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May 2, 2014
12:28 EDTSKX, MPEL, MRK, LNKD, WYNN, PFE, OUTR, ECYT, AZNOn The Fly: Midday Wrap
Stocks on Wall Street were mixed near noon, with Dow serving as the only major index in the red, after a better-than-expected jobs report was contrasted by headlines indicating rising tensions in Ukraine. The U.S. jobs reported showed the world's largest economy added 288,000 jobs in April, but amid unrest in Ukraine, U.S. Treasury bonds have continued their recent rally as investors trend towards risk-off positioning. ECONOMIC EVENTS: In the U.S., April Nonfarm Payrolls grew by 288,000, topping economists' expectations for a gain of 215,000 jobs, taking the unemployment rate down to 6.3% from 6.7%, also beating expectations for a 6.6% reading. The U.S. jobs report showed that average hours worked and average hourly wages were flat when compared to the prior month. March factory orders grew up 1.1%, which was lower than the 1.5% reading expected by economists, and lower than the prior reading of 1.6%. In Europe, the manufacturing PMI in the Euro area increased to 53.4 in April from 53.0 in March, which was a slightly better than expected increase. COMPANY NEWS: AstraZeneca (AZN) rejected the latest buyout proposal from Pfizer (PFE), which increased its offer for the British drugmaker to $84.47 per share, or about $106B. In rejecting Pfizer's offer, AstraZeneca said the bid "substantially" undervalued the company, adding that the board had no hesitation in rejecting the proposal. This bid represents the second bid from Pfizer rejected by AstraZeneca within a week, and shares of Pfizer fell about 1.5% after the news. U.S.-listed shares of AstraZeneca were unchanged near noon... Also in the pharmaceutical space, Merck (MRK) and Endocyte (ECYT) announced that the safety board monitoring their Phase 3 PROCEED trial of their ovarian cancer drug candidate vintafolide recommended stopping the trial due to futility. Endocyte said that after completing the trial, Merck will be responsible for the development of vintafolide going forward, and shares of Endoctye were down about 60% near noon, while shares of Merck were down 2.5%. MAJOR MOVERS: Among the notable gainers was Wynn Resorts (WYNN), up 6% near noon after last night reporting earnings and revenue that topped expectations, with its revenue in Macau growing 14%. Shares of several casino peers, notably Melco Crown (MPEL), which operates casinos based in Macau, climbed following Wynn's report. Also higher was Redbox operator Outerwall (OUTR), up 6.5% after its fiscal 2014 outlook topped expectations. Among the noteworthy losers was professional networking site LinkedIn (LNKD), down about 5% after last night giving second quarter and fiscal 2014 revenue outlooks that disappointed. Also lower was Skechers (SKX), down 4% near noon after announcing plans to explore acquiring an interest in the Los Angeles Clippers. INDEXES: Near midday, the Dow was down 14.32, or 0.09%, to 16,544.55, the S&P 500 was up 0.91, or 0.05%, to 1,884.59, and the Nasdaq was up 6.76, or 0.16%, to 4,134.21.
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September 28, 2015
15:01 EDTPFEPfizer volatility at high end of one-year range
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08:02 EDTMRKSyndax and Merck announce patients dosed in trial of Entinostat and Keytruda
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07:52 EDTMRK, AZN, PFEIIR Holdings to hold a conference
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07:50 EDTWYNNUBS and Deutsche Bank to co-host a forum
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07:31 EDTMRKMerck says Japan's PMDA approves Marizev DPP-4 inhibitor for Type 2 diabetes
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07:27 EDTPFEFDA and the Parental Drug Association to co-host a conference
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September 27, 2015
16:47 EDTMRKMerck reports Phase 1b data on Keytruda for two gastrointestinal cancers
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14:58 EDTMRKMerck announces Phase 1b data on Keytruda for nasopharyngeal cancer
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September 25, 2015
16:00 EDTPFEOptions Update; September 25, 2015
iPath S&P 500 VIX Short-Term Futures up 66c to 25.09. Option volume leaders: AAPL NFLX BAC FB AU NKE PFE INTC AMZN TSLA
15:31 EDTMRKMerck volatility elevated as shares trend lower
Merck October weekly call option implied volatility is at 39, October is at 34, November is a 29; compared to its 52-week range of 15 to 34, suggesting large price movement after presidential candidate Hilary Clinton announced plans early this week to cap prescription drug prices.
09:34 EDTPFEActive equity options trading on open
Active equity options trading on open: AAPL BAC FB NKE NFLX PFE AU TSLA
08:15 EDTMRKMerck narrow Keytruda label may not matter as much as thought, says Bernstein
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07:22 EDTPFE, AZNEuropean Society for Medical Oncology to hold a conference
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07:03 EDTPFEMerck KGaA, Pfizer announce FDA orphan drug designation for avelumab
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05:08 EDTPFEStocks with implied volatility movement; PFE HLF
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September 24, 2015
19:52 EDTSKXAthletic footwear stocks higher after Nike's earnings report
Athletic footwear makers Skechers USA (SKX) and adidas (ADDYY), sports apparel maker Under Armour (UA), and shoe retailers Foot Locker (FL) and Finish Line (FINL) were all higher in after-hours trading after Nike (NKE) reported better-than-expected first quarter results. WHAT'S NEW: After the bell, Nike reported Q1 earnings per share and revenue of $1.34 and $8.4B, respectively, versus analyst expectations of $1.19 and $8.22B. The company added that it saw mid-single digit revenue growth in both the second quarter and for fiscal year 2016, as well as Q2 gross margins expanding by 25 bps and FY16 gross margins expanding by 50 bps. PRICE ACTION: Nike rose about 8% in after-hours trading, while Skechers USA gained just over 2%, adidas rose fractionally, Under Armour was higher by 2%, Foot Locker gained 1.5%, and Finish Line was up almost 6%.
17:04 EDTMRK, PFEMerck, Pfizer to collaborate with Agilent's Dako on Avelumab diagnostic
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16:03 EDTMRKNewLink Genetics awarded $8.1M from DTRA to advance Ebola vaccine
NewLink Genetics (NLNK) announced that the Defense Threat Reduction Agency of the Department of Defense has awarded a subsidiary of NewLink Genetics an $8.1M base contract with future options totaling $5.2M to support various development activities of the investigational rVSV-ZEBOV Ebola) vaccine candidate. NewLink has exclusively licensed research, development and manufacturing of the rVSV-ZEBOV vaccine to Merck (MRK). In late 2014, Merck, known as MSD outside the United States and Canada, licensed the vaccine from NewLink Genetics to apply Merck's vaccine expertise to help accelerate the development of this vaccine candidate. Clinical studies of the rVSV-ZEBOV are ongoing.
07:40 EDTWYNNWynn Resorts volatility increases as shares trend lower
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07:33 EDTPFEBIND says Pfizer exercises option to obtain license for Accurin drug candidate
BIND Therapeutics (BIND) announced that Pfizer (PFE) exercised its option to obtain an exclusive license to develop and commercialize an Accurin drug candidate for the treatment of solid tumors under the companies' global collaboration agreement. The actively targeted Accurin is designed to impart cellular targeting capability and was engineered by BIND using one of Pfizer's proprietary kinase inhibitors and one of BIND's proprietary ligands. As a result of the option exercise, BIND will receive a $2.5 million option exercise fee from Pfizer. In parallel with exercising its first option, Pfizer informed BIND that it will not exercise its option for the second compound in the collaboration. Under terms of the original collaboration agreement, which was established in April 2013, Pfizer was granted options to obtain exclusive licenses to pursue development and commercialization of two Accurins that incorporate specified Pfizer small molecular targeted therapies. For the Accurin that has been selected, both companies will work together on preclinical research; Pfizer will have responsibility for development and commercialization, and BIND will conduct chemistry, manufacturing and control activities. In addition to the $2.5 million option exercise fee, BIND received an upfront payment of $4.0 million in 2013 and achieved a $1.0 million preclinical development milestone for the selected Accurin in December 2014. BIND has the potential to receive additional milestone payments for the selected Accurin of up to $86.0 million in aggregate upon the achievement of additional specified development and regulatory events under the Pfizer collaboration agreement. BIND may also receive additional milestone payments for the selected Accurin of up to $110 million in aggregate for specified commercial events as well as royalties in the low single to high single digit percentages on potential future sales of the selected Accurin, if any.
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