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Stock Market & Financial Investment News

News Breaks
June 28, 2013
09:26 EDTBBRY, AFAM, GTIV, AMED, PFE, ABFS, SNY, BIIB, ACI, MCP, DNDN, ACN, LHCGOn The Fly: Pre-market Movers
HIGHER: Dendreon (DNDN), up 9.8% after getting positive EU opinion for Provenge drug... Arkansas Best (ABFS), up 10% after ABF Freight System employees represented by Teamsters ratify five-year national labor agreement... Molycorp (MCP), up 7.8% after SEC completes investigation with no enforcement action recommended... Arch Coal (ACI), up 8.9% after announcing will sell non-core Utah operations to Bowie Resources for $435M... Biogen (BIIB), up 5.8% after the European Medicines Agency granted Sanofi's multiple sclerosis drug Aubagio "new active substance" status. Sanofi, which also received a positive CHMP opinion for Lemtrada, up 1.5%... Pfizer (PFE), up 1% after boosting share buyback program by $10B. DOWN AFTER EARNINGS: BlackBerry (BBRY), down 23%... Accenture (ACN), down 9%... Nike (NKE), down 0.8%. ALSO LOWER: Home health agencies, including Amedisys (AMED), down 21%, Gentiva Health (GTIV), down 16%, Almost Family (AFAM), down 13%, and LHC Group (LHCG), down 12%, after the Centers for Medicare & Medicaid Services proposed 2014 reimbursement cuts.
News For BBRY;ACN;DNDN;MCP;ACI;BIIB;SNY;ABFS;PFE;AMED;GTIV;AFAM;LHCG From The Last 14 Days
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October 10, 2014
09:38 EDTACIActive equity options trading on open
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08:06 EDTPFEPfizer presents Staphylococcus aureus vaccine Phase 1, Phase 2 study data
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05:30 EDTGTIVKindred Healthcare upgraded to Outperform from Market Perform at Wells Fargo
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October 9, 2014
16:25 EDTGTIVOn The Fly: Closing Wrap
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12:30 EDTGTIVOn The Fly: Midday Wrap
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11:36 EDTACICoal price near-term rebound less likely after China tax, says Brean Capital
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11:00 EDTACIChina to reinstate tariffs on coal, Bloomberg reports
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09:35 EDTGTIVKindred Healthcare sees Gentiva deal closing in 1Q15
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08:46 EDTGTIVKindred sees 'significant,' 'achievable' synergies from Gentiva deal
Kindred (KND) says it expects to issue in aggregate $620M-$720M of equity to maintain reasonable leverage. Says will issue Gentiva (GTIV) shareholders $200M in Kindred stock as part of purchase consideration, plans to raise $200M-$300M in equity and/or mandatory convertible securities between announcement and close. Says integration teams assembled, ready to be deployed immediately upon closing. Comments from slides that will be presented on Kindred's conference call discussing the proposed acquisition of Gentiva.
08:45 EDTGTIVGentiva volatility low into being acquired by Kindred for $1.8B
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08:38 EDTGTIVKindred volatility flat into acquiring Gentiva for $1.8B
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08:27 EDTGTIVKindred sees Gentiva deal immediately and significantly accretive
Kindred (KND) expects the acquisition of Gentiva (GTIV) will be immediately and significantly accretive to earnings and operating cash flows, exclusive of transaction and integration costs. Kindred expects the acquisition to be approximately 40c-60c accretive to pro forma earnings, and pro forma operating cash flows of $350 million to $400 million, both on a run rate basis, once Gentiva is fully integrated and expected synergies are fully realized in the second full year following the closing. On this same basis, following the combined company’s expected annual maintenance capital expenditures of $120 million to $130 million, Kindred expects pro forma cash flows of $230 million to $270 million. Kindred has identified approximately $70 million of annual cost and operating synergies and expects to achieve the full run rate within two years of closing, of which approximately $35 million is expected to be achieved in the first year following the closing. Kindred expects the majority of cost synergies to be achieved through combining information technology functions, merging supply chains and eliminating redundant public company expenses. In addition, Kindred expects to realize revenue synergies that will improve patient care transitions and choice, and drive volume growth as a result of cross-selling across the combined service platform. Kindred expects annual run rate revenue synergies of more than $60 million over time, with approximately $20 million to $30 million achievable in the first full year following the closing.
08:26 EDTGTIVKindred Healthcare says combined company to operate in 47 states
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08:25 EDTGTIVKindred to acquire Gentiva for $19.50 per share in cash and stock, or $1.8B
Kindred Healthcare (KND) and Gentiva Health Services (GTIV) announced that the companies have entered into a definitive merger agreement under which Kindred will acquire all of the outstanding shares of Gentiva common stock for $19.50 per share in a combination of cash and stock. The agreement was unanimously approved by the boards of directors of both companies. Under the terms of the agreement, Gentiva shareholders will receive $14.50 per share in cash and $5.00 of Kindred common stock. The transaction is valued at $1.8 billion, including the assumption of net debt. The companies expect the closing of the transaction to occur in the first quarter of 2015. The combined company will: Employ approximately 109,000 individuals, making it the 78th largest private employer and the 4th largest healthcare employer in the United States; Deliver pro forma annual revenues of approximately $7.1 billion; and Generate pro forma operating income, including expected cost synergies, of $1.0 billion. Paul J. Diaz, CEO of Kindred, said, “Over the last eight weeks, we undertook a robust due diligence process and worked closely and constructively with our counterparts at Gentiva to better understand their operations, financial results and outlook. This process confirmed the compelling strategic rationale and industrial logic of this combination, as well as our belief that this transaction is in the best interests of both companies and our respective shareholders, patients, employees and business partners." Kindred has obtained committed financing from Citi and J.P. Morgan in connection with the pending transaction. Subject to market and other conditions, the Company expects to finance the acquisition of Gentiva and associated costs through the issuance of $200 million to $300 million of common stock and mandatory convertible equity securities and $1.3 billion to $1.4 billion of unsecured notes prior to the closing of the acquisition. The Company expects to fund the remaining amounts through its existing line of credit. Following completion of the transaction, Kindred expects to have approximately 85 million fully diluted shares outstanding, comprised primarily of approximately 64 million shares outstanding today, approximately 10 million shares to be issued to Gentiva as part of the transaction consideration, and approximately nine million to 12 million shares associated with the expected offering of common stock and mandatory convertible equity securities. The Gentiva acquisition is subject to certain conditions, including the approval by the stockholders of Gentiva. Kindred and Gentiva have already received clearance for the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
08:23 EDTGTIVKindred to acquire Gentiva for $19.50 per share in cash and stock
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October 8, 2014
10:55 EDTPFELeerink pharmaceuticals analyst holds an analyst/industry conference call
Analysts discuss prospects for drugs that raise HDL cholesterol, effects of CETP mechanism, expectations for REVEAL data and the potential place for CETP inhibitors in a crowded hypersholesterolemia landscape on an Analyst/Industry conference call to be held on October 9 at 11 am.
08:09 EDTPFEPfizer presents LP2086 Phase 2 study data
Pfizer announced it will present the results of a Phase 2, randomized study to evaluate co-administration of the company’s investigational meningococcal group B vaccine, bivalent recombinant LP2086, or rLP2086, with a licensed quadrivalent human papillomavirus vaccine at IDWeek 2014. Data demonstrated immune responses to both vaccines were generated after concomitant administration of bivalent rLP2086 and HPV4. Prespecified noninferiority criteria were met for the bivalent rLP2086 antigens studied and three of the four antigens for HPV4. Primary immunogenicity endpoints, measured after the third dose, included geometric mean titers against HPV antigens in Groups 1 and 3 and human complement serum bactericidal assay GMTs against meningococcal group B disease test strains in Groups 1 and 2. Secondary immunogenicity endpoints included the rate of seroconversion to HPV antigens. Safety of bivalent rLP2086 was assessed after concomitant administration with HPV4 or saline. The prespecified noninferiority criteria were met for three of four HPV antigens and both meningococcal group B disease test strains. Seroconversion for all four HPV antigens was achieved by 99% or more of the subjects for the groups that received HPV4 concomitantly with bivalent rLP2086 or with saline. More local reactions occurred following administration of bivalent rLP2086 compared with saline but the incidence of these reactions did not increase with subsequent vaccine administration. The rates of local and systemic reactions were comparable when bivalent rLP2086 was given with HPV4 to bivalent rLP2086 given alone.
07:19 EDTPFECBI to hold a conference
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07:18 EDTPFE, SNYInfectious Diseases Society of America to hold a conference
ID Week 2014 is being held in Philadelphia on October 8-12.
07:13 EDTACNAccenture disclosures should lessen cannibalization fears, says RBC Capital
After attending Accenture's Analyst Day, RBC Capital believes the company's discussion about the size of its legacy ERP business and digital and cloud practices should cause investors' concerns about cannibalization to slowly decline. The firm keeps an $87 price target and Outperform rating on Accenture.
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