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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
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August 25, 2014
05:17 EDTMRKAdvaxis, Merck enter clinical trial collaboration agreement
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August 22, 2014
14:19 EDTPFEViiV Healthcare receives FDA approval for HIV-1 treatment Triumeq
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10:07 EDTAZNOptions with increasing implied volatility: ORPH EXAS AZN
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05:19 EDTAZNStocks with implied volatility movement; JRJC AZN
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August 21, 2014
16:46 EDTLNKDLinkedIn product head to leave company, effective October 3
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13:32 EDTPFEBristol-Myers, Pfizer announce approval of Eliquis for treatment of DVT, PE
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09:54 EDTAZN, PFEPotential Pfizer, AstraZeneca deal seen around year-end, Reuters says
Investors and analysts see Pfizer (PFE) making another attempt to acquire AstraZeneca (AZN) around year-end, even though talks between the two can resume on August 26 per British takeover rules, Reuters reports. Reference Link
08:02 EDTPFEPfizer initiates U.S. EAP for palbociclib.
Pfizer announced that the company has initiated a multi-center, open-label expanded access program in the U.S. for palbociclib. Through the program, palbociclib is being made available for use in combination with letrozole for post-menopausal women with hormone receptor positive human epidermal growth factor receptor 2 negative advanced breast cancer for whom letrozole is considered appropriate therapy.
07:55 EDTPFEActavis volatility expected to move on Pfizer considering new target report
Actavis (ACT) volatility is expected to move on Pfizer (PFE) considering other overseas alternatives, Bloomberg reports. Overall option implied volatility of 27 is near its 26-week average of 31 according to Track Data, suggesting decreasing price movement.
07:47 EDTPFE, AZNPfizer looking at new targets, including Actavis, Bloomberg reports
While it weighs another attempt to acquire AstraZeneca (AZN), Pfizer is considering other overseas alternatives, including Actavis (ACT), Bloomberg reports, citing people familiar with the matter. Pfizer prefers to reach a deal with AstraZeneca, and a move on another company is unlikely "anytime soon," Bloomberg adds, citing its sources. Shares of Actavis are rising 3%, or $6.65, to $230.01 in pre-market trading, while AstraZeneca is up 2% to $72.59. Reference Link
06:54 EDTWYNNWynn unit to spend $20M on Macau casinos design work, Macau Business says
Wynn Resorts' Wynn Macau unit is slated to spend $20.13M this year on design work for its casinos, Macau Business reports. This figure is double the amount the company originally planned. Reference Link
05:42 EDTAZNIllumina announces strategic partnership with AstraZeneca, Sanofi, Janssen
Illumina (ILMN) announced it has formed collaborative partnerships with leading pharmaceutical companies to develop a universal next-generation sequencing, or NGS,-based oncology test system. The system will be used for clinical trials of targeted cancer therapies with a goal of developing and commercializing a multi-gene panel for therapeutic selection, resulting in a more comprehensive tool for precision medicine. Initial strategic partners include AstraZeneca (AZN), Janssen Biotech, a Johnson & Johnson (JNJ) company, and Sanofi (SNY). Illumina is working with the strategic partners to develop assays that detect and measure multiple variants simultaneously to support partners’ clinical trials, with the objectives of securing regulatory agency approvals and test commercialization. In parallel, Illumina is working with key thought leaders to set standards for NGS-based assays in routine clinical oncology practice, as well as to define regulatory frameworks to enable this new testing paradigm. Together, Illumina and its strategic partners aim to transition from single-analyte companion diagnostics to panel-based assays that select for “companion therapeutics.”
August 20, 2014
08:03 EDTPFEBristol-Myers Pfizer to present new Eliquis data
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08:01 EDTLNKDAd spending on LinkedIn reportedly rising, says Pacific Crest
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06:20 EDTSKXSkechers price target raised to $66 from $60 at Citigroup
Citigroup expects Skechers' momentum to continue into the second half of the year following "upbeat" meetings with management. Citi upped its price target to $66 and raised its earnings estimates for the company. The firm reiterates a Buy rating on the stock.
August 19, 2014
10:32 EDTLNKDRumor: LinkedIn moves lower on speculation of a large investor short position
07:01 EDTAZNDOJ closes investigation into PLATO Brilinta clinical trial, plans no action
AstraZeneca today announced that it has received confirmation from the United States Department of Justice that it is closing its investigation into PLATO, a clinical trial with BRILINTA tablets. The government is not planning any further action. Pascal Soriot, CEO, said: “We welcome the Department of Justice’s decision not to pursue further action. We have always had absolute confidence in the integrity of the PLATO trial and we are proud of the important benefit BRILINTA offers to patients around the world suffering from acute coronary syndrome. As one of AstraZeneca’s growth platforms, we remain committed to delivering the full potential of this important medicine.” As part of our continued commitment to advancing the science behind cardiovascular medicine, AstraZeneca has initiated a clinical trial program for BRILINTA, its largest program involving more than 80,000 patients worldwide.
August 18, 2014
11:41 EDTPFECubist rises after report sparks takeover interest speculation
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08:01 EDTPFEPfizer announces submission of Palbociclib NDA to FDA
Pfizer announced it has completed the submission of a New Drug Application to the United States Food and Drug Administration for palbociclib. This NDA requests FDA approval of palbociclib, in combination with letrozole, for the treatment of postmenopausal women with estrogen receptor positive, human epidermal growth factor receptor 2 negative advanced breast cancer who have not received previous systemic treatment for their advanced disease. The submission is based on the final results of PALOMA-1, a randomized, Phase 2 trial comparing palbociclib plus letrozole versus letrozole alone in this population of patients. Palbociclib received Breakthrough Therapy designation from the FDA in April 2013, for the first-line systemic treatment of women with advanced or metastatic ER+, HER2- breast cancer. This designation was based on interim data from the PALOMA-1 trial. The FDA has a 60-day filing review period to determine whether the NDA is complete and acceptable for filing. Pfizer will communicate the Agency’s decision.
07:57 EDTAZN, PFE, MRKCambridge Healthtech Institute to hold a summit
6th Annual Bioprocessing Summit to be held in Boston on August 18-22.
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