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Stock Market & Financial Investment News

News Breaks
November 12, 2012
10:00 EDTPBR, VRTX, KRC, GRMN, BMY, STRA, JNJ, IQNT, HES, VNO, NKTR, JCP, CATOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Caterpillar (CAT) downgraded to Neutral from Overweight at JPMorgan... Garmin (GRMN) downgraded to Sell from Neutral at Goldman... Inteliquent (IQNT) downgraded to Underweight from Equal Weight at Morgan Stanley... J.C. Penney (JCP) downgraded to Underperform from Neutral at Credit Suisse... Johnson & Johnson (JNJ) downgraded to Hold from Buy at Jefferies... Kilroy Realty (KRC) downgraded to Neutral from Buy at BofA/Merrill... Nektar (NKTR) downgraded to Hold from Buy at Jefferies... Strayer Education (STRA) downgraded to Neutral from Overweight at JPMorgan... Vertex (VRTX) downgraded to Neutral from Outperform at Credit Suisse... Vornado (VNO) downgraded to Neutral from Buy at BofA/Merrill... Bristol-Meyers (BMY) downgraded to Market Perform from Outperform at BMO Capital... Petrobras (PBR) downgraded to Neutral from Buy at BofA/Merrill... Hess Corp. (HES) downgraded to Market Perform from Outperform at Howard Weil.
News For CAT;IQNT;GRMN;JCP;JNJ;KRC;NKTR;STRA;VRTX;VNO;BMY;PBR;HES From The Last 14 Days
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September 2, 2015
08:04 EDTBMYBristol-Myers says FDA accaepts sBLA for Opdivo
Bristol-Myers Squibb Company announced that the U.S. Food and Drug Administration has accepted for filing and review the supplemental Biologics License Application for Opdivo for the treatment of previously treated patients with non-squamous non-small cell lung cancer. This sBLA seeks to expand the current indication for Opdivo in patients with previously treated squamous NSCLC. The projected FDA action date is January 2, 2016. The agency has also granted this application priority review, and Opdivo Breakthrough Therapy Designation for this indication, underscoring the need for new treatments for this patient population, where currently a significant unmet medical need remains. According to the FDA, the criteria for Breakthrough Therapy Designation requires preliminary clinical evidence that demonstrates the drug may have substantial improvement on at least one clinically significant endpoint over available therapy. The submission is based on CheckMate -057, a Phase 3 study that evaluated the survival of patients with NSQ NSCLC who had progressed during or after one prior platinum doublet-based chemotherapy regimen. The positive results of a separate study, Checkmate -017, formed the basis of the current lung cancer indication; study -017 evaluated the survival of patients with SQ NSCLC who had progressed during or after one prior platinum doublet-based chemotherapy regimen. In both studies Opdivo demonstrated an overall survival benefit.
September 1, 2015
10:59 EDTJCPStocks with call strike movement; JCP HAL
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08:33 EDTNKTRNektar receives $40M milestone payment from first commercial sale of Moventig
Nektar (NKTR) announced that it has received a $40M cash payment under a license agreement with AstraZeneca (AZN). The payment was triggered by the first commercial sale of MOVENTIG (naloxegol) in Germany. MOVENTIG is the first once-daily, oral peripherally-acting mu-opioid receptor antagonist (PAMORA) medication approved in the European Union for the treatment of opioid-induced constipation (OIC) in adult patients who have had an inadequate response to laxatives. MOVENTIG is marketed in the U.S. by AstraZeneca as MOVANTIK and is the first once-daily oral PAMORA medication indicated for the treatment of OIC in adult patients with chronic, non-cancer pain. MOVENTIG/MOVANTIK is part of the exclusive worldwide license agreement announced on September 21, 2009 between AstraZeneca and Nektar Therapeutics. Under the terms of the agreement, in addition to the $40 million milestone payment announced today, Nektar received a $100 million milestone payment upon first commercial sale of MOVANTIK in the U.S. in March of 2015. Nektar is also entitled to royalties on worldwide net product sales and up to $375 million in sales milestones. The royalty rate in the U.S. starts at 20% and escalates. The royalty rate in Europe and the rest of the world starts at 18% and escalates. Under the agreement, AstraZeneca is responsible for all sales and marketing activities for MOVANTIK worldwide.
07:31 EDTBMYBristol-Myers, AbbVie say FDA accepts BLA for Empliciti for priority review
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07:07 EDTBMYHeat Biologics announces clinical trial combining HS-110, PD-1 in NSCLC
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August 31, 2015
16:09 EDTCATLongbow to hold a conference
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14:59 EDTHESHess Corp. elevated as WTI oil rally's 8% to $48
Hess Corp. current 30-day call option implied volatility is at 41, compared to a one-month ago level of 31, suggesting large price movement as WTI crude oil trades above $48.
10:48 EDTJCPJ.C. Penney rises after analyst upgrades stock, calls company 'self-help story'
Shares of retailer J.C. Penney (JCP) saw a boost in morning trading after an analyst from Deutsche Bank upgraded his rating on the company's shares, remarking on the company as a "self-help story." WHAT'S NEW: Deutsche Bank analyst Paul Trussell this morning upgraded J.C. Penney to Buy from Hold. Trussell also upgraded his price target to $12 from $10, noting that the company has already improved its merchandise mix and is now moving toward better pricing and fewer markdowns. Trussell said that the company's target of mid-single digit same-store sales growth looks "achievable" and its brands and assortment "look right." The analyst added that Marvin Ellison, the company's chief executive officer, is "driving the next step" to "bring JCP up the curve in pricing and markdown optimization, supply chain, leveraging IT and reducing corporate redundancies." Trussell, who also said he views the company as a "self-help story with multiple levers to pull," maintained "slightly" conservative estimates given the challenging competitive environment, but sees meaningful upside to the stock. WHAT'S NOTABLE: Other analysts have been relatively bullish on J.C. Penney shares in recent weeks after the company reported better than expected results for the second quarter on August 14. At that time, J.C. Penney reported a loss per share of 45c on revenue of $2.88B and said it expects to be free cash flow breakeven in fiscal year 2015. Additionally, the retailer backed its FY15 SSS view of up 4%-5% and said on its earnings conference call that it expects third quarter SSS to grow sequentially from Q2. J.C. Penney also expressed "confidence" in its ability to meet its $1.2B EBITDA target by 2017. On August 17, Piper Jaffray analyst Neely Tamminga raised her price on the company's shares to $17 from $15. Tamminga said that the company showed the ability for the second straight quarter to reach EBITDA targets regardless of top-line performance. The Piper analyst said she continues to rate the company a top pick for 2015. The same day, B. Riley analyst Jeff Van Sinderen initiated coverage of J.C. Penney with a Buy rating and a $12.50 price target, saying he views Penney as a "speculative turnaround" story and believes the company's "substantial" real estate assets partially offset its heavy debt load. The Fly notes that CEO Marvin Ellison will be speaking at Goldman Sachs 22nd Annual Global Retailing Conference on September 9. PRICE ACTION: J.C. Penney shares are up 3.24% to $9.23 in morning trading.
10:01 EDTJCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 58.com (WUBA) upgraded to Overweight from Underweight at Morgan Stanley... AU Optronics (AUO) upgraded to Outperform from Underperform at Bernstein... Asbury Automotive (ABG) upgraded to Neutral from Underperform at Buckingham... Astec (ASTE) upgraded on upcoming catalysts at Stifel... Baidu (BIDU) upgraded to Buy from Hold at Jefferies... Bob Evans (BOBE) upgraded to Sector Weight from Underweight at KeyBanc... CNOOC (CEO) upgraded to Buy from Neutral at BofA/Merrill... Dover (DOV) upgraded on valuation, headwinds bottom at Bernstein... Envestnet (ENV) upgraded to Outperform from Market Perform at Avondale... Generac (GNRC) upgraded to Outperform from Market Perform at William Blair... Gold Fields (GFI) upgraded to Sector Perform from Underperform at Scotia Howard Weil... Goldman Sachs (GS) upgraded to Buy from Hold at Evercore ISI... Intel (INTC) upgraded to Outperform from Market Perform at Northland... J.C. Penney (JCP) upgraded to Buy from Hold at Deutsche Bank... Leggett & Platt (LEG) upgraded to Outperform from Market Perform at Raymond James... Morgan Stanley (MS) upgraded to Buy from Hold at Evercore ISI... Newmont Mining (NEM) upgraded to Outperform from Sector Perform at Scotia Howard Weil... Pan American Silver (PAAS) upgraded to Outperform at Scotia Howard Weil... QLogic (QLGC) upgraded to Buy from Hold at Summit Research... Stanley Black & Decker (SWK) upgraded to Outperform from Neutral at Macquarie... Telefonica Brasil (VIV) upgraded to Overweight from Equal Weight at Morgan Stanley... Tenet (THC) upgraded to Outperform from Market Perform at BMO Capital... Twitter (TWTR) upgraded to Buy from Neutral at SunTrust... UIL Holdings (UIL) upgraded to Hold from Sell at Argus... Vocera (VCRA) upgraded to Outperform from Market Perform at Leerink... Wisconsin Energy (WEC) upgraded to Conviction Buy from Buy at Goldman.
09:48 EDTJCPJ.C. Penney tests recent range highs
The shares are bucking the broader market trend and heading higher, last up over 1.8% to $9.10. The next level of major resistance would be at $9.42, a high that has not been met since April. Support is at $9.03. A breakout above $9.42 would break the stock out of a long base, which would be technically bullish for future price.
09:24 EDTJCPOn The Fly: Pre-market Movers
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09:11 EDTBMYEuropean Society of Cardiology
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08:32 EDTBMYBristol-Myers reports agreement providing exclusive right to acquire Promedior
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06:54 EDTJCPJ.C. Penney upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Paul Trussell upgraded J.C. Penney to Buy and raised his price target for shares to $12 from $10. The retailer closed Friday up 47c to $8.94. Penny's target of mid-single-digit same-store-sales growth looks achievable while the company's brands and assortment look right, Trussell tells investors in a research note. Further, new CEO Marvin Ellison is bringing Penny "up the curve" in pricing and markdown optimization while reducing corporate redundancies, the analyst writes. He views the company as a "self-help story with multiple levers to pull."
August 30, 2015
19:45 EDTPBRRolls-Royce scrutinized in Petrobras bribery investigation, Guardian says
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19:07 EDTBMYBristol-Myers partners with QIMR Berghofer for immuno-oncology research
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August 28, 2015
17:34 EDTPBRPetrobras files automatic mixed securities shelf
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07:59 EDTBMYBristol-Myers management to meet with Leerink
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06:03 EDTJCPJ.C. Penney implied volatility of 48 at lower end of index mean range
August 27, 2015
19:49 EDTJNJJohnson & Johnson to open shared services headquarters in Florida
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