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Stock Market & Financial Investment News

News Breaks
November 26, 2012
10:23 EDTBSX, STJ, MDTBoston Scientific rises after Citi sees Durata coming off market
Boston Scientific (BSX) is climbing after Citigroup analyst Matthew Dodds upgraded the stock to Buy from Neutral in a note to investors earlier today. Durata cables made by St. Jude (STJ), a Boston Scientific competitor, will likely be taken off the market within six months, Dodds believes. Earlier this year a study found that Durata cables can fray when they rub against another object. Boston Scientific will benefit significantly from the withdrawal of St. Jude's cables, which are used to connect defibrillators to the heart, Dodds wrote. If Durata cables are removed from the market, Boston Scientific would obtain 41% of the $338M in revenue that St. Jude would lose, the analyst predicted. Medtronic (MDT) will garner 29% of St. Jude's lost sales, adds Dodds. The analyst increased his price target on Boston Scientific to $7.30 from $5.30. In mid-morning trading, Boston Scientific climbed 19c, or 3.40%, to $5.78, while St. Jude fell 35c, or 1.09%, to $31.68.
News For BSX;STJ;MDT From The Last 14 Days
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October 16, 2014
06:17 EDTMDTJefferies says Medtronic 'needs to do' Covidien takeover
Jefferies says it "can't see how Medtronic walks" from the Covidien (COV) takeover given how compelling the merger is. The firm confirmed with Medtronic (MDT) that nothing has changed in the company's commitment to the deal since new financing terms were announced on October 3. In Jefferies view, "Medtronic needs to do this deal." It notes the spread on the acquisition widened significantly on the news that Abbvie (ABBV) is reconsidering its acquisition of Shire (SHPG).
October 15, 2014
16:37 EDTMDTOn The Fly: Closing Wrap
The market opened sharply lower amid sliding oil prices, worse than expected economic data, and the potential for a major M&A deal to fall apart due to tax inversion rule changes. The Dow fell more than 350 points within the first 30 minutes of trading, but then bounced back to move above its opening level. The volatility did not end there, however, as the market swung several more times during the session. The S&P 500's drop wiped out its gains for the year at one point, but a late day rally significantly cut the losses for the major averages. ECONOMIC EVENTS: In the U.S., retail sales, which were expected to be down 0.1% in September, actually fell 0.3% in the month and slipped 0.2% excluding autos. The Producer Price Index for final demand decreased a seasonally adjusted 0.1% in September from the prior month, marking the first decline in the measure in over a year. The core PPI reading, which excludes food and energy, was unchanged, versus expectations for a 0.1% rise. New York's Empire State manufacturing index fell 21.4 points to 6.2 in October, severely missing the expectation for a narrower pullback to a reading of 20. Business inventories rose 0.2% in August, versus expectations for an increase of 0.4%. In China, the consumer price index climbed 1.6% in September from a year earlier, which was below the consensus projection for 1.7% inflation and down from 2% inflation in August. China's PPI plunged 1.8% year-over-year in September, which was more than the 1.6% slide expected and an acceleration of the 1.2% year-on-year decline in August. COMPANY NEWS: Shares of Shire (SHPG) plunged $74.08, or 30.29%, to $170.49 after AbbVie's (ABBV) board last night stated that it was reconsidering its recommendation that the company's shareholders back a takeover of Irish drugmaker in light of the potential impact of tax rule changes on the deal. During the day, Bloomberg reported that people familiar with the matter say AbbVie is close to abandoning its $51B takeover bid, while Shire announced that it has agreed to waive the requirement for three business days' notice for AbbVie's board to meet to consider its offer. In contrast, AbbVie ended the session up 50c, or 0.92%, at $54.63... Wal-Mart (WMT) held its annual meeting, during which it lowered its fiscal year 2015 net sales growth forecast to 2%-3%, citing a tougher sales environment than it anticipated a year ago. The company indicated in February that it expected net sales growth to be at the low end of its guidance provided last October of 3%-5%. The world's largest retailer also cut its planned retail square foot growth expectations, due to a moderation of large format store growth and accelerated e-commerce investments. Following the outlook revisions, Wal-Mart closed down $2.78, or 3.57%, to $75.20. MAJOR MOVERS: Among the notable gainers was Penford Corporation (PENX), which jumped $7.60, or 69.15%, to $18.59 after the company agreed to be acquired by Ingredion (INGR) for $340M, or $19.00 in cash per share. Also higher was Southwestern Energy (SWN), which rose $2.59, or 7.82%, to $35.69 after it was among a number of oil and gas exploration and production names upgraded by analysts at Bank of America Merrill Lynch. Among the noteworthy losers was Nu Skin (NUS), which dropped $4.47, or 9.13%, to $44.50 after the company disclosed new debt arrangements that come with certain restrictions, including restrictions on the payment of dividends. Also lower were shares of Covidien (COV), which fell $6.50, or 7.04%, to $85.86 in the wake of the news for Shire and AbbVie, which investors may have read as jeopardizing Covidien's deal to be bought by Medtronic (MDT). Note that on October 3 Medtronic announced that it intends to use approximately $16B in external financing to complete the acquisition of Covidien and said the strategic benefits of the transaction "remain compelling" despite the additional expense of the new financing. INDEXES: The Dow dropped 173.45, or 1.06%, to 16,141.74, the Nasdaq slipped 11.85, or 0.28%, to 4,215.32, and the S&P 500 fell 15.21, or 0.81%, to 1,862.49.
15:03 EDTMDTMedtronic management affirms commitment to Covidien deal, says Deutsche Bank
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10:48 EDTMDTShire tanks with AbbVie calling board meeting over merger
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08:37 EDTSTJSt. Jude Medical expects AF products revenue to accelerate in FY15
As the company look to FY15, aims to continue to accelerate its sales growth rate. Expects the acceleration to come from its men's heart failure monitor system and chronic pain business. Expects to grow sales faster in FY15 compared to FY14.
08:32 EDTSTJSt. Jude Medical sees YOY currency impact on sales $50M-$60M for Q4
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07:34 EDTSTJSt. Jude Medical reports Q3 total CRM sales $688M
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07:34 EDTSTJSt. Jude Medical narrows FY14 adjusted EPS view to $3.97-$3.99 from $3.96-$4.01
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07:32 EDTSTJSt. Jude Medical sees Q4 adjusted EPS $1.02-$1.04, consensus $1.04
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07:32 EDTSTJSt. Jude Medical Sees FY14 adjusted EPS $3.97-$3.99, consensus $3.98
Sees FY14 revenue $5.586B-$5.648B, consensus $5.69B.
07:31 EDTSTJSt. Jude Medical reports Q3 adjusted EPS 97c, consensus 96c
Reports Q3 revenue $1.37B, consensus $1.38B.
October 14, 2014
15:29 EDTSTJNotable companies reporting before tomorrow's open
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14:03 EDTMDTMedtronic announces FDA approval of pacing lead for full-body MRI scans
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08:19 EDTMDTMedtronic begins pivotal study of Predictive Low Glucose Management technology
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08:17 EDTMDTCapricor Therapeutics to acquire certain patent rights from Medtronic
Capricor Therapeutics (CAPR) announced that it has entered into an agreement to acquire patent rights from Medtronic (MDT) relating to the formulation and pump delivery of natriuretic peptides. Capricor recently announced that it plans to develop a clinical program using Cenderitide, a natriuretic peptide, for the treatment of post-acute heart failure.
October 13, 2014
09:22 EDTMDTMedtronic announces positive data from CoreValve ADVANCE DA Study
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07:25 EDTSTJEuropean Association of Cardiothoracic Surgery to hold annual meeting
28th EACTS Annual Meeting is being held in Milan, Italy on October 11-15.
07:13 EDTMDTBioFlorida to hold a conference
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October 10, 2014
07:04 EDTMDTMedtronic announces Omar Ishrak will remain CEO of new company
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October 8, 2014
20:03 EDTBSXBoston Scientific confirms FDA panel votes for WATCHMAN device
After reviewing updated data and analysis for the Boston Scientific Corporation WATCHMAN Left Atrial Appendage Closure Device, the FDA Circulatory System Devices Panel of the Medical Devices Advisory Committee voted in favor of the Device. By a vote of 6 to 5, with 1 abstention, the panel concluded that the benefits of the WATCHMAN Device outweigh the potential risks. The panel voted that there is reasonable assurance that the device is safe, with a 12 yes to 0 no vote. On the question of reasonable assurance of effectiveness, the panel vote was unfavorable with a 6 yes to 7 no vote. The panel provided substantial input and guidance related to the proposed Indications for use and target patient population. There was widespread agreement among the panel members that the device provides a much needed alternative to long-term anticoagulation for some patients. While not bound by this vote, the FDA takes Advisory Panel comments and recommendations into account when reviewing the WATCHMAN Device application. The company is committed to working with the FDA to address the panel's comments.
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