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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
Check below for free stories on CAT;IQNT;GRMN;JCP;JNJ;KRC;NKTR;STRA;VRTX;VNO;BMY;PBR;HES the last two weeks.
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April 24, 2014
12:10 EDTJNJZimmer advances after agreeing to merge with competitor
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11:19 EDTCATCaterpillar says Q4 likely to be strongest quarter in 2014
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11:12 EDTVRTXOptions with increasing implied volatility: VRTX AZN RL
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10:25 EDTCATCaterpillar climbs after reporting stronger than expected results
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10:23 EDTJNJJohnson & Johnson increases quarterly dividend 6.1% to 70c per share
Johnson & Johnson announced that its Board of Directors has declared a 6.1% increase in the quarterly dividend rate, from 66c per share to 70c per share. The increase was announced this morning at the Annual Meeting of Shareholders. At the new rate, the indicated dividend on an annual basis is $2.80 per share compared to the previous rate of $2.64 per share. The next quarterly dividend is payable on June 10 to shareholders of record at the close of business on May 27. The ex-dividend date is May 22.
08:59 EDTCATOn The Fly: Pre-Market Movers
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08:43 EDTJNJZimmer deal could pressure Stryker, Smith & Nephew to grow, says Wells Fargo
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08:31 EDTCATCaterpillar set fresh 52-week high following results
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08:14 EDTCATCaterpillar expects to deliver better sales, profit in Constuction Industries
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08:13 EDTCATCaterpillar cites range of macro-economic uncertainties that could impact sales
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07:44 EDTCATCaterpillar reports Q1 revenue $713M, up 5% from a year ago
Q1 profit after tax was $136M, a 4% decrease from a year ago. The increase in revenues was primarily due to a $23M favorable impact from higher average earning assets and an $8M favorable impact from returned or repossessed equipment. Reports Q1 new retail financing $2.8B, down 4% from a year ago. The decrease was primarily related to the Mining and Asia/Pacific operating segments, partially offset by improvements in the North America operating segment. As of March 31, 2014, Cat Financial's allowance for credit losses totaled $373 million or 1.25 percent of net finance receivables.
07:33 EDTCATCaterpillar raises FY14 adjusted EPS to $6.10 from $5.85, consensus $5.93
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07:32 EDTCATCaterpillar reports Q1 adjusted EPS $1.61, consensus $1.24
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April 23, 2014
16:46 EDTJNJFDA approves Sylvant for rare Castlemanís disease
The FDA approved Sylvant to treat patients with multicentric Castlemanís disease, a rare disorder similar to lymphoma, which is cancer of the lymph nodes. Sylvant is marketed by Janssen Biotech.
15:35 EDTCATNotable companies reporting before tomorrow's open
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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: Caterpillarís 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, Caterpillarís 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 EDTBMY, JNJPharmaceutical 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
April 20, 2014
16:53 EDTCATCaterpillar looks to halt production at facility in France, WSJ says
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April 19, 2014
11:12 EDTBMYLeerink's pharma and biotech analysts hold an analyst/industry conference call
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April 17, 2014
16:31 EDTJNJFDA alert on laparoscopic morcellation mixed for Hologic, says Piper Jaffray
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08:15 EDTJNJJohnson & Johnson price target raised to $116 from $104 at Argus
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April 16, 2014
07:38 EDTJNJJohnson & Johnson reported very strong Q1 results, says Bernstein
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06:33 EDTPBRPetrobras having difficulties, NY Times says
Brazilian energy company Petrobras is experiencing multiple problems, as its oil production has stagnated, its employees have been accused of taking bribes, and its debt is surging, according to The New York Times. Analysts warn that the company could face problems in international bond markets, the newspaper stated. Reference Link
April 15, 2014
17:38 EDTJNJJohnson & Johnson stock looks attractive, Barron's says
Johnson & Johnson stock looks attractive and there's still time to buy in, Barron's contends in its "Barron's Take" column. The company can still deliver strong returns, the paper adds. Reference Link
16:22 EDTJNJOn The Fly: Closing Wrap
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12:58 EDTJNJOn The Fly: Midday Wrap
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10:23 EDTJNJOptions with decreasing implied volatility: FDO JNJ FAST EPB
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09:16 EDTJNJOn The Fly: Pre-market Movers
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09:11 EDTJNJJohnson & Johnson says has implemented some cost reductions in MD&D sector
Says has implemented some cost reductions, combined some businesses in the Medical Devices & Diagnostics sector to better compete in the current marketplace.
08:56 EDTJNJJohnson & Johnson sees FY net interest expense $400M-$500M
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08:23 EDTBMYLeerink's pharma and biotech analysts hold an analyst/industry conference call
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08:19 EDTBMYLeerink's pharma and biotech analysts hold an analyst/industry conference call
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08:19 EDTJNJJohnson & Johnson sees deal to sell K-Y brand to Reckitt closing mid-year
Sees sees deal to sell K-Y brand to Reckitt Benckiser (RBGPF) closing mid-year. Says offer from Carlyle Group (CG) to acquire Ortho-Clinical Diagnostics expected to close mid-year. Comments from slides that will be presented on the Q1 earnings conference call.
07:49 EDTJNJJohnson & Johnson reports Q1 Domestic sales up 2.2%; Intl sales up 4.5%
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07:47 EDTJNJJohnson & Johnson raises FY14 EPS to $5.80-$5.90, consensus $5.83
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07:46 EDTJNJJohnson & Johnson reports Q1 adjusted EPS $1.54, consensus $1.48
Reports Q1 revenue $18.1B, consensus $18.0B
06:32 EDTJNJ, BMYPatients paying much more for specialty drugs, NY Times says
The amount that patients with certain diseases must pay for specialty drugs has increased significantly, a research firm reported, according to The New York Times. Meanwhile, consumers' use of health care increased in 2013 for the firm time in three years, the newspaper quoted the firm, the IMS Institute for Healthcare Informatics, as saying. Publicly traded drug makers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY). Publicly traded health insurers include AMERIGROUP (AGP), Aetna (AET), Centene (CNC), Cigna (CI), Health Net (HNT), Healthspring (HS), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH), WellCare (WCG) and WellPoint (WLP).Reference Link
April 14, 2014
15:17 EDTJNJNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Johnson & Johnson (JNJ), consensus $1.48; Coca-Cola (KO), consensus 44c; Charles Schwab (SCHW), consensus 22c; Northern Trust (NTRS), consensus 78c; Comerica (CMA), consensus 72c; Westamerica (WABC), consensus 58c; Comverse (CNSI), consensus 49c; Pep Boys (PBY), consensus 5c.
13:25 EDTJNJEarnings Preview: J&J looking for another strong performance in pharmaceuticals
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10:02 EDTJNJOn The Fly: Analyst Downgrade Summary
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09:04 EDTVNOVornado to host conference call
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08:15 EDTBMYBristol-Myers submits NDA for Reyataz-cobicistat combo for HIV-1
Bristol-Myers Squibb (BMY) announced the submission of a new drug application, or NDA, on April 4 to the FDA for a fixed-dose combination of atazanavir sulfate, a protease inhibitor marketed as Reyataz, and cobicistat, an investigational pharmacokinetic enhancer, or boosting agent, that can increase the level of certain HIV-1 medicines in the blood and make them more effective. Bristol-Myers Squibb is seeking approval of the fixed-dose combination tablet for use in combination with other antiretroviral agents for the treatment of HIV-1 infection. If approved, atazanavir sulfate and cobicistat could offer patients living with HIV-1 a single tablet that eliminates the need to take a boosting agent in a separate tablet. Cobicistat is being developed by Gilead Sciences (GILD). Under the terms of a previously announced agreement, Bristol-Myers Squibb and its affiliates are responsible for the formulation, manufacturing, registration, distribution and commercialization of the atazanavir sulfate and cobicistat fixed-dose combination product worldwide. Gilead retains sole rights for the manufacture, development and commercialization of cobicistat as a stand-alone product and for use in combination with other agents.
05:56 EDTJNJJohnson & Johnson downgraded to Hold from Buy at Jefferies
Jefferies downgraded its rating on Johnson & Johnson (JNJ) to Hold citing the recent outperformance of shares. The firm keeps a $105 price target for the stock.
April 11, 2014
18:44 EDTJNJJ&J halting development of Botox competitor, WSJ says
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16:26 EDTVNOVornado to spin-off shopping center business
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14:26 EDTJCPCBL & Associates expects more J.C. Penney closures
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April 10, 2014
07:04 EDTBMYBristol-Myers presents Phase III data on all-oral Daclatasvir and Asunaprevir
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