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April 19, 2012
16:33 EDTGILD, GSK, SPLK, VZ, GNTX, HGSI, DD, EBAY, TUMI, TRV, BACOn The Fly: Closing Wrap
Stocks on Wall Street were lower, as disappointing economic data overshadowed earnings that were largely better than expected. Stock futures were higher in early trading but weakened following disappointing jobless claims data and a rumor the sovereign debt of France would lose its AAA rating. When the French rumor went unfounded the market moved higher, but just temporarily. The averages stalled again after existing home sales data for March showed a decline versus an expected increase but gathered once more to move back into positive territory. As the day progressed and the European markets closed lower, the averages lost any momentum they'd found and fell back into negative ground. For the remainder of the day the market drifted in the red as investors prepared for the next round of corporate earnings reports... ECONOMIC EVENTS: In the U.S., more jobless claims applications were filed than forecast, with the figure hitting 386,000. Sales of previously owned homes in March unexpectedly fell 2.6% to a 4.48M annual rate from 4.6M in February. Forecasts had called for an increase to 4.61M. In Europe, Spain was able to sell more bonds than expected but at higher yields, leaving mixed impressions among investors... COMPANY NEWS: Bank of America (BAC) posted Q1 adjusted results that beat consensus, but shares declined 1.68% to $8.77. 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 1.30% to $38.15 and Travellers advancing 3.75% to $61.70. Du Pont (DD) was the fourth Dow name to beat on earnings, but shares fell 1.24% to $52.61... Meanwhile, data analysis software company Splunk (SPLK) and luxury luggage and briefcase maker Tumi Holdings (TUMI) both surged after debuting their IPOs on the Nasdaq. Splunk shares priced at $17 and ended the day at $35.48, while Tumi priced at $18 and closed at $26.50… MAJOR MOVERS: Among the notable gainers were Human Genome Sciences (HGSI), up $7, or 97.63%, to $14.17, after saying it had turned down an unsolicited $13 per share, or approximately $2.6B, buyout proposal from GlaxoSmithKline (GSK), and eBay (EBAY), up $4.75, or 13.24%, to $40.62, as the company’s sales and profits beat analyst estimates, led by growth in its PayPal online payments business. Noteworthy losers included Gentex (GNTX), down $4.07, or 16.01%, to $21.35, after its top-line miss continued to reinforce investor fears over slowing growth, and Achillion (ACHN), down $1.20, or 12.63%, to $8.30, with the decline attributed by Wells Fargo to positive data for Gilead's (GILD) oral hepatitis C combination treatment… INDICES: The Dow lost $68.65, or 0.53%, to 12,964.10; the Nasdaq fell $23.89, or 0.79%, to 3,007.56; and the S&P 500 dropped $8.22, or 0.59%, to 1,376.92.
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September 22, 2015
07:27 EDTVZVerizon valuation 'still compelling,' says Wells Fargo
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06:19 EDTGSK, GILDClinton to roll out plan to rein in prescription drug costs, USA Today reports
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05:44 EDTDDDuPont upgraded to Buy from Neutral at Citi
Citi analyst P.J. Juvekar upgraded DuPont to Buy saying the company has "tremendous value creation levers" to pull following the 30% pullback in shares year-to-date. Options available to management include additional cost cuts, returning more cash to shareholders, potentially splitting the company, and acquisitions, Juvekar tells investors in a research note. He raised his price target for shares to $63 from $58.
September 21, 2015
17:02 EDTTRVTravelers initiated with a Neutral at Sterne Agee CRT
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16:53 EDTGILDOn The Fly: Top stock stories for Monday
Stocks on Wall Street began the session in positive territory and remained there for most of the morning. The Nasdaq was the first index to show signs of weakness after Hillary Clinton pledged to address the high cost of specialty drugs, sinking multiple biotech stocks. The averages later recovered from their afternoon lows, with both the Dow and S&P posting gains and the Nasdaq narrowly finishing in the green after Monday's drug pricing debate. ECONOMIC EVENTS: In the U.S., existing home sales fell 4.8% to a 5.31M rate in August, versus expectations for them to be down 1.6% to a rate of 5.5M. Over the weekend, three Federal Reserve officials, namely San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker, all argued that an interest-rate increase is still warranted this year. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and promising to lay out a plan tomorrow to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly 4.4% following the attention paid to Turing's drug and Clinton's response... Shares of Volkswagen (VLKAY) trading in New York dropped 17.1% to $30.10 after the EPA and California Air Resources Board detected manipulations that violate U.S. environmental standards while testing certain Volkswagen diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal. Shares of Tesla Motors (TSLA) were volatile following the Journal's report, but closed the day up 1.37% at $264.20. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which surged 12.65%, to $8.19 after agreeing to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B. Also higher was Starwood Waypoint (SWAY), which gained $2.89, or 12.70%, to $25.64 after announcing a stock-for-stock merger agreement with Colony American Homes. Additionally, Pandora (P) rose 8.17% to $21.31 after receiving an interim opinion from the Register of Copyrights regarding the company's agreements with Merlin and Naxos. Among the noteworthy losers was GoPro (GPRO), which fell $2.88, or 8.19%, to $32.27 after Barron's contended that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE), and others pressure the company's "one-hit wonder" products. Also lower was Mallinckrodt (MNK), which lost $8.23, or 10.02%, to $73.87 after ANI Pharma (ANIP) announced plans to acquire two new drug applications from Merck (MRK) that could compete with Acthar, Mallinckrodt's largest product. Separately, D.R. Horton (DHI) dipped 2.91% after the August U.S. existing home sales report showed a 4.8% drop for the month. Note also that Lennar (LEN) slipped 0.27% after its quarterly earnings report beat analyst estimates. INDEXES: The Dow rose 125.61, or 0.77%, to 16,510.19, the Nasdaq added 1.73, or 0.04%, to 4,828.96, and the S&P 500 gained 8.94, or 0.46%, to 1,966.97.
14:40 EDTBACiPath S&P 500 VIX Short-Term Futures down 90c to 23.79
Option volume leaders: AAPL NFLX BAC FB BABA DOW TSLA
14:28 EDTGSKTuring CEO says will not change Daraprim price despite criticism
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14:04 EDTGILDClinton vow to end drug price gouging sinks biotechs
Biotech stocks have declined across the board in afternoon trading following a tweet by Presidential candidate Hillary Clinton criticizing the "outrageous" prices of specialty drugs. TURING STEPS UP PRICING: Clinton's tweet directly referenced Turing Pharmaceuticals' Daraprim treatment for toxoplasmosis, which recently had its price hiked from just $13.50 per pill to $750 after the privately-held company acquired the drug from Impax Laboratories (IPXL). Importantly, Daraprim was first approved by the FDA in 1953 and its patents have long since expired. No generic versions of the drug currently exist, perhaps in part due to Turing executive chairman Martin Shkreli's strategy of tightly controlling distribution, according to a New York Post article on the issue. In a Bloomberg TV interview this morning, Shkreli claimed that the drug remains underpriced compared to what he called its peers in the rare disease space. However, note that a World Health Organization analysis from 2013 reported that over 190,000 cases of toxoplasmosis occur globally every year and Daraprim continues to be listed on the organization's list of essential medicines for a basic health-care system. INDUSTRY CRITICISM: Turing's Daraprim pricing prompted a response from the Infectious Diseases Society of America and the HIV Medicine Association, which criticized the "unjustifiable" new cost of the drug and urged a "rational" pricing strategy. The news surrounding Daraprim also comes on the heels of Presidential candidate Bernie Sanders issuing a letter in August to Valeant (VRX) and Hospira (HSP), in which he requested information on the "enormous" price increases of two drugs Valeant acquired earlier in the year. REPUBLICAN CONGRESS: In a research note released this afternoon, RBC Capital analyst Michael Yee reminded investors that Republicans still control Congress, offering a sobering reminder that campaign trail promises often fall by the wayside once the candidate steps into office. Yee explained that, though drug pricing debates during next year's election will probably generate headline risk for the biotech space, the Republican-controlled Congress is unlikely to sign into law any material changes on the issue. BIOTECH STOCK ACTION: Hillary Clinton's promise to "lay out a plan" tomorrow to tackle "price gouging" in the specialty drug market sent numerous biotech stocks plunging. Aerie Pharmaceuticals (AERI) has crashed 12.6% at time of writing, while Retrophin (RTRX), Ultragenyx (RARE), and PTC Therapeutics (PTCT) are down 14.7%, 13.4%, and 11%, respectively. Biotech giants AbbVie (ABBV), Gilead (GILD), Bristol-Myers Squibb (BMY) and Biogen (BIIB) have also slipped in intraday trading, while the NASDAQ Biotechnology index is down roughly 4%.
13:17 EDTGILDRBC reminds biotech investors that Republicans still control Congress
RBC Capital analyst Michael Yee notes that biotech indices are under pressure after Hillary Clinton tweeted about an upcoming plan to fight specialty drug pricing. The news follows a Wall Street Journal story about a private company dramatically increasing the price of their drug and another confirmed progressive multifocal leukoencephalopathy case for Biogen (BIIB), Yee tells investors in an intraday research note. Next year's election is likely to turn up the noise around drug pricing, creating headline risk for the biotech space, the analyst cautions. However, he reminds investors that Republicans control Congress, making it unlikely that "anything material" will get signed into law. Biotech names moving lower in today's trading include Biogen, AbbVie (ABBV), Gilead (GILD), Alkermes (ALKS), BioMarin (BMRN), Amicus (FOLD) and PTC Therapeutics (PTCT).
11:24 EDTGSKHillary Clinton vows to take on 'outrageous' specialty drug pricing
Hillary Clinton, on the heels of a Wall Street Journal report detailing Turing Pharmaceuticals' price hike to $750 from $13.50 per pill of a drug called Daraprim which treats a life-threatening parasitic infection, vowed to lay out a plan tomorrow to take on what she calls "price gouging" of specialty drugs. The presidential nominee stated in a tweet, "Price gouging like this in the specialty drug market is outrageous. Tomorrow I'll lay out a plan to take it on." The iShares Nasdaq Biotechnology Index (IBB) moved lower following Clinton's tweet.
09:42 EDTBACBank of America to host special shareholder meeting
Special shareholder meeting to be held in Charlotte, NC on September 22 at 10 am.
09:40 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL BAC ESV BABA FB NFLX TSLA TWTR GE GPRO JPM ONVO MU
09:39 EDTSPLKSplunk to host analyst and investor meeting
Analyst and Investor Meeting to be held in Las Vegas on September 22 at 12 pm. Webcast Link
08:34 EDTGILDGilead reports results from four international Phase 3 ASTRAL studies
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07:37 EDTBACPension funds votes against combining BofA chair, CEO roles, Retuers says
The Florida State Board of Administration, echoing votes against Bank of America from pension funds in New York and California, has voted its 21.7M shares against bylaw changes that would allow the bank to combine its chairman and CEO roles, reported Reuters. Reference Link
07:12 EDTSPLKSplunk to hold a users conference
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06:58 EDTBACBank of America CEO expects to retain dual roles, NY Post reports
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06:36 EDTBACFormer Wells Fargo CEO: BofA shareholders should back off Moynihan, Reuters says
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06:34 EDTVZSamsung may be planning leasing program for Galaxy phones, Forbes reports
Samsung (SSNLF) is rumored to be planning to launch a leasing program for its Galaxy phones in the U.S., similar to the program Apple (AAPL) recently announced, Forbes reports, citing an industry executive with knowledge of Samsung's plans. According to the source, Samsung could launch the leasing program in the next few months. Apple's iPhone Upgrade Program encourages consumers to buy iPhones directly from the Apple Store instead of going through carriers, the publication notes. Publicly traded wireless carriers include AT&T (T), Verizon (VZ), Sprint (S) and T-Mobile US (TMUS). Reference Link
September 20, 2015
20:19 EDTBACBank of America CEO to cut additional jobs, NY Post says
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