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Stock Market & Financial Investment News

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June 2, 2014
12:19 EDTBRCM, GSK, PBYI, SWKS, AVGO, SHPG, CONN, PL, NPSP, QCOM, MTZOn The Fly: Midday Wrap
Stocks on Wall Street were mixed and little changed at midday, as investors await bigger macroeconomic events that are scheduled for later in the week. Better than expected manufacturing data from China was followed by a pair of confusing and apparently conflicting manufacturing reports from the U.S., which came to be more aligned after one of the two data providers issued a correction. This morning's data, however, may be seen a precursor to the big economic events coming later in the week, which include a meeting of the European Central Bank and the U.S. payroll report for May. ECONOMIC EVENTS: In the U.S., the Institute for Supply Management's manufacturing index appeared to fall to 53.2 in May, missing expectations for a slight rise, but the group than corrected its index to 56, noting that wrong seasonal adjustments were used in the first, incorrect reading. Markit's manufacturing PMI rose to 56.4 for May, which is a little better than the 56.2 flash print and up from April's 55.4. Construction spending rose 0.2% in April, which was less than the 0.6% growth expected. In China, the government's official Purchasing Managers' Index rose to 50.8 in May from April's 50.4, beating market expectations and indicating that factory activity there expanded at its fastest pace in five months. COMPANY NEWS: Shares of Broadcom (BRCM) rose 10% after the company announced it is exploring strategic alternatives for its cellular baseband business, including a potential sale or wind-down, and has engaged JPMorgan (JPM) in connection with its efforts. After the announcement, analysts at Sterne Agee said they think the wind down of the unit improves Qualcomm's (QCOM) positioning and that the firm also expects Avago (AVGO) and Skyworks (SWKS) to benefit from Broadcom's move. MAJOR MOVERS: Among the notable gainers were NPS Pharmaceuticals (NPSP), which jumped 11% after The Times of London reported that Shire (SHPG) has secured a $5B credit facility for a takeover bid, and Protective Life (PL), which surged 10.5% after the Nikkei said that Japan's Dai-ichi Life Insurance is in late stage talks to acquire its U.S. life insurance peer. Also higher was Conn's (CONN), which rose over 5% after the company reported higher than expected first quarter earnings and said execution in its collections operation improved during the quarter and delinquency declined. In late April, noted hedge fund manager David Einhorn revealed that his Greenlight Capital initiated a new position in Conn's during the first three months of the year. Among the noteworthy losers was Puma Biotechnology (PBYI), which fell 20% after it announced the presentation of results from an ongoing Phase II clinical trial of its investigational drug, neratinib, for the treatment of HER2 positive metastatic breast cancer that has metastasized to the brain. Citigroup said it believes data presented over the weekend at the American Society of Clinical Oncology annual meeting, including a failed trial announced by GlaxoSmithKline (GSK), showed "some challenges" being faced by Puma's neratinib. Also lower were shares of infrastructure construction company MasTec (MTZ), which tumbled 11% after the firm lowered its second quarter outlook, citing delays in wireless project spending and weaker than anticipated oil and gas segment results. INDEXES: Near midday, the Dow was up 18.76, or 0.11%, to 16,735.93, the Nasdaq was down 6.98, or 0.16%, to 4,235.64, and the S&P 500 was up 0.69, or 0.04%, to 1,924.26.
News For BRCM;QCOM;NPSP;PL;CONN;SHPG;AVGO;SWKS;PBYI;GSK;MTZ From The Last 14 Days
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August 25, 2014
12:19 EDTGSKOn The Fly: Midday Wrap
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10:40 EDTGSKBiotechs rise after InterMune acquired by Roche
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06:14 EDTQCOMStocks with implied volatility below IV index mean; QCOM VRNG
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August 24, 2014
21:56 EDTBRCMB. Riley to hold a tour
Silicon Valley Tech Tour travels throughout Silicon Valley on August 25-27.
August 22, 2014
14:19 EDTGSKViiV Healthcare receives FDA approval for HIV-1 treatment Triumeq
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11:17 EDTAVGOPeregrine unlikely to receive competing bid, says Oppenheimer
Oppenheimer believes Peregrine (PSMI) is unlikely to receive a competing takeover bid to Murata's since Murata is Peregrine's largest customer and Avago (AVGO) and Skyworks (SWKS) are looking to diversify away from mobile. Opco thinks Murata may look to divest Peregrine's non-mobile business, and views Skyworks, RF Micro Devices (RFMD), Analog Devices (ADI), and M/A-Com Technology (MTSI) as logical buyers for the business.
06:35 EDTQCOMChina's NDRC say Qualcomm aims to end investigation, Reuters says
China's National Development and Reform Commission said that Qualcomm is aiming to end a probe into monopolistic tendencies and had showcased its desire to improve and fix pricing problems, according to Reuters, citing a statement from the NDRC. Reference Link
August 21, 2014
17:00 EDTAVGOAvago files to sell $1B of 2% convertible senior notes due 2021
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09:00 EDTAVGOSeveral semi companies have positive read through from deal, says Sterne Agee
After Infineon (IFNNY) bought International Rectifier (IRF), Sterne Agee thinks the deal indicates that the shares ofother players in the sector - including Spansion (CODE), NXP Semiconductors (NXPI), and Avago (AVGO) - can rise further. The firm keeps Buy ratings on the latter three stocks.
05:50 EDTQCOMStocks with implied volatility movement; QCOM SNDK
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August 20, 2014
15:35 EDTGSKGlaxoSmithKline receives FDA approval for Arnuity Ellipta in the U.S.
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11:44 EDTGSKMylan completes second bidding round for GSK prescription portfolio, WSJ says
Mylan (MYL), TPG Capital, Advent International, KKR (KKR), Warburg Pincus and a few Indian prescription manufacturers have completed the second round of bidding for GlaxoSmith Kline's (GSK) portfolio of mature medications, according to The Wall Street Journal, citing people familiar with the sales process. GSK noted that it aims to sell a portfolio of drug brands in the U.S. and EU with yearly sales of approximately $1.66B. Reference Link
08:30 EDTGSKPernix closes acquisition of Treximet
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08:29 EDTGSKPernix Therapeutics to host conference call
Conference call to discuss acquisition of Treximet will be held on August 20 at 9 am. Webcast Link
08:04 EDTGSKPOZEN announces U.S. rights for Treximet acquired by Pernix Therapeutics
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August 19, 2014
06:29 EDTAVGOMorgan Stanley remains a buyer of Avago
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August 18, 2014
11:41 EDTNPSPCubist rises after report sparks takeover interest speculation
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10:29 EDTAVGOGoldman cuts sector view on semiconductors to Cautious
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08:04 EDTAVGOSemiconductors sector downgraded to Cautious from Neutral at Goldman
Goldman downgraded the Semiconductors sector to Cautious given signs the cycle is turning based on expectations for a slowdown in semiconductor revenue growth, above trend semi unit shipments that should normalize, and stretching lead times. As a result, the analyst sees risk to Q4 estimates and sees further downside of 10%-25% for the SOX (SOX) and downgraded NXP Semiconductors (NXPI) to Sell from Neutral, InvenSense (INVN) to Neutral from Buy, and removed Maxim Integrated (MXIM) from the Conviction Buy List.
07:57 EDTSHPGCambridge Healthtech Institute to hold a summit
6th Annual Bioprocessing Summit to be held in Boston on August 18-22.
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