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Stock Market & Financial Investment News

News Breaks
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.
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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October 12, 2014
15:54 EDTCMCSA21st Century Fox's 'Gone Girl' wins at box office with $26.8M, Bloomberg says
21st Century Fox's (FOX, FOXA) “Gone Girl” took first place at the box office this weekend taking in $26.8M, says Bloomberg. "Dracula Untold,” from Comcast's (CMCSA) Universal Pictures came in second this weekend taking in $23.5M, added Bloomberg. Reference Link
13:03 EDTBACBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 10, 2014
18:05 EDTGEGeneral Electric negotiating deal to buy Milestone Aviation, WSJ reports
General Electric's finance unit is negotiating a deal to acquire Milestone Aviation Group, and the purchase price could be more than $2.5B, The Wall Street Journal reports, citing people familiar with the matter. Reference Link
13:17 EDTCMCSANielsen to restate some TV rating due to software glitch, Variety reports
Nielsen (NLSN) acknowledged it uncovered a software error on October 6 that had resulted in TV ratings being allocated incorrectly among broadcast and syndication programming since March 2 and that it would restate the ratings accordingly to fix the errors, reported Variety. The company said 98% to 99% of ratings would not be affected by more than .05 of a ratings point and a person familiar with the situation said some TV networks have an expectation that some of their new fall programming will see a very slight uplift due to the restatement, the report noted. The big four broadcast networks are operated by CBS (CBS), Comcast (CMCSA), Disney (DIS) and 21st Century Fox (FOXA). Reference Link
10:03 EDTBMYBristol-Myers receives orphan status for melanoma treatment
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08:19 EDTBMYMedivir announces Janssen initiates enrolment in phase II IMPACT study
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08:06 EDTPFEPfizer presents Staphylococcus aureus vaccine Phase 1, Phase 2 study data
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07:25 EDTGEGE CEO to continue shedding divisions in FY15, Bloomberg says
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07:21 EDTGEGE expects data division to exceed $1B in sales this year, Reuters says
GE CEO Jeff Immelt said that the company was en route to gross over $1B in sales from its industrial data-analysis division in FY14, and is looking to broaden the availability of its software platform in FY15, according to Reuters, citing comments from Immelt. Reference Link
07:04 EDTCMCSAAmazon in talks to join digital locker for movies. WSJ reports
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October 9, 2014
16:00 EDTBACOptions Update; October 9, 2014
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11:00 EDTCMCSA, TWCTime Warner Cable stockholders approve Comcast merger deal
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10:59 EDTTWC, CMCSATime Warner Cable stockholders approve Comcast merger deal
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09:33 EDTGEGE, Verizon announce alliance
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08:18 EDTTWC, CMCSATime Warner Cable to host special shareholder meeting
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08:10 EDTAZNAstraZeneca reports Phase IIb study of benralizumab met primary endpoint
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07:54 EDTGEGeneral Electric to hold a meeting
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06:45 EDTBACBofA finalizes oil financing agreement with PES, Reuters says
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06:33 EDTBACCitigroup 2015 consensus may be 10% too high, says Deutsche Bank
Deutsche Bank believes the IPO of OneMain, the consumer finance unit within Citi Holdings, and higher expenses create 10% risk to the 2015 consensus estimate of $5.40 for Citigroup. Deutsche says shedding OneMain would lower Citigroup's (C) annual earnings by about 20c. The firm says the bank's Q3 results could top expectations, however, on better than expected currency trading. Deutsche continues to prefer Bank of America (BAC) to Citi, saying its confident consensus estimates for the former are reasonable. It has a Hold rating on Citi and Buy rating on Bank of America.
06:22 EDTGECFM launches next phase of testing for LEAP engine
CFM International's LEAP engine took the skies for the first time on October 6 on a modified 747 flying testbed at GE Aviation Flight Test Operations in Victorville, California, launching the next phase of testing for the advanced engine program. The engine behaved well and completed multiple aeromechnical test points at various altitudes during the nearly three-hour first flight. Over the next several weeks, the engine will complete a comprehensive test schedule that will gauge engine operability, stall margin, performance, and acoustics. The LEAP-1A/-1C variants are on track for engine certification in 2015. The total program, which encompasses all three LEAP engine variants, includes 28 ground and CFM flight test engines, along with a total of 32 flight test engines for Airbus (EADSY), Boeing (BA), and COMAC. Although all three LEAP engine variants will fly on the modified testbed, the configuration currently being tested is a fully integrated propulsion system. CFM is a joint venture between GE (GE) and France's Safran. Reference Link
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