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Stock Market & Financial Investment News

News Breaks
June 2, 2014
12:19 EDTGSK, AVGO, PL, BRCM, PBYI, SHPG, NPSP, MTZ, SWKS, CONN, QCOMOn 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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May 14, 2015
15:31 EDTAVGOXilinx jumps 5% after Reuters says Avago interested in potential takeover
Maxim Integrated (MXIM) rose 5% as well after it was also reported by Reuters to be a potential target for Avago (AVGO).
15:29 EDTAVGOAvago interested in potential deal for Xilinx, Maxim Integrated, Reuters says
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12:49 EDTPBYIOn The Fly: Top stock stories at midday
The market opened higher amid lower than expected weekly jobless claims, data showing that producer prices fell rather than rose in April and a continued slide in the dollar against the euro. The Dow notched triple digit gains right out of the gate and the averages have moved in a narrow range in morning trading, albeit at near-record levels. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 1K to 264K in the week ended May 9, versus expectations for 273K first-time claims. The weekly data brought the four week moving average to 271.75K, which marks its lowest level in 15 years. The Producer Price Index fell 0.4% in April, with the core PPI reading sliding 0.2%, which missed expectations for both the headline and core PPI figures to have grown 0.1%. After dropping 1.3% yesterday against the euro, the U.S. dollar slid another 0.4% earlier to about $1.14 per euro, bringing its decline to about 7% versus the euro in the past month. COMPANY NEWS: Shares of Avon Products (AVP) were volatile after "PTG Capital Partners" announced via a filing with the SEC that it has submitted an offer to the board of Avon proposing to acquire all of the company's outstanding stock, and outstanding options to acquire such shares, in a recommended cash tender offer at a price per share of $18.75. Shares of Avon spiked initially after the filing, were halted several times due to volatile trading, and came well off their earlier highs as investors questioned the validity of the firm making the purported offer. A source told Dow Jones that the company was treating the purported bid as a hoax and Avon told CNBC that it had no proof PTG exists and that it has not received any offer. Still, Avon remained up about 4% to trade near $6.92 per share in early afternoon trading. MAJOR MOVERS: Among the notable gainers was Russia's QIWI (QIWI), which jumped 12% after the company announced that it has entered into an agreement with Otkritie to acquire the Contact money transfer system and the Rapida payment processing system, which are "highly value accretive" acquisitions according to analysts at JPMorgan. Also higher was China's Ctrip.com (CTRP), which gained 10% and was upgraded at Stifel and Oppenheimer following the company's Q1 results. Among the noteworthy losers was Puma Biotechnology (PBYI), which dropped 18% after data on the company's neratinib drug was disclosed via an abstract for the company's upcoming presentation at the American Society of Clinical Oncology, or ASCO, meeting. Also lower following its earnings report was retailer Kohl's (KSS), which slid over 12%. INDEXES: Near midday, the Dow was up 170.23, or 0.94%, to 18,230.72, the Nasdaq was up 55.96, or 1.12%, to 5,037.65, and the S&P 500 was up 17.10, or 0.81%, to 2,115.58.
11:05 EDTQCOMQualcomm expands industry collaboration to grow Internet of Everything
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10:09 EDTPBYIIncreasing equity options volume on open
Increasing equity options volume on open: ONTY CBRL PBYI GWW AXLL IEV KSS EXPR UEC JACK
09:22 EDTPBYIOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Perry Ellis (PERY), up 11.5%... Ctrip.com (CTRP), up 13.4%. ALSO HIGHER: AcelRx (ACRX), up 10.3% after being awarded contract worth up to $17M from Defense Dept to advance ARX-04... Oncothyreon (ONTY), up 16.9% after ASCO presentation data released... CYREN (CYRN), up 14.6% after announcing agreement with Dell.... Discovery Laboratories (DSCO), up 5.2% after Aerosurf shows positive Phase 2a data... Kate Spade (KATE), up 3.9% after being initiated with an Outperform at Wedbush. DOWN AFTER EARNINGS: Digital Ally (DGLY), down 16.4%... Kohl's (KSS), down 10.2%... VOXX (VOXX), down 8.1%... Cosi (COSI), down 7.3%. ALSO LOWER: Biotechnology (PBYI), down 15.1%% after Neratinib data published in ASCO abstract... Gevo (GEVO), down 10.7% after 4.3M share Spot Secondary priced at $4.00.
09:20 EDTPBYIPuma Biotechnology data look strong, says Leerink
Leerink says that after close examination, the data in Puma Biotechnology's ASCO abstract for neratinib's adjuvant study ExteNET look strong. The firm notes that unlike the HERA trial for Herceptin which enrolled only centrally confirmed HER2-positive breast cancer patients, approximately 80% of Puma's ExteNET patients were confirmed to be HER2+ upon central testing. When focusing on these patients, the magnitude of benefit for neratinib improved, Leerink says. It estimates disease free survival including ductal carcinoma in situ difference at two years to be 4.5%. The firm keeps an Outperform rating on Puma amid today's selloff.
09:06 EDTBRCMSynopsys and Broadcom extend license agreement
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08:09 EDTPBYIPuma Biotechnology volatility elevated into release of four abstracts
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07:52 EDTPBYIPuma Biotechnology data positive, says RBC Capital
RBC Capital believes that the data on Puma's neratinib drug indicates that it has strong efficacy, and additional benefits compared with prior trials. The firm expects investors and medical professionals to have a greater appreciation of the drug's benefits once all of the data on the drug is presented at ASCO. RBC keeps a $285 price target and Outperform rating on the shares.
07:48 EDTBRCMBroadcom management to meet with Deutsche Bank
Meeting to be held in Los Angeles on May 14 hosted by Deutsche Bank.
07:11 EDTPBYIOptions expected to be active
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05:49 EDTBRCMStocks with implied volatility movement; ESI BRCM
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May 13, 2015
19:12 EDTPBYIOn The Fly: After Hours Movers
UP AFTER EARNINGS: Paragon Offshore (PGN), up 10.3%... Shake Shack (SHAK), up 10%... Vipshop Holdings (VIPS), up 6.7%. ALSO HIGHER: Vascular Biogenics (VBLT), up 12.8% and Oncothyreon (ONTY), up 15.5% after release of ASCO presentation data. DOWN AFTER EARNINGS: Identiv (INVE), down 10.3%... Sphere 3D (ANY), down 11.3%... VOXX International (VOXX), down 8.1%. ALSO LOWER: Puma Biotechnology (PBYI), down 21.8% after Neratinib data published in ASCO abstract... Karyopharm Therapeutics (KPTI), down 1.2% after ASCO presentation data released... Gevo (GEVO), down 11.4% after filing to sell common stock and warrants.
18:37 EDTPBYIBiopharmaceutical stocks volatile after release of ASCO presentation data
After the market close, the American Society of Clinical Oncology, or ASCO, provided public access to 5,000 cancer drug trial research abstracts ahead of the society's 51st annual meeting from May 29 to June 2 in Chicago, Illinois. In after-hours trading, a number of biopharmaceutical stocks were active, including Vascular Biogenics (VBLT) and Oncothyreon (ONTY), which rose 13% and 14.9%, respectively, and Puma Biotechnology (PBYI) and Karyopharm Therapeutics (KPTI), which fell 23.9% and 14.8%, respectively.
17:47 EDTPBYIPuma Biotechnology down 24% after Neratinib data published in ASCO abstract
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11:38 EDTGSKGlaxoSmithKline downgraded to Neutral from Buy at UBS
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09:56 EDTBRCMEquity options with increasing volume
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07:34 EDTQCOMEdX and Qualcomm collaborate to build next-generation mobile learning experience
EdX and Qualcomm Education, a subsidiary of Qualcomm, announced a collaboration to further develop edX's MOOC mobile capabilities and enhance its open source platform to benefit connected learners around the world. As part of the collaboration, Qualcomm Education will contribute engineering resources and will license elements of its SDK code, which edX will distribute to the Open edX community.
07:07 EDTGSKGSK, Emergent BioSolutions, Oxford initiate Prime Boost study of Ebola vaccine
A new phase 1 study has begun at the University of Oxford that will investigate the use of a modified vaccinia Ankara, or MVA, Ebola Zaire vaccine candidate, or MVA EBOZ, as a prime-boost to GlaxoSmithKline's (GSK) Chimp Adenovirus type 3, or ChAd3, Ebola vaccine candidate. The study, being conducted by the clinical research group of Professor Adrian Hill of the Jenner Institute, has received regulatory approval to begin from the United Kingdom's Medicines and Healthcare Products Regulatory Agency, or MHRA. The phase 1 study has a planned enrollment of 38 volunteers of which 6 will receive MVA EBOZ only while the other 32 will receive ChAd3-EBO-Z prime followed by MVA EBOZ boost. Emergent BioSolutions (EBS) manufactured the supply of MVA EBOZ to be used in this phase 1 study, which is being conducted in the U.K. with support from the Wellcome Trust and the U.K. Department for International Development.
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