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News Breaks | | | | February 25, 2013 | | 12:29 EDT |  | AFFY, BKS, ELN, DVAX, ZNGA | On The Fly: Midday Wrap
Stocks on Wall Street were lower at midday as worries about Italy's election dented European markets and the U.S. averages followed suit. Stocks trading in New York began the session moderately higher as the market looked to extend Friday's gains. The market appeared to be on its way to enjoying a positive session but by mid-morning the gains had been pared and the averages turned mixed. The weakness began following reports indicating Silvio Berlusconi's party may win many senate seats, sparking fear that Italy may abandon its austerity plans... ECONOMIC EVENTS: In the U.S., two regional Federal Reserve banks reported data. The Chicago Fed national activity index dropped to -0.32 in January, indicating that economic activity in the month was below average trends. Also, the Dallas Fed's manufacturing index dropped back to 2.2 in February, erasing the 3 point increase to 5.5 in the prior month. In Europe, Italy's markets were volatile as polls indicated that formerly ousted prime minister Silvio Berlusconi is faring better than expected in the nation's general election. In China, HSBC's flash PMI manufacturing index fell to 50.4 in February from 52.3 in January. This was a worse than expected drop, though Lunar New Year may have distorted the February data... COMPANY NEWS: Shares of bookseller Barnes & Noble (BKS) jumped 12% after the company’s founder, largest stockholder and Chairman of the Board Leonard Riggio said he plans to propose to purchase all of the assets of the retail business of the company. The company publicly acknowledged the plan for an offer, which will exclude its NOOK e-reader business, and said it will set up a committee to evaluate its best course of action... MAJOR MOVERS: Among the notable gainers was Zynga (ZNGA), which advanced another 12% after rising about 8% on Friday following Nevada's passage of a bill to legalize online gambling in the state. Also higher were shares of Elan (ELN), which rose over 6% to $11.28 near noon after getting an $11 per share takeover offer from Royalty Pharma. Among the noteworthy losers was Affymax (AFFY), which plunged 85% after the company initiated a safety recall for its anemia drug Omontys and the stock was downgraded by at least four analyst firms. Also lower were shares of Dynavax (DVAX), which fell 30% after the FDA said its investigational adult hepatitis B vaccine cannot be approved without further safety evaluation... INDICES: Near noon, the Dow was down 51.87, or 0.37%, to 13,948.70; the Nasdaq was down 3.08, or 0.10%, to 3,158.74; and the S&P 500 was down 5.06, or 0.33%, to 1,510.54. | |
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News For BKS;ZNGA;ELN;AFFY;DVAX From The Last 14 Days Check below for free stories on BKS;ZNGA;ELN;AFFY;DVAX the last two weeks. |
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| May 21, 2013 | | 11:01 EDT |  | ZNGA | Zynga price target raised to $3.50 from $2.75 at Piper Jaffray
 Subscribe for More Information | | | 07:07 EDT | | ELN | Theravance pullback on Elan bid a buying opportunity, says Piper Jaffray
Subscribe for More Information | | | May 20, 2013 | | 13:03 EDT |  | ELN | Elan advises holders to take no action related to Royalty offer
Subscribe for More Information | | | 11:46 EDT | | ELN | Royalty Pharma ups offer for Elan to $12.50 per share in cash
Royalty Pharma announced that it raised its takeover offer for Elan to $12.50 per share in cash. The increased offer is fully financed, cash confirmed and not conditional on due diligence, the company added, while saying the $1.00 per share net cash right has been eliminated. Royalty Pharma added that it has reserved its right to waive down the acceptance threshold for the increased offer from 90% to 50% plus one Elan share. Reference Link | | | 11:43 EDT | | ELN | Elan rallies 3.6% to $12.10 after Royalty Pharm raises buyout offer
| | | 11:42 EDT | | ELN | Royalty Pharma raises offer for Elan to $12.50 per share in cash
Subscribe for More Information | | | 08:51 EDT |  | BKS | Barnes & Noble to add browser, email to low-cost e-readers, TechCrunch says
Subscribe for More Information | | | 08:40 EDT | | BKS | Barnes & Noble could rise above $30 a share, Barron's says
Barnes & Noble (BKS) shares are up about 15% since TechCrunch said Microsoft (MSFT) may pay $1B for its Nook e-reader business but the stock may have another 50% upside to $30 per share based on Barnes & Noble's asset value, contended Barron's in a report this weekend. Barron's, however, called the situation "admittedly tough to assess" because neither Microsoft nor B&N will comment on the purchase rumor. The Fly notes Barnes & Noble shares are up 4% to $20.80 in pre-market trading. Reference Link | | | 05:54 EDT | | ELN | Elan announces transactions to transform company, $200M share repurchase plan
Elan announces a series of transactions designed to decisively transform and advance the company. Upon shareholder approval, the totality of these strategically driven decisions, in addition to the Theravance royalty participation agreement and dividend pass through announced last week and the previously completed Tysabri transaction, will form a dynamic and unique business foundation for Elan in the years ahead. Elan will acquire 100% of AOP Orphan Pharmaceuticals and upon close Elan will pay EUR 263.5M for the company, comprised of EUR 175.7M in cash and EUR 87.8M of Elan ordinary shares. In addition, there will be potential cash milestone payments of up to EUR 270M on the advancement of certain late stage clinical programs. Elan has completed the first step in its investment in Newbridge by paying $40M in exchange for 48% of the total fully diluted capitalization of the company. In addition, Elan has appointed two directors to the board of Newbridge. Elan has the option to purchase the remaining stake in Newbridge by 2015 for a sum of $244M. Elan will commit $70M to the new entity upfront, plus up to a potential future $8M, for an 18% minority equity position, royalties in major markets along with additional milestones, and retention of commercial rights in certain territories and markets. The third party equity financial partner will commit $20M for 62% equity position, plus up to a potential future $2M. The remaining 20% equity will be allocated among Speranza management. This allows Elan to eliminate the operating activities associated with the development of the drug, while at the same time maintaining a share of the potential upside. A $200M share repurchse program is planned, details pending. | | | 05:22 EDT |  | ELN | Elan to host business news update conference call
Subscribe for More Information | | | | May 15, 2013 | | 17:21 EDT | | ELN | Elan publishes response document regarding Echo Pharma offer
Elan announces publication of a response document in respect of the Echo Pharma Acquisition Limited offer made on May 2. The response document is published in accordance with Rules 25 and 30.3 of the Irish Takeover Rules and the United States tender offer rules. As previously advised, the Board of Elan has unanimously, and without reservation, rejected the offer by Royalty Pharma. Shareholders are strongly advised to take no action in relation to the offer. | | | 10:35 EDT | | ZNGA | Groupon, Zynga advance after hedge fund reports new stakes
Subscribe for More Information | | | 09:58 EDT | | ZNGA | Jana Partners reports new stakes in Groupon, Zynga
Subscribe for More Information | | | May 14, 2013 | | 18:15 EDT | | AFFY | Affymax CEO to step down
Subscribe for More Information | | | 13:21 EDT | | ZNGA | Take-Two rises after results beat expectations
Subscribe for More Information | | | 12:47 EDT |  | BKS | Options with increasing implied volatility: FMCN FIO SVU BKS
Subscribe for More Information | | | 08:37 EDT | | BKS | Barnes & Noble launches enhanced NOOK apps for iPad, iPhone
Subscribe for More Information | | | 07:18 EDT | | AFFY | BofA/Merrill to host a conference
2013 Health Care Conference is being held in Las Vegas on May 14-16. | | | 07:07 EDT | | ELN | Theravance price target raised to $54 from $44 at Stifel
Stifel thinks that Theravance's (THRX) royalty deal with Elan (ELN) demonstrates its ability to generate revenue that had not been reflected in its stock price. The firm expects Theravance to make similar deals in the future and it keeps a Buy rating on the stock. | | | May 13, 2013 | | 16:25 EDT | | ELN, BKS | On The Fly: Closing Wrap
Stocks on Wall Street were little changed from their opening levels as investors weighed the potential end of the Fed's quantitative easing program against a better than expected report on retail sales. The Wall Street Journal's Jon Hilsenrath suggested in a report over the weekend that the Federal Reserve has mapped a QE exit strategy. The report paired with the retail sales data left the market lacking conviction in either direction today, as the averages spent the majority of the session range-bound near the flatline. ECONOMIC EVENTS: In the U.S., retail sales rose 0.1% in April, which beat expectations for a 0.3% decline. Retail sales excluding autos, gas, and building materials rose 0.6%, which was also better than expected. Business inventories were flat in March, versus expectations for a 0.3% gain. In Asia, Chinese factory output grew 9.3% annually in April, which was up from 8.9% in March but still missed expectations for a 9.5% growth rate. COMPANY NEWS: The Supreme Court ruled unanimously that Monsanto's (MON) patented genetically altered soybeans are protected and that farmers cannot use them to create new seeds without paying the company... Dell's (DELL) special committee publicly asked for more information from Carl Icahn and Southeastern Asset Management about their proposed leveraged recapitalization. This request follows television interviews by Icahn last Friday in which he discussed his Dell proposal, as well as a weekend report in Barron's saying the Icahn and Southeastern plan could be a better deal for shareholders. MAJOR MOVERS: Among the notable gainers was Theravance (THRX), up $6.26, or 17.92%, to $41.20 after Elan Corporation (ELN) bought a stake in the potential future royalty payments from four respiratory programs partnered with GlaxoSmithKline (GSK) in exchange for $1B in cash. Also higher was Tesla (TSLA), which rose $11.04, or 14.38%, to $87.80 in its third straight double-digit percentage gain following a better-than-expected earnings report last week. Among the noteworthy losers was Barnes & Noble (BKS), down $2.21, or 9.48%, to $21.10 after the blog InsiderMonkey disputed a previous report about Microsoft's (MSFT) interest in the bookseller's NOOK assets. Also lower was JoS. A. Bank (JOSB), down $3.31, or 7.16%, to $42.90 after the company's first quarter earnings view came in below expectations. INDICES: The Dow was down 26.81, or 0.18%, to 15,091.68; the Nasdaq was up 2.21, or 0.06%, to 3,438.79; and the S&P 500 was nearly unchanged at 1,633.77. | | |
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