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Stock Market & Financial Investment News

News Breaks
November 12, 2012
10:00 EDTBMY, STRA, JNJ, IQNT, HES, VNO, NKTR, JCP, CAT, PBR, VRTX, KRC, GRMNOn 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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March 5, 2015
16:20 EDTJNJOn The Fly: Closing Wrap
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16:00 EDTPBROptions Update; March 5, 2015
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12:33 EDTJNJOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as the market looks to break the two day skid that started the day after Nasdaq broke 5,000. A lower growth forecast in China is being offset this morning by Europe getting more constructive on its outlook, as the European Central Bank raised its growth forecasts and confirmed that it plans to start its bond buying program next week. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 7K to 320K in the week ended February 28, which was above the consensus forecast for 296K first-time claims. Nonfarm productivity in the fourth quarter was revised to -2.2% from -1.8% in the government's prior estimate. Unit labor costs are now believed to have risen 4.1% in Q4, which is up from the 2.7% growth estimated in the advance report. Factory orders dipped 0.2% in January, versus expectations for them to be up 0.2%. China's government set an economic growth rate target of about 7% for 2015, which is down from the 7.5% target that it narrowly missed last year with its 2014 GDP growth of 7.4%. In Europe, both the Bank of England and European Central Bank kept their key interest rates unchanged. As is often the case in Europe, the real news came after the rate decision when ECB president Mario Draghi held his press conference. During the conference, Draghi said the bank's first asset purchases will come next week as part of its plan to buy $66B a month in bonds. The ECB also raised its economic growth forecasts for this year and next and said its inflation outlook puts it on track to reach its inflation goal near 2%. COMPANY NEWS: AbbVie (ABBV) agreed to buy Pharmacyclics (PCYC) for $261.25 per share, or $21B, the companies announced. Pharmacyclics' flagship product is Imbruvica, a treatment for hematologic cancers, that it co-markets with Johnson &Johnson (JNJ). Media reports as late as last night said J&J was close to buying its partner. Piper Jaffray said AbbVie paid a "staggering" price for Pharmacyclics when taking into account the company bought only 50% of the rights to Imbruvica and that "nearly everything looks cheap" in the biotechnology space when the deal's metrics are used as a benchmark against other names. Deutsche Bank however, views AbbVie's acquisition as a positive, saying the deal provides near term top-line growth and diversifies its business away from Humira... A Delta (DAL) plane skidded off the runway at New York's La Guardia Airport, prompting the airport to close until later this evening. MAJOR MOVERS: Among the notable gainers was Kythera Biopharmaceuticals (KYTH), which gained nearly 25% after the FDA released briefing documents for an advisory committee meeting planned for March 9 to discuss the company's deoxycholic acid, or DCA. Kythera is seeking approval for DCA for the improvement in the appearance of moderate to severe convexity or fullness associated with submental fat in adults, more commonly known as "double-chin." Also higher after its earnings report was grocery store operator Kroger (KR), which advanced 5%. Among the noteworthy losers was Greif (GEF), which dropped 13.5% after its earnings missed expectations, with the company stating that profits were adversely impacted by product and geographic mix issues resulting in lower gross profit and a higher effective tax rate. Also lower was mining equipment maker Joy Global (JOY), which fell about 7% after the company's results missed forecasts and it cut it fiscal year outlook. INDEXES: Near midday, the Dow was up 26.04, or 0.14%, to 18,122.94, the Nasdaq was up 11.33, or 0.23%, to 4,978.47, and the S&P 500 was up 0.94, or 0.04%, to 2,099.47.
11:34 EDTJNJPharmacyclics buyout has positive read-through for J&J, says Wells Fargo
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11:12 EDTPBRStocks with call strike movement; BTU PBR
Peabody (BTU) September 8 call option implied volatility increased 2% to 60, Petrobras (PBR) July 7 call option implied volatility increased 3% to 67 according to IVolatility.
10:45 EDTJNJDeutsche says Abbvie deal positive, while Piper calls price too high
Two research firms differed on AbbVie's (ABBV) acquisition of Pharmacyclics (PCYC), with Piper Jaffray saying that AbbVie paid far too much in the deal and Deutsche Bank contending that the purchase is positive for AbbVie. BACKGROUND: AbbVie agreed to buy Pharmacyclics for $261.25 per share, or $21B, the companies announced late last night. Pharmacyclics' flagship product is Imbruvica, a treatment for hematologic cancers, that it co-markets with Johnson &Johnson (JNJ). BEARISH TAKE: Noting that J&J has 50% rights to Imbruvica, Piper analyst Joshua Schimmer wrote that the price that AbbVie paid would have been reasonable if its was obtaining full rights to Imbruvica. It will take many years for the deal to generate enough cash to justify the price that Abbvie paid, the analyst stated. Moreover, given the large number of potential competitors to Imbruvica in development and the possibility that a more potent treatment for hematological cancers will be introduced, the confidence that AbbVie showed in Pharmacyclics may be overdone, Schimmer indicated. BULLISH TAKE: Conversely, Deutsche Bank analyst Robyn Karnauskas believes that the deal is positive for AbbVie, since she thinks that it provides the drug maker with revenue growth in the near-term and diversifies its business beyond Humira, its treatment for Crohn's disease and psoriasis. However, Karnauskas did add that from a purely valuation perspective the deal is only neutral for AbbVie. She predicted, though, that the deal would start increasing AbbVie's profits beginning in 2017. The transaction could add 18%-19% to AbbVie's earnings per share in 2020-2021, estimated Karnauskas, who kept an $80 price target and Buy rating on AbbVie. PRICE ACTION: In mid-morning trading, AbbVie fell 3.3% to $58.26 and Pharmacyclics jumped 10.5% to $254.74.
09:34 EDTPBRPetrobras downgraded to Hold from Buy at Deutsche Bank
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09:15 EDTBMYBristol-Myers price target raised to $75 from $70 at Goldman
Goldman raised Bristol-Myers price target to $75 following Opdivo approval for advanced squamous NSCLC after progression on or after platinum-based chemo. The firm said the approval was earlier and the label broader than expected and strengthens Bristol's lead over competitors Merck (MRK) and Roche (RHBBY). Shares are Buy rated.
09:03 EDTBMYBristol-Myers Opdivo label better than expected, says SunTrust
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08:30 EDTJNJPiper: Pharmacyclics buyout price makes nearly everything look cheap
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07:32 EDTCATCaterpillar and Uptake partner to create analytics solutions
Caterpillar has entered into a technology and predictive analytics agreement with Uptake, provider of an analytics and insight platform for a wide array of industries, based in Chicago, Illinois. Caterpillar has made a minority investment in Uptake and will jointly develop an end-to-end platform for predictive diagnostics to help Caterpillar customers monitor and optimize their fleets more effectively.
06:58 EDTBMYBristol-Myers price target raised to $75 from $70 at JPMorgan
JPMorgan raised its price target for shares of Bristol-Myers to $75 after the company received FDA approval of Opdivo in lung cancer earlier than expected. The firm sees "rapid adoption" of the drug and notes Bristol has a number of pipeline catalysts remaining in 2015. It reiterates an Overweight rating on the stock.
05:59 EDTJNJJ&J says 'looking forward' to continuing collaboration with AbbVie
Johnson & Johnson (JNJ) issued a statement after AbbVie (ABBV) reached an agreement to acquire Pharmacyclics (PCYC) saying its "looking forward" to continuing its Imbruvica collaboration with AbbVie (ABBV), Bloomberg and Reuters reported. Pharmacyclics co-markets Imbruvica with Johnson & Johnson, and media reports as late as last night said J&J was close to buying its partner. AbbVie late last night announced it would acquire Pharmacyclics for $19.9B or $261.25 per share.
March 4, 2015
18:37 EDTJNJOn The Fly: After Hours Movers
UP AFTER EARNINGS: Roundy's (RNDY), up 12.7%... Pacific Ethanol (PEIX), up 11.5%... Miller Industries (MLR), 6.9%. ALSO HIGHER: Pharmacyclics (PCYC), up 2.8% after speculation of acquisition by Johnson & Johnson (JNJ). Johnson & Johnson is up marginally. DOWN AFTER EARNINGS: Semtech (SMTC), down 5.3%... Callon Petroleum (CPE), down 1.3%. ALSO LOWER: Vanda Pharmaceuticals (VNDA), down 7% following results from tradipitant Phase II study... Encana (ECA), down 4.2% after announcing C$1.25B bought deal offering... Apollo Commercial (ARI), down 2.9% after filing to sell 10M shares of common stock... Neustar (NSR), down 2.7% after making statement on LNPA vendor selection.
17:22 EDTJNJPharmacyclics up 2% after speculation of acquisition by Johnson & Johnson
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17:11 EDTJNJPharmacyclics said to agree to be bought by J&J, Bloomberg says
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17:11 EDTBMYOn The Fly: Closing Wrap
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16:35 EDTJNJJohnson & Johnson close to deal to buy Pharmacyclics, FT reports
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16:17 EDTBMYBristol-Myers reports FDA approval of Opdivo
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16:02 EDTPBR, BMYOptions Update; March 4, 2015
iPath S&P 500 VIX Short-Term Futures down 6c to 27.22. Option volume leaders: AAPL TSLA TWTR AA PBR NFLX MNKD FB BMY C according to Track Data.
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