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Stock Market & Financial Investment News

News For CAT;IQNT;GRMN;JCP;JNJ;KRC;NKTR;STRA;VRTX;VNO;BMY;PBR;HES From The Last 14 Days
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April 23, 2014
13:40 EDTCATEarnings Preview: Caterpillar sees Q1 revenue flat, year-over-year
Caterpillar (CAT) is expected to report first quarter earnings on Thursday, April 24, before the market open with a conference call scheduled for 11:00 am ET. Caterpillar is a manufacturer of mining and construction equipment. EXPECTATIONS: Analysts are looking for earnings per share of $1.24 on revenue of $13.14B, according to First Call. The consensus range for EPS is $1.03-$1.35 on revenue of $12.34B-$13.74B. LAST QUARTER: Caterpillar reported fourth quarter EPS of $1.54 against estimates for $1.28 on revenue of $14.4B against estimates for $13.64B. On its Q4 earnings report, the company forecast 2014 EPS ex. restructuring costs of $5.85, versus consensus of $5.78. FY14 revenue was seen at $56B, compared to consensus of $55.27B. In total, the company expects restructuring actions in 2014 to be about $400M-$500M and an after tax impact of 50c-60c per share. Caterpillar said it was seeing signs of improvement in the world economy. Despite the company's expectation that mine production will continue to increase, it expects mining companies to further reduce their capital expenditures in 2014. As a result, it expects sales in Resource Industries to decline modestly. The company said it will continue to be cautious on the mining industry. The company announced a $10B stock repurchase program that will expire on December 31, 2018, and it intends to repurchase $1.7B of common stock in Q1. On the company's Q4 conference call, management said it sees Q1 revenue flat with 1Q13. STREET RESEARCH: Sentiment on the Street has been mixed in the weeks leading up to Caterpillar's Q1 report. On February 20, Caterpillar was initiated with a Buy at Deutsche Bank with a price target of $122. Conversely, on March 4, Standpoint Research downgraded Caterpillar to Hold from Buy. PRICE ACTION: Caterpillar’s shares have traded approximately 14% higher since Q4 results were released in late January, and are up about 23% over the past year. In afternoon trading ahead of Thursday's Q1 report, Caterpillar’s shares are nearly flat.
10:51 EDTCATCaterpillar trends may be better than retail sales suggest, says Wells Fargo
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10:44 EDTCATCaterpillar retail sales of machines for 3 months end March down 12%
Caterpillar disclosed in a regulatory filing earlier that its total retail sales of machines for the 3-month rolling period ended March were down 12%, which was down from an 8% decline reported for the 3-month period ended in February. In the March rolling period, retail machine sales were down 20% in Asia/Pacific, down 21% in EAME, down 21% in Latin America and up 6% in North America. Total Energy & Transportation retail sales for the March end rolling period were up 7%.
08:00 EDTHESHess Corp. announces sale of Thailand assets for $1B to PTTEP
Hess Corporation announced it has sold its interests in both the Sinphuhorm and Pailin Fields located in Thailand to PTT Exploration and Production Public Company Limited for a total after-tax consideration of approximately $1B, effective July 1, 2013. Together, the two assets produced an average of 17,000 barrels of oil equivalent per day net to Hess in 2013. Hess will use the proceeds from this sale to continue repurchasing shares under its existing $4B authorization.
07:37 EDTBMYPeregrine announces investigator-sponsored combination trial with Bristol-Myers
Peregrine Pharmaceuticals (PPHM) announced the opening of an investigator-sponsored trial, or IST, of its investigational immunotherapy bavituximab in combination with Bristol-Myers Squibb's (BMY) ipilimumab, for the treatment of advanced melanoma. Bavituximab is an upstream immune checkpoint inhibitor that targets phosphatidylserine, or PS, a highly immunosuppressive molecule exposed on cells that line tumor blood vessels and tumor cells. Preclinical data in a model of melanoma demonstrate that the combination of a bavituximab equivalent and ipilimumab yield enhanced anti-tumor activity compared to ipilimumab alone. The trial is being conducted at the University of Texas Southwestern Medical Center, Dallas, and led by Arthur E. Frankel, M.D., Associate Professor of Internal Medicine at the Simmons Comprehensive Cancer Center. Bavituximab, Peregrine's lead immuno-oncology candidate, is being evaluated in second-line non-small cell lung cancer, as part of the SUNRISE pivotal Phase III clinical trial.
06:54 EDTJNJGlobal Technology Community to hold a summit
7th Annual Diabetes Summit is being held in Cambridge, MA on April 23-25.
06:53 EDTJNJFood & Drug Law Institute to hold a conference
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06:21 EDTHESPTTEP to buy Hess Corp.'s Thailand assets for $1B
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06:16 EDTJNJ, BMYPharmaceutical companies narrowing focus, WSJ reports
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April 22, 2014
19:03 EDTBMY Bristol-Myers and Samsung BioLogics to increase scope of existing agreement
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14:47 EDTBMYOnglyza, Kombiglyze XR get Paragraph IV patent challenges
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12:39 EDTJNJOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday amid a number of big deals and a much talked about proposed deal in the pharmaceutical industry, as well as another wave of earnings reports. The market opened quietly but on the positive side of the ledger as investors pored over the multitude of quarterly reports issued after the close last night and earlier today. Near noon the market stood near its session highs and is pointing toward its sixth consecutive positive close. ECONOMIC EVENTS: In the U.S., existing home sales slipped 0.2% to a 4.59M rate in March, versus expectation for them to have fallen 1% to a 4.56M rate. The Richmond Fed manufacturing survey for April had a reading of 7, beating the consensus forecast for a reading of 2. COMPANY NEWS: Valeant Pharmaceuticals (VRX) teamed with Bill Ackman's hedge fund Pershing Square to make a hostile takeover offer for Allergan (AGN), sending shares of both companies higher. Allergan confirmed it received the offer of $48.30 in cash and 0.83 shares of Valeant stock for each of its own shares, which it said it will evaluate with the help of its advisers. Analysts' opinion on the fallout varied, with one firm suggesting Allergan could pursue its own takeover of Shire (SHPG) or Jazz Pharmaceuticals (JAZZ) as a defense, and another saying a rival big pharma company, such as Johnson & Johnson (JNJ) or Merck (MRK), could launch a competing bid for Allergan. Shares of Allergan led all gainers on the S&P 500, rising 16%, while Valeant shares gained more than 6%... A number of other big drug makers made news with a string of deals, as Novartis (NVS) and GlaxoSmithKline (GSK) both reshaped their companies via a trio of agreements. Novartis will acquire GSK's oncology products for a $14.5B payment and up to $1.5B contingent future payments, Novartis will sells its Vaccines business, excluding flu, to GSK for $7.1B plus royalties, and the two agreed to tie-up their consumer healthcare businesses through a joint venture. In a separate transaction, Novartis agreed to divest its Animal Health Division to Eli Lilly (LLY) for about $5.4B. MAJOR MOVERS: Among the notable gainers following their earnings reports were streaming video service Netflix (NFLX), which advanced almost 6%, and motorcycle maker Harley-Davidson (HOG), which rose 8%. Companies that slid following their earnings reports included printer maker Lexmark (LXK), which fell over 11%, and Pentair (PNR), which dropped almost 6%. INDEXES: Near midday, the Dow was up 106.77, or 0.65%, to 16,556.02, the Nasdaq was up 45.95, or 1.11%, to 4,167.50, and the S&P 500 was up 11.59, or 0.62%, to 1,883.48.
12:24 EDTCATBofA/Merrill industrial machinery analysts hold analyst/industry conference call
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11:22 EDTJNJAnalysts think Valeant bid for Allergan could spur higher offer, rival deal
After Valeant Pharmaceuticals (VRX) teamed with hedge fund Pershing Square to make a hostile takeover offer for Allergan (AGN), analysts' opinion on the fallout varied, with one firm suggesting Allergan could pursue its own takeover as a defense and another believing Valeant will be pushed to raise its offer. WHAT'S NEW: Valeant, in partnership with Bill Ackman's Pershing Square, offered to combine with Allergan for $48.30 in cash and 0.83 shares of Valeant stock for each share of Allergan. Allergan has confirmed it received the offer and said that it would evaluate the proposal. ANALYST OPINION: In a note to investors, Wells Fargo stated that it believes that Valeant's low tax rate will enable it to raise its bid. Moreover, one or more big pharmaceutical companies, such as Johnson & Johnson (JNJ) or Merck (MRK), could launch a competing bid for Allergan, added Wells. The firm believes that Allergan could ultimately be purchased for $165 per share. Research firm Jefferies said it expects Allergan's board to oppose Valeant's takeover attempt. The firm suggested that Allergan could seek to fend off Valeant's takeover attempt by acquiring Shire (SHPG) or Jazz Pharmaceuticals (JAZZ). Jefferies kept a Hold rating on Allergan. BMO Capital similarly believes that Valeant will have to overcome significant hurdles in order to complete the deal. The management teams of the two companies have different views and Allergan's business could be damaged by significant cost cutting following the deal, according to the firm. Nonetheless, it kept an Outperform rating on the Botox maker. PRICE ACTION: In mid-morning trading, Allergan rallied 15.5% to $164, Valeant gained 4.4% to $133, Jazz shares rose 6.4% to $147.18 and Shire added 4.8% to $158.62.
10:00 EDTNKTROn The Fly: Analyst Initiation Summary
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07:43 EDTNKTRNektar initiated with a Buy at Jefferies
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06:11 EDTJNJWells says big pharma bidders could emerge for Allergan
Wells Fargo believes Allergan (AGN) wants to remain independent and says the "hurdle to convince the company to sell could be pretty high." Wells thinks Valeant's (VRX) low tax rate gives it room to raise its bid for Allergan, and it sees the potential for one or more big pharma bidders, such as Johnson & Johnson (JNJ) or Merck (MRK), emerging due to Allergan's "attractive eye care and aesthetics portfolio and pipeline." Wells believes a purchase price for Allergan of $50B or $165 per share could be justified.
05:47 EDTJCPStocks with implied volatility movement; JCP CRM
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April 21, 2014
11:08 EDTJNJAllergan recent rally due to several factors, says BMO Capital
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07:21 EDTBMY, JNJFDA Pediatric Advisory Committee to hold a meeting
The Committee discusses pediatric-focused safety reviews including MDT's Activa Dystonia Therapy, (BAX's Advate and Tisseel, NVS' Famvir, Tibotec's (JNJ subsidiary) Intelence, UCB Pharma's Keppra, MRK's Maxalt, BAYRY's Natazia, Digestive Care's Pertzye, JNJ's Prezista, BMY's Reyataz, SNY's Sklice, PFE's Torisel, Aptalis' Ultresa, and GILD's Viread in a meeting being held in Bethesda, Maryland on April 21 at 8 am. Webcast Link
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