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Stock Market & Financial Investment News

News Breaks
April 28, 2014
13:03 EDTFRX, ETP, OGXI, SUSS, ATHX, GE, CHTR, PFE, FURX, TWC, BAC, AZN, SI, CMCSA, BMYOn 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 Fedís 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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August 14, 2015
08:36 EDTPFEPfizer's pending Hospira acquisition approved by Canadian Competition Bureau
Pfizer (PFE) announced that it received approval from the Canadian Competition Bureau with respect to its pending acquisition of Hospira (HSP). As part of its agreement with the Canadian Competition Bureau, Pfizer has committed to divest certain assets in Canada. "We are pleased the Canadian Competition Bureau concluded its review of the transaction and approved the pending combination of Pfizer and Hospira," said Ian Read, chairman and CEO of Pfizer. "We continue to work cooperatively with the regulatory agencies to obtain the requisite approvals, and continue to expect the transaction to close in the second half of 2015."
08:35 EDTPFEHayman takes Mylan, Perrigo stakes, boasts exposure to energy
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08:26 EDTPFEPiper says Street $4B too low on Pfizer 2019 sales estimates
Piper Jaffray analyst Richard Purkiss believes the Street is underestimating Pfizer's 2019 sales by $4B. The consensus 2019 revenue estimate is $58.7B. Analysts are factoring in "overly conservative" growth assumptions for five of Pfizer's key brands, namely Prevnar, Ibrance, Xeljanz, Eliquis and Lyrica, Purkiss tells investors in a research note. Sentiment towards the stock will "improve meaningfully" as investors "wake up" to the sales turnaround from 2015, the analyst believes. Purkiss expects Pfizer's 36% discount to his $48 target price to close as sentiment improves and reiterates an Overweight rating on the pharma giant. The stock end yesterday's trading down 1c to $35.36.
07:37 EDTTWCJANA reports new stakes in Allergan, TWC, sells Applied Materials
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August 13, 2015
17:37 EDTBACEight banks agree to pay $2B to settle currency rigging suit, Reuters says
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17:12 EDTCMCSAApple delays live TV service until 2016 as licensing talks drag, Bloomberg says
Apple (AAPL) is now targeting a 2016 launch date for its live TV streaming service, reports Bloomberg, citing people familiar with the plans. Licensing discussions with network owners such as CBS (CBS), 21st Century Fox (FOX, FOXA), and Comcast's (CMCSA, CMCSK) NBC are progressing slowly, said the sources, adding that Apple is also lacking in computer network capacity. The tech giant is pursuing a $40 per month price point for the internet TV package, a goal which is encountering pushback from TV programmers, according to the sources. Reference Link
16:44 EDTBACBank of America shareholders to vote on board's leadership determination power
Bank of America will hold a special meeting of shareholders on September 22 to vote on a proposal to ratify the board of directors' October 2014 amendments to the company's bylaws. Those amendments authorized the board to determine its leadership structure, including appointing an independent chairman, or appointing a lead independent director when the chairman is not an independent director. Shareholders of record as of the close of business on August 10 will be entitled to vote at the special meeting, which will be held in the 1 Bank of America Center Auditorium in Charlotte, N.C. beginning at 10 a.m. ET.
16:24 EDTGEGeneral Electric to sell online deposit platform to Goldman Sachs Bank USA
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16:23 EDTGEGeneral Electric to sell online deposit platform to Goldman Sachs Bank USA
16:22 EDTOGXIOncoGenex sees phase 3 Custirsen lung cancer trial results in 2H16
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16:03 EDTOGXIOncoGenex reports Q2 EPS (26c), may not compare to consensus 34c
Reports Q2 revenue $4.03M, may not compare to consensus $21.40M. Reports cash and equivalents $60.2M. Says has sufficient funds for operations into late 4Q16.
16:00 EDTBACOptions Update; August 13, 2015
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14:35 EDTBACPHH Corp. expected to renew contract with BofA Merrill Lynch, IMF News says
Most analysts that follow PHH Corp. (PHH) believe Bank of America Merrill Lynch (BAC) will renew its key private-label services contract to originate mortgage loans, although PHH refuses to answer questions regarding the deal, according to Inside Mortgage Finance News. Reference Link
13:14 EDTCMCSANBC to keep Jimmy Fallon as 'Tonight Show' host through 2021, Variety reports
NBC has extended Jimmy Fallon's "Tonight Show" contract through the fall of 2021, Variety reports, citing comments made at NBC's Television Critics Association press tour presentation. Reference Link
08:56 EDTGECapital One upgraded at Argus
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08:16 EDTPFEPfizer receives approval from ACCC for pending acquisition of Hospira
Pfizer (PFE) announced that the Australian Competition and Consumer Commission has approved the company's pending acquisition of Hospira (HSP) and found no need for remedies. Completion of the transaction remains subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, governmental and regulatory approvals in certain other jurisdictions and other usual and customary closing conditions. Pfizer continus to expect the transaction to close in the second half of 2015.
08:06 EDTBMYBristol-Myers Squibb, Otsuka receive FDA approval for Sprycel labeling
Bristol-Myers Squibb (BMY) and Otsuka (OTSKY) America Pharmaceutical announced that the U.S. Food and Drug Administration has approved an update to the Sprycel product labeling. The labeling now includes five-year efficacy and safety data in adult patients with newly diagnosed Philadelphia chromosome-positive chronic myeloid leukemia in chronic phase and seven-year data in CP Ph+ CML patients who are resistant or intolerant to prior therapy, including Gleevec.
06:50 EDTBACDanoff bullish on Wells Fargo, other banks, Reuters reports
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06:45 EDTCMCSA, CHTR, TWCFCC proposes review of 'totality of circumstances test' for retransmission talks
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06:21 EDTCMCSAUniversal to pay for security at 'Straight Outta Compton' screenings, WSJ says
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