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January 27, 2014
12:35 EDTCRARY, GERN, GAME, CRZBY, XRX, MRK, DB, RHI, CATOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday as a decline in new home sales last month more than offset any positive momentum built in the early hours by Caterpillar's (CAT) better than expected earning report. Stocks began the week in positive territory, briefly bouncing back from last week’s sell-off, but the market resumed its downward trend by the time the larger than expected drop in new home sales was reported near 10 am ET. As the lunch hour approached, the averages were all in the red and stood near session lows. ECONOMIC EVENTS: In the U.S., new home sales dropped 7% to a 414K rate in December from a downwardly revised 445K rate in November, missing expectations. However, the report may have been somewhat discounted as largely due to the extreme weather seen in many markets during the month. In Europe, the Ifo institute’s German business confidence measure beat economists’ forecasts and rose to its highest level in more than two years with a 110.6 reading in January. Also, the Organization for Economic Cooperation and Development reportedly estimated that European banks have a combined capital shortfall of about 84 billion euros, with Credit Agricole (CRARY), Deutsche Bank (DB) and Commerzbank (CRZBY) listed among the banks having significant gaps. COMPANY NEWS: Dow component Caterpillar advanced about 4% after its quarterly earnings easily beat the consensus expectation of analysts. The company also gave a forecast for revenue in the new fiscal year that surpassed expectations and approved a program to repurchase up to $10B of its shares. MAJOR MOVERS: Among the notable gainers was Chinese online game maker Shanda Games (GAME), which gained 13% after its controlling shareholder proposed to acquire the company in a "going private" transaction for $6.90 per American depositary share. Also higher was Robert Half (RHI), which rose 3% following an upgrade to Buy from Neutral at research firm Northcoast, which cited the valuation of its shares and expectations for top-line trends to accelerate due to easier comparisons and improving end markets. Also higher following an upgrade were shares of Merck (MRK), which gained nearly 3% after Morgan Stanley upgraded the stock two notches to Overweight from Underweight. Among the noteworthy losers was Geron (GERN), which fell 19% after disclosing that an investigator-sponsored clinical trial to evaluate imetelstat in patients with myelofibrosis and other myeloid malignancies has been closed to new patient enrollment and that the company believes approximately 20 patients have discontinued from the study since its inception. Also lower were shares of Xerox (XRX), which were downgraded to Market Perform from Outperform at BMO Capital and slid almost 5% near noon. INDEXES: Near midday, the Dow was down 76.11, or 0.48%, to 15,803.00, the Nasdaq was down 69.13, or 1.67%, to 4,059.04, and the S&P 500 was down 15.10, or 0.84%, to 1,775.19.
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November 23, 2015
20:08 EDTXRXOn The Fly: After Hours Movers
UP AFTER EARNINGS: Copart (CPRT), up 4.9%... Dycom (DY), up 4.6%... Palo Alto Networks (PANW), up 3.9%... Baozun (BZUN), up 6.7%. ALSO HIGHER: Xerox (XRX), up 6.7% after Carl Icahn reported a 7.13% stake in the company... Valeant (VRX), up 3.7% after Pershing Square increases stake in Valeant Pharmaceuticals to 9.9%. DOWN AFTER EARNINGS: Brocade (BRCD), down 5.5%... Ceres (CERE), down 10.3%... YY Inc. (YY), down 3.6%. ALSO LOWER: J.M. Smucker (SJM), down marginally after filing to sell 3.86M shares of common stock for holders.
17:17 EDTXRXXerox spikes higher after Icahn announces 7.13% stake
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17:11 EDTXRXIcahn reports 7.13% stake in Xerox, may seek board representation
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17:09 EDTXRXXerox up 8% to $11.62 after Icahn takes 7.13% stake
17:08 EDTXRXIcahn reports 7.13% stake in Xerox, may seek board representation
November 22, 2015
18:50 EDTDBDeutsche Bank to cut 1,000 jobs in London, Sunday Times says
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15:03 EDTMRKMerck reports multiple data sets from Keytruda combination studies
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November 19, 2015
10:26 EDTCATGoldman says sell Titan with ag and mining weakness expected to continue
Goldman Sachs downgraded Titan International (TWI) to Sell from Neutral today, saying that weakness in agriculture and mining would continue to weigh on the company's results. Goldman's downgrade comes after the company reported much weaker than expected results on November 6. Titan makes tires and wheels used in off-road vehicles which are utilized by farmers and mining and construction companies. WHAT'S NEW Titan derives 80% of its revenue from agriculture and mining, so the weakness in those sectors will continue to hurt its results going forward, wrote Goldman analyst David Tamberino. Additionally, farmers have less money to spend on capital projects, reducing the likelihood that they will adopt Titan's new LSW tires, according to the analyst. Given these factors and the January 2017 maturity of Titan's convertible note, the company could be faced with a cash crunch, the analyst warned. Moreover, Titan is facing increased competition, according to Tamberino. He sharply lowered his 2015-2017 earnings before interest, taxes, depreciation and amortization estimates for the company and slashed his price target on the name to $3 from $8. WHAT'S NOTABLE: Deere (DE), Caterpillar (CAT), and AGCO (AGCO) sell heavy machinery used in agriculture. PRICE ACTION: In early trading, Titan sank 11% to $4.50.
06:34 EDTMRKEli Lilly, Merck expand immuno-oncology collaboration
Eli Lilly (LLY) and Merck (MRK) announced the extension of an existing collaboration to evaluate the safety and efficacy of the combination of Lilly's Alimta and Merck's Keytruda in a pivotal Phase III study in first-line nonsquamous non-small cell lung cancer, or NSCLC. The study will be sponsored by Merck and will be open to patients with NSCLC in the first-line setting, regardless of PD-L1 status. Financial details of the collaboration were not disclosed. The expansion of this oncology clinical trial collaboration comes following the release of encouraging data from a Phase I study, presented earlier this year at the 16th World Congress on Lung Cancer, which evaluated pemetrexed, carboplatin and pembrolizumab in first-line nonsquamous NSCLC.
November 18, 2015
08:11 EDTMRKIMS Health forecasts global drug spending to increase 30% by 2020 to $1.4T
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07:01 EDTMRKThreshold enters into definitive co-promotion agreement with Merck
Threshold Pharmaceuticals (THLD) announced that it finalized a definitive Co-Promotion Agreement for evofosfamide with Merck (MRK) pursuant to the companies' License and Co-Development Agreement entered into on February 2, 2012. Under the terms of the License and Co-Development Agreement, Threshold may co-promote evofosfamide in the U.S. subject to FDA approval of evofosfamide. Evofosfamide is Threshold's investigational hypoxia-activated prodrug, which is currently the subject of two fully enrolled Phase 3 clinical trials in advanced soft tissue sarcoma and advanced pancreatic cancer for which Threshold expects to announce top-line data around the end of 2015. Under the commercial leadership of Merck KGaA, Darmstadt, Germany, the terms of the License and Co-Development Agreement give Threshold the right, at its own cost, to field and be responsible for its own sales force in collaboration with Merck KGaA, Darmstadt, Germany's sales force in the U.S. pursuant to the terms of the new Co-promotion Agreement. Merck KGaA, Darmstadt, Germany remains responsible for all other commercial and medical affairs functions associated with the launch and promotion of evofosfamide. The development milestone payment and royalty payment portions of the License and Co-Commercialization Agreement remain the same. To date Threshold has received upfront and milestone payments of $110 million and can earn additional potential milestone payments of up to $440M.
05:40 EDTGAMEShanda Games announces shareholders' approval of the merger agreement
Shanda Games announced that, at an extraordinary general meeting, the company's shareholders voted in favor of the proposal to authorize and approve the previously announced Agreement and Plan of Merger dated as of April 3, 2015, as amended and restated on September 23, 2015, among the company, Capitalhold Limited and Capitalcorp Limited, a wholly owned subsidiary of Parent, pursuant to which Merger Sub will be merged with and into the company with the Company continuing as the surviving company and to authorize and approve any and all transactions contemplated by the Merger Agreement, including the Merger. Approximately 84.5% of the Company's total outstanding ordinary shares, representing 94.1% voting rights of the company entitled to vote at the extraordinary general meeting voted in person or by proxy at today's extraordinary general meeting. Of those voting rights, approximately 99.3% were voted in favor of the proposal to authorize and approve the Merger Agreement and any and all transactions contemplated by the Merger Agreement, including the Merger.
November 17, 2015
10:07 EDTGAMEShanda Games to host special shareholder meeting
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08:04 EDTMRKMerck to present new KEYTRUDA findings at upcoming congresses
Merck announced that data investigating the use of KEYTRUDA, the company's anti-PD-1 therapy, in advanced non-small cell lung cancer, melanoma, classical Hodgkin lymphoma, multiple myeloma, and ER-positive/HER2-negative breast cancer will be presented at four medical congresses through the end of this year. In total, data from more than 30 abstracts will be presented at the Society for Melanoma Research 2015 Congress in San Francisco, Nov. 18 - 21; the 57th American Society of Hematology Annual Meeting in Orlando, Florida, Dec. 5 - 8; the San Antonio Breast Cancer Symposium, Dec. 8 - 12; and the European Society for Medical Oncology Asia 2015 Congress in Singapore, Dec. 18 - 21. By the end of 2015, data on the anti-tumor activity of KEYTRUDA will have been presented across more than 20 tumor types. "The field of immuno-oncology holds great potential across a broad spectrum of cancers," said Dr. Roy Baynes, senior vice president and head of global clinical development, Merck Research Laboratories. "Data for KEYTRUDA being presented at these scientific meetings include a first-time comparison to chemotherapy in advanced non-small cell lung cancer, novel combination data in advanced melanoma as well as first-time data in two additional tumor types, namely multiple myeloma and hormone receptor positive breast cancer, further demonstrating our deep commitment to advancing cancer treatment."
07:50 EDTDBClearing House to hold a conference
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November 16, 2015
15:36 EDTCATCaterpillar November volatility up into overview of Financial Services
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13:29 EDTCATCaterpillar to host conference call
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11:24 EDTDBClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
08:35 EDTMRKMerck to present Phase 2 hep C therapy data at The Liver Meeting
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07:24 EDTMRKSalomon to hold a conference
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