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Stock Market & Financial Investment News

News Breaks
August 7, 2014
15:31 EDTCBS, SFM, ALNY, LGF, MELI, POST, AGO, GXP, AL, UBNT, MDVN, SCTY, ED, MNST, NWSA, NVDA, CSC, CFN, DV, SLXP, FRT, SEMGNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include CBS (CBS), consensus 72c; Consolidated Edison (ED), consensus 54c; Monster Beverage (MNST), consensus 75c; News Corporation (NWSA), consensus 3c; NVIDIA (NVDA), consensus 20c; Computer Sciences (CSC), consensus 94c; CareFusion (CFN), consensus 72c;DeVry Education (DV), consensus 67c; Salix Pharmaceuticals (SLXP), consensus $1.72; Federal Realty (FRT), consensus $1.21; SolarCity (SCTY), consensus (99c); Medivation (MDVN), consensus 24c; Sprouts Farmers Market (SFM), consensus 18c; Alnylam Pharmaceuticals (ALNY), consensus (56c); Lions Gate (LGF), consensus 17c; Mercadolibre (MELI), consensus 56c; Post Holdings (POST), consensus 27c; Assured Guaranty (AGO), consensus 35c; Great Plains Energy (GXP), consensus 41c; Air Lease (AL), consensus 52c; Ubiquiti Networks (UBNT), consensus 51c; SemGroup (SEMG), consensus 35c.
News For CBS;ED;MNST;NWSA;NVDA;CSC;CFN;DV;SLXP;FRT;SCTY;MDVN;SFM;ALNY;LGF;MELI;POST;AGO;GXP;AL;UBNT;SEMG From The Last 14 Days
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October 6, 2014
16:33 EDTSLXPProgenics receives $40M milestone payment from Salix
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16:20 EDTCFNOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory and appeared ready to ride the wave of optimism from Friday’s jobs report into the new week. However, with little on the economic calendar to sustain the momentum, each of the major equity indexes had given up their gains by noon. The Dow and S&P 500 made it back to flat late in the session, but weakened into the close to end the day slightly lower. The tech-heavy Nasdaq was the laggard throughout and ended the day with the most significant decline. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Hewlett-Packard (HPQ) climbed $1.67, or 4.74%, to $36.87 after it confirmed plans to split itself into two publicly traded companies by the end of its fiscal 2015. One company will include HP's technology infrastructure, software and services businesses, to be known as "Hewlett-Packard Enterprise," while the other will include the company's PC and printing businesses and be called "HP Inc." After the announcement, HP shares were upgraded to Outperform from Neutral at Credit Suisse, while analysts at Cantor called the split "a bold and smart move" that will give HP the financial flexibility needed to sell off one or both of the PC and printing businesses if an attractive offer emerges for either or both. MAJOR MOVERS: Among the notable gainers was Durata Therapeutics (DRTX), which surged $10.36, or 74.64%, to $24.24 after the company agreed to be acquired by larger drugmaker Actavis (ACT) for $23.00 per share in cash, or approximately $675M, and contingent value rights for additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product are achieved. Also higher was CareFusion (CFN), which jumped $10.58, or 22.92%, to $56.75 after agreeing to be acquired by Becton Dickinson (BDX) for $49 in cash and 0.0777 of a share of BD for each share of CareFusion, or about $12.2B. Becton Dickinson rose $9.14, or 7.89%, to $124.98 after its deal, while Actavis slipped $2.12, or 0.86%, to $243.95, after its own, much smaller purchase. GT Advanced Technologies (GTAT) plunged $10.22, or 92.46%, to 83c after the company announced that it and some of its units had commenced voluntary cases under chapter 11 of the bankruptcy code, which Raymond James believes implies a "fundamental, severe breakdown" of the company's relationship with Apple (AAPL). Also lower were shares of Sunesis (SNSS), which dropped $5.18, or 78.01%, to $1.46 and was downgraded at RBC Capital and Wells Fargo after a trial of a combination therapy for patients with first relapsed or refractory acute myeloid leukemia did not meet its primary endpoint. INDEXES: The Dow slid 17.78, or 0.1%, to 16,991.91, the Nasdaq fell 20.82, or 0.47%, to 4,454.80, and the S&P 500 slipped 3.08, or 0.16%, to 1,964.82.
16:17 EDTSEMGSemGroup plans to increase Wapiti Pipeline capacity
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14:26 EDTCFNCareFusion downgraded to Neutral from Overweight at Piper Jaffray
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13:15 EDTSCTYSolarCity slumps along with peers, levels to watch
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12:41 EDTCFNOn The Fly: Midday Wrap
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11:16 EDTCFNBecton Dickinson agrees to buy CareFusion for $12.2B, shares rise
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11:15 EDTSLXPDurata surges after Actavis takeover
Shares of Durata Therapeutics (DRTX) are surging after the drugmaker agreed to be acquired by its larger industry peer, Actavis (ACT). WHAT'S NEW: Actavis announced it will commence a tender offer to acquire all of the outstanding shares of Durata common stock for $23.00 per share in cash, or approximately $675M in the aggregate, and contingent value rights entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product Dalvance are achieved. If Dalvance is approved in Europe for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI, holders of the CVR will receive $1.00 per share. If Dalvance is approved for single dose administration by the FDA, holders of the CVR will receive $1.00 per share. If a net global Dalvance revenue threshold is met over a designated time period, holders of the CVR will receive $3.00 per share. Actavis expects the acquisition to be accretive by the end of the first year, it stated. WHAT'S NOTABLE: The acquisition comes after Durata Therapeutics was granted a Special Protocol Agreement by the FDA for its Phase 3 study of Dalvance on October 3. The study was designed to study Dalvance for the treatment of patients with community-acquired pneumonia and pediatric osteomyelitis. ANALYST REACTION: BMO Capital views the acquisition as a "good deal" for Actavis that is in line with CEO Brent Saunders' goal of making investments that complement its existing business. BMO believes the acquisition does not extend Actavis' balance sheet too far, and therefore does not prevent the company from doing additional deals. The firm expects there could be more deal-related news ahead for Actavis. The Fly notes Bloomberg reported on October 2 that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis after failing to reach a deal with Allergan (AGN). PRICE ACTION: During morning trading, Durata Therapeutics gained $9.93, or 71.5%, to $23.81, Actavis slipped $1.95, or 0.8% to $244.12, and Salix fell $4.02, or 2.6%, to $148.85.
11:02 EDTCSCHP rises as split viewed as potential prelude to deals
Shares of HP (HPQ) are climbing after the company announced that it would split itself into two publicly traded companies. Analysts were mostly upbeat on the news and tech news website Re/code said that the two companies would be "in deal-making mode" following the split. WHAT'S NEW: HP this morning said it would split itself into two companies by the end of its fiscal 2015. One company will include HP's technology infrastructure, software and services businesses, to be known as "Hewlett-Packard Enterprise," while the other will include the company's PC and printing businesses and be called "HP Inc." Meg Whitman, who is currently the CEO of HP, will become CEO of Hewlett-Packard Enterprise and chairman of HP, Inc. ANALYST REACTION: Shareholders will likely view the move positively, as limited synergies exist between HP's enterprise business and its PC and printing business, Deutsche Bank analyst Sherri Scribner wrote. Moreover, the forward price to earnings ratio of the enterprises unit, whose margins are set to expand, are more likely to reach close to 11x following a split, in-line with the multiple of Xerox (XRX) and CSC (CSC), the analyst contended. Noting that HP remains one of the cheapest names in the S&P 500, Scribner kept a $40 price target and Buy rating on the shares. The split is "a bold and smart move" by HP that will give it the financial flexibility needed to sell off one or both of the PC and printing businesses, wrote Cantor analyst Brian White. The shareholders of EMC (EMC), which reportedly had been in discussions about merging with HP, would have difficulty accepting HP's printer and PC business, according to White. The analyst raised his price target on HP to $39 from $34.50 but kept a Hold rating on the stock. WHAT'S NOTABLE: Both Hewlett-Packard Enterprise and HP Inc. will "be in deal-making mode" after the split, Re/code stated. HP Inc. is likely to draw attention from both Dell and China's Lenovo (LNVGY), which were both approached by HP about a possible deal over the last year, the website stated. Meanwhile, Hewlett-Packard Enterprise could restart dormant merger talks with EMC, while Dell and Cisco (CSCO) could emerge as bidders and offer shareholders of both Hewlett-Packard Enterprise and EMC better terms, Re/code stated. However, Cisco has carried out a more conservative M&A strategy lately, while its CEO, John Chambers, who is preparing to retire soon, said the company would not be interested in buying EMC, Re/code noted. PRICE ACTION: In mid-morning trading, HP jumped 4.6% to $36.83, while shares of EMC were down fractionally.
11:00 EDTSLXPOptions with decreasing implied volatilit
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10:18 EDTCFNBecton Dickinson price target raised to $141 from $127 at Piper Jaffray
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09:49 EDTSLXPActavis purchase of Durata leaves room for future deals, says BMO Capital
BMO Capital views Actavis' (ACT) deal to buy Durata Therapeutics (DRTX) as in line with its strategy of making investments that complement its existing business and as small enough that it does not prevent the company from doing additional deals. BMO expects there could be more deal-related news ahead for Actavis and keeps its Outperform rating on the stock. The Fly notes that that Bloomberg reported last week that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis.
08:36 EDTSCTYSolarCity shares attractive after pullback, says Roth Capital
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08:23 EDTCFNBD says will have presence in nearly every country after CareFusion deal
Becton Dickinson (BDX) says that its acquisition of CareFusion (CFN) creates a "stronger" platform for diversified growth for the company. Says will leverage BD's "strong" international presence to accelerate growth of CareFusion products. Says the deal is consistent with BD's long-term revenue growth aspirations. Says emerging markets are a "key" growth driver for BD. Says will move to cash earnings going forward. Says expected revenue growth synergies from the deal have not been taken to account in the company's finances at this time. Says "well-positioned for continued success." Comments made during the company's presentation regarding the CareFusion acquisition.
08:07 EDTSLXPSalix slips in pre-market trade after Actavis strikes deal for Durata
Note that Bloomberg reported on October 2, citing people with knowledge of the matter, that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis (ACT) after failing to reach a deal with Allergan (AGN). Actavis announced this morning that it has reached a deal to acquire Durata Therapeutics (DRTX) for $675M, or $23.00 per share. In pre-market trading, shares of Salix are down nearly 2% to $150 per share.
07:42 EDTCFNCareFusion volatility low into Becton Dickinson acquiring in $12.2B deal
CareFusion (CFN) overall option implied volatility of 21 compares to its 26-week average of 24 according to Track Data, suggesting decreasing price movement into Becton Dickinson (BDX) purchasing for $58 per share in cash and stock.
07:30 EDTCFNBecton Dickinson volatility flat into acquiring CareFusion in $12.2B deal
Becton Dickinson (BDX) overall option implied volatility of 15 is at its 26-week average according to Track Data, suggesting non-directional price movement into purchasing CareFusion (CFN) for $58 per share in cash and stock.
07:17 EDTCFNBecton Dickinson feels CareFusion deal will cut healthcare costs
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06:20 EDTCFNBecton Dickinson upgraded to Neutral from Underweight at JPMorgan
JPMorgan upgraded Becton Dickinson (BDX) to Neutral after the company announced an agreement to acquire CareFusion (CFN) for $12.2B.
05:43 EDTCFNBecton Dickinson and CareFusion to host joint conference call
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