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February 19, 2013
Bank Field Trip travels through Memphis, New Orleans, Little Rock, Nashville and Atlanta on February 19-22.
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September 2, 2015
13:21 EDTBSXHeartWare plunges after Valtech deal sparks downgrades
Shares of HeartWare (HTWR) have plunged after the company's acquisition of cardiac device maker Valtech, with multiple analysts struggling to find any particularly strong rationale for the deal. WHAT'S NEW: Raymond James' Jayson Bedford downgraded HeartWare to Market Perform from Outperform after the company announced Tuesday night that it agreed to acquire Valtech Cardio, an Israeli-based company focusing on heart valve devices. Bedford said he was "surprised" by the size of the deal, noting that the all-stock transaction is valued at roughly $430M and will see Valtech owning roughly 22% of HeartWare upon closing. The acquisition is simply not what Bedford "envisioned" for the company, said the analyst. His prior investment thesis was based upon HeartWare's potential to dominate the ventricular assist device market, an idea "validated" by St. Jude's (STJ) pending acquisition of Thoratec (THOR), said Bedford. That thesis has now been disrupted by last night's early-stage asset buy at a "steep price," raising the overall execution risk of HeartWare, the analyst tells investors. WHAT'S NOTABLE: HeartWare was also hit with a downgrade to Neutral by BTIG, with the research firm emphasizing that the transaction will bring significant dilution to the company's existing shareholders. Northland's Suraj Kalia was even more bearish this morning, saying that the acquisition "does not make sense," coming at an "astronomical" multiple for an asset with "no obvious complementarity" and different domain expertise. Valtech's Cardioband CE study involved just 45 patients and only 40% of those were followed up at twelve months, said Kalia, who contended that the study does not present an accurate picture of clinical viability. Heartware will have to invest "significantly" to get Valtech's technology through U.S. trials, said the analyst, and entering the transcatheter mitral valve repair market will also bring new competition in the form of Edwards (EW), Medtronic (MDT), Boston Scientific (BSX), St. Jude and Abbott (ABT). PRICE ACTION: Shares of HeartWare have dropped more than 19% in intraday trading to $65.98, dipping below their 52-week low in the process.
September 1, 2015
16:17 EDTBSXNevro submits preliminary response to PTAB in patent case with Boston Scientific
Nevro (NVRO) announced that the company has submitted its preliminary response to the Patent Trial and Appeals Board, or PTAB, in response to two petitions for inter partes review, or IPR, filed by a unit of Boston Scientific (BSX), challenging the validity of certain claims in U.S. Patent No. 8,359,102, one of Nevro's 55 issued U.S. patents directed to Nevro's innovations in the neuromodulation field. The preliminary response is limited in scope by the rules governing the IPR process. The response is limited to setting forth the reasons why an IPR should not be instituted and cannot argue the merits or include any new testimonial evidence. By the rules governing the IPR process, the next step will be a decision by the PTAB to either institute or deny review of the petition. That determination is expected by December 1, Nevro said.
09:07 EDTPNFPPinnacle closes Magna Bank merger
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05:36 EDTUCBIUnited Community Banks completes merger with Palmetto Bancshares
United Community Banks (UCBI) announced the closing of its merger with Palmetto Bancshares (PLMT) and its wholly owned subsidiary, The Palmetto Bank effective today. The merger of Palmetto into United aims to enhance United's geographic footprint in the fast-growing markets of Greenville and the Upstate South Carolina region. The strategic combination strengthens United's presence in these markets by providing access to Palmetto Bank's strong customer base and offering opportunities to expand through greater product offerings. Also on September 1, Palmetto Bank merged into United Community Bank, a wholly-owned subsidiary of United, and will continue to operate under the Palmetto Bank brand name until conversion to United's operating systems, which is expected to occur in February 2016. After conversion, it will operate under the brand name of United Community Bank.
August 31, 2015
10:27 EDTHBHCHancock Holding upgraded to Outperform from Market Perform at Fig Partners
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August 28, 2015
16:32 EDTIBKCIBERIABANK issues clarification following CEO interview on CNBC
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14:01 EDTHBHCHancock Holding announces 3.9M share repurchase plan
Hancock Holding announced that the company's board of directors has authorized a new common stock buyback program for up to 5%, or approximately 3.9M shares, of the company's outstanding common stock. The shares may be repurchased in the open market or in privately negotiated transactions from time to time, depending upon market conditions and other factors, and in accordance with applicable regulations of the SEC. The buyback program will expire September 30, 2016. The buyback program was approved during the August meeting of the company's board of directors.
August 27, 2015
10:00 EDTBSXOn The Fly: Analyst Upgrade Summary
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06:12 EDTBSXBoston Scientific upgraded to Buy on valuation at Goldman
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August 26, 2015
10:00 EDTOZRKOn The Fly: Analyst Upgrade Summary
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08:21 EDTOZRKBank of the Ozarks upgraded to Buy from Hold at Sandler O'Neill
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August 25, 2015
06:59 EDTIBKCIBERIABANK upgraded to Outperform from Market Perform at Raymond James
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06:57 EDTOZRKBank of the Ozarks upgraded to Strong Buy from Outperform at Raymond James
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August 24, 2015
16:32 EDTBSXBoston Scientific announces CE Mark for MRI labeling for ICD, CRT-D systems
Boston Scientific has received CE Mark on magnetic resonance imaging conditional labeling for the current family of EL and MINI implantable cardioverter defibrillator and the X4 cardiac resynchronization therapy defibrillator systems. This revised labeling ensures that future patients and those already implanted with these systems are able to undergo MRI scans if indicated.
09:45 EDTPNFPOn The Fly: Analyst Initiation Summary
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06:24 EDTPNFPPinnacle Financial initiated with a Neutral at Piper Jaffray
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