rates. The mean ABR value was 3.6 for the prophylaxis period, compared to 32.9 for the on-demand treatment, which represents a reduction of 89%. Study results also showed that prophylaxis treatment significantly reduced both spontaneous and traumatic ABR compared to on-demand treatment with BeneFIX. In addition to meeting the primary endpoint, the secondary study endpoints showed that none of the 1,254 prophylaxis infusions administered during the study were associated with a less than expected therapeutic effect occurrence, which was defined as a spontaneous bleed occurring within 48 hours of a prophylaxis infusion. These results are preliminary, top-line data and are subject to additional analyses. Complete results from this study will be submitted for presentation at upcoming medical congresses and submitted for publication in a peer-reviewed journal.
07:02 EDTBACBank of America reports Q2 EPS ex-items 41c, consensus 29c
Reports Q2 revenue $21.75B, consensus $21.61B. Results include litigation expense of $4.0B pretax or approximately 22c per share after tax.
07:02 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
American International Group (AIG) announced that it has reached a global resolution of its residential mortgage related disputes with Bank of America (BAC). The resolution includes its claims pending in New York and California federal courts related to the creation, offering, and sale of RMBS from which AIG and its subsidiaries suffered losses either directly on their own account or in connection with their participation in AIG’s securities lending program. The resolution also covers AIG’s objections to the $8.5 billion settlement of Countrywide’s mortgage repurchase obligations to various investors, as well as disputes concerning the issuance of mortgage guaranty insurance by AIG’s United Guaranty subsidiaries to Bank of America and Countrywide. Under the terms of the settlement, AIG will receive $650M in cash plus its pro rata share of whatever amount is ultimately paid out to investors in connection with the Countrywide repurchase settlement. In addition, the parties have agreed, subject to the approval of Fannie Mae, Freddie Mac and certain other mortgage holders, to resolve the outstanding mortgage guaranty claims disputes in accordance with agreed-to claims processes and payment formulae.
07:01 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
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06:26 EDTBMYBristol-Myers lung cancer trials being underestimated, says Citigroup
After building a statistical model of Bristol-Myers' two critical registration trials for Opdivo in lung cancer, Citigroup believes the market is "materially" underestimating both Phase III trials. Citi says potential Opdivo FDA approval in 2015 in lung cancer would give Bristol-Myers an up to two year lead time versus Merck (MRK) and Roche (RHHBY). The firm estimates 2023 Opdivo revenue at $7B and reiterates a Buy rating on Bristol with a $60 price target.
05:58 EDTCMCSACBS CEO says 'willing to talk' to Aereo, VentureBeat reports
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July 15, 2014
17:49 EDTSUSSSusser Holdings sees 4% sales growth for the Q2 vs. 2.2% a year ago
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15:29 EDTBACBank of America July 15.5 straddle priced for 3.1% move into Q2
15:19 EDTBACNotable companies reporting before tomorrow's open
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14:32 EDTBACEarnings Preview: Bank of America to report after peers beat expectations
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12:10 EDTBACBank of America technical comments ahead of earnings
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11:47 EDTGEGeneral Electric July volatility increases into Q2 and outlook
General Electric July call option implied volatility is 31, August is at 17, September is at 15; compared to its 26-week average of 17 according to Track Data, suggesting large near term price movement into the expected release of Q2 results before the open on July 18.
11:13 EDTBMYPerrigo retreats after analyst sees limited potential buyers
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11:01 EDTGEGE wins orders from Lee Air for High Density Avionics Interface
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10:47 EDTGEInterjet selects LEAP-1A to power A320neos in $2.9B order
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10:12 EDTBACBank of America reports June default rate 3.24% vs. 3.75% last month
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09:46 EDTGEGE's FES selected by SpiceJet Airlines to support entire fleet
SpiceJet Airlines has selected GE’s (GE) Flight Efficiency Services to support its fleet of 52 Boeing (BA) 737 and Bombardier Q400 aircraft. GE will provide flight data analytics and fuel management to optimize the airline’s operational efficiency with the goal of substantially reducing fuel expenses for the airline. GE will provide consultation and evaluation services with the aim of reducing the airline’s fuel consumption and carbon emissions. GE is also designing and implementing custom solutions for SpiceJet and performing on-going efficiency measurements.
08:03 EDTCMCSA, TWCPublic speak out on FCC 'net-neutrality' plan, WSJ says
The Federal Communications Commission's has received more than 677K comments so far from the public on its proposed 'net-neutrality' rules for how broadband providers can treat content traveling over their networks and a random sampling of the input suggests that the agency will have work to do to sell the plan, according to The Wall Street Journal. Companies that provide broadband Internet service include Comcast (CMCSA), AT&T (T), Verizon (VZ) Time Warner Cable (TWC), and Cablevision (CVC). Netflix (NFLX) sends a great deal of content over the Internet and strongly supports net neutrality. Reference Link
07:35 EDTBMYPerrigo potential buyers list could be limited, says Jefferies
After Globes reported that Perrigo retained an investment bank to assist with a potential merger, Jefferies says the list of potential buyers could be limited since the store brand business is fundamentally a high volume, lower margin model. The firm notes U.S. companies that currently do not have large over-the-counter divisions include Bristol-Myers (BMY), Eli Lilly (LLY) and Merck (MRK). Jefferies views the merger speculation surrounding Perrigo as not surprising given the company's strong long-term fundamentals and attractive Irish domicile. It has a Buy rating on the stock with a $160 price target.
06:50 EDTGEGE anticipates meeting $30B air show goal, Reuters says
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