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March 20, 2012
16:16 EDTMYGN, TSL, AZN, STP, NSRGY, TRGT, 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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October 7, 2015
07:29 EDTTIFJ.C. Penney initiated with a Sell, $7 target at Citi
Citi analyst Paul Lejuez started shares of J.C. Penney (JCP) with a Sell rating and $7 price target. The retailer closed yesterday down 6c to $9.73. The company's goals are aggressive while its free cash flow is "elusive," Lejuez told investors this morning in a research note. He initiated 19 other companies in the Specialty Retailing and Department Stores space. His Buy-rated names, in order of preference, include lululemon (LULU), TJX (TJX), Tiffany (TIF), Urban Outfitters (URBN) and Ross Stores (ROSS).
07:07 EDTMYGNMyriad Genetics, Tufts Health Plan sign agreement to cover Prolaris
Myriad Genetics announced that it has signed a three-year contract with Tufts Health Plan through which the plan will provide coverage of Prolaris for members diagnosed with localized prostate cancer. Prolaris is the first and only biopsy test validated against prostate cancer specific mortality. Tufts Health Plan is a leading health plan in the Northeast with more than one million members. Tufts Health Plan's members will benefit from this agreement, which is designed to drive optimal treatment because men can confidently pursue active surveillance for tumors identified as being less aggressive with Myriad's extensively validated Prolaris combined score. Recent data show that many men realize no benefit from interventional treatment, and many suffer needlessly from the side effects associated with radical prostatectomy and radiation.
06:15 EDTBHPFranco-Nevada to acquire silver stream on Antamina Mine from Teck Resources
Franco-Nevada (FNV) has agreed to acquire a silver stream on production from the Antamina mine in Peru from Teck Resources (TCK). Teck owns a 22.50% interest in Compania Minera Antamina S.A., the Antamina joint venture company, along with partners BHP Billiton (BHP) - 33.75% -, Glencore Plc - 33.75% - and Mitsubishi Corporation - 10.00% -. Antamina is an established mine that commenced operations in 2001. It is the 8th largest copper mine in the world and is one of the lowest cost copper operations globally. The effective date for the transaction is July 1 and Franco-Nevada is expected to receive 900K-1.1M ounces of silver in Q4. Annual silver stream contributions are expected to average 2.8M-3.2M ounces going forward , with 2016 and 2017 silver deliveries expected to be above average. Antamina would increase Franco-Nevada's GEOs and operating cash flow by approximately 13% and 18% respectively. The mine contains total Measured and Indicated resources of 1.1B tonnes of ore and Inferred resources of 1.3B tonnes of ore. Within the resource envelope, total reserves are 647M tonnes of ore, which are currently constrained by tailings disposal capacity. Current M&I resources are sufficient to support over 20 years of open pit mining. With continued conversion and upgrading of resources, the project could support mining for 30 - 40 years. Franco-Nevada will make a one-time $610M advance payment to Teck upon closing of the transaction. Funding is expected to occur in early-October with first silver delivery to Franco-Nevada in Q4. The stream will be based on all recovered silver from Teck's attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Silver deliveries are scheduled for the 45th day after each calendar quarter end based on the previous quarter's concentrate shipments. Franco-Nevada will pay 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86M ounces have been delivered under the stream agreement, estimated at current throughput to be approximately 30 years. Silver deliveries under the stream will be an absolute obligation of the joint sellers and are not contingent on the availability of cash flow from the project.
05:21 EDTRIORio Tinto upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley upgraded Rio Tinto to Overweight after raising its rating on the Metals & Mining sector to Attractive. Potential stimulus policies and better data from China should push commodity prices higher by 2017, the firm contends.
05:20 EDTBHPBHP Billiton upgraded to Overweight from Equal Weight at Morgan Stanley
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October 6, 2015
13:32 EDTAZNBiotechs plummet with TPP seen as industry negative
Biotechs are falling intraday after reports that the Trans-Pacific Partnership, or TPP, has language that the exclusivity period for bioligics, or drugs derived from a biological sources, would be eight years, less than the twelve years it is currently in the United States. WHAT'S NOTABLE: In the U.S., biologics are protected from competition by follow-on products for twelve years from the time they are first granted marketing approval by the U.S. Food and Drug Administration, a protection that is distinct from patent protection. Recent reports on the TPP suggest that the protection will last five years with an additional safety monitoring period of up to three years before a biosimilar can be registered, which would effectively be an eight year exclusivity period. ANALYST REACTION: Piper Jaffray analyst Joshua Schimmer, however, said the development is a "step forward," especially since it does not overrule the 12 years' exclusivity for the drugs in the U.S. While the sector asked for twelve years' exclusivity to match the U.S., eight years is a "reasonable compromise," the analyst argued. His top picks were Alexion (ALXN), Celgene (CELG), and Amgen (AMGN) in the large-cap space, GW Pharmaceuticals (GWPH) and bluebird bio (BLUE) among mid-caps, and Flex Pharma (FLKS), Lion Biotechnologies (LBIO), Otonomy (OTIC), and Ignyta (RXDX) in the small-cap sector. Further, Schimmer stated that more names look "increasingly compelling" amid the selloff. NOTABLE DECLINERS: Alexion is lower by 2.53%, Celgene is down 4.32%, Amgen is declining 1.91%, Biogen (BIIB) is down 3.4%, and Gilead Sciences (GILD) is falling 2.22%. STOCKS TO WATCH: Other publicly traded companies in the pharmaceutical space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
10:22 EDTRIO, BHPBoard cut, unit review push Freeport shares higher
Shares of copper producer Freeport-McMoRan (FCX) are rallying in morning trading after the company announced plans to review strategic alternatives for its oil and gas business. The company also said it would shrink its board to nine members. WHAT'S NEW: Freeport-McMoRan said this morning that it is reviewing strategic alternatives for its oil and gas business, FM O&G, amid a tumble in commodity prices. In a statement, Freeport said it is studying options for achieving self-funding of the oil and gas unit. FM O&G's "high quality asset base, substantial underutilized Deepwater Gulf of Mexico infrastructure, large inventory of low risk development opportunities and talented and experienced personnel and management team provide alternatives to generate value," it wrote. A previously disclosed potential initial public offering of a minority interest in the oil and gas business remains an alternative for future consideration, the company said. The copper producer said that other alternatives under consideration include a spinoff of the company's oil and gas business to shareholders, joint venture arrangements and further spending reductions. In addition to the FM O&G news, Freeport-McMoRan also announced this morning that it reduced the size of its board of directors from 16 to nine members. These actions, the company said, follow "constructive discussions with many of its largest shareholders." The company said five directors have left the FCX board and have been appointed to the FM O&G board, with James Flores named FM O&G Chairman; Flores remains FM O&G's chief executive officer. WHAT'S NOTABLE: Freeport-McMoRan said earlier this year it would consider selling as much as 20% of its oil and gas unit in an IPO. In June, Chief Financial Officer Kathleen Quirk said the company would likely sell less than 20%, since keeping 80% of the unit would provide the company with some tax advantages. Activist investor Carl Icahn raised his stake in Freeport-McMoRan to 8.8% from 8.46% on September 18. Icahn told CNBC on September 30 that it was "right to expect" that he would get involved with the copper producer. Icahn said that too much copper is being produced now, depressing its price, but believes copper will turn in the future. PRICE ACTION: Freeport-McMoRan rose 6.26% to $11.88 in morning trading. Shares are down over 49% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
07:23 EDTMYGNAmerican Society of Human Genetics to hold annual meeting
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October 5, 2015
07:12 EDTNSRGYNestle in talks with R&R to create ice cream JV
Nestle and R&R, a leading European ice cream company based in the UK, are in advanced discussions to set up a new joint venture covering ice cream based mainly in Europe and Africa. The proposed joint venture will capitalize on the complementary strengths and innovation expertise of the two companies. It will combine Nestle's strong and successful brands and experience in 'out-of-home' distribution with R&R's competitive manufacturing model and significant presence in retail.
October 4, 2015
16:11 EDTBHPBHP Billiton may postpone fundraising plans, Sunday Times says
BHP Billiton may postpone its hybrid bond fundraising efforts amid unfavorable market volatility, reports the Sunday Times, citing market sources. The company had hoped to price the bond this week, but could announce as early as Monday that it will delay its plans, sources told the Times. Reference Link
October 2, 2015
12:22 EDTRIORio Tinto upgraded to Buy from Hold at Societe Generale
12:19 EDTBHPBHP Billiton downgraded to Hold from Buy at Societe Generale
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07:16 EDTBHPBHP Billiton volatility flat, shares near seven-year low
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October 1, 2015
07:31 EDTAZNLeerink to hold a roundtable
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September 30, 2015
08:02 EDTAZNAstraZeneca says SYMBICORT results published in journal
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06:56 EDTYGEYingli Green Energy to host conference call
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05:41 EDTRIORio Tinto agrees for sale of 40% interest in Bengalla JV for $606M
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September 29, 2015
08:07 EDTAZNAstraZeneca says Brilinta 60-mg tablets now available in U.S. pharmacies
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September 28, 2015
07:52 EDTAZNIIR Holdings to hold a conference
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07:01 EDTBHPBHP Billiton volatility flat as shares near seven-year low
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