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Stock Market & Financial Investment News

News Breaks
May 2, 2014
12:28 EDTLNKD, WYNN, PFE, OUTR, ECYT, AZN, SKX, MPEL, MRKOn 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
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May 21, 2015
10:58 EDTAZNDeutsche Bank biotech analyst holds an analyst/industry conference call
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07:37 EDTPFE, AZNPfizer replaces AbbVie as top global pharma pick at Jefferies
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06:10 EDTLNKDStocks with implied volatility below IV index mean; LNKD GE
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May 20, 2015
11:51 EDTAZNExpress Scripts' Medco to pay $7.9M to resolve kickback allegations
Medco Health Solutions, a wholly-owned subsidiary of the pharmacy benefit manager Express Scripts Holding Company (ESRX), of Missouri, has agreed to pay the government $7.9M to settle allegations that it engaged in a kickback scheme in violation of the False Claims Act, the Justice Department announced. Medco provides pharmacy benefit management services to clients who receive subsidies under the Medicare Retiree Drug Subsidy program. The settlement resolves allegations that Medco solicited remuneration from AstraZeneca, a pharmaceutical manufacturer, in exchange for identifying Nexium as the “sole and exclusive” proton pump inhibitor on certain of Medco’s prescription drug lists known as formularies. The United States alleged that Medco received some or all of the remuneration from AstraZeneca in the form of reduced prices on the following AstraZeneca drugs: Prilosec, Toprol XL and Plendil. The United States contended that this kickback arrangement between Medco and AstraZeneca (AZN) violated the Federal Anti-Kickback statute, and thereby caused the submission of false or fraudulent claims for Nexium to the Retiree Drug Subsidy Program. In January 2015, the United States and AstraZeneca reached a $7.9M settlement to resolve kickback allegations arising out of the same conduct. This civil settlement resolves a lawsuit filed under the qui tam, or whistleblower, provision of the False Claims Act, which allows private citizens with knowledge of false claims to bring civil actions on behalf of the government and to share in any recovery. The lawsuit was filed by former AstraZeneca employees Paul DiMattia and F. Folger Tuggle, whose share of the settlement has not been determined. The settlement with Medco was the result of a coordinated effort among the Civil Division, the U.S. Attorney’s Office of the District of Delaware and HHS-OIG.
08:37 EDTWYNNMorgan Stanley to hold a conference
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07:46 EDTPFEDeutsche Bank positive on potential Pfizer, GSK merger
Deutsche Bank analyst Gregg Gilbert believes a large foreign deal for Pfizer (PFE) may make sense and says a buyout of GlaxoSmithKline (GSK) could be "materially" accretive to earnings while improving the company's tax situation over time. Gilbert assumes a $60 per share buyout price for GlaxoSmithKline in a research note this morning titled "Introducing 'PfizerKline'". The stock closed yesterday up 2c to $44.68. Gilbert reiterates a Buy rating on Pfizer with a $41 price target. Shares ended yesterday up 23c to $34.21.
May 19, 2015
15:05 EDTAZNArdelyx scheduled for end Phase 2 meeting with FDA scheduled in June
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11:05 EDTLNKDLinkedIn says bets company made on re-segmentation starting to play out
The company says it no longer makes sense to think of their company as only large and smaller customers, as it moves to more variation. It also says it doesn't make sense to think of it as only a monolithic offering. Says North America continues to be their biggest market. Expects vast majority of companies will have someone responsible for learning and development, which will become the primary consolidated buyer. Comments made by LinkedIn Global Head of Sales Mike Gamson made at the JPMorgan Global Technology, Media and Telecom Conference.
09:05 EDTSKXSkechers price target raised to $117 from $89 at Susquehanna
Susquehanna raised its price target on Skechers to $117 from $89 citing strong sell-through and continued order momentum. The firm believes investors are beginning to appreciate the company's inventory management, strong operating leverage, and underlying gross margin performance and sees this generating further stock appreciation. Susquehanna reiterated its Positive rating on the stock.
07:28 EDTMRKUBS to hold a conference
Global Healthcare Conference is being held in New York on May 18-20 with webcasted company presentations to begin on May 19 at 8 am; not all company presentations may be webcasted. Webcast Link
07:27 EDTSKXSkechers moves into second place in U.S. sports footwear market, WSJ says
Skechers (SKX) moved past Adidas (ADDYY) and into second place, behind Nike (NKE), in the U.S. athletic footwear market, reports the Wall Street Journal. Reference Link
06:55 EDTPFE, MRKGenocea could be takeover target after data, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff expects Genocea Biosciences (GNCA) will report positive Phase II GEN-003 post-immunization results late in Q2. GEN-003 is a therapeutic vaccine for genital herpes targeting Herpes Simplex Virus Type 2. Positive GEN-003 data could position Genocea as a potential acquisition target by a larger vaccine player, Tenthoff tells investors today in a research note. Large vaccine makers include Sanofi (SNY), Merck (MRK), GlaxoSmithKline (GSK), Pfizer (PFE) and Novartis (NVS). The analyst reiterates an Overweight rating on Genocea with a $14 price target. Shares of the clinical-stage vaccine developer with a $227M market capitalization closed yesterday up 83c to $10.22.
May 18, 2015
15:23 EDTWYNNWynn Resorts management to meet with JPMorgan
Meeting to be held in New York on May 21 hosted by JPMorgan.
06:58 EDTPFEActavis CEO says chances of Pfizer offer are 'unlikely', Financial Times says
Actavis (ACT) CEO Brent Saunders said the chances of Pfizer (PFE) making an offer are "incredibly unlikely," reports the Financial Times. Saunders said he has heard the gossip that Actavis could become a takeover target for a larger group, but he spends "zero time thinking about it." Reference Link
06:13 EDTAZNAstraZeneca to invest $285M in new biologics manufacturing facility in Sweden
AstraZeneca announced that it plans to invest approximately $285M in a new high-tech facility for manufacturing of biological medicines in Södertälje, Sweden. The new plant will be focused on filling and packaging of protein therapeutics. It is anticipated that the new facility will supply medicines for clinical trial programs of AstraZeneca and MedImmune, the company’s global biologics research and development arm, from the end of 2018, and will deliver finished products for commercial use once fully operational by 2019. Södertälje is currently home to AstraZeneca’s largest global tablets and capsules manufacturing facility and is also a launch platform site for the company, with specialist capabilities on-site that allow large-scale production of new medicines, working closely with the research and development organisation. By locating the new manufacturing plant in Södertälje, the company will combine its expertise in biologics with the well-established culture of operational excellence that exists within the Sweden Operations unit. The planned investment will, subject to relevant approvals by the local authorities, create between 150 and 250 highly skilled new roles at AstraZeneca by 2019. The new manufacturing facility in Sweden will support the progression of drug candidates across the main therapy areas and be aligned with investments being made in the current biologics manufacturing centers, such as the expansion in Frederick, Maryland, announced in November.
May 17, 2015
15:49 EDTAZNAstraZeneca reports Movantik shows 'similar' adverse event rate vs. placebo
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May 15, 2015
17:33 EDTLNKDPoint72 Asset Management gives quarterly update on stakes
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10:01 EDTWYNNOn The Fly: Analyst Downgrade Summary
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09:31 EDTAZN, PFEAmerican Thoracic Society to hold a conference
ATS 2015 Conference is being held in Denver on May 15-20.
05:43 EDTWYNNWynn Resorts downgraded to Equal Weight from Overweight at Barclays
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