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Stock Market & Financial Investment News

News Breaks
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.
News For CAT;MRK;GAME;RHI;XRX;GERN;DB;CRZBY;CRARY From The Last 14 Days
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February 24, 2015
05:17 EDTMRKMerck collaborates with Medicines Patent Pool to expand Raltegravir access
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February 23, 2015
08:27 EDTMRKNGM Biopharmaceuticals to hold a teleconference
NGM Biopharm discusses the strategic collaboration with Merck to discover, develop and commercialize novel biologic therapeutics on a teleconference to be held on February 23 at 9:30 am. Webcast Link
07:04 EDTMRKMerck, NGM Biopharmaceuticals announce multi-year collaboration
NGM Biopharmaceuticals and Merck announced they have entered into a multi-year collaboration to research, discover, develop and commercialize novel biologic therapies across a wide range of therapeutic areas. This agreement will become effective upon the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The collaboration includes multiple drug candidates currently in preclinical development at NGM, including NP201, which is being evaluated for the treatment of diabetes, obesity and nonalcoholic steatohepatitis. NGM will lead the research and development of the existing preclinical candidates and have the autonomy to identify and pursue other discovery stage programs at its discretion. Merck will have the option to license all resulting NGM programs following human proof of concept trials. If Merck exercises this option, Merck will lead global product development and commercialization for the resulting products, if approved. Under the terms of the agreement, Merck will make an upfront payment to NGM of $94M and will purchase a 15 percent equity stake in NGM for $106M at a price per share that represents a 20% premium to NGM’s most recent financing. Merck will commit up to $250M to fund all of NGM’s efforts under the initial five-year term of the collaboration, with the potential for additional funding if certain conditions are met. Prior to Merck initiating a Phase 3 study for a licensed program, NGM may elect to either receive milestone and royalty payments or, in certain cases, to co-fund development and participate in a global cost and revenue share arrangement of up to 50%. The agreement also provides NGM with the option to participate in the co-promotion of any co-funded program in the United States. Merck will have the option to extend the research agreement for two additional two-year terms.
February 22, 2015
15:40 EDTDBU.S units of Deutsche Bank, Santander seen failing stress tests, WSJ says
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February 20, 2015
07:08 EDTMRKAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
February 19, 2015
14:21 EDTDBS&P reportedly says Greece contagion not a major risk, Reuters reports
The risk of contagion spreading from Greece to other European countries is not that large, a German newspaper quoted S&P's chief sovereign ratings officer as saying, according to Reuters. The euro zone would be able to handle an exit of the bloc by Greece, the ratings officer was quoted as saying, Reuters reported. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
11:11 EDTCATCaterpillar retail trends remain negative, says Wells Fargo
After Caterpillar reported earlier that its retail sales of machine declined 14% in the three month period ending in January, Wells Fargo noted that the trend worsened from December's 12% drop and that all regions reported declines. The firm believes retail trends remain negative for Caterpillar shares, on which it keeps a Market Perform rating.
09:09 EDTCATCaterpillar reports retail machines sales down 14% in three months end January
Caterpillar reported in a filing that its total retail machines sales were down 14% on a three month rolling basis in January. For reference, retail sales of machines were down 12% in the period ending in December and were down 10% in the period ending in November. The company reported world Resources Industries sales down 27% in the January period, which was down fom the 22% drop in the December end period. Construction Industries world sales were down 10%, worse than the 9% drop in the December period. Total Energy & Transportation Retail Sales were up 22% in the January end period, which was the same growth rate as seen in the December period.
08:38 EDTMRKNewLink reports clinical development milestone achieved with Merck for rVSV-EBOV
NewLink Genetics (NLNK) announced that it had received notification from Merck (MRK) that the milestone event specified in the license and collaboration agreement between the two companies relating to the further development of the rVSV-EBOV, Ebola, vaccine candidate had been achieved. Under the terms of the agreement, NewLink Genetics will receive a payment of $20M in connection with the achievement of the milestone. The milestone pertains to the initiation of a key clinical trial for the vaccine.
07:20 EDTCATCaterpillar facing multiple federal investigations, WSJ says
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06:04 EDTDBFCA to investigate investment and corporate banking
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05:55 EDTCRARYCredit Agricole downgraded to Hold from Buy at Deutsche Bank
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February 18, 2015
09:16 EDTDBOcwen comments on Home Loan Servicing agreement with HSART Trust
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08:35 EDTDBHome Loan Servicing signs agreement with Deutsche Bank National Trust
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07:11 EDTCRARYEnerCom to hold a conference
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06:23 EDTCATCaterpillar discloses grand jury subpoena requesting financial information
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06:14 EDTCRARYCredit Agricole expected to name new CEO next week, WSJ reports
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February 13, 2015
08:19 EDTMRKAckman noncommittal on McDonald's rumors, Bloomberg reports
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February 12, 2015
07:16 EDTCATUBS to hold a conference
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06:30 EDTDBSEC investigates disclosures tied to Icahn takeover of CVR, Reuters reports
The SEC is investigating whether CVR Energy (CVI) made misleading disclosures to investors during its unsuccessful defense against Carl Icahn's hostile takeover in 2012, reports Reuters. Citing a filing with the U.S. District Court in Manhattan, the SEC is examining whether the company properly characterized the fees it agreed to pay Goldman Sachs (GS) and Deutsche Bank (DB). Reference Link
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