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Stock Market & Financial Investment News

News Breaks
February 4, 2014
07:32 EDTGSK, JNJ, SNY, BMYMajor drug firms create pact for medicine development, WSJ reports
Ten major drug companies formed a pact for five years to cooperate on a government-backed effort with the National Institutes of Health to speed up the discovery of new medicines, reports the Wall Street Journal. Reference Link
News For BMY;JNJ;GSK;SNY From The Last 14 Days
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January 26, 2016
08:54 EDTJNJJohnson & Johnson expects to grow faster than healthcare market for 5 years
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06:45 EDTJNJJohnson & Johnson sees FY16 adjusted EPS $6.43-$6.58, consensus $6.37
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06:43 EDTJNJJohnson & Johnson reports Q4 adjusted EPS $1.44
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06:42 EDTJNJJohnson & Johnson reports Q4 EPS $1.15, consensus $1.14
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January 25, 2016
14:29 EDTJNJNotable companies reporting before tomorrow's open
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12:42 EDTJNJEarnings Watch: J&J shares little changed since last earnings report
Johnson & Johnson (JNJ) is scheduled to report fourth quarter earnings before the market opens on Tuesday, January 26, with a conference call scheduled for 8:30 am ET. Johnson & Johnson is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. EXPECTATIONS: Analysts are looking for earnings per share of $1.42 on revenue of $17.88B, according to First Call. The consensus range for EPS is $1.39-$1.44 on revenue of $17.57B-$18.31B. LAST QUARTER: On October 13, Johnson & Johnson reported third quarter EPS of $1.49 on revenue of $17.1B. The company's Q3 EPS results exceeded average analyst expectations of $1.45 but its revenue came in less than analysts' expectations of $17.54B. With its Q3 results, the drug giant narrowed its EPS view for the year to $6.15-$6.20 from $6.10-$6.20, while maintaining its sales outlook of $75B-$76B. Worldwide Consumer sales of $3.3B for Q3 represented a decrease of 7.7% versus the prior year, consisting of an operational increase of 3.1% and a negative impact from currency of 10.8%. Worldwide Pharmaceutical sales of $7.7B for the third quarter represented a decrease of 7.4% versus the prior year with an operational decrease of 0.3% and a negative impact from currency of 7.1%. Domestic sales decreased 4.5%; international sales decreased 11.1%, which reflected an operational increase of 5.5% and a negative currency impact of 16.6%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 10.1%, domestic sales increased 11.5% and international sales increased 8.5%. Worldwide operational sales growth was driven by new products and the strength of core products. New product sales growth was negatively impacted by lower sales of Olysio/Sovriad due to competitive entrants. Strong growth in new products include Invokana/Invokamet, for the treatment of adults with type 2 diabetes; Imbruvica, an oral, once-daily therapy approved for use in treating certain B-cell malignancies, or blood cancers; Xarelto, an oral anticoagulant; and Zytiga, an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer. On January 19, Johnson & Johnson announced restructuring actions in its Medical Devices unit. The actions are expected to result in annualized pre-tax cost savings of $800M to $1B, the majority of which is expected to be realized by the end of 2018, including approximately $200M in 2016. With its restructuring announcement the company reiterated its prior adjusted EPS view of $6.15- $6.20. STREET RESEARCH: On December 18, Atlantic Equities analyst Steve Chesney initiated Johnson & Johnson with a Neutral rating and $95 price target. On December 1, Barclays analyst Geoff Meacham upgraded Johnson & Johnson to Overweight after assuming coverage of the name. J&J should post a strong year in 2017 and will likely boost its orphan diseases or oncology pipeline via capital deployment, Meacham tells investors in a research note. He raised his price target for shares to $115 from $101. PRICE ACTION Since reporting its Q3 results, Johnson & Johnson shares are up approximately 1%, and they are currently trading up fractionally in afternoon trading ahead of Tuesday's earnings report.
12:17 EDTJNJJohnson & Johnson technical notes before earnings
The key level for the shares heading into earnings is at the $90 to $88 area, which has been a zone of support since late 2013. If the news is bearish, shares could retest this area. A breakdown below $90 would confirm a long-term topping process is underway. If the news is bullish, the first important resistance level is at the $100 area. A breakout above $100 would put the 52-week high at $105.49 up as the next major upside objective.
11:05 EDTGSKOncoMed price target lowered to $29 from $43 at Piper Jaffray
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10:55 EDTSNYRegeneron slips after analyst says sell to avoid risk from Amgen patent suit
Shares of Regeneron Pharmaceuticals (REGN) fell in morning trading after an analyst at Chardan downgraded the stock to Sell, citing risk from a patent lawsuit in which the biopharmaceutical company is involved. CHARDAN SAYS SELL: Chardan Capital Markets analyst Gbola Amusa downgraded Regeneron to Sell from Neutral this morning, while reducing his price target on shares to $400 from $525. In a note to clients, Amusa said he believes that Regeneron is likely to face significant risks from the upcoming patent infringement case for Praluent. The suit could be a key driver of the company's share price performance in the near future, the analyst said. Regeneron, along with its partner Sanofi (SNY), launched Praluent in the U.S. last year, after the October 2014 filing of a patent infringement suit by Amgen (AMGN) relating to patents for "monoclonal antibodies that bind PCSK9," Amusa noted. The analyst believes that since Regeneron and Sanofi "likely" infringe Amgen's patents for Repatha, the Regeneron-Sanofi partnership could seek to settle the ahead of the trial by agreeing to pay 10%-20% or more of royalties to Amgen for U.S. Praluent sales. Amusa said that "such an outcome we estimate could transfer roughly $750M of operating income per year to Amgen." Further, Amusa said that catalysts surrounding the patent infringement trial are "likely to play out from late February to late March," and concedes that "both sides have good reasons to settle this case for a reasonable royalty." INCREASING COMPETITION: Amusa also noted that he sees increasing competitive risks in 2016 to Regeneron's Eylea from Novartis (NVS) and its partner Ophthotech (OPHT), which continue to progress Fovista into Phase III trials in wet AMD. WHAT'S NOTABLE: Roth Capital upgraded Regeneron to Buy from Neutral on January 19, based on valuation, as the firm said shares do not reflect the value of the company's upcoming catalysts. The firm also raised its price target to $555 from $543. The same day, Credit Suisse initiated Regeneron with a Neutral rating and $552 target. PRICE TARGET: Regeneron slipped 1.4% to $476.02 in morning trading.
10:00 EDTBMYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Eagle (AEO) downgraded to Hold from Buy at BB&T... American Express (AXP) downgraded on weak revenue outlook at Argus... Bristol-Myers (BMY) downgraded to Market Perform from Outperform at BMO Capital... Caterpillar (CAT) downgraded to Sell from Neutral at Goldman... Crestwood Equity (CEQP) downgraded to Neutral on potential distribution cut at Baird... Cummins (CMI) downgraded to Neutral from Buy at Citi... Federal Realty (FRT) downgraded to Hold from Buy at Evercore ISI... GKN PLC (GKNLY) downgraded to Neutral from Outperform at Credit Suisse... Galapagos NV (GLPG) downgraded to Neutral from Buy at GoldmanvHortonworks (HDP) downgraded to Perform from Outperform at Oppenheimer... International Flavors (IFF) downgraded on headwinds at Stifel... International Paper (IP) downgraded to Neutral from Buy at Citi... JPMorgan (JPM) downgraded to Neutral from Buy at Nomura... KapStone (KS) downgraded to Underperform from Neutral at Macquarie... Mosaic (MOS) downgraded to Neutral from Overweight at JPMorgan... NetSuite (N) downgraded to Equal Weight from Overweight at Stephens... ONEOK Partners (OKS) downgraded to Neutral at Baird... OvaScience (OVAS) downgraded to Perform from Outperform at Oppenheimer... Packaging Corp. (PKG) downgraded to Neutral from Buy at Citi... Potash (POT) downgraded to Neutral from Overweight at JPMorgan... Power Solutions (PSIX) downgraded to Neutral from Overweight at Piper Jaffray... Raymond James (RJF) downgraded to Neutral from Buy at Nomura... Regeneron (REGN) downgraded to Sell from Neutral at Chardan... SanDisk (SNDK) downgraded to Underperform from Outperform at CLSA... Toll Brothers (TOL) downgraded to Market Perform from Outperform at JMP Securities... Twitter (TWTR) downgraded to Hold from Buy at Stifel... WPX Energy (WPX) downgraded to Sector Perform from Outperform at Iberia... WestRock (WRK) downgraded to Neutral from Buy at BofA/Merrill... Whole Foods (WFM) downgraded to Underperform from Market Perform at BMO Capital... Zurich Insurance (ZURVY) downgraded to Neutral from Outperform at Exane BNP Paribas.
08:27 EDTBMYBristol-Myers downgraded at BMO Capital
As noted earlier, BMO Capital downgraded Bristol-Myers to Market Perform from Outperform. The firm says that its positive thesis on clinical catalysts for the company's Opdivo drug has "mostly materialized." Target to $70 from $74.
08:04 EDTBMYAgilent's Dako announces FDA expanded approval of Dako PD-L1 IHC 28-8 pharmDx
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06:53 EDTGSK, JNJGlaxo, Astra, J&J partner with universities in drug research fund, Reuters says
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06:05 EDTBMYBristol-Myers downgraded to Market Perform from Outperform at BMO Capital
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January 24, 2016
13:50 EDTBMYBristol-Myers says FDA expands indication for Opdivo-Yervoy
Bristol-Myers Squibb announced that the FDA has approved Opdivo, or nivolumab, in combination with Yervoy, or ipilimumab, for the treatment of patients with BRAF V600 wild-type and BRAF V600 mutation-positive unresectable or metastatic melanoma. "This indication is approved under accelerated approval based on progression-free survival. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials," the company noted. The approval expands the original indication for the treatment of patients with BRAF V600 wild-type unresectable or metastatic melanoma to include patients, regardless of BRAF mutational status, based on data from the Phase 3 CheckMate -067 trial. The FDA also expanded the use of Opdivo as a single-agent to include previously untreated BRAF mutation-positive advanced melanoma patients.
January 22, 2016
15:22 EDTJNJJohnson & Johnson volatility elevated into Q4 and outlook
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09:29 EDTBMYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ABB (ABB) upgraded to Neutral from Sell at UBS... ACADIA (ACAD) upgraded to Overweight from Neutral at Piper Jaffray... ASML (ASML) upgraded to Hold from Sell at Deutsche Bank... Alaska Air (ALK) upgraded to Buy from Hold at Deutsche Bank... Arrow Electronics (ARW) upgraded to Buy from Neutral at Longbow... Avnet (AVT) upgraded to Buy from Neutral at Longbow... Avon Products (AVP) upgraded to Overweight from Neutral at Piper Jaffray... BankUnited (BKU) upgraded to Buy from Hold at Sandler O'Neill... Barclays (BCS) upgraded to Hold from Sell at Berenberg... Bristol-Myers (BMY) upgraded to Buy from Hold at Berenberg... CA Technologies (CA) upgraded to Buy from Neutral at Mizuho... CaixaBank (CAIXY) upgraded to Buy from Neutral at Nomura... Canadian Pacific (CP) upgraded to Outperform from Sector Perform at RBC Capital... Cardinal Financial (CFNL) upgraded to Outperform from Market Perform at Keefe Bruyette... Columbia Sportswear (COLM) upgraded to Outperform at Baird... Dr Pepper Snapple (DPS) upgraded to Outperform from Underperform at CLSA... Gorman-Rupp (GRC) upgraded to Outperform from Neutral at Boenning & Scattergood... Independent Bank (INDB) upgraded to Buy from Neutral at Compass Point... JD.com (JD) upgraded to Buy from Neutral at Nomura... KeyCorp (KEY) upgraded to Overweight from Equal Weight at Stephens... Lincoln National (LNC) upgraded to Strong Buy from Outperform at Raymond James... Masco (MAS) upgraded to Outperform at Baird... MetLife (MET) upgraded to Strong Buy from Market Perform at Raymond James... Northern Trust (NTRS) upgraded to Buy from Hold at Sandler O'Neill... Pacific Continental (PCBK) upgraded to Outperform at Keefe Bruyette... Qualcomm (QCOM) upgraded to Outperform from Market Perform at Northland... SL Green Realty (SLG) upgraded to Buy from Neutral at SunTrust... SVB Financial (SIVB) upgraded to Overweight from Neutral at Piper Jaffray... SunPower (SPWR) upgraded to Overweight from Equal Weight at Barclays... WEX Inc. (WEX) upgraded to Outperform from Market Perform at Wells Fargo.
08:11 EDTBMYMerck price target lowered to $58 from $67 at Leerink
Leerink analyst Seamus Fernandez lowered his price target for Merck (MRK) to $58 citing his expectation for Bristol-Myers (BMY) to remain the leader in the immuno-oncology market as well as a "harder to penetrate" hepatitis C virus market. Nonetheless, the analyst believes headwinds facing Januvia, Keytruda and the HCV franchise are reflected in Merck shares at current levels. Fernandez keeps a Market Perform rating on the name.
06:31 EDTBMYLeerink recommends buying Bristol-Myers shares now
Leerink analyst Seamus Fernandez recommends buying shares of Bristol-Myers now saying the company's dominance of the immuno-oncology market "is likely to continue for at least the next several years." The analyst expects Bristol to see "substantial operating leverage" in the second half of 2016 as the company annualizes the loss of Abilify profits. He raised his price target for the shares to $78 from $77 and keeps an Outperform rating on the name.
06:07 EDTBMYBristol-Myers upgraded to Buy from Hold at Berenberg
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