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Stock Market & Financial Investment News

News Breaks
March 1, 2013
14:52 EDTBIIB, SHPG, BMYBiogen, Shire among targets considered by Bristol-Myers, WSJ says
Bristol-Myers Squibb (BMY) has recently studied a possible acquisition of Biogen Idec (BIIB) and previously engaged advisers to look into the acquisition of Shire (SHPG), according to The Wall Street Journal, citing people familiar with the matters. Shares of both smaller companies rose following the initial report. In afternoon trading, Biogen advanced 0.7% to $167.50, while Shire rose 1.7% to $95.28. Reference Link
News For BIIB;SHPG;BMY From The Last 14 Days
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September 29, 2014
08:22 EDTBMYBristol-Myers says EMA validates MAA for Nivolumab in NSCLC
Bristol-Myers Squibb announced that the European Medicines Agency has validated for review the Marketing Authorization Application for nivolumab in non-small cell lung cancer– the first completed regulatory submission for a PD-1 immune checkpoint inhibitor in this tumor type. The MAA submitted to the EMA in lung cancer is based on data from the Phase 2 study of nivolumab in third-line pre-treated squamous cell NSCLC. In addition to the MAA for lung cancer in the E.U., the company previously announced that it has initiated a rolling submission with the FDA for Opdivo in third-line pre-treated squamous cell NSCLC and expects to complete the submission by year-end.
07:26 EDTBMY, SHPG, BIIBInforma Business Information to hold a conference
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05:32 EDTBMYBristol-Myers announces positive Phase 3 data for Opdivo
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September 26, 2014
16:55 EDTSHPGMarket ends week lower after inversion crackdown, mixed data
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16:20 EDTBMYBristol-Myers announces multiple regulatory milestones for Opdivo in U.S., EU
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09:49 EDTSHPGAbbVie considering $7B more in financing for Shire agreement, Bloomberg says
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09:21 EDTSHPGAbbVie considering $7B more in financing for Shire deal, Bloomberg reports
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September 24, 2014
16:12 EDTSHPGShire reaches final agreement with U.S. government
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15:04 EDTSHPGShire to pay $56.5M to resolve False Claims Act allegations
Pharmaceutical company Shire Pharmaceuticals will pay $56.5M to resolve civil allegations that it violated the False Claims Act as a result of its marketing and promotion of several drugs, the Justice Department announced. Shire, located in Wayne, Pennsylvania, manufactures and sells pharmaceuticals, including Adderall XR, Vyvanse and Daytrana, which are approved for the treatment of attention deficit hyperactivity disorder, and Pentasa and Lialda, which are approved for the treatment of mild to moderate active ulcerative colitis. Reference Link
07:13 EDTSHPGTreasury rules put downside risk on AbbVie, Shire deal, says Jefferies
Jefferies believes Treasury's new inversion rules create downside risk to AbbVie's (ABBV) acquisition of Shire (SHPG) from a value perspective. The firm thinks "many reasons" still exist to acquire Shire, but not necessarily at the currently agreed price. Jefferies says investors should not forget that AbbVie is attractive as a standalone business. It keeps a Buy rating on the stock with an $85 price target.
September 23, 2014
16:20 EDTSHPGOn The Fly: Closing Wrap
Stocks on Wall Street were lower after the U.S. took new action to clamp down on tax inversion deals and led airstrikes against Islamic State militants in Syria, while Europe reported weaker than expected manufacturing data. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for an increase of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. In China, HSBC's flash manufacturing PMI rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady with its 52.5 reading for August. COMPANY NEWS: The shares of a number of companies that have announced or been speculated as targets in tax inversion deals fell after the U.S. Treasury last night issued new regulations that will make such deals less attractive. AstraZeneca (AZN), which has previously turned down an offer to be acquired by the U.S.'s Pfizer (PFE), sank $3.54, or 4.74%, to $71.13 despite a Bloomberg report that said Pfizer is still considering pursuing a deal with the U.K. drugmaker. AbbVie (ABBV), which has a deal in progress to acquire Shire (SHPG) and thus move its tax domicile to Ireland, fell $1.15, or 1.96%, to $57.56, while Shire shares slid $5.56, or 2.17%, to $250.74. Medtronic (MDT), which is pursuing its own inversion deal with Covidien (COV), dropped $1.90, or 2.88%, to $64.08. MAJOR MOVERS: Among the notable gainers was Herbalife (HLF), which rose $3.88, or 9.65%, to $44.09, bouncing back from a pullback yesterday that had been attributed to rumors of Carl Icahn selling out of his stake in the company. Also higher was Plug Power (PLUG), which rose 40c, or 9.57%, to $4.58 after the company's CEO gave FY15 revenue guidance that was above the consensus Street view in an interview with the Albany Business Review. Among the noteworthy losers was Ascena Retail (ASNA), which dropped $2.78, or 16.82%, to $13.75 after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower were shares of used car retailer CarMax (KMX), which fell $5.01, or 9.49%, to $47.80 after the company reported sluggish comparable used car sales in its second quarter. INDEXES: The Dow declined 116.81, or 0.68%, to 17,055.87, the Nasdaq dropped 19.00, or 0.42%, to 4,508.69, and the S&P 500 fell 11.52, or 0.58%, to 1,982.77.
13:44 EDTSHPGISI Group to hold a webinar
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12:11 EDTSHPGOn The Fly: Midday Wrap
Stocks on Wall Street were mixed and little changed at midday, amid new rules from the Obama administration on tax inversions and manufacturing data from around the globe. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for a rise of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. The Richmond Fed manufacturing index for September rose to 14, beating expectations for it to have dropped two points to 10. In China, HSBC's flash manufacturing Purchasing Managers' Index rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady at the 52.5 seen in August. COMPANY NEWS: Shares of several companies, including a number in the pharmaceutical industry, are lower in early trading after the Treasury Department announced new regulations yesterday night that aim to make it tougher for U.S. companies to lower their tax burdens via mergers with foreign companies, otherwise known as "inversions." Among the stocks that moved lower after the new rules were announced was Astrazeneca (AZN), which had previously been a target of Pfizer (PFE) and fell about 4% near midday. Also lower were shares of both Shire (SHPG), which fell 2%, and Abbvie (ABBV), which dropped 1.6%, as the two have previously agreed to merge in a tax inversion deal. Medtronic (MDT) and Covidien (COV), which similarly agreed to an inversion merger, were down 3.3% and 2.7%, respectively. MAJOR MOVERS: Among the notable gainers was Salix Pharmaceuticals (SLXP), which rose more than 5% after The Wall Street Journal reported that Allergan (AGN) is in advanced talks on a deal to buy the company. Shares of Allergan were also up nearly 3% near midday, as the Journal also reported that Allergan rejected a recent buyout offer from Actavis (ACT). Among the noteworthy losers was Ascena Retail (ASNA), which dropped 16% after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower following its own earnings report was auto retailer CarMax (KMX), which fell over 9%. INDEXES: Near midday, the Dow was down 32.91, or 0.19%, to 17,139.77, the Nasdaq was up 2.90, or 0.06%, to 4,530.59, and the S&P 500 was down 2.29, or 0.11%, to 1,992.00.
12:10 EDTBMYBristol-Myers to build 650,000 square foot campus in Lawrenceville, NJ
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10:54 EDTSHPGStocks, analysts react to Treasury inversion crackdown
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09:20 EDTSHPGShire shares defended at CRT Capital
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September 22, 2014
07:21 EDTBIIB, BMYEBD Group to hold a conference
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September 17, 2014
07:43 EDTBMY, SHPGBofA/Merrill to hold a conference
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September 16, 2014
11:51 EDTSHPGOECD looks to close tax loopholes with new proposals
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06:00 EDTBMYBristol-Myers announces Health Canada approval of Yervoy
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