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Stock Market & Financial Investment News

News Breaks
December 13, 2012
16:25 EDTCLWR, S, BBY, ZAGG, SAM, RIGL, AZNOn The Fly: Closing Wrap
Stocks on Wall Street finished lower but off their worst levels amid more political gamesmanship over the fiscal cliff. Both House Speaker John Boehner and Senate Majority Leader Harry Reid made comments regarding the increasing gridlock in negotiations, sending the averages lower just before midday. The averages touched their lows around 2:00 pm, but rallied in the last half hour of trading after reports that the President would meet with Speaker Boehner this evening for further cliff talks... ECONOMIC EVENTS: In the U.S., weekly jobless claims fell 29,000 to 343,000, versus expectations for a drop to 369,000. Producer prices in the month of November fell 0.8%, versus an expected decline of 0.5%. "Core" prices, excluding food and energy, rose 0.1%, which matched expectations. Retail sales rose 0.3% in November, which missed expectations for an increase of 0.5%. In Europe, the region's finance ministers approved the release of more financial aid to Greece and came to terms on a foundation for ECB oversight of a true banking union... COMPANY NEWS: Shares of Clearwire (CLWR) rose 41c, or 14.91%, to $3.16 after Sprint (S) disclosed an offer to buy the remaining stake in the company it does not already own for $2.90 per share. Clearwire said that its talks with Sprint are ongoing. Meanwhile, Sprint shares slipped fractionally, down 2c, or 0.35%, to $5.64... MAJOR MOVERS: Among the notable gainers was Best Buy (BBY), up $1.94, or 15.93%, to $14.12 after the Star Tribune said the company's founder Richard Schulz will soon make an offer for the company. Also higher were ZAGG (ZAGG), up 73c, or 10.27%, to $7.84 after the company announced a $10M share repurchase program, and Boston Beer (SAM), up $17.71, or 15.50%, to $131.94 after raising its FY12 EPS guidance. Among the noteworthy losers was Rigel Pharmaceuticals (RIGL), which fell $2.94, or 34.88%, to $5.49 after an RA drug it is developing in partnership with AstraZeneca (AZN) failed to meet one of its endpoints in a trial. Shares of AstraZeneca also traded down $1.44, or 2.94%, to $47.46... INDICES: The Dow was down 74.73, or 0.56%, to 13,170.72; the Nasdaq was down 21.65, or 0.72%, to 2,992.16; and the S&P 500 was 9.03, or 0.63%, to 1,419.45.
News For CLWR;S;BBY;ZAGG;SAM;RIGL;AZN From The Last 14 Days
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July 30, 2014
06:31 EDTST-Mobile, Sprint merger not anticipated prior to September, Reuters says
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06:10 EDTAZNAstraZeneca enters respiratory disease transaction with Almirall
AstraZeneca announced that it has entered an agreement to transfer to the company the rights to Almirall’s respiratory franchise for an initial consideration of $875M on completion, and up to $1.22B in development, launch, and sales-related milestones. AstraZeneca has also agreed to make various sales-related payments. Upon completion of the transaction, AstraZeneca will own the rights for the development and commercialization of Almirall’s existing proprietary respiratory business, including rights to revenues from Almirall’s existing partnerships, as well as its pipeline of investigational novel therapies. The franchise includes Eklira, LAS40464, LAS100977 or abediterol, and multiple pre-clinical programs. Under the agreement, Almirall Sofotec, an Almirall subsidiary focused on the development of innovative proprietary devices, will also transfer to AstraZeneca. Almirall’s pipeline of respiratory assets and its device capabilities further strengthen AstraZeneca’s respiratory portfolio, which includes Symbicort and Pulmicort, as well as the company’s investigational medicines in development. The addition of aclidinium and the combination of aclidinium with formoterol, both in proprietary Genuair device, will allow AstraZeneca to offer patients a choice between dry powder inhaler and metered dose inhaler devices across a range of molecules and combinations. AstraZeneca and Almirall anticipate that, subject to local consultation and legislation, a significant number of employees dedicated to the respiratory business, including Almirall Sofotec employees, will transfer to AstraZeneca. The transaction is subject to certain competition law clearances as well as other customary terms and conditions. The companies anticipate the transaction will complete by the end of 2014.Reference Link
July 29, 2014
15:53 EDTSNotable companies reporting before tomorrow's open
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12:23 EDTSWindstream REIT spin off plan provides jolt for stock, telecom sector
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July 28, 2014
13:11 EDTST-Mobile new offering substantive, says Wells Fargo
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05:36 EDTAZNQIAGEN, AstraZeneca announce collaboration
QIAGEN (QGEN) announced a collaboration agreement with AstraZeneca (AZN) for the co-development and commercialization of a liquid biopsy-based companion diagnostic to be paired with IRESSA, AstraZeneca's targeted therapy for non-small cell lung cancer, or NSCLC. The project builds on a master framework agreement signed by both companies in 2013 and aims to develop and market a novel QIAGEN companion diagnostic that analyzes plasma samples to assess EGFR mutation status in NSCLC patients. The assay will be designed to guide the treatment of NSCLC patients with Astra Zeneca's oral monotherapy anti-cancer treatment when tumor tissue is not available. QIAGEN already offers the therascreen EGFR RGQ PCR Kit as a tissue-based companion diagnostic for lung cancer patients, which was approved in the U.S. by the FDA in July 2013 and in China in May 2014. The companies will collaborate to create a new companion diagnostic for IRESSA based on liquid biopsy samples from NSCLC patients, rather than requiring invasive surgical collection of tissue samples. Data from several studies, including the IFUM Study presented at the "World Lung 2013" conference, provided evidence of the ability to assess the EGFR status of advanced lung cancer patients using blood / plasma samples. This breakthrough provides hope for patients for whom surgical biopsy is not an option by enabling them to have their EGFR mutation status assessed using a less invasive method.
July 24, 2014
07:46 EDTSWells Fargo to hold a symposium
2014 Small Cell Symposium to be held in New York on July 24.
July 23, 2014
13:01 EDTSSprint teams with Google to offer Google Apps for business
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July 22, 2014
05:25 EDTAZNAdams Express, MedImmune announce clinical trial partnership
Advaxis (ADXS) has entered into a clinical trial collaboration with MedImmune, the global biologics research and development arm of AstraZeneca (AZN). The Phase I/II immunotherapy study will evaluate the safety and efficacy of MedImmune's investigational anti-PD-L1 immune checkpoint inhibitor, MEDI4736, in combination with Advaxis' lead cancer immunotherapy vaccine, ADXS-HPV, as a treatment for patients with advanced, recurrent or refractory human papillomavirus, or HPV,-associated cervical cancer and HPV-associated head and neck cancer. Both MEDI4736 and ADXS-HPV are cancer immunotherapies, a new class of treatments that use the body's own immune system to help fight cancer. Under the terms of the agreement, MedImmune and Advaxis will evaluate the combination as a treatment for HPV-associated cervical cancer and squamous cell carcinoma of the head and neck. The Phase I part of the trial is expected to establish a recommended dose regimen of MEDI4736 with ADXS-HPV, and the Phase II portion will assess the safety and efficacy of the combination. The study will be funded and conducted by Advaxis. Results from the study will be used to determine whether further clinical development of this combination is warranted. Under the terms of the deal, MedImmune has a non-exclusive relationship with respect to HPV-driven tumour types. MedImmune has first right of negotiation for future development of combinations involving MEDI4736 and ADXS-HPV.
July 21, 2014
10:45 EDTBBYAnalysts roll out coverage on GoPro with differing views
Shares of GoPro (GPRO) are climbing after a number of analysts initiated coverage of the stock with different outlooks. GoPro develops mountable and wearable cameras. BULLISH TAKE: JPMorgan analyst Paul Coster initiated coverage of GoPro with an Overweight rating. GoPro is gaining share in the digital camcorder market, and it has begun to penetrate "active lifestyle" markets, which are a much larger opportunity for the company, Coster believes. The company could ship 10M of its products for use by active lifestyle participants annually, the analyst estimated. In a best case scenario, the company could also sell low-cost devices for the mass market, according to Coster. However, GoPro will face competition from major companies, including Google (GOOG) and possibly Apple (AAPL) in this market, warned Coster, who set a $51 price target on GoPro. Also initiating coverage of the name with an Overweight rating was Piper Jaffray analyst Sean Naughton. GoPro is in the early stages of growth, as the company's user base is poised to expand beyond extreme sports enthusiasts, the analyst forecast. The company has a competitive advantage over other brands, which should enable it to maintain strong profitability, added Naughton, who set a $48 price target on the shares. BEARISH TAKE: Stifel analyst Jim Duffy started coverage of GoPro with a Hold rating. The company's three year growth outlook is compelling, but the stock is fully valued, the analyst believes. The company faces a number of risks, including competition in the image device market and the possibility that its relationship with key channel partners, including Best Buy (BBY), could be disrupted, the analyst wrote. Sales to Best Buy accounted for 17% of GoPro's revenue in fiscal 2013, Duffy reported. After GoPro surged following its initial public offering, the stock is likely to advance by only limited amounts, wrote Barcalys analyst Joseph Wolf, who initiated coverage of the shares with an Equal Weight rating. The stock could fall to $30 if the company is unable to increase its hardware sales or make progress in its efforts to develop a media business, the analyst warned. He set a $45 price target on the shares. PRICE ACTION: A total of seven analysts rolled out coverage today on GoPro, according to The Fly’s research, with only two recommending the stock with buy-equivalent ratings. Shares of the camera marker are up 3%, or $1.10, to $42.53 in morning trading.
07:45 EDTSSprint consensus estimates 'overly optimistic,' says Jefferies
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July 20, 2014
14:47 EDTSAfter paring Mexican assets Carlos Slim may look at T-Mobile, WSJ says
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July 18, 2014
09:18 EDTSSoftbank hire of Arora from Google 'interesting,' says Wells Fargo
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07:08 EDTSSoftbank, T-Mobile final agreement could come after late August, Kyodo News says
According to Kyodo News, Softbank's (SFTBF) buyout talks with T-Mobile (TMUS) won't be settled until after late August. Deutsche Telecom (DTEGY) is "reluctant" to accept Softbank's business plan and is seeking a new plan, industry sources say. Reference Link
July 16, 2014
12:22 EDTBBYBest Buy calls active on speculation of an activist investor stake
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10:36 EDTAZNTreasury calls on Congress to halt inversion deals
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10:24 EDTBBYRumor: Best Buy moves up on speculation of an activist investor stake
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08:01 EDTAZNAlexion names former AstraZeneca CEO David Brennan to board
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07:59 EDTAZNTreasury Secretary urges Congress to take action on tax inversions
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07:31 EDTRIGLRigel Pharmaceuticals initiates Phase 3 studies of fostamatinib in ITP
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