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March 10, 2014
10:01 EDTLH, HSNI, EGRX, FLXN, DGX, IBP, CNCE, HAR, LINTA, TLMROn The Fly: Analyst Initiation Summary
Concert Pharmaceuticals (CNCE) initiated with a Buy at UBS and an Outperform at JMP Securities... Eagle Pharmaceuticals (EGRX) initiated with a Buy at Cantor and an Overweight at Piper Jaffray... Talmer Bancorp (TLMR) initiated with an Outperform at Keefe Bruyette, an Overweight at JPMorgan, a Strong Buy at Raymond James and an Outperform at RBC Capital... HSN, Inc. (HSNI) initiated with a Buy at UBS... Installed Building Products (IBP) initiated with a Buy at Deutsche Bank and a Neutral at SunTrust... Liberty Interactive (LINTA) initiated with a Buy at UBS and Craig-Hallum... Flexion (FLXN) initiated with a Buy at Needham... LabCorp (LH) assumed with a Neutral at Piper Jaffray... Quest Diagnostics (DGX) assumed with a Neutral at Piper Jaffray... Harman (HAR) initiated with an Outperform at Raymond James.
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February 23, 2015
09:59 EDTLHOn The Fly: Analyst Upgrade Summary
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08:18 EDTDGXQuest Diagnostics downgraded at BofA/Merrill
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08:12 EDTLHLabCorp upgraded to Overweight from Underweight at Morgan Stanley
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07:32 EDTLHLabCorp resumed with a Market Perform at Wells Fargo
Price target range $120-$129.
06:36 EDTLHLabCorp upgraded to Outperform from Neutral at Credit Suisse
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06:24 EDTDGXQuest Diagnostics downgraded to Underperform from Neutral at BofA/Merrill
05:41 EDTLHLabCorp upgraded to Overweight from Neutral at Piper Jaffray
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February 20, 2015
07:13 EDTLHLabCorp says has temporarily suspended share repurchase program
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07:12 EDTLHLabCorp sees FY15 adjusted EPS $7.35-$7.70, consensus $7.34
Guidance includes accretion of approximately 35c-40c to earnings in 2015 from the acquisition of Covance. The Company expects to have approximately 102 million total weighted-average shares outstanding in 2015, after issuing approximately 15.3 million shares for the Covance transaction. Sees FY15 total revenue growth of approximately 40%-44%, after adjusting for approximately 160 basis points of negative currency impact. Revenue growth in the clinical laboratory business of approximately 3%-5%. Consensus is $6.16B. Revenue growth in the Covance business of approximately 4%-6%, after adjusting for approximately 330 basis points of negative currency impact. Sees FY15 operating cash flow $1.075B-$1.1B, CapEx $325M-$350M, free cash flow $725M-$775M. Free cash flow will be used to pay down debt and for tuck-in acquisitions. The company has temporarily suspended its share repurchase program until it approaches its target leverage ratio of 2.5 times debt to EBITDA. The company expects cost synergies from business optimization, corporate overhead and purchasing and logistics in excess of $100M within three years, with associated one-time costs of approximately $50M. The company expects synergies in 2015 of approximately $35M, with associated one-time costs of approximately $20M. Project LaunchPad will re-engineer the Company’s systems and processes, leverage technological advancements, create a sustainable, more efficient business model, and improve the experience of all stakeholders. The company expects this initiative to drive net savings in excess of $150M over the next three years, with associated one-time costs of approximately $30M. The company expects net savings from this initiative in 2015 of approximately $50M, with associated one-time costs of approximately $15M.
07:09 EDTLHLabCorp reports Q4 adjusted EPS $1.65, consensus $1.63
Reports Q4 revenue $1.51B, consensus $1.5B.
07:08 EDTDGXAmerican 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
15:32 EDTLHNotable companies reporting before tomorrow's open
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09:22 EDTLHLabCorp completes acquisition of Covance
LabCorp (LH) announced the completion of its acquisition of Covance (CVD), following its entry into a definitive purchase agreement on November 2, 2014. At closing, the purchase consideration was valued at $107.19 per Covance share, consisting of $75.76 in cash and 0.2686 LabCorp shares for each Covance share, or an equity value of approximately $6.2B and an enterprise value of approximately $5.7B. The closing of the transaction follows the receipt of all necessary regulatory requirements and approval of the transaction by Covance shareholders on February 18. With the closing of the transaction, Covance common stock will cease trading and will no longer be listed on the NYSE.
February 18, 2015
09:27 EDTLHCovance stockholders approve acquisition by LabCorp
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07:45 EDTEGRXEagle Pharmaceuticals price target raised to $37 from $30 at Cantor
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07:13 EDTEGRXEagle Pharmaceuticals target raised to $43 from $25 at William Blair
William Blair raised its price target for Eagle Pharmaceuticals (EGRX) to $43 saying the company's agreement with Teva (TEVA) removes a major overhang on the stock. William Blair says the deal is a significant positive for Eagle since it removes litigation risk and moves the company immediately into profitability. It keeps an Outperform rating on the stock.
February 17, 2015
16:07 EDTEGRXEagle Pharmaceuticals reports Q4 EPS (39c), consensus (49c)
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09:01 EDTDGXQuest Diagnostics, Genomic Vision renew collaboration for three years
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08:39 EDTEGRXTeva deal small but important, says BMO Capital
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07:04 EDTEGRXTeva, Eagle enter license agreement for EP-3102
Teva Pharmaceutical Industries (TEVA) and Eagle Pharmaceuticals (EGRX) announce that the companies have entered into an exclusive license agreement for EP-3102, Eagle’s bendamustine hydrochloride rapid infusion product for the treatment of chronic lymphocytic leukemia and indolent B-cell non-Hodgkin lymphoma. Teva will be responsible for all U.S. commercial activities for the product including promotion and distribution. Eagle has responsibility for obtaining all regulatory approvals, conducting post-approval clinical studies, if required, and initially supplying drug product to Teva. As part of the agreement, Teva will waive its orphan drug exclusivities for NHL and CLL with respect to EP-3102, which should allow the product to come to market more quickly. Under the terms of the exclusive license agreement, Eagle will receive an upfront cash payment of $30M and is eligible to receive up to $90M in additional milestone payments. In addition, Eagle will receive double-digit royalties on net sales of the product, assuming FDA approval. The companies will also settle the pending patent infringement action between them.
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