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March 20, 2012
16:16 EDTNSRGY, MYGN, AZN, TRGT, TSL, STP, YGE, TIF, RIO, BHPOn The Fly: Closing Wrap
Stocks on Wall Street were lower on concerns of slowing growth in China. The futures barely reacted to February U.S. housing data, which showed starts were lower than expected but building permits were higher. The futures action led to a lower open for the broader market. The averages found a level in the first 30 minutes of trading where they sat and eventually began to drift higher. The market moved generally higher until the last hour of the session but the averages were never able to retake the baseline to continue their six day winning streak... ECONOMIC EVENTS: In the U.S., homebuilders began construction on a seasonally adjusted annual rate of 698,000 homes in February, down 1.1% from a month ago. Building permits jumped 5.1%, versus expectations for an increase of 0.6%. In China, a report said that home prices dropped in 45 Chinese cities last month and the country increased its gas and diesel prices for the second time in less than six weeks... MARKET NEWS: BHP Billiton (BHP) was widely quoted as stating that Chinese iron ore demand growth was "flattening," but the company came out and said that the slowdown had been discussed before and was not new information. Also, both BHP and rival Rio Tinto (RIO) confirmed plans to expand production in China even further. Still, BHP's confirmation along with other signals of a slowdown in China was attributed as a significant catalyst for today's market pull-back... Saudi Arabia said it is ready to meet any shortfalls in global oil supplies which, along with China's news, caused oil prices to fall 2%, weighing on the Energy sector of the S&P... (AMZN) moved up 3.67% following its $775M purchase of Kiva Systems, a maker of robots and other material handling technology... MAJOR MOVERS: Among the notable gainers was Tiffany (TIF), up $4.59, or 6.68%, to $73.27, after its earnings missed expectations but its FY12 guidance beat the Street's view. Also higher were a number of Chinese solar companies, including Yingli Green Energy (YGE), up 46c, or 12.07%, to $4.27, Suntech (STP), up 44c, or 14.06%, to $3.57, and Trina Solar (TSL), up 61c, or 7.85%, to $8.38, following the U.S. Commerce Department's decision to impose tariffs of less than 5% on the companies, which was well below the 20% to 30% that was forecast by some analysts. Noteworthy losers included Targacept (TRGT), down $2.22, or 29.96%, to $5.19, after it abandoned plans to seek approval for a depression drug it was developing in partnership with AstraZeneca (AZN), and Myriad Genetics (MYGN), down $1.33, or 5.19%, to $24.31, after the Supreme Court ruled that two patents held by Nestle (NSRGY) for certain personalized medicine products are invalid because the patents utilize "laws of nature" without adding significant additional features to those laws... INDICES: The Dow fell 68.94, or 0.52%, to 13,170.19; the Nasdaq lost 4.17, or 0.14%, to 3,074.15; and the S&P 500 dropped 4.23, or 0.30%, to 1,405.52.
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April 7, 2014
06:11 EDTRIORio Tinto fails to overturn court decision block Warkworth expansion, WSJ says
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05:48 EDTAZN, MYGNMyriad Genetics submits premarket approval to FDA for BRACAnalysis
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April 4, 2014
11:07 EDTMYGNMyriad Genetics price target raised to $42 from $34 at Piper Jaffray
Piper Jaffray raised its price target for Myriad Genetics shares to $42 to reflect CMS' recent decision to increase BRCA reimbursement. The firm keeps an Overweight rating on the stock.
10:50 EDTTSL, YGEFirst Solar rallies after Citigroup ups price target
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10:02 EDTMYGNOn The Fly: Analyst Upgrade Summary
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07:47 EDTNSRGYBidders for Danone unit narrowed to Nestle, Fresenius, Reuters says
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06:48 EDTMYGNMyriad Genetics upgraded to Buy from Neutral at Mizuho
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06:46 EDTMYGNMyriad Genetics upgraded to Buy from Neutral at Mizuho
April 3, 2014
07:37 EDTMYGNMyriad Genetics price target raised to $40 from $28 at Mizuho
Mizuho raised Myriad's price target to $40 from $28 following the better than expected CMS pricing for BRCA testing. Shares are Neutral rated.
06:26 EDTYGE, TSLSolarbuzz expects record demand for PV industry in 2014, DigiTimes says
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April 2, 2014
16:21 EDTMYGNOn The Fly: Closing Wrap
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12:20 EDTBHPCoal stocks higher after BHP executive signals confidence
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10:35 EDTMYGNMyriad Genetics price target raised to $40 from $28 at Mizuho
Mizuho said the final CMS pricing for Myriad's BRCA testing represents a cut of about 20%, but that is still less severe than originally outlined. The firm raised its price target on Myriad Genetics to $40 following the ruling, but maintains its Neutral rating on the stock.
10:00 EDTNSRGYOn The Fly: Analyst Upgrade Summary
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09:18 EDTMYGNOn The Fly: Pre-market Movers
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09:01 EDTMYGNLeerink's life science tools analyst holds an analyst/industry conference call
Life Science Tools Analyst Leonard discusses the use of nextgen sequencing in a clinical context, early applications and uptake, the merits, demerits of various nextgen sequencing instruments and where new offerings fit on an Analyst/Industry conference call. Relevant companies ILMN, TMO, PACB, FLDM, MYGN, NSTG, GNMK, CPHD, LMNX and QGEN may be discussed on the Analyst/Industry conference call to be held on April 3 at 2 pm.
07:30 EDTRIOShell looks to Chinese suppliers to lower shale costs, FT says
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07:19 EDTMYGNMyriad Genetics price target raised to $44 from $42 at Cantor
Cantor increased its price target on Myriad Genetics after CMS raised prices for the company's BRCA 1&2 tests by about 52%, according to the firm. Cantor raised its estimates for Myriad Genetics and keeps a Buy rating on the stock.
07:04 EDTNSRGYNestle upgraded to Outperform from Market Perform at Bernstein
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06:14 EDTBHPBHP Billiton executive suggests confidence in coal business, WSJ reports
Dean Dalla Valle, the head of BHP Billiton's coal business, has signaled he is confident in the outlook for the global coal industry, the Wall Street Journal reports. The executive says he sees demand for decades to come in both energy coal and metallurgical coal, with most of the demand growth coming from outside China. The Wall Street Journal recently reported that BHP may look to pursue asset sales to focus on commodities. Reference Link
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