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Stock Market & Financial Investment News

News Breaks
June 16, 2014
16:27 EDTDWA, MDT, BLUE, SNDK, COV, KPTI, FIOOn The Fly: Closing Wrap
Stocks on Wall Street were slightly higher as M&A news competed with Iraq for headlines. There was little reaction to the day’s economic data, including industrial production in May and the Empire State manufacturing report for June. The averages moved in a narrow range near the flat-line throughout the session, with each of the major averages managing to notch small gains. ECONOMIC EVENTS: In the U.S., industrial production increased 0.6% in May, versus an expected increase of 0.5%, while capacity utilization rose slightly to 79.1%. The NY Fed Empire state survey for June ticked up to a four-year high of 19.3, which was higher than expected. The NAHB homebuilder survey index climbed to 49 in June, beating expectations for it to rise from its previous reading of 45 to 47. COMPANY NEWS: A number of merger and acquisition deals were announced, headlined by a another pharmaceutical industry mega-merger. Medtronic (MDT) agreed to acquire Ireland's Covidien (COV) in a cash-and-stock transaction valued at $93.22 per Covidien share, or a total of approximately $42.9B based on Medtronic's closing stock price on June 13. Following the deal announcement, Covidien shares trading in New York rose $14.73, or 20.45%, to $86.75. Medtronic, which also raised its dividend by 9% this morning, was upgraded at both William Blair and JPMorgan, though its shares declined 67c, or 1.1%, to $60.03. MAJOR MOVERS: Among the notable gainers was Bluebird bio (BLUE), which surged $8.37, or 32.08%, to $34.46 after reporting data that Piper Jaffray believes solidifies LentiGlobin prospects in one indication and positions it attractively for another indication that is also being pursued for the drug. Also higher was Fusion-io (FIO), which jumped $2.08, or 22.41%, to $11.36, which was above the $11.25 per share in cash that SanDisk (SNDK) agreed to pay to acquire the company. Among the noteworthy losers was Karyopharm Therapeutics (KPTI), which fell $5.90, or 12.52%, to $41.22 after announcing that the FDA Center for Veterinary Medicine has found the effectiveness and safety technical sections complete to support conditional approval under a New Animal Drug Application for Karyopharm's compound Verdinexor for the treatment of canine lymphoma. As part of conditional marketing approval, the sponsor is required to conduct a full, often randomized, study, to confirm the activity of the conditionally approved agent within five years, Karyopharm noted. Also lower were shares of DreamWorks Animation (DWA), which dropped $3.00, or 10.97%, to $24.35 after its latest film, "How to Train Your Dragon 2," didn't do as well as analysts had expected in its box-office debut. INDEXES: The Dow was up 5.27, or 0.03%, to 16,781.01, the Nasdaq was up 10.45, or 0.24%, to 4,321.11, and the S&P 500 was up 1.62, or 0.08%, to 1,937.78.
News For COV;MDT;FIO;SNDK;DWA;KPTI;BLUE From The Last 14 Days
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February 27, 2015
08:00 EDTSNDKMorgan Stanley likes SanDisk shares here
Morgan Stanley's NAND checks indicate supplier inventories are low and 1H 2015 pricing is holding up better than expected. Furthermore, contacts indicate Samsung's Galaxy S6 launch on Sunday will likely have upgraded NAND content of 32/64/128GB vs. the S5's 16/32GB. The firm believes the S6's content would absorb more bits in 1H than previously expected and help support NAND prices. The analyst reiterates SanDisk's Overweight rating and likes shares at these levels.
February 26, 2015
12:00 EDTDWADreamWorks management to meet with Piper Jaffray
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10:36 EDTDWAOptions with decreasing implied volatility
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06:33 EDTBLUEbluebird bio price target raised to $119 from $112 at Piper Jaffray
Piper Jaffray raised its price target for bluebird bio to $119 following the company's Q4 results and reiterates an Overweight rating on the name. Piper sees 2015 as a "big year" for bluebird with preliminary sickle cell data.
February 25, 2015
16:03 EDTBLUEbluebird bio reports Q4 EPS (67c), consensus (57c)
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11:47 EDTDWAAnalysts clash on DreamWorks following Q4 miss
The shares of animated film and television show maker DreamWorks (DWA) are rising, despite the weaker than expected results reported by the company last night. Two analysts offered very different views on the company's outlook following its results. BACKGROUND: DreamWorks last night reported a fourth quarter per share loss of ($3.08), versus analysts' consensus outlook for a ($3.01) per share loss. The company's revenue also came in below expectations. Excluding $210M in pre-tax charges associated with DreamWorks' restructuring plan, its loss was (75c) per share, the company stated. BEARISH TAKE: In a note to investors today, FBR Capital analyst Barton Crockett wrote that DreamWorks' results were "ugly," as they included $155M of write-offs on films and TV shows. However, Crockett believes that the crucial factor for the company's outlook is whether it can consistently compete with the entertainment giants, including Disney (DIS), Viacom (VIA), and Time Warner (TWX). Crockett is not convinced that DreamWorks will be able to hold its own, and he believes that its 2015 results could come in below expectations. The analyst warned that the company may have difficulty meeting its 2015 consumer products revenue guidance. DreamWorks expects its consumer products revenue to double this year, but the movie-based toy space is "very competitive" in 2015, as toys based on multiple popular children's films are set to be released, Crockett stated. Moreover, after conducting checks online, Crockett reports that there does not seem to be a great deal of interest in DreamWorks' movie "Home," which is set to be released on March 27. He kept an Underperform rating on the shares and raised his price target on the stock to $14 from $12. BULLISH TAKE: DreamWorks' results were mixed, but the results are not very important, Piper Jaffray analyst James Marsh stated. The company's guidance for its TV and consumer products businesses were solid, the analyst believes. Moreover, the company "took specific and decisive action" to avert a liquidity crunch, Marsh wrote. Specifically, DreamWorks raised $185M of capital by selling its real estate in Glendale, California and then leasing it back, and increased the size of its current credit facility to $450M from $400M, Marsh reported. The moves should "largely" eliminate investors' worries about the company's liquidity position, Marsh stated. He kept a $26 price target and Overweight rating on the stock. WHAT'S NOTABLE: On DreamWorks' earnings conference call last night, the company's CEO Jeffrey Katzenberg stated that it did not obtain more than 10% of its revenue from Netflix (NFLX) last year. However, in an SEC filing earlier this morning, DreamWorks clarified that it had obtained 14.9% of its revenue from Netflix last year. PRICE ACTION: In late morning trading, DreamWorks rose 5.6% to $22.31.
10:37 EDTDWAOptions with decreasing implied volatility
Options with decreasing implied volatility: FUEL GREK NLNK HLSS SLXP LL VNDA AWAY DWA TRUE
09:08 EDTDWAOn The Fly: Pre-market Movers
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08:26 EDTDWADreamWorks could struggle to meet 2015 outlook, says FBR Capital
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07:01 EDTDWADreamWorks Animation addresses liquidity issues, says Piper Jaffray
Piper Jaffray believes DreamWorks Animation took "specific and decisive" actions to abate any liquidity concerns with the sale of the company's Glendale real estate and the expansion of its credit facility. Piper says that while 2015 is a transition year with only one feature film release, it is "increasingly bullish" about the prospects for DreamWorks in 2016. It reiterates an Overweight rating on the stock with a $26 price target following the company's Q4 results.
February 24, 2015
18:15 EDTDWAOn The Fly: After Hours Movers
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16:15 EDTDWADreamWorks Animation reports Q4 EPS ($3.08), consensus ($3.01)
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15:21 EDTDWANotable companies reporting after market close
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13:02 EDTMDTMedtronic confirms FDA approval of VenaSeal closure system
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February 23, 2015
14:54 EDTDWADreamWorks Animation volatility elevated into Q4 and outlook
DreamWorks Animation March call option implied volatility is at 58, April is at 51, June is at 49; compared to its 26-week average of 46 according to Track Data, suggesting large near term price movement into the expected release of Q4 results on February 24.
08:40 EDTMDTMedtronic acquires Advanced Uro-Solutions, terms not disclosed
Medtronic announced that it has acquired Advanced Uro-Solutions, a privately-held developer of neurostimulation products for the treatment of bladder control issues based in Elizabethton, Tennessee. Terms of the acquisition agreement, which closed in December 2014, were not disclosed.
07:22 EDTKPTI, BLUESunTrust to hold a conference
2015 Biotechnology and Pharmaceutical 1:1 Orphan Drug Day is being held in New York on February 23.
February 20, 2015
12:19 EDTMDTFDA approves closure system to permanently treat varicose veins
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February 19, 2015
16:15 EDTMDTMedtronic SANTE trial data show sustained safety, improvements in QOLIE-31
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07:12 EDTBLUEWharton Health Care Club to hold a conference
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