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News Breaks
May 2, 2012
Stocks on Wall Street were lower at midday, following disappointing jobs data at home and abroad. The market began the session in the red following worse than expected data from the ADP employment change report. The market hit its lows shortly after the open and has moved in narrow range since, but has trended higher in the last hour. The move higher came after a slightly better than expected factory orders report and an energy inventories report that showed a larger draw down of gas and distillate supplies than were forecast... ECONOMIC EVENTS: In the U.S., ADP said that 119,000 private-sector jobs were added in April, missing expectations for 170,000 job additions. Factory orders declined 1.5% in March, versus expectations of a 1.6% drop. In Europe, two pieces of disappointing data were reported: unemployment rose to 10.9% in the shared-currency bloc, its highest level since the euro's launch in 1999, and the eurozone's manufacturing sector contracted at the sharpest pace in almost three years, with the manufacturing PMI for the region falling to 45.9 in April from 47.7 in March. In China, HSBC's "flash" PMI manufacturing survey improved to 49.3 from 48.3 in the prior reading... COMPANY NEWS: A number of media companies reported better than expected results on both the top and bottom lines, including Comcast (CMCSA), Time Warner (TWX) and CBS (CBS), but only CBS saw its shares move up following its announcement. CBS shares gained more than 3%, while Comcast fell 1.5% and Time Warned moved almost 2% lower... Among other companies reporting earnings, advancers included CVS Caremark (CVS), TripAdvisor (TRIP) and Amerigroup (AGP); decliners included Allergan (AGN), R.R. Donnelley (RRD) and OpenTable (OPEN)... Chesapeake (CHK) gave up all of the 8% in gains it realized yesterday and then some, falling about 13% after its earnings missed consensus and Reuters reported on new potential conflicts of interests for its CEO Aubrey McClendon... MAJOR MOVERS: Among the notable gainers were Standard Microsystems (SMSC), up 38%, on news it will be acquired by Microchip Technology (MCHP) for $37 per share in cash, and both Charming Shoppes (CHRS), up over 23%, and Ascena Retail Group (ASNA), up almost 11%, after the companies announced plans for Ascena to acquire Charming. Noteworthy losers included Bankrate (RATE), down 12%, following its earnings report, and Research in Motion (RIMM), down almost 5%, as investors continue to react negatively to the company's new product announcements and Nokia (NOK) sued RIM and others in the U.S. and Germany on accusations of patent infringement... INDICES: Near noon, the Dow was down 47.38, or 0.36%, to 13,231.94; the Nasdaq was down 1.63, or 0.05%, to 3,048.81; and the S&P 500 was down 6.69, or 0.48%, to 1,399.13.
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October 1, 2015
07:03 EDTAGNAllergan receives approval from FDA to market Juvederm Ultra XC
Allergan announced that the company has received approval from the FDA to market JUVEDERM ULTRA XC for injection into the lips and perioral area for lip augmentation in adults over the age of 21. JUVEDERM ULTRA XC instantly adds fullness to the lips and is the only dermal filler that has proven results lasting up to one year for lip augmentation. Since JUVEDERM formulations were first approved in the United States in 2006, physicians and patients have relied on them to correct moderate to severe facial wrinkles and folds, such as the parentheses lines around the nose and mouth. This heritage has continued with introduction of JUVEDERM(R) VOLUMA XC for age-related mid-face volume loss in 2013, and now, with JUVEDERM ULTRA XC for lip augmentation. In clinical trials of JUVEDERM ULTRA XC, the majority of subjects reported improvement in the softness, smoothness and natural look and feel of their lips through one year. In clinical trials, 79% of subjects showed a meaningful improvement in lip fullness three months after treatment. Additionally, more than 78% of subjects reported an improvement in their overall satisfaction with the look and feel of their lips at one year after treatment.
06:03 EDTTRIPPriceline has best risk/reward in online travel, says Piper Jaffray
Piper Jaffray analyst Michael Olson says Priceline (PCLN) has the most favorable risk/reward in the online travel space given its "attractive" valuation and exposure to broad strength in Europe. Travel industry trends in Europe during Q3 indicate a solid quarter while U.S. trends showed mixed results, Olson tells investors in a research note. He believes the recent selloff in Priceline presents an attractive entry point. The analyst reiterates Overweight ratings on Priceline, HomeAway (AWAY) and TripAdvisor (TRIP). Olson keeps a Neutral rating on Expedia (EXPE) saying the valuation "appears full" compared to peers.
September 30, 2015
17:53 EDTCMCSANBCUniversal reaches advertising deal with YouTube, WSJ says
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13:33 EDTCMCSAFCC review of Charter-TWC deal likely to extend into 1Q16, CTFN says
The FCC's review of Charter Communications' (CHTR) proposed merger with Time Warner Cable (TWC) and Bright House Networks will likely extend into the first quarter of 2016 and could take even longer, CTFN reports, citing an attorney who often deals with telecom issues before the FCC. "...It is virtually impossible for the FCC to complete its review and adopt an order approving the license transfer before 1Q16 and, in my opinion, even getting it done before April 1 is a stretch," Barbara Esbin, a partner at law firm Cinnamon Mueller, told CTFN in an email. Esbin also said that the merger "appears to have drawn none of the heavy flack that felled Comcast (CMCSA)-TWC," a proposal that was nixed by the FCC and DOJ earlier this year, the report says. California utility regulators are also preparing for their own review of the deal since it will particularly effect the southern half of the state, the report says. Reference Link
12:46 EDTCHKIcahn says still in Chesapeake Energy, thinks CEO has done 'excellent job'
10:47 EDTCVSLeerink analyst/industry conference call date/time changed from October 8 10 am
Healthcare Distribution & Technology Larsen, along with Diplomat Pharmacy Chairman & CEO Hagerman and CFO & Secretary/Treasurer Whelan, provide industry insights including the potential impact of Hillary Care, the influence CMS may have on overall drug pricing and recent stock volatility on an Analyst/Industry conference call now being held at a new date and time of September 30 at 5 pm.
09:05 EDTCVSCVS Health announces partnership with MassChallenge and Rock Health
CVS Health announced that it was partnering with top startup accelerator MassChallenge and digital health venture fund Rock Health to drive faster innovation and expand areas of focus for connected health solutions.
September 29, 2015
16:21 EDTCHKChesapeake to cut 15% of workforce, sees Q3 charge of $55.5M
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16:20 EDTCHKChesapeake to cut 15% of workforce, sees charge of $55.5M
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13:28 EDTAGNAllergan volatility at 52-week high on share price pull back
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13:09 EDTCBSGoogle to bring Showtime, NBA content to Chromecast
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12:33 EDTAGNOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday as the market seeks to break its losing streak, helped by an improvement in consumer confidence that came despite the recent market volatility. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.2% month over month in July, versus the consensus forecast for a rise of 0.1%. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. COMPANY NEWS: Shares of Yahoo (YHOO) advanced 3% after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA). MAJOR MOVERS: Among the notable gainers was Radius Health (RDUS), which rose nearly 10% after Ben Harrington of the Betaville blog stated during an appearance on Tip TV that he has heard that "something will be happening" in terms of M&A involving the company over the "next few weeks." Also higher were several recently beaten down biotech stocks that were seeing some bounceback, including Vertex Pharmaceuticals (VRTX), which gained 5%, and Biogen (BIIB), which advanced 4%. Notably, both of them, along with Amgen (AMGN), were mentioned in a note to investors by Cowen analyst Ken Cacciatore as "hypothetical" targets for Allergan (AGN). Among the noteworthy losers was OvaScience (OVAS), which dropped 38% after saying it now longer expects to meet its 2015 goal of 1,000 Augment cycles. Esperion (ESPR) also fell 38% after the company warned that the FDA could require it to undertake new studies before its ETC-1002 is approved. INDEXES: Near midday, the Dow was up 7.27, or 0.05%, to 16,009.16, the Nasdaq was up 7.38, or 0.16%, to 4,551.35, and the S&P 500 was up 4.56, or 0.24%, to 1,886.33.
11:09 EDTCMCSAGoPro announces launch of channel on Comcast Watchable
GoPro (GPRO) announced it's bringing the GoPro Channel to Watchable, Comcast's (CMCSA, CMCSK) new, cross-platform video service. GoPro's first Multichannel Video Programming Distributor agreement will deliver GoPro content to users on iOS,, and X1. Launching in beta, all Watchable content is free, the company stated.
11:05 EDTCMCSAComcast launches video platform Watchable, Business Insider reports
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10:00 EDTAGNOn The Fly: Analyst Initiation Summary
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09:35 EDTCHKActive equity options trading on open
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08:57 EDTAGNCowen lists Vertex, Biogen and Amgen as hypothetical Allergan targets
Cowen analyst Ken Cacciatore noted that the price agreed for Allergan's (AGN) generic divestiture to Teva (TEVA) is fixed and that the cash value from this deal has not depreciated in any way while the corresponding valuations of potential targets have corrected, increasing the potential value creation available for Allergan as it decides how to deploy its capital. To illustrate the value creation that Allergan's capital deployment could generate, Cacciatore estimates the type of accretion potential that might be seen if the company were to buy Vertex with an acquisition price of $36.5B, if it were to acquire Biogen (BIIB) at a price of $91B or if it were to purchase Amgen (AMGN) with an acquisition price of $140B. Although the market correction has lowered Allergan's stock, the decline could be viewed as a near-term positive, given that a key component of its strategy and business model is to seek to aggressively deploy its capital, Cacciatore argues in a note to investors. The analyst keeps an Outperform rating and $400 price target on Allergan shares.
08:18 EDTAGNAllergan initiated with a Buy at Nomura
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08:03 EDTAGNAllergan price target lowered to $311 from $357 at Leerink
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07:09 EDTAGNAllergan selloff brings 'compelling' buying opportunity, says JPMorgan
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