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April 19, 2012
12:33 EDTHUSA, MLNX, LTM, SWK, BSX, DD, BAC, GILD, GSK, YUM, MS, CY, TRV, ACHN, HGSI, QCOM, NYT, EBAY, VZOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, as disappointing economic data overshadowed the fact a number of prominent companies beat earnings expectations. Each of the indices has moved in a fairly wide range throughout the morning. The market opened flat after trading higher during the pre-market session. Futures weakened following disappointing jobless claims data and rumors of a downgrade of French sovereign debt. When the rumors proved to be false the averages moved back into positive territory. The poor manufacturing data from the Philadelphia Fed and the disappointing existing home sales data pushed the market to its lows of the session. The averages see-sawed near the flat line but went back into negative territory a bit after noon... ECONOMIC EVENTS: Domestically, more jobless claims applications were filed than forecast last week, as claims fell by 2,000 to 386,000 but that was above economists' calls for a drop to 370,000. Sales of previously owned homes in March unexpectedly fell 2.6% to a 4.48M annual rate from 4.6M in February. Forecasts called for an increase to 4.61M. The leading economic indicators for March showed an increase of 0.3%, versus the expected increase of 0.2%. The Philadelphia Fed manufacturing report had a reading of 8.5, versus the expected reading of 12.0. In Europe, Spain was able to sell more bonds than expected but at higher yields. Also, rumors circulated in the morning hours of an upcoming downgrade of French sovereign debt but a French senior official called the rumors unfounded and Fitch reiterated its AAA ratings and outlook on French debt... COMPANY NEWS: Bank of America (BAC) posted Q1 adjusted results that beat consensus, but shares declined 5c, or 0.56%, to $8.87. The bank said sales and trading revenue excluding accounting adjustments more than doubled from last quarter and its provision for credit losses was the smallest since the third quarter of 2007. Among other Dow components, Verizon (VZ) and Travelers (TRV) also reported earnings that exceeded expectations and both saw their shares rise following the reports, with Verizon gaining over 2% and Travellers advancing more than 4%. Du Pont (DD) was the fourth Dow name to beat on earnings, but shares fell 1.5% in midday trading... Among other companies reporting earnings, advancers included eBay (EBAY), Cypress Semi (CY), Boston Scientific (BSX), New York Times (NYT) and Morgan Stanley (MS); decliners included Stanley Black & Decker (SWK), Qualcomm (QCOM), Yum! Brands (YUM) and Life Time Fitness (LTM)... MAJOR MOVERS: Among the notable gainers were Human Genome Sciences (HGSI), up 97%, after saying it had turned down an unsolicited $13 per share buyout proposal from GlaxoSmithKline (GSK), and Mellanox (MLNX), up 43%, following upgrades from at least three firms after its Q1 earnings report and guidance. Noteworthy losers included Achillion's (ACHN), down nearly 16%, with the decline attributed by Wells Fargo to positive data for Gilead's (GILD) oral hepatitis C combination treatment, and Houston American Energy (HUSA), down 40%, after the company announced it is terminating testing on its Tamandua #1 well and confirmed and SEC investigation and three subpoenas... INDICES: Near 12:30 am ET, the Dow was down 30.32, or 0.23%, to 13,002.43; the Nasdaq was down 2.45, or 0.08%, to 3,029.00; and the S&P 500 was down 3.68, or 0.27%, to 1,381.46.
News For BAC;VZ;TRV;DD;EBAY;CY;BSX;NYT;MS;SWK;QCOM;YUM;LTM;HGSI;GSK;MLNX;ACHN;GILD;HUSA From The Last 14 Days
Check below for free stories on BAC;VZ;TRV;DD;EBAY;CY;BSX;NYT;MS;SWK;QCOM;YUM;LTM;HGSI;GSK;MLNX;ACHN;GILD;HUSA the last two weeks.
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April 3, 2014
09:37 EDTGILDActive equity options trading on open
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09:30 EDTDDApple, Pfizer others create 'go slow' patent lobby group, Reuters says
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08:00 EDTQCOMQualcomm well positineed for China TD LTE opportunity, says Canaccord
Canaccord's monthly survey work indicates Buy rated Qualcomm is maintaining its dominant market share and content share in leading Android smartphones. The analyst also has increased confidence in Qualcomm's TD-LTE smartphone opportunity in China. As a result, the firm raised estimates and increased its price target to $90 from $86.
07:38 EDTMSPortat calls too few women leading U.S. firms 'embarrassment,' Bloomberg says
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April 2, 2014
18:51 EDTCYOn The Fly: After Hours Movers
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17:18 EDTBACBank of America stock has room to run, Barron's says
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16:32 EDTGILDGilead Phase 3 sofosbuvir study meets primary efficacy endpoint
Gilead Sciences announced topline results from a Phase 3 clinical trial in Japan evaluating the once-daily nucleotide analog polymerase inhibitor sofosbuvir in combination with ribavirin for the treatment of genotype 2 chronic hepatitis C virus infection. The study met its primary efficacy endpoint of superiority compared to a predefined historical control sustained virologic response rate. In the study, 97% of genotype 2 HCV-infected patients receiving 12 weeks of an all-oral regimen of sofosbuvir plus RBV achieved a sustained virologic response 12 weeks after completing therapy. Based on these trial results, Gilead anticipates submitting a New Drug Application for sofosbuvir to the Japanese Pharmaceutical and Medical Devices Agency by mid-2014
16:03 EDTCYCypress Semiconductor sees Q1 revenue exceeding high-end of $169M-$171M range
Consensus $165M. The company said its Q1 was strong and expects revenue to exceed the higher end of the range of prior guidance with revenue in the $169M-$171M. The company also said, "We have a solid design win pipeline that will feed our revenue growth through Q2."
16:02 EDTCYCypress Semiconductor CFO Buss to retire
Cypress Semiconductor announced that Brad Buss, executive VP and CFO, is retiring from Cypress after eight years of service. He will remain EVP and CFO through June 1, after which Thad Trent, currently VP of Finance, will assume the role of EVP and CFO. Buss will then continue on a part-time basis, assisting in the transition through September 1, after which he will become a non-employee advisor to the board and the CEO through April 30, 2015.
09:35 EDTGILDActive equity options trading on open
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09:18 EDTGSKOn The Fly: Pre-market Movers
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08:31 EDTBSXSociety of American Gastrointestinal & Endoscopic Surgeons holds annual meeting
2014 Annual Meeting of SAGES is being held in Salt Lake City, Utah on April 2-5.
07:51 EDTVZSeveral communications companies could be bought, says Oppenheimer
Oppenheimer says that the following communications companies could become takeover targets: T-Mobile (TMUS), DirecTV (DTV), DISH (DISH), Level 3 (LVLT), tw telecom(TWTC), and Rackspace (RAX). The firm calls T-Mobile "a prime target," and thinks the company has several potential suitors and is best positioned to benefit from current trends. Oppenheimer expects the major surviving companies in the space to be Comcast (CMCSA), AT&T (T), Verizon (VZ), and Sprint (S). It keeps Outperform ratings on T-Mobile, Rackspace, Comcast, and Verizon. It has Perform ratings on Level 3, tw telecom, and Sprint.
07:44 EDTGSKAgenus down 9.4% after GlaxoSmithKline stops MAGRITi Phase 3 trial
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07:26 EDTYUMYum! Brands price target raised to $89 from $80 at Oppenheimer
Oppenheimer increased its price target on Yum! as the firm thinks the company's multiple could expand, while its earnings could surpass expectations going forward. The firm adds that Taco Bell's breakfast initiative has not been built into estimates and is thus "a free option" for investors. Oppenheimer recommends owning the stock now and keeps an Outperform rating on the shares.
06:22 EDTBACBank overdraft fees hitting highs, WSJ reports
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06:21 EDTGILDGilead shares attractive at current levels, says Citigroup
Citigroup views shares of Gilead as "cheap" at current levels and keeps a Buy rating on the name with a $96 price target. Citi expects Gilead to generate $117B in free cash flow over the next 10 years and have $100B by 2023.
06:11 EDTGSKGlaxoSmithKline confirms plans to stop MAGRIT Phase III trial
GlaxoSmithKline announced its decision to stop the MAGRITi trial, a Phase III trial of its MAGE-A3ii cancer immunotherapeuticiii in non-small cell lung cancer patients, after establishing that it will not be possible to identify a sub-population of gene-signature positive NSCLC patients that may benefit from the treatment. Data from the trial announced on 20 March 2014 showed that it did not meet its first or second co-primary endpoints as it did not significantly extend disease-free survival when compared to placebo in either the overall MAGE-A3 positive population or in those MAGE-A3-positive patients who did not receive chemotherapy. The trial will be stopped and GSK will now gain access to the un-blinded data, in order to conduct a full assessment of the findings and understand learnings for other aspects of immunotherapy development within GSK. The Independent Data Monitoring Committee indicated that its review of the current safety information revealed no specific safety concern and the data is in line with the known safety information for the MAGE-A3 cancer immunotherapeutic.
05:45 EDTGSKAgenus announces GSK's MAGE-A3 Phase 3 study will be stopped
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05:23 EDTBSXBoston Scientific reports favorable results in MADIT-CRT study
Boston Scientific reported favorable results in studies related to cardiac resynchronization therapy, or CRT, platinum chromium stent platforms and transcatheter aortic valve replacement, or TAVR. Boston Scientific announced significant findings from the continued analysis of the landmark MADIT-CRT study, demonstrating a significant and sustained survival benefit in the indicated population. The long-term results demonstrated a 41% relative reduction in the risk of death in patients who received a Boston Scientific defibrillator with CRT compared to patients who received a defibrillator alone. In addition to the mortality benefit, the results demonstrate that these patients experienced a 62% relative reduction in the risk of experiencing a first heart failure event when compared to patients who didn't receive CRT therapy. Boston Scientific released new data that continue to reinforce the advantages of platinum chromium stents. The trial compared the safety and effectiveness of the Boston Scientific Platinum Chromium Everolimus-Eluting Stent System, or PtCr EES, to the Abbott Laboratories Cobalt Chromium Everolimus-Eluting Stent System, or CoCr EES. The results show low event rates out to four years with PtCr EES confirming excellent long-term performance. At four years, the PtCr EES also continued to demonstrate advantages over the CoCr EES. The Boston Scientific Lotus Valve System advanced TAVR technology continued to demonstrate impressive performance at three months.
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