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Stock Market & Financial Investment News

News Breaks
July 14, 2014
16:30 EDTPRGO, RVBD, FHCO, C, AAPL, MYL, ABT, SHPG, ABBVOn The Fly: Closing Wrap
Stocks on Wall Street began the session sharply higher and then continued to trade in a very narrow range throughout the rest of the day. The higher start was attributed to the host of M&A deals that occurred over the weekend and renewed optimism over the second quarter earnings season following Citigroup's (C) better than expected headline results. ECONOMIC EVENTS: No major economic data was released in the U.S. COMPANY NEWS: Shares of Citigroup advanced $1.42, or 302%, to $48.42 after its headline earnings and revenue beat expectations. Also, the bank announced that it has reached a $7B settlement that resolves actual and potential civil claims by the Department of Justice, several state attorneys general and the Federal Deposit Insurance Corporation relating to RMBS and collateralized debt obligations issued, structured or underwritten by Citi between 2003 and 2008... Mylan (MYL) struck a deal to buy Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in an all-stock transaction valued at about $5.3B. Under the terms of the deal, Abbott will carve out the assets and transfer them to a new public company organized in the Netherlands. Mylan will then merge with that company to become a new public company, called Mylan N.V., allowing it certain tax advantages. Abbott will receive 105M shares of the combined company, meaning it will hold an approximate 21% stake in Mylan following the deal. Shares of both companies advanced after the announcement, with Abbott gaining 52c, or 1.26%, to $41.82 and Mylan rising $1.04, or 2.07%, to $51.24... Shire (SHPG) announced that it requested, and has received, an increased takeover proposal following talks with AbbVie (ABBV). Shire said it would be willing to recommend the raised cash and stock offer, which has an indicative value of GBP 53.20 per Shire share based on AbbVie's share price on July 11, to its shareholders, potentially paving the way for a final deal between the two. After the announcement, Shire shares trading in New York rose $5.21, or 2.09%, to $254.27, while AbbVie declined 11c, or 0.2%, to $54.85. MAJOR MOVERS: Among the notable gainers was Apple (AAPL), which rose $1.23, or 1.29%, to $96.45 after Barclays upgraded its stock to Overweight and raised its price target for the shares to $110 from $95, citing channel checks that indicate near-term upside to consensus estimates and strong new products into 2015. Meanwhile, Morgan Stanley reported that its survey results suggests June quarter iPhone demand upside and the firm raised its iPhone unit estimate and its EPS estimate for Apple's coming quarter above the consensus forecasts. Also higher were shares of Perrigo (PRGO), which rose $12.70, or 8.69%, to $158.85 after Israel's "Globes" financial website, citing sources, said the company has hired an investment bank and seeks a merger with a "major pharmaceutical firm." Among the noteworthy losers was The Female Health Company (FHCO), which fell 79c, or 14.16%, to $4.79 after announcing plans to suspend payment of quarterly dividends and devote cash flows towards strategic initiatives planned to accelerate the company's long-term growth in revenue and earnings. Also lower was Riverbed (RVBD), which fell $1.75, or 8.6%, to $18.60 after the company cut its second quarter adjusted EPS and revenue outlook. Afterward, activist investor Elliot Management reaffirmed its prior $21 per share bid for the company and urged the company's board to "immediately" retain an advisor and announce a review of strategic alternatives, including a sale. INDEXES: The Dow advanced 111.61, or 0.66%, to 17,055.42, the Nasdaq gained 24.93, or 0.56%, to 4,440.42, and the S&P 500 rose 9.53, or 0.48%, to 1,977.10.
News For C;AAPL;MYL;ABT;SHPG;ABBV;PRGO;RVBD;FHCO From The Last 14 Days
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July 11, 2014
08:25 EDTAAPLApple price target raised to $112 from $102 at Canaccord
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07:26 EDTAAPLApple, Coke on board with Obama 'SupplierPay' initiative, WSJ says
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07:20 EDTCBig banks seen losing reserve release cushion, Reuters says
Releasing loan-loss reserves has helped U.S. big banks weather a period of weak loan demand and lower fee income, but Q2 results from the banks may see less benefit from the practice as loss rates and reserves near their lower limits, said Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:04 EDTAAPLAnalyst Ming-Chi Kuo: iWatch to enter mass production in November, 9to5Mac says
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06:29 EDTABBVAbbVie encourages largest Shire shareholders to pursue talks, Bloomberg says
Shire (SHPG) is hearing from its largest shareholders who are encouraging the company to come to the table and work out an agreement with AbbVie (ABBV), according to Bloomberg, citing three people familiar with the matter. AbbVie is targeting Shire in a $51.1B takeover offer. Reference Link
July 10, 2014
16:00 EDTAAPLOptions Update; July 10, 2014
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15:55 EDTABTJoint venture with Fonterra a 'smart move' for Abbott, says Wells Fargo
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14:14 EDTAAPLChinese telecom companies to cut marketing spending, WantChinaTimes says
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14:01 EDTABTAbbott and Fonterra to form strategic alliance for dairy farming in China
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10:46 EDTPRGOPerrigo management to meet with Guggenheim
Meeting to be held in New York on July 16 hosted by Guggenheim.
10:27 EDTAAPLInvenSense likely won designs across Apple product lines, says Rosenblatt
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09:56 EDTAAPLApple reportedly orders 68M iPhone 6 units, Mac Rumors reports
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09:40 EDTABBV, SHPGAbbVie, Shire not holding talks at this point as deadline approaches, CNBC says
AbbVie (ABBV) and Shire (SHPG) are not holding talks at this point, according to CNBC's David Faber, citing sources. Shire confirmed two days ago that it has received AbbVie's latest, raised takeover offer and that its board will meet to consider the proposal.
09:36 EDTAAPLActive equity options trading on open
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08:10 EDTABT, AAPLMorgan Stanley's Vintage Values 2015 list selected
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07:54 EDTAAPLTSMC begins shipping microprocessors to Apple, WSJ reports
TSMC (TSM) has begun shipping microprocessors to Apple (AAPL) for use in smartphones and tablets, reports the Wall Street Journal. According to people familiar with the matter, TSMC began shipping the microprocessors in Q2 and agreed to work together on more advanced chips next year. Reference Link
06:26 EDTAAPLTablet quarterly shipments fall for first time to 56M on year, DigiTimes says
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06:20 EDTCCalifornia, New York among states to share in Citigroup settlement, LA Times say
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06:18 EDTAAPLIDC: PC shipments in mature regions stabilizes market in Q2, DigiTimes
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05:57 EDTAAPLApple wins EU trademark for store layouts, AP reports
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