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Stock Market & Financial Investment News

News For BSX;STJ;MDT From The Last 14 Days
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August 4, 2015
07:08 EDTBSXBoston Scientific closes acquisition of AMS' Men's Health and Prostate business
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August 3, 2015
17:10 EDTBSXBoston Scientific announces investment in Preventice Solutions
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16:46 EDTBSXBoston Scientific announces equity stake, cooperation agreement with Preventice
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July 24, 2015
16:30 EDTSTJStocks end week lower as Apple headlines busy week of earnings
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July 23, 2015
18:21 EDTBSXOn The Fly: Top stock stories for Thursday
Stocks began the session mixed on the heels of weak earnings reports from both Caterpillar (CAT) and 3M (MMM). The Nasdaq managed to spend most of the day in positive territory but joined the other averages in negative territory by mid-afternoon. Selling picked up momentum towards late afternoon, and by day’s end each of the averages were lower by more than 0.4%, with the Dow losing nearly 0.7%. ECONOMIC EVENTS: In the U.S., initial jobless claims fell to 255,000 in the week ended July 18, below the 278,000 first-time claims that were expected. The Leading Economic Indicators advanced 0.6% in June, exceeding expectations for a 0.3% increase. In Asia, the Shanghai Composite index advanced for a sixth straight session, adding another 2.4%. In Europe, the Greek Parliament voted to accept creditor terms for a new bailout, though a decision on when to reopen Greek financial markets was deferred to next week. COMPANY NEWS: Shares of General Motors (GM) finished the session up 3.96% to $31.50 after reporting earnings per share above analyst expectations. Other notable names rising following earnings reports include SanDisk (SNDK), Under Armour (UA), Southwest (LUV)... Caterpillar, meanwhile, dropped $2.86, or 3.59%, to $76.90 after cutting its yearly guidance during this morning's earnings report, with the company noting a "relatively stagnant" global economy. Also lower following earnings were Comcast (CMCSA, CMCSK), Bristol-Myers Squibb (BMY), Dunkin Brands (DNKN), and Boston Scientific (BSX). MAJOR MOVERS: Among the notable gainers was Cigna (CI), which rose $3.29, or 2.18%, to $154.36 after the Wall Street Journal reported last night that Anthem (ANTM) is nearing a deal to acquire the company for roughly $187, representing a total transaction value of over $48B. Adding to that report, CNBC's David Faber said on Thursday morning that Anthem will announce an agreement Friday to purchase Cigna for $188 per share, at a 45% equity, 55% cash split. Also higher were shares of numerous IT security companies, with FireEye (FEYE) advancing 4.53% and Palo Alto Networks (PANW) adding 2.33% after earnings reports from security firms Fortinet (FTNT) and F5 Networks (FFIV) beat on both top and bottom lines. Fortinet and F5, meanwhile, finished Thursday's session up 10.71% and 7.75% to $46.83 and $127.68, respectively. Among the noteworthy losers following earnings was McDonald's (MCD), which edged down 0.52% to $97.10 after noting that Q2 global comparable sales fell 0.7% for the quarter, including a 2% decline in U.S. same-store sales. Also lower was Hertz (HTZ), which declined 8.53% to $16.45 following a downgrade to Underweight at Morgan Stanley, with the research firm citing increased competition from Uber and similar mobility services. INDEXES: The Dow fell 119.12, or 0.67%, to 17,731.92, the Nasdaq lost 25.36, or 0.49%, to 5,146.41, and the S&P 500 declined 12.00, or 0.57%, to 2,102.15.
15:27 EDTBSXBoston Scientific weakness a buying opportunity, says BofA/Merrill
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10:00 EDTSTJOn The Fly: Analyst Downgrade Summary
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09:12 EDTSTJSt. Jude Medical downgraded on valuation at BMO Capital
As noted earlier, BMO Capital downgraded St. Jude to Market Perform from Outperform. As reasons for the downgrade, the firm cited valuation and its belief that the company is no longer a takeover target in the near-term following its acquisition of Thoratec.
09:10 EDTSTJNorthland sees HeartWare takeover as 'highly unlikely
Northland analyst Suraj Kalia believes the sympathy rally in shares of HeartWare (HTWR) after St. Jude Medical (STJ) announced the acquisition of Thoratec (THOR) could be short lived. HeartWare has already tried to sell itself to larger medical device companies over the past few years, Kalia tells investors in a research note, citing his own field work. He views a buyout of HeartWare at this stage as "highly unlikely" and feels speculation of a $102-$122 per share takeover price is based on "naïve and unsophisticated" analysis. Kalia keeps an Underperform rating on HeartWare with a $60 price target. The maker of implantable heart pumps, following a two-day rally, closed yesterday at $88.21.
07:56 EDTBSXBoston Scientific reports Q2 Cardiovascular sales $743M
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07:06 EDTBSXBoston Scientific backs FY15 adjusted EPS 88c-92c, consensus 90c
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07:05 EDTBSXBoston Scientific sees Q3 adjusted EPS 21c-23c, consensus 23c
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07:04 EDTBSXBoston Scientific reports Q2 adjusted EPS 22c, consensus 21c
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07:02 EDTSTJSt. Jude Medical downgraded to Hold from Buy at Deutsche Bank
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06:30 EDTSTJSt. Jude Medical downgraded to Market Perform from Outperform at BMO Capital
05:25 EDTSTJThoratec downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Thoratec (THOR) to Market Perform saying it does not believe the likelihood of another bidder is high enough to warrant an Outperform rating. Yesterday the company announced an agreement to be acquired by St. Jude Medical (STJ) for $63.50 per share.
July 22, 2015
16:27 EDTSTJOn The Fly: Top stock stories for Wednesday
Stocks began the session in negative territory and remained there throughout the day. Uninspiring earnings reports from Apple (AAPL) and Microsoft (MSFT) were enough to push the Nasdaq lower and the rest of the market followed. There was good news on the housing sector, with both existing home sales and a housing market index coming in with good data, but it was not enough to overcome the tech selloff. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.4% to 222.8 in May, as expected. Existing home sales rose 3.2% to a 5.49M rate in June, better than the 0.9% increase that was expected. In Europe, the European Central Bank reportedly raised the cap on Greece's Emergency Liquidity Assistance by EUR900M to EUR90.4B, according to Bloomberg. COMPANY NEWS: Shares of Apple dropped $5.79, or 4.43%, to $124.96 after iPhone shipments in the just completed quarter and the company's sales forecast for the new quarter missed estimates. A number of suppliers to Apple declined in tandem with the tech giant. Skyworks Solutions (SWKS), Qorvo (QRVO) and NXP Semiconductors (NXPI) were among the many semiconductor stocks that slid following Apple's report... Microsoft declined $1.88, or 3.97%, to $45.40 after reporting its Q4 Devices and Consumer revenue declined 13% and its Windows OEM revenue decreased 22% as revenue was impacted by PC market declines following the XP end-of-support refresh cycle. MAJOR MOVERS: Among the notable gainers was Thoratec (THOR), which rose $5.84, or 10.14% to $63.42 after St. Jude Medical (STJ) announced an agreement to acquire the company for $63.50 per share in a transaction valued at $3.4B. Shares of St. Jude, meanwhile, edged down by 4c to $76.67. Also higher following earnings reports were shares of Intuitive Surgical (ISRG) and Chipotle Mexican Grill (CMG), advancing about 8.5% and 7.8%, respectively. Among the noteworthy losers was Caesars Entertainment (CZR), which dropped $3.26, or 40.65%, to $4.76 following reports that a judge ruled the company must face certain creditor lawsuits that could force a bankruptcy. Caesars Acquisition (CACQ) also dipped after the news, falling $1.13, or 14.52%, to $6.65. Also lower was XOMA (XOMA), which plummeted $3.46, or 78.61%, to 94c and saw downgrades at numerous research firms after the company's Phase 3 gevokizumab study did not meet its primary endpoint. INDEXES: The Dow fell 65.60, or 0.37%, to 17,853.69, the Nasdaq lost 36.35, or 0.7%, to 5,171.77, and the S&P 500 declined 5.06, or 0.24%, to 2,114.15.
15:26 EDTBSXNotable companies reporting before tomorrow's open
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12:32 EDTSTJOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as slides in a number of big name tech stocks following their earnings reports dominated the news flow and largely dictated the market's direction. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.4% to 222.8 in May, as expected. Existing home sales rose 3.2% to a 5.49M rate in June, better than the 0.9% increase that was expected. In Europe, the European Central Bank reportedly raised the cap on Greece's Emergency Liquidity Assistance by EUR900M to EUR90.4B, according to Bloomberg. COMPANY NEWS: The tech sector has been weak, headlined of course by a 5% pullback in shares of Apple (AAPL) after iPhone shipments in the just completed quarter and the company's sales forecast for the new quarter missed estimates. Adding to the negative tone in tech stocks, and contributing further to the decline in the Nasdaq, was the 3% drop seen in Microsoft (MSFT) shares after its quarterly report as well as Yahoo's (YHOO) 1% decline after its revenue outlook missed the consensus forecast... Shares of Boeing (BA) and Coca-Cola (KO) fared better than Dow peer Apple after each reported better than expected sales and profits, though neither stock was moving far from where they closed yesterday's trading. MAJOR MOVERS: Among the notable gainers was Thoratec (THOR), which rose 10% after the company agreed to be acquired by St. Jude Medical (STJ) for $3.4 billion in cash, or $63.50 per share. St. Jude shares advanced fractionally after the deal, which had been foreshadowed by media reports yesterday, was announced. Also higher following their earnings reports were Intuitive Surgical (ISRG), which gained 10%, Chipotle Mexican Grill (CMG), which advanced 8% and Whirlpool (WHR), which was up 6%. Among the noteworthy losers were a number of suppliers to Apple that declined in tandem with the tech giant after it reported a sequential drop in iPhone sales. Skyworks Solutions (SWKS), Cirrus Logic (CRUS), Qorvo (QRVO) and NXP Semiconductors (NXPI) were among the many semiconductor stocks that slid following Apple's report. Also sharply lower was antibody-based therapeutics maker XOMA (XOMA), which plunged more than 73% and was downgraded to Neutral at Piper Jaffray after a Phase III trial of its gevokizumab drug in patients with Behcet's disease uveitis did not meet its primary endpoint. INDEXES: Near midday, the Dow was down 82.22, or 0.46%, to 17,837.07, the Nasdaq was down 42.68, or 0.82%, to 5,165.44, and the S&P 500 was down 6.93, or 0.33%, to 2,112.28.
10:15 EDTMDT, STJThoratec downgraded to Market Perform from Outperform at Northland
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09:07 EDTSTJOn The Fly: Pre-market Movers
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08:44 EDTSTJSt. Jude Medical sees FY15 consolidated revenue up 4%-6%
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08:43 EDTSTJSt. Jude Medical sees Q3 revenue up 5%-7%
Guidance provided during Q2 earnings conference call.
07:21 EDTSTJThe Protein Society to hold a symposium
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07:09 EDTSTJSt. Jude Medical reports Q2 CRM sales $670M, down 9% vs. a year ago
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07:08 EDTSTJSt. Jude Medical sees FY15 adjusted EPS $3.96-$4.00, consensus $3.94
Sees FY15 revenue up 4%-6% on a constant currency basis with currency negatively impacting full-year 2015 revenue by approximately $385M-$410M. Consensus is $5.51B.
07:07 EDTSTJSt. Jude Medical sees Q3 adjusted EPS 96c-98c, consensus 96c
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07:06 EDTSTJSt. Jude Medical reports Q2 adjusted EPS $1.03, consensus $1.00
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07:02 EDTSTJSt. Jude Medical sees Thoratec deal accretive to adjusted EPS in 2016
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07:02 EDTSTJSt. Jude Medical to acquire Thoratec for $63.50 per share, deal valued at $3.4B
St. Jude Medical (STJ) and Thoratec (THOR) announced that the Boards of Directors of both companies have unanimously approved a definitive agreement under which St. Jude Medical will acquire all of the outstanding shares of Thoratec for $63.50 per share in a cash transaction valued at approximately $3.4B, net of cash acquired. The all-cash transaction represents a premium of 40.1 percent compared to $45.34, Thoratec's volume-weighted average trading price for the 30 trading day period ending July 17, 2015, and a 35.4 percent premium to the closing price on Thoratec's last unaffected trading date on July 17, 2015 of $46.89. The transaction is expected to be completed in the fourth quarter of 2015. Under the terms of the merger agreement, Thoratec shareholders will receive $63.50 in cash, without interest, for each share of Thoratec common stock they own. The transaction is conditioned upon, among other things, Thoratec shareholder approval, regulatory approvals and other customary closing conditions. The transaction is not conditioned on financing. St. Jude Medical intends to fund the transaction through proceeds from additional bank term loan debt and senior unsecured notes. St. Jude Medical is committed to maintaining a strong investment grade rating. The merger agreement includes a “go-shop” period, during which Thoratec will actively solicit alternative proposals from third parties for the next 30 days continuing through August 20, 2015. The merger agreement provides for Thoratec to pay a termination fee of approximately $30 million to St. Jude Medical if Thoratec terminates the merger agreement in connection with a superior proposal that arose during the go-shop period and a termination fee of approximately $111 million if Thoratec terminates the merger agreement in connection with a superior proposal that arose following the go-shop period. There can be no assurance that this process will result in a superior proposal. Thoratec does not intend to disclose developments with respect to the solicitation process unless and until its Board of Directors has made a decision with respect to any potential superior proposal. This transaction is expected to be accretive to adjusted earnings per share in 2016. St. Jude Medical also expects the combined company to capture revenue and technology synergies following the completion of this transaction. This acquisition positions St. Jude Medical to enter new markets totaling more than $1 billion that are expected to grow approximately 10 percent annually, benefitting St. Jude Medical’s sales growth profile beginning in 2016. Bank of America Merrill Lynch is acting as financial advisor to St. Jude Medical and has also provided fully committed financing. Gibson, Dunn & Crutcher LLP is serving as legal counsel to St. Jude Medical. Guggenheim Securities is acting as financial advisor to Thoratec, and Latham & Watkins LLP is serving as legal counsel. Centerview Partners provided a fairness opinion to the Board of Directors of Thoratec in connection with the transaction.
07:00 EDTSTJSt. Jude Medical to acquire Thoratec for $63.50 per share, deal valued at $3.4B
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July 21, 2015
16:28 EDTSTJOn The Fly: Top stock stories for Tuesday
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15:08 EDTSTJThoratec reaches all-time high after report of St. Jude takeover
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15:02 EDTSTJNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Coca-Cola (KO), consensus 60c... Boeing (BA), consensus $1.42... Abbott Laboratories (ABT), consensus 50c... Thermo Fisher Scientific (TMO), consensus $1.78... EMC (EMC), consensus 41c... Illinois Tool Works (ITW), consensus $1.28... St. Jude Medical (STJ), consensus $1.00... Northern Trust (NTRS), consensus 96c... Check Point Software (CHKP), consensus 95c... Polaris Industries (PII), consensus $1.58... Interpublic Group (IPG), consensus 27c... New York Community Bancorp (NYCB), consensus 26c... B/E Aerospace (BEAV), consensus 76c... Owens Corning (OC), consensus 54c... Knight Transportation (KNX), consensus 37c.
13:56 EDTSTJSt. Jude Medical bid for Thoratec makes strategic sense, says JPMorgan
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12:40 EDTSTJSt. Jude in talks to acquire Thoratec, Bloomberg reports
St. Jude Medical (STJ) is in talks to acquire Thoratec (THOR), Bloomberg reports, citing people familiar with the situation. Talks are ongoing and could still fall apart as no deal has been reached, Bloomberg adds. Thoratec shares spiked early in today's session, but a catalyst for the move was unclear before the Bloomberg report. Shares of the medical device maker focused on advanced heart failure patients are up $9.52 to $58.33 in midday trading. Its close competitor HeartWare (HTWR) is now up $5.53 to $84.70. Shares of St. Jude are up 4 to $76.61. Reference Link
12:33 EDTSTJThoratec jumps after Bloomberg report of St. Jude buyout talks
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12:29 EDTSTJSt. Jude Medical in talks to acquire Thoratec, Bloomberg reports
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12:21 EDTSTJOn The Fly: Top stock stories at midday
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10:20 EDTSTJCatalyst behind Thoratec spike higher unclear
The catalyst behind the spike higher in shares of Thoratec (THOR) is unclear to traders and investors. The medical device maker focused on advanced heart failure patients rose as high $62.05 in early trading and its shares remain up 11%, or $5.48, to $54.29. Some vague takeover chatter surfaced, with St. Jude Medical (STJ) as the speculated buyer, but buyout rumors are often the "go-to" reason when stocks spike. Often the moves on rumors are less substantial than Thoratec's spike today. The company's close competitor HeartWare (HTWR) is not seeing any unusual trading thus far today, falling 36c to $78.81 in early trading.
07:22 EDTBSXBoston Scientific should be bought on pullbacks, says RBC Capital
RBC Capital expects Boston Scientific to report slightly higher than expected Q2 EPS and in-line revenue. The firm expects the company's results to be boosted by strength in ICDs and OUS DES stents. RBC is confident that the company's EPS can grow by low teen percentage levels over the long-term and recommends buying the shares on pullbacks.
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