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Stock Market & Financial Investment News

News Breaks
June 20, 2014
17:58 EDTCBSTCubist receives FDA approval for MRSA antibiotic Sivextro
The FDA approved Sivextro, a new antibacterial drug, to treat adults with skin infections. Sivextro is approved to treat patients with acute bacterial skin and skin structure infections, or ABSSSI, caused by certain susceptible bacteria, including Staphylococcus aureus, including methicillin-resistant strains, and methicillin-susceptible strains, various Streptococcus species, and Enterococcus faecalis. Sivextro is available for intravenous and oral use. Sivextro is the second new antibacterial drug approved by the FDA in the past month to treat ABSSSI. Sivextro is marketed by Cubist Pharmaceuticals. Reference Link
News For CBST From The Last 14 Days
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December 8, 2014
18:00 EDTCBSTCubist loses bid to stop Hospira's generic Cubicin after 2016, Bloomberg says
Cubist's (CBST) patent for Cubicin that expires in June 2016 upheld by judge, Bloomberg added. Note that this morning Merck (MRK) and Cubist Pharmaceuticals announced that the companies have entered into a definitive agreement under which Merck will acquire Cubist for $102 per share in cash.
17:54 EDTCBSTFour Cubist Cubicin patents invalidated as Hospira wins ruling, Bloomberg says
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17:30 EDTCBSTMerck acquisition of Cubist could be a 'winner', Barron's says
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17:30 EDTCBSTMerck shares lower after reports of judge decision in Cubist/Hospira case
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17:03 EDTCBSTJudge may have found in favor of Hospira in Cubist case,CNBC's Meg Tirrell says
CNBC's Meg Tirrell said in a tweet: "Whoa. $CBST Hospira decision out -- "appears judge may have found in favor of Hospira on several points," ISI's @MarkSchoenebaum says." Reference Link
16:24 EDTCBSTOn The Fly: Closing Wrap
Stocks on Wall Street were lower amid another drop in crude oil prices, which tumbled to five-year lows. The market opened slightly lower following weaker than expected data from China and Japan, with nothing of note on the domestic calendar to get buyers involved in the day’s activity. Near noon, the averages gained downside momentum and though the market pared its losses several times, it was never able to gain any steam to pull the indexes back into the green. ECONOMIC EVENTS: In the U.S., no major economic data was released. In Asia, Chinese exports rose 4.7% from a year earlier in November, which missed the consensus estimate for an 8% increase. Chinese imports fell 6.7% from the prior year last month, compared with projections for a 3.8% increase. Additionally, Japan's revised third quarter gross domestic product estimate showed the economy shrank more than initially thought, with growth contracting an annualized 1.9%. COMPANY NEWS: Shares of Cubist Pharmaceuticals (CBST) surged $26.24, or 35.29%, to $100.60 after Merck (MRK) agreed to acquire the maker of next-generation antibiotics for $102 per share in cash, or $8.4B and the assumption of $1.1B in debt. A number of other antibiotic makers also climbed, including Tetraphase (TTPH), which rose $2.45, or 8.82%, to $30.24, and Cempra (CEMP), which advanced $1.64, or 11.37%, to $16.06, while shares of Merck finished fractionally higher, adding 39c, or 0.63%, to $61.88 following the deal announcement. MAJOR MOVERS: Among the notable gainers following their presentations at the American Society of Hematology, or ASH, annual meeting were Calithera Biosciences (CALA), which gained $2.38, or 22.52%, to $12.95, and Acceleron Pharma (XLRN), which jumped $5.11, or 13.6%, to $42.67. Among the noteworthy losers was McDonald's (MCD), which fell $3.70, or 3.84%, to $92.61 after the Dow member reported a 2.2% decline in global same-restaurant sales in November. Additionally, the fast-food giant warned that its fourth quarter results would be hurt by its sales pressures, supplier issues in China and a stronger U.S. dollar. Also lower were shares of Liquidity Services (LQDT), which plunged $2.77, or 27.0%, to $7.49 after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with surplus merchandise. INDEXES: The Dow fell 106.31, or 0.59%, to 17,852.48, the Nasdaq dropped 40.06, or 0.84%, to 4,740.69, and the S&P 500 slipped 15.06, or 0.73%, to 2,060.31.
14:28 EDTCBSTCubist downgraded to Neutral from Buy at SunTrust
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13:12 EDTCBSTMerck paid full price but made good deal for Cubist, says UBS
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12:40 EDTCBSTOn The Fly: Midday Wrap
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12:25 EDTCBSTAntibiotic makers rise after Merck agrees to buy Cubist
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10:11 EDTCBSTHigh option volume stocks
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09:20 EDTCBSTOn The Fly: Pre-market Movers
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08:30 EDTCBSTMerck says deals with Cubist includes $250M break-up fee clause
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08:21 EDTCBSTMerck says looked at all risks, including patent litgation, before Cubist deal
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08:11 EDTCBSTCubist volatility elevated into Merck acquiring for $8.4B in cash
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08:08 EDTCBSTMerck says about $9.5B of debt to be issued related to Cubist deal
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07:13 EDTCBSTMerck to host conference call
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07:01 EDTCBSTMerck to acquire Cubist for $102 per share in cash, or $9.5B
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07:00 EDTCBSTMerck to acquire Cubist for $102 per share in cash
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December 7, 2014
16:29 EDTCBSTMerck in discussions to buy Cubist for $7B, Bloomberg reports
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