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Stock Market & Financial Investment News

News Breaks
May 2, 2014
12:28 EDTAZN, PFE, MRK, ECYT, WYNN, MPEL, OUTR, LNKD, SKXOn 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.
News For AZN;PFE;MRK;ECYT;WYNN;MPEL;OUTR;LNKD;SKX From The Last 14 Days
Check below for free stories on AZN;PFE;MRK;ECYT;WYNN;MPEL;OUTR;LNKD;SKX the last two weeks.
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August 14, 2014
12:01 EDTAZNThird Point gives quarterly update on stakes
NEW STAKES: Rackspace (RAX), Finisar (FNSR), Amgen (AMGN), Ally Financial (ALLY), and AstraZeneca (AZN). INCREASED STAKES: Dollar General (DG) and Dow Chemical (DOW). DECREASED STAKES: FedEx (FDX), Hertz (HTZ), T-Mobile (TMUS) and Intrexon (XON). LIQUIDATED STAKES: Google Class A (GOOGL), Verizon (VZ) and Mondelez (MDLZ).
10:05 EDTWYNNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Adidas (ADDYY) downgraded to Neutral from Buy at Goldman... Fabrinet (FN) downgraded at B. Riley... Freeport McMoRan (FCX) downgraded at Stifel... Infosys (INFY) downgraded to Hold from Buy at Jefferies... InterMune (ITMN) downgraded to Neutral from Buy at Goldman... Jones Energy (JONE) downgraded to Neutral from Overweight at JPMorgan... LVMH Moet Hennessy (LVMUY) downgraded to Neutral from Buy at Goldman... Madison Square Garden (MSG) downgraded to Hold from Buy at Topeka... Qualys (QLYS) downgraded to Sector Perform from Outperform at RBC Capital... SeaWorld (SEAS) downgraded to Market Perform from Outperform at Wells Fargo... Theravance Biopharma (TBPH) downgraded to Underperform from Neutral at RW Baird... URS Corporation (URS) downgraded to Neutral from Buy at Sterne Agee... ViaSat (VSAT) downgraded to Perform from Outperform at Oppenheimer... Wynn Resorts (WYNN) downgraded to Hold from Buy at Gabelli.
09:12 EDTWYNNWynn Resorts downgraded to Hold from Buy at Gabelli
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08:24 EDTSKXSkechers price target raised to $65 from $60 at Susquehanna
Susquehanna raised its price target on Skechers to $65 from $60 to reflect a strong sell-through in July and positive feedback from retailers ahead of the company's largest booking month. The firm sees increasing operating margins and said its channel checks indicate strong market share gains. Susquehanna maintains its Positive rating on the stock.
07:25 EDTLNKDCLSA to hold meetings
Silicon Valley Meetings consisting of meeting with various companies in the Silicon Valley area will be held on August 14-15.
05:47 EDTLNKDLinkedIn Sales Navigator could be $4.3B opportunity, says Piper Jaffray
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August 13, 2014
18:02 EDTMRKMerck provides statement on role of PNEUMOVAX 23 in updated ACIP recommendations
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16:52 EDTMRKMerck confirms FDA approval of BELSOMRA
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15:30 EDTMRKFDA approves Belsomra sleep drug
The Food and Drug Administration approved Belsomra tablets for use as needed to treat difficulty in falling and staying asleep. Belsomra is an orexin receptor antagonist and is the first approved drug of this type. Belsomra will be dispensed with an FDA-approved patient Medication Guide that provides instructions for its use and important safety information. Belsomra is a controlled substance because it can be abused or lead to dependence. Belsomra is made by Merck, Sharpe & Dohme.
13:57 EDTWYNNNJ reports Atlantic City July gaming win down 7.7% to $274.3M
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08:31 EDTAZNAstraZeneca says Phase 3 trials of lesinurad for gout met primary endpoints
AstraZeneca announced top-line results from CLEAR1, CLEAR2 and CRYSTAL, the pivotal Phase III clinical trials investigating the potential of lesinurad, a selective uric acid re-absorption inhibitor, as a combination therapy for the treatment of patients with symptomatic gout. Lesinurad is an investigational agent that inhibits the URAT1 transporter, increasing uric acid excretion and thereby lowering serum uric acid. In the CLEAR1 and CLEAR2 trials, both lesinurad 200mg and 400mg in combination with allopurinol met the primary endpoint, with a statistically significant higher proportion of patients reaching the target sUA goal of <6.0mg/dL at month 6 compared to allopurinol alone. In the CRYSTAL trial, lesinurad 400mg in combination with febuxostat met the primary endpoint, with a statistically significant higher proportion of patients reaching the target sUA goal of <5.0mg/dL at month 6 compared to febuxostat alone. Although lesinurad 200mg did not achieve statistical significance at month 6, this dose in combination with febuxostat, was superior to placebo plus febuxostat at all other time points. Results from these Phase III clinical trials will be submitted to a scientific meeting later in 2014. The company is proceeding with preparation of regulatory submissions for lesinurad 200mg combination therapy.
07:39 EDTWYNNBofA/Merrill lowers Macau forecasts
BofA/Merrill lowered its 2014 Macau gross gaming revenue forecast to +5% year-over-year from +12% due to a slowdown in July mass trends. As a result, the firm lowered Las Vegas Sands' (LVS) price target to $88 from $95 and Wynn Resorts' (WYNN) to $260 from $270.
06:35 EDTLNKDLinkedIn aims for new business valued at $1B, Business Insider says
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06:34 EDTLNKDLinkedIn coverage resumed with a Buy at Stifel
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August 12, 2014
17:07 EDTPFEPfizer announces results from Lyrica studies conducted in China
Pfizer announced top-line results from two placebo-controlled studies conducted in China with Lyrica in patients with postherpetic neuralgia, pain after shingles or PHN, and painful diabetic peripheral neuropathy, pDPN, respectively.The PHN Phase 4 study, A0081276, met its primary endpoint by demonstrating a statistically significant reduction in pain when compared to placebo. Separately, the pDPN Phase 3 study, A0081265, did not meet its primary endpoint, a statistically significant change in endpoint mean pain score relative to placebo. The PHN study was an eight-week, randomized, double-blind, multi-center, placebo-controlled, post-marketing study evaluating the efficacy, safety and tolerability of pregabalin 300mg/day in the treatment of subjects with PHN. For the primary efficacy parameter, change from baseline in weekly mean pain scores, a significant treatment difference of -0.71 points for pregabalin relative to placebo was observed. The safety profile in this study was consistent with the known profile for Lyrica.
05:58 EDTAZNStocks with implied volatility movement; P AZN
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August 11, 2014
14:24 EDTWYNNT. Rowe Price reports 11.3% passive stake in Wynn Resorts
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11:16 EDTSKXSkechers management to meet with Sterne Agee
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August 8, 2014
07:16 EDTWYNNBarclays remains bullish on Macau gaming stocks
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06:39 EDTPFEPfizer faces torrent of Lipitor suits, Reuters says
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