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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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December 11, 2014
09:05 EDTMDTMedtronic receives FDA approval for Attain Performa LV quadripolar leads
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08:10 EDTKPTIKaryopharm initiates third registration-directed clinical trial of Selinexor
Karyopharm Therapeutics announced the initiation of the SADAL study, or Selinexor and Dexamethasone in Aggressive Lymphoma, a registration-directed, Phase 2b study of Selinexor, or KPT-330, in patients with relapsed/refractory diffuse large B-cell lymphoma, or DLBCL. This randomized, multi-center study of Selinexor, one of the company's novel, oral Selective Inhibitor of Nuclear Export/SINE compounds, is being evaluated as a single agent in combination with dexamethasone for supportive care and is expected to enroll approximately 200 patients in approximately 90 sites worldwide. Karyopharm has received Orphan Drug Designation from the FDA and European Medicines Agency, or EMA, for Selinexor for the treatment of patients with DLBCL. This open-label Phase 2b study will evaluate the safety and efficacy of high dose versus mid dose Selinexor in combination with low dose dexamethasone for supportive care, each given orally to approximately 200 patients with relapsed/refractory DLBCL. Overall response rate, or ORR, is the primary endpoint. The study is expected to take approximately two years to complete and is intended to support accelerated regulatory approval. This study was designed in consultation with the FDA and on the basis of data from Karyopharm's ongoing Phase 1 study of Selinexor in patients with advanced hematologic malignancies.
December 9, 2014
21:40 EDTDWADreamWorks Animation to launch kids and family channel across Asia
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16:28 EDTBLUEOn The Fly: Closing Wrap
Stocks on Wall Street opened in the red on the heels of a sharp sell-off in China and amid continued concern over tumbling oil prices. The domestic economic calendar offered little in the way of a catalyst and the market moved in a narrow range throughout the morning. However, the averages began to pare their losses once the European markets closed. By mid-afternoon the averages had turned mixed with the Nasdaq higher, the S&P flat, and the Dow the laggard, which is the way the trading day closed. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' optimism index rose to 98.1 from a prior reading of 96.1. The JOLTS report showed job openings increased 149K to 4.83M in October, which was above the expectation for 4.795M openings. Wholesale sales increased 0.2% in October and inventories grew 0.4%, both of which were better than expected. In Asia, China's Shanghai composite index plunged 5.4%, making for the stock market's sharpest selloff in years, after the country’s securities clearing house raised the threshold for the type of collateral used for short-term loans and policymakers warned about potentially slower economic growth. In Europe, Greek stocks and bonds also tumbled after a move to bring forward presidential elections, which could potentially derail Greece’s bailout and austerity efforts. COMPANY NEWS: Verizon (VZ) was among the Dow's worst performers, sinking $1.98, or 4.05%, to $46.92 after the company warned that Q4 impacts of its promotional offers, together with the strong customer volumes this quarter, will put short-term pressure on its earnings per share. After last night's commentary from the company, Robert W. Baird downgraded Verizon shares to Neutral from Outperform and lowered its price target on the stock to $50 from $54... Merck (MRK) also weighed on the Dow, as the drugmaker fell $1.87, or 3.02%, to $60.01 after a Delaware court denied Cubist's (CBST) bid to stop Hospira (HSP) from selling a generic version of Cubicin in 2016. Merck announced just yesterday morning that it had agreed to buy Cubist in a transaction with a total value of approximately $9.5B. The news is a "tough start" to Merck's takeover and makes the $9.5B buyout price look $2B to $3B too high, according to analysts at Leerink. Shares of Cubist also fell $xxx, or xxx%, to $xxx following the court ruling. MAJOR MOVERS: Among the notable gainers was bluebird bio (BLUE), which surged $35.39, or 72.39%, to $84.28 after the company announced data from eight subjects treated with its LentiGlobin drug product and Piper Jaffray more than doubled its price target for the shares to $112 from $52. Among the noteworthy losers was Conn's (CONN), which plunged $14.26, or 40.64%, to $20.83 after unexpectedly reporting losses for its third fiscal quarter, withdrawing its FY15 guidance and announcing the departure of its CFO. Also lower was Spirit Airlines (SAVE), which slid $10.70, or 12.67%, to $73.77 after the company said last night that since late October there has been compression in the fare structure for close-in bookings, believed to be driven by the industry’s willingness to trade lower fuel prices for lower fares. Also, this morning, Raymond James downgraded Spirit Airlines to Market Perform from Outperform, citing valuation, European deflation headwinds, and earnings that are still being revised down. INDEXES: The Dow fell 51.28, or 0.29%, to 17,801.20, the Nasdaq rose 25.77, or 0.54%, to 4,766.46, and the S&P 500 slipped 0.49, or 0.02%, to 2,059.82.
14:54 EDTBLUEbluebird bio management to meet with Piper Jaffray
Meeting to be held in Boston on December 11 hosted by Piper Jaffray.
14:31 EDTBLUEbluebird bio volatility decreases as shares rally after announcing drug trial
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14:12 EDTBLUEbluebird bio soars after announcing drug trial results
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12:25 EDTBLUEOn The Fly: Midday Wrap
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10:23 EDTDWAOn The Fly: Analyst Downgrade Summary
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10:19 EDTBLUE, KPTIHigh option volume stocks
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10:08 EDTKPTI, BLUEHigh option volume stocks
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09:27 EDTBLUEbluebird bio price target raised to $90 from $50 at Roth Capital
Roth Capital hiked its price target on bluebird after the company reported favorable data for its LentiGlobin drug product at ASH. The firm keeps a Buy rating on the shares.
09:21 EDTBLUEOn The Fly: Pre-market Movers
UP AFTER EARNINGS: AutoZone (AZO), up 3.8%... Burlington Stores (BURL), up 3.3%. ALSO HIGHER: bluebird bio (BLUE), up 56.5% after price target raised at Piper Jaffray and SunTrust... Camtek (CAMT), up 6.7% after being awarded a $2.8M order from a semiconductor manufacturer... PDC Energy (PDCE), up 5.8% after providing fiscal 2015 production guidance... Mast Therapeutics (MSTX), up 3.1% after reporting that it will begin recruiting patients for MST-188 study in first half of fiscal 2015... Idera Pharmaceuticals (IDRA), up 1.4% after announcing data for its lead product candidate, IMO-8400. DOWN AFTER EARNINGS: UTi Worldwide (UTIW), down 10.8%... CONN'S (CONN), down 35.9% after reporting third quarter results, withdrawing fiscal 2015 guidance, stating that there is no timetable set for completion of strategic alternatives, and announcing the departure of its CFO. ALSO LOWER: Apple (AAPL), down 1.6% after Pacific Crest says that weak iPad demand could cause Apple to miss estimates and following a Wall Street Journal report that a judge denied Apple's efforts to throw out iPod pricing lawsuit... Allied Nevada Gold (ANV), down 30.1% after announcing pricing of common stock and warrant offering... United Continental (UAL), down 2.7% after reporting November traffic.
07:35 EDTBLUEbluebird bio price target raised to $115 from $57 at SunTrust
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06:45 EDTBLUEbluebird bio price target raised to $112 from $52 at Piper Jaffray
Piper Jaffray more than doubled its price target for bluebird bio shares to $112 saying the company's LentiGlobin program is advancing in sickle cell anemia. Piper believes bluebird "remains positioned for extraordinary outperformance in 2015." The firm thinks the data presented at the American Society of Hematology are an "impressive accomplishment for the gene therapy field" as well as bluebird's lentivirus platform. It keeps an Overweight rating on the stock. Shares of the clinical-stage biotechnology company rallied yesterday $4.18 to $48.89 and are indicated up $21.11 in pre-market trading to $70.
06:03 EDTDWADreamWorks Animation downgraded to Sell from Hold at Topeka
December 8, 2014
17:48 EDTBLUEbluebird bio says first four patients treated with LentiGlobin transfusion-free
bluebird bio announced data from eight subjects treated with LentiGlobin BB305 drug product. In the first four subjects, each of whom had at least three months of follow up, treatment with LentiGlobin BB305 drug product resulted in sufficient hemoglobin production to reduce or eliminate the need for transfusion support among patients with beta-thalassemia major who would otherwise require chronic blood transfusions. These data include the first five subjects treated in bluebird bio’s ongoing Phase 1/2 Northstar Study and the first three subjects from its HGB-205 study. These studies include the first subjects with the beta-0/beta-0 genotype of beta-thalassemia major treated with LentiGlobin BB305 drug product and the first subject with sickle cell disease treated with gene therapy. These data are being presented today at the 56th Annual Meeting of the American Society of Hematology in San Francisco.
13:03 EDTKPTIKaryopharm reports positive combination data for Selinexor
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10:20 EDTDWAOptions with decreasing implied volatility
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December 7, 2014
14:48 EDTKPTIKaryopharm to hold an investor dinner and a clinical data presentation
Investor Dinner and a clinical data presentation being held in conjunction with the American Society of Hematology's 56th Annual Meeting in San Francisco on December 8 at 10:15 pm.
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