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Stock Market & Financial Investment News

News Breaks
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.
News For AZN;PFE;MRK;ECYT;WYNN;MPEL;OUTR;LNKD;SKX From The Last 14 Days
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June 26, 2015
17:37 EDTLNKDLinkedIn files to sell 3.57M shares of Class A common stock for holders
09:32 EDTWYNNNevada reports May Statewide gaming win up 3.33% to $1.0B
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07:06 EDTLNKDLinkedIn risk/reward compelling at current levels, says Cantor
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June 25, 2015
14:00 EDTAZNAstraZeneca initiated with a Hold at HSBC
Price target GBP 46.40.
June 24, 2015
13:23 EDTPFEPfizer says CDC committee votes to recommend MenB vaccine
Pfizer announced that the U.S. Centers for Disease Control and Prevention's Advisory Committee on Immunization Practices voted to recommend that decisions to vaccinate adolescents and young adults 16 through 23 years of age against serogroup B meningococcal disease should be made at the individual level with healthcare providers. It added, "Specifically, the ACIP voted that a serogroup B meningococcal vaccine series may be administered to adolescents and young adults 16 through 23 years of age to provide short term protection against most strains of serogroup B meningococcal disease. The preferred age for MenB vaccination is 16 through 18 years of age." Pfizer's Trumenba is FDA-approved for active immunization to prevent invasive disease caused by Neisseria meningitidis serogroup B in individuals 10 through 25 years of age. The ACIP recommendation will be forwarded to the director of the CDC and the U.S. Department of Health and Human Services for review and approval, Pfizer said.
11:02 EDTPFEPfizer lung cancer treatment granted FDA orphan drug designation
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09:07 EDTPFE, MRK, AZNCAR-T cancer drug researchers seen as M&A targets, Bloomberg says
Juno Therapeutics (JUNO), Kite Pharma (KITE) and Bluebird Bio (BLUE) are trading well above their IPO levels as takeovers predictions have spurred interest and share increases for the developers of CAR-T gene therapies, said Bloomberg's "Real M&A" column, quoting Dimo Dimov, a professor at the University of Bath’s School of Management, as having said that companies such as Pfizer (PFE), Merck (MRK), Roche (RHHBY) and AstraZeneca (AZN) are "closely watching" the firms. Cellectis (CLLS), which is working with Pfizer on its own approach to CAR-T therapy, has said it wants to bring its therapy to market and doesn’t anticipate a sale, the report noted. Reference Link
06:50 EDTAZNAstraZeneca loses top executive Ward-Lilley to Vectura, Reuters reports
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June 23, 2015
14:17 EDTPFEGlycoMimetics to receive $20M payment from Pfizer
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14:01 EDTPFEPfizer announces enrollment of first patient in RESET study
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09:53 EDTPFEPfizer management to meet with FBN Securities
Meeting to be held in New York on June 25 hosted by FBN Securities.
07:31 EDTAZNBIND Therapeutics announces FDA authorization of clinical trial with AZD2811
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07:25 EDTPFEPiper Jaffray to hold a summit
2015 Piper Jaffray Heartland Summit is being held in Minneapolis on June 23-24.
June 22, 2015
08:52 EDTPFEPortola, Bristol-Myers, and Pfizer announce results from Phase 3 ANNEXA study
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07:01 EDTPFEPfizer to acquire Nimenrix, Mencevax from GlaxoSmithKline for $130M
Pfizer (PFE) announced that it has entered into an agreement with GlaxoSmithKline (GSK) to acquire its quadrivalent meningitis ACWY vaccines, Nimenrix and Mencevax, for a total consideration of approximately $130M. This transaction will add two high-quality and complementary vaccines to Pfizer’s portfolio, allowing the company to reach a broader global population. Nimenrix is a single dose meningococcal ACWY-TT conjugated vaccine designed to protect against Neisseria meningitidis, an uncommon but highly contagious disease that can lead to disability and death. Mencevax is a single-dose meningococcal ACWY unconjugated polysaccharide vaccine used to control outbreaks of meningococcal infection and for travelers to countries where the disease is endemic or highly epidemic. Pfizer does not expect this transaction to have any significant impact on its 2015 financial performance. The transaction is subject to customary closing conditions as well as regulatory approvals in several markets, and is expected to occur in the second half of 2015. Pfizer’s legal advisors for the transaction were Ropes & Gray and Clifford Chance.
June 21, 2015
13:14 EDTMRKMerck shares could return 25%, Barron's says
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June 19, 2015
18:12 EDTSKXS&P announces changes to S&P 100, 400, 500, and 600 indices
S&P Dow Jones Indices will make the following changes to the S&P 100, S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices: S&P 500 constituent The Priceline Group (PCLN) will replace Baxter International (BAX) in the S&P 100, Baxalta (BXLT) will replace QEP Resources (QEP) in the S&P 500, QEP Resources will replace Itron (ITRI) in the S&P MidCap 400, and Itron will replace Arch Coal (ACI) in the S&P SmallCap 600 after the close of trading on Tuesday, June 30. Baxter International is spinning off Baxalta in a transaction expected to be completed on that date. Baxter International will remain in the S&P 500 following the distribution, but its post spin market capitalization will no longer make it appropriate for the S&P 100. QEP Resources, Itron and Arch Coal are all ranked near or at the bottom of their current indices. Skechers USA (SKX) will replace Rock-Tenn Co. (RKT) in the S&P MidCap 400, and MiMedx Group (MDXG) will replace Skechers USA in the S&P SmallCap 600 after the close of trading on Tuesday, June 30. S&P 500 constituent MeadWestvaco Corp. (MWV) is combining with Rock-Tenn in a transaction expected to be completed on or about that date. The combined company will remain in the S&P 500 and will change its name to WestRock Co. HealthEquity (HQY) will replace Zep Inc. (ZEP) in the S&P SmallCap 600 after the close of trading on Thursday, June 25. Private equity firm New Mountain Capital is acquiring Zep in a transaction expected to be completed on or about that date pending final approvals.
17:23 EDTSKXMiMedx to replace Skechers in S&P 600 as of 6/30 close
17:22 EDTSKXSkechers to replace RockTenn in S&P 400 as of 6/30 close
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07:38 EDTMPEL, WYNNMacau official says monthly revenue could hit four year low, says Wells Fargo
Wells Fargo reports that a Macau official said that the region's gaming revenue may hit the lowest level in over four years this month. The official said that the region's June gambling revenue could be more than 20% below the average for the first five months of this year, the firm added. Wells says that Macau's gaming industry remains challenged, and it remains neutral on the sector. Publicly traded companies in the space include Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN), and Melco Crown (MPEL).
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