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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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March 26, 2015
13:10 EDTPBRPetrobras to exit oil business in Japan, Nikkei reports
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10:10 EDTVRTXAnalyst calls sharp pullback in biotech stocks 'misguided'
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07:30 EDTBMYDeutsche Bank to hold a conference
Pharma One-on-One Day is being held in Denver, Colorado on March 26.
07:25 EDTCATThe Economist to hold a forum
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06:45 EDTVRTXBiotech valuation concerns 'misguided,' says Piper Jaffray
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05:54 EDTPBRPetrobras-linked Galvao Engenharia files for bankruptcy, Financial Times says
A Petrobras-linked Brazilian builder Galvao Engenharia has filed for bankruptcy, reports the Financial Times. The company blamed its finances on the fallout from police investigations into an alleged bribery and kickback scheme at Petrobras. Reference Link
March 25, 2015
15:15 EDTVRTXVertex April weekly volatility elevated
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10:36 EDTVRTXOptions with decreasing implied volatility
Options with decreasing implied volatility: FOLD WLL WBAI ASPS GES PSEC CTRP LNCO VRTX ARP
07:29 EDTJNJLeerink to hold booth tours
Leerink Booth Tours at AAOS 2015 will be held in Las Vegas on March 25-26.
March 24, 2015
13:24 EDTJNJContact lens manufacturers accused of price-fixing, Bloomberg says
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10:17 EDTNKTROptions with decreasing implied volatility
Options with decreasing implied volatility: FOLD NKTR GES VHC CTRP WSM WLL LNCO NLY ORCL
09:38 EDTPBRActive equity options trading on open
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08:53 EDTKRCMorgan Stanley to hold a tour
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08:02 EDTBMYBristol-Myers acquires exclusive license from Novo Nordisk for research program
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07:45 EDTJNJFDA Pediatric Advisory Committee holds a meeting
The Committee discusses pediatric-focused safety reviews, as mandated by the FDA Safety and Innovation Act (FDASIA) for Eli Lilly's Cymbalta, Pfizer's Quillivant XR and Revatio, Johnson & Johnson's Risperdal, GlaxoSmithKline's Advair, HFA Altabax Ointment and Fluarix Quadrivalent, Supernus Pharmaceuticals' Oxtellar XR, Teva Pharmaceutical's Qnasl and Roche's Invirase. The Committee will also discuss the safety ongoing propriety of the humanitarian device exemption for the Medtronic Activa Dystonia Therapy and for the Liposorber LA-15 System in a meeting being held in Silver Spring, Maryland on March 24 at 8 am. Webcast Link
07:36 EDTHESWhiting tumbles as stock offering dampens takeover speculation
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07:28 EDTCATCaterpillar CEO remains confident on China operations, Want China Times says
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March 23, 2015
16:20 EDTVRTXOn The Fly: Closing Wrap
Stocks on Wall Street opened in relatively quiet fashion and remained that way throughout the session until a sharp selloff in the closing minutes. For most of the day the averages moved in a narrow range, as the Dow broke its streak of consecutive days with triple digit moves. Like stocks, the oil markets had a quiet session that stood out amid the recent volatility in crude prices. A late day drop prevented the major stock indexes from adding to the big gains they'd notched on Friday. ECONOMIC EVENTS: In the U.S., the Chicago Fed's national activity index fell to -0.11 in February, below expectations for a reading of 0.10. Existing home sales rose 1.2% to a 4.88M rate in February, which was below the consensus forecast for them to grow 2% to a 4.92M unit rate. COMPANY NEWS: Shares of Kansas City Southern (KSU) declined $9.21, or 7.96%, to $106.48 after the railroad operator lowered its fiscal year revenue guidance to reflect slower year-to-date carload growth primarily from the energy sector, along with a continued deterioration in the value of the Mexican peso against the U.S. dollar and lower fuel surcharge revenues driven by lower WTI prices. The revenue warning appeared to weigh on others in the rail industry as well, with Union Pacific (UNP) falling $4.67, or 3.98%, to $112.78, Norfolk Southern (NSC) dropping $3.87, or 3.5%, to $106.56 and Canadian National (CNI) sliding $1.13, or 1.65%, to $67.24. MAJOR MOVERS: Among the notable gainers was ImmunoGen (IMGN), which gained $1.25, or 16.8%, to $8.69 after Takeda (TKPYY) licensed rights to use the company's antibody drug conjugate technology. Also higher was Tenet Healthcare (THC), which rose $2.45, or 4.94%, to $52.07 after agreeing to combine its short-stay surgery and imaging center assets into a new joint venture with United Surgical Partners International. Tenet will initially own 50.1% of the joint venture and will consolidate its financial results and will have a path to full ownership of USPI over the next five years through a put/call structure, the company noted. Among the noteworthy losers was MEI Pharma (MEIP), which plunged $4.37, or 69.37%, to $1.93 and was downgraded by at least four Wall Street research firms after the combination of Pracinostat and azacitidine showed no difference in the rate of complete remission, the primary endpoint of a Phase II study, compared to azacitidine alone. Also lower were shares of Vertex (VRTX), which fell $5.21, or 3.98%, to $125.79 after reporting data from a study evaluating VX-661 in combination with ivacaftor in cystic fibrosis that JPMorgan said was generally below expectations. INDEXES: The Dow fell 11.61, or 0.06%, to 18,116.04, the Nasdaq lost 15.44, or 0.31%, to 5,010.97, and the S&P 500 dropped 3.68, or 0.17%, to 2,104.42.
16:01 EDTPBROptions Update; March 23, 2015
iPath S&P 500 VIX Short-Term Futures down 48c to 25.24 Option volume leaders: AAPL TSLA TWTR GILD CELG FB TSLA AMZN TEVA PBR according to Track Data.
12:17 EDTVRTXOn The Fly: Midday Wrap
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11:22 EDTNKTROptions with decreasing implied volatility
Options with decreasing implied volatility: FOLD NKTR RUSL XONE GES CTRP WSM NLY ADBE ORCL
10:18 EDTVRTXVertex data not a surprise given recent commentary, says JPMorgan
JPMorgan said Vertex's VX-661 top-line Phase 2 data was generally below expectations but should not be too surprising given recent management commentary. The firm said its thesis remains unchanged and believes few biotechs offer a comparable level of competitive dominance and substantial earnings leverage as Vertex and reiterated its Overweight rating.
10:14 EDTVRTXVertex weakness a buying opportunity, says Piper Jaffray
Piper Jaffray said it views the Phase II study evaluating VX-661 in combination with ivacaftor in CF as too small and too short to derive meaningful conclusions and would use today's weakness following the data as a buying opportunity ahead of approval for KALYDECO + lumacaftor homozygous F508del-CFTR mutation patients, noting that the PDUFA date for the indication is July 5. The firm keeps an Overweight rating and $146 price target on Vertex shares, which are down 4.3% to $125.35 in morning trading.
09:38 EDTVRTXVertex shares defended at CRT Capital
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09:37 EDTVRTXActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AUY SLB PFE MCP CELG VRTX SHPG GILD LOGI TSLA TASR NFLX SCTY WFM
09:30 EDTPBRHSBC raises exposure to Russia, Brazil, others, Reuters says
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09:28 EDTVRTXOn The Fly: Pre-market Movers
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09:03 EDTVRTX, JNJLeerink analysts hold a meeting with a conference call hookup
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08:13 EDTGRMNBofA/Merrill airlines/aerospace analysts hold analyst/industry conference call
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07:47 EDTVRTXVertex says VX-661, ivacaftor generally well tolerated in 12-week Phase 2 study
Vertex Pharmaceuticals announced data from a 12-week Phase 2 study evaluating VX-661 in combination with ivacaftor in 39 people with CF ages 18 and older who have two copies of the F508del mutation. The study evaluated two doses of VX-661 in combination with ivacaftor. The primary endpoint of the study was safety. The study showed that the combination regimen was generally well tolerated, and all patients completed 12 weeks of treatment. The most common adverse events were pulmonary exacerbation, which occurred in 38% of all patients who received VX-661 and 44% of those who received placebo, and cough, which occurred in 33% of all patients who received VX-661 and 39% of those who received placebo. Secondary endpoints evaluated the effect of the combination on lung function, and the mean within-group absolute improvement from baseline in ppFEV1 for those who received 100 mg of VX-661 in combination with ivacafto was 4.4 and 3.0 percentage points at week 4 and through 12 weeks of treatment, respectively. Consistent with prior Phase 2 studies that evaluated 4 weeks of treatment with VX-661 in combination with ivacaftor, this study showed a rapid improvement in lung function within four weeks of treatment, and after patients completed treatment, lung function returned to baseline. These safety and efficacy data, together with other data from multiple previously completed Phase 2 studies of VX-661, support Vertex’s ongoing Phase 3 program of VX-661 in combination with ivacaftor. The Phase 3 program is evaluating VX-661 in combination with ivacaftor and consists of four Phase 3 studies, including a study in people with two copies of the F508del mutation that began enrollment in February. The other three studies will enroll people with CF who have one copy of the F508del mutation and a second mutation that is either a gating mutation, residual function mutation or a mutation that results in minimal CFTR function.
06:15 EDTCATCaterpillar to eliminate 230 jobs at Joliet plant, WSJ reports
Caterpillar is planning to cut 230 jobs at its plant in Joliet, Illinois and move production of oil pumps and valves to one of its plants in Monterrey, Mexico, The Wall Street Journal reports. Caterpillar says production of struts and hoists cylinders will remain at the Joliet plant, which employs 770 workers. Reference Link
March 20, 2015
10:18 EDTNKTROptions with decreasing implied volatility
Options with decreasing implied volatility: NKTR FOLD RUSL RSX ORCL GES CTRP SLXP WSM SPXS
09:01 EDTJCPJ.C. Penney says general counsel Janet Dhillon to leave company
J.C. Penney said in a filing that effective March 20, Janet Dhillon, Executive Vice President, General Counsel and Secretary, is leaving J. C. Penney Company.
07:55 EDTBMYAstraZeneca seen as potential target again if oncology drugs lag, Bloomberg says
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March 19, 2015
13:21 EDTCATCaterpillar heads for test of its 52-week low, levels to watch
Shares were last down over 1.5% to $80.01, off the low of the day at $79.56. At the low of the day, next support is at the 52-week low at $78.19. Resistance is at the high of the day at $80.50.
13:17 EDTCATCaterpillar end market conditions still negative, says Wells Fargo
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10:42 EDTNKTROptions with decreasing implied volatility
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09:12 EDTCATCaterpillar reports retail machines sales down 11% in three months end February
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08:37 EDTNKTRNektar and Daiichi Sankyo to commercialize Movantik in the U.S.
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07:32 EDTPBRPetrobras volatility elevated as shares near 12-year low
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March 18, 2015
16:00 EDTPBROptions Update; March 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.20 to 26.10. Option volume leaders: AAPL RAD PBR TWTR FB TSLA CLF BP MGM according to Track Data.
13:30 EDTJCPJ.C. Penney trades lower after news of executive departures
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12:38 EDTNKTROn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday ahead of the conclusion of the Federal Reserve's latest rate setting meeting and the central bank's accompanying announcements. The averages began the session in negative territory and have been range-bound throughout the morning. The Dow was down triple digits once again, making 8 consecutive days that the blue chip index has seen a triple digit move. ECONOMIC EVENTS: In the U.S., the DOE petroleum inventory reports showed a 9.6M barrel rise in crude stocks in the week of March 13, versus expectations for a 4.4M build. The day's big economic news is yet to come, with the Fed's FOMC meeting announcement due at 2:00 pm EDT and Fed Chair Yellen holding a press conference a half hour later. Elsewhere, Prime Minister Benjamin Netanyahu unexpectedly defeated his main challenger in Israel’s election and his Likud party appears set to capture more parliament seats. COMPANY NEWS: Shares of FedEx (FDX) slid 2.5% after the shipping giant reported earnings that beat estimates, but revenue that fell short of the consensus forecast, for its third fiscal quarter. FedEx noted that it expects to deliver "record" yearly earnings for the current fiscal year and next fiscal year as well... Oracle (ORCL) shares rose 2.5% after the company's third quarter profits matched expectations and it raised its quarterly dividend 25%. MAJOR MOVERS: Among the notable gainers was Vitesse Semiconductor (VTSS), which jumped 37% after the company agreed to be acquired for $5.28 per share in cash by Microsemi (MSCC). Also higher was Retrophin (RTRX), which rose 28% after the company said it will exercise its right to purchase from Asklepion Pharmaceuticals all worldwide rights, titles, and ownership of Cholbam after the FDA approved the drug for the treatment of pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects and for patients with peroxisomal disorders. Among the noteworthy losers was Willbros Group (WG), which dropped 55% and was downgraded to Underperform at DA Davidson after announcing its earnings report will be delayed and the company is in potential non-compliance with debt covenants. Also lower following their earnings reports were Nektar Therapeutics (NKTR), which fell 15% after the company's Phase III BEACON metastatic breast cancer study missed its primary endpoint. INDEXES: Near midday, the Dow was down 105.02, or 0.59%, to 17,744.06, the Nasdaq was down 12.45, or 0.25%, to 4,924.99, and the S&P 500 was down 7.69, or 0.37%, to 2,066.59.
10:12 EDTNKTRNektar recovers off earlier low, levels to watch
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09:23 EDTNKTROn The Fly: Pre-market Movers
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08:07 EDTNKTRNektar weakness a buying opportunity, says Brean Capital
Brean Capital said it would use any weakness following Nektar's announcement of top line results for its breast cancer drug trial as a buying opportunity. The firm noted the trial missed its primary and secondary endpoints and has removed the revenue from their estimates, leading to a lowering of its price target to $17 from $20, but maintained its Buy rating on Nektar shares, citing its other opportunities.
07:02 EDTNKTRNektar price target lowered to $15 from $20 at Piper Jaffray
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06:49 EDTNKTRNektar price target lowered to $17 from $19 at JPMorgan
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March 17, 2015
19:42 EDTNKTROn The Fly: After Hours Movers
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17:51 EDTNKTRNektar down 18% after NKTR-102 trial did not achieve statistical significance
17:40 EDTNKTRNektar to resume trading at 5:50 pm ET
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16:19 EDTNKTRNektar says NKTR-102 trial did not achieve statistical significance
Nektar Therapeutics announced topline results from its Phase 3 BEACON study evaluating single-agent NKTR-102 in patients with advanced breast cancer. BEACON compared NKTR-102 to an active control arm comprised of a single chemotherapy agent of physician's choice in patients who were heavily pre-treated with a median of three prior therapies for metastatic disease. In a topline analysis of 852 patients from the trial, NKTR-102 provided a 2.1 month improvement in median overall survival over TPC. Based on a stratified log-rank analysis, the primary endpoint measuring the Hazard Ratio for survival in the NKTR-102 group compared to the active control arm was 0.87 with a p-value of 0.08, which did not achieve statistical significance. In a pre-specified subgroup of patients with a history of brain metastases, NKTR-102 showed an improvement of 5.2 months in median OS. The proportion of patients with brain metastases with 12-month survival was 44.4% in the NKTR-102 arm as compared to 19.4% in the control arm. In a pre-specified subgroup of patients with baseline liver metastases at study entry, NKTR-102 showed an improvement of 2.6 months in median OS. In these patients with baseline liver metastases, the proportion of patients with 12-month survival was 46.9% in the NKTR-102 arm as compared to 33.3% in the control arm. Secondary endpoints in the BEACON study included objective response rate and progression-free survival, which did not achieve statistical significance in the study. Nektar will continue to review and analyze the data from the BEACON study. Data from the BEACON study will be submitted for presentation at an upcoming medical meeting. "It is clear from our BEACON study that NKTR-102 has potential as an important anti-cancer agent when compared to the best available treatment options today for women with advanced breast cancer. Given the significant need for new drugs to treat patients with this devastating disease, we will be exploring potential paths forward for NKTR-102 in metastatic breast cancer with regulatory agencies," said Howard Robin, president and CEO of Nektar Therapeutics.
16:17 EDTNKTRNektar to explore potential regulatory pathways for NKTR-102 in U.S., Europe
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16:16 EDTNKTRNektar says NKTR-102 trial did not achieve statistical significance
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15:41 EDTJCPJ.C. Penney General Counsel Janet Dhillon leaving, Bloomberg says
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11:31 EDTCATCaterpillar sees up year for North American construction
Sees some competitors in the construction segment becoming more price competitive.
11:10 EDTCATCaterpillar says balance sheet will allow M&A for potential targets
Says metrics are in "great shape." Says not afraid of doing a "multi-billion dollar" deal.
11:05 EDTCATCaterpillar seeing some activity in domestic infrastructure investment
Comments from Caterpillar at Bank of American Merrill Lynch Global Industrials Conference.
10:44 EDTCATCaterpillar reaffirms FY15 EPS ex-items about $4.75, consensus $4.74
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06:57 EDTJCPJ.C. Penney CMO leaves company, effective immediately, AdAge reports
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05:35 EDTJNJJohnson & Johnson to invest $10M in UK government fund to fight dementia
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March 16, 2015
15:04 EDTJNJPharmacyclics says committee recommends unblinding after primary endpoint met
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10:02 EDTGRMNOn The Fly: Analyst Downgrade Summary
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07:28 EDTGRMNGarmin downgraded at Oppenheimer
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06:40 EDTGRMNGarmin downgraded to Perform from Outperform at Oppenheimer
March 13, 2015
16:28 EDTHESWhiting attracts interest from Exxon Mobil, Hess, Continental, Bloomberg says
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16:01 EDTPBROptions Update; March 13, 2015
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15:54 EDTHESWhiting attracts interest from Exxon Mobil, Hess, Continental, Bloomberg says
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14:34 EDTJNJU.S. appeals court revives lawsuit over J&J's Benecol assertions
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13:04 EDTNKTRFly Watch: Nektar breast cancer data expected soon
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11:19 EDTVRTXBioMarin rallies amid positive call on DMD drug timeline, takeover rumor
The shares of drug maker BioMarin (BMRN) are climbing after research firm Jefferies quoted a regulatory expert as saying that the company's drisapersen drug has a good chance of being approved on an accelerated basis by the FDA. Drisapersen is a treatment for Duchenne Muscular Dystrophy, or DMD. WHAT'S NEW: "There is a strong possibility" that the FDA will grant accelerated approval to drisapersen because there is currently no approved drug for the treatment of DMD, Jefferies analyst Eun Yang quoted the expert as saying. The expert is also optimistic about the outlook for accelerated approval because she had a good experience working with BioMarin while she was with the FDA and because BioMarin has a favorable track record with the FDA, according to Yang. There is a 60% chance that drisapersen will be approved by the end of this year and the stock can rise to $155, versus its current level of about $121.50, if that does occur, the analyst stated. Yang's price target on the stock increased to $135 from $125 and the analyst kept a Buy rating on the shares. WHAT'S NOTABLE: Pharmaceutical giant AstraZeneca (AZN) has been rumored to be interested in buying BioMarin for $175 per share in cash, British newspaper Daily Mail reported. , Piper Jaffray analyst Joshua Schimmer wrote in a note to investors this morning that BioMarin, along with Vertex (VRTX) and Incyte (INCY), have a "clear path" to joining the group of companies with market caps of over $10B projected to deliver greater than 20% EPS CAGR, which the analyst identified as a set of criteria that has previously pointed to companies that make good potential takeover targets. PRICE ACTION: In mid-morning trading, BioMarin climbed nearly 4% to $120.
09:50 EDTPBRActive equity options trading on open
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09:28 EDTPBRPetrobras seeks deadline deal with creditors, Folha reports
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07:23 EDTJNJJohnson & Johnson has a conference call hosted by JPMorgan
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05:56 EDTPBRStocks with implied volatility movement; MYL PBR
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March 12, 2015
15:02 EDTBMYBristol-Myers announces FDA acceptance of NDA for daclatasvir
Bristol-Myers Squibb Company announced that the resubmitted new drug application, or NDA, for daclatasvir, an investigational NS5A replication complex inhibitor, has been accepted for review by the FDA for use in combination with sofosbuvir for the treatment of chronic hepatitis C, or HCV, genotype 3. The original NDA has been amended to include data from the Phase III ALLY-3 trial, which showed high cure rates for the combination, with sustained virologic response 12 weeks after treatment in 90% of treatment-naïve and 86% of treatment-experienced genotype 3 HCV patients. SVR12 rates were higher in non-cirrhotic genotype 3 patients, regardless of treatment history. The FDA will now review the submission within a six-month timeframe.
13:12 EDTGRMNGarmin adopts 10b5-1 plan in conjunction with share repurchase program
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12:49 EDTBMYWHO recommends tenofovir or entecavir for hepatitis B treatment
The World Health Organization issued its first-ever guidance for the treatment of chronic hepatitis B. Its recommended medicines consist of Gilead's (GILD) tenofovir or Bristol-Myers' (BMY) entecavir. Teva (TEVA) has FDA approval for generic entecavir.
10:01 EDTGRMNOn The Fly: Analyst Downgrade Summary
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09:35 EDTPBRActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL C PBR POT MRVL AMAT MSFT TSLA X TWTR
08:46 EDTSTRAStudent Aid Bill of Rights unlikely to become law, says BMO Capital
After President Obama signed the “Student Aid Bill of Rights,” which proposes the right to discharge student debt into bankruptcy, BMO Capital says that such a change would imply financial risk to student lenders such as Sallie Mae (SLM). However, the firm does not expect the proposal to become law. It does not expects its estimates for Sallie Mae or education loan provider Navient (NAVI) to change, and keeps Market Perform ratings on both stocks. Publicly traded for-profit education companies include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).
08:20 EDTJCPImperial Capital says $3 target on J.C. Penney likely too high
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07:09 EDTPBRCitigroup to hold a conference
23rd Annual Latin America Conference in New York on March 12-13.
06:34 EDTGRMNGarmin downgraded to Underperform from Market Perform at Raymond James
Raymond James downgraded Garmin to Underperform based on continued U.S. dollar strength, risk of further earnings estimate reductions, relatively high valuation and believes risk/reward heading into April guidance is skewed to the the downside.
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