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Stock Market & Financial Investment News

News Breaks
June 16, 2014
16:27 EDTKPTI, FIO, DWA, MDT, BLUE, SNDK, COVOn 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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March 25, 2015
07:16 EDTBLUEPiper Jaffray and the Alliance for Regenerative Medicine co-host conference
3rd Annual Regenerative Medicine Investor Day is being held in New York on March 25 with webcasted company presentations to begin at 8 am; not all company presentations may be webcasted. Webcast Link
05:37 EDTDWADreamWorks film expected to be material positive catalyst at Piper Jaffray
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March 24, 2015
08:42 EDTDWADreamWorks 'Home' opens to $19.2M in international markets, NY Post says
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March 19, 2015
08:18 EDTSNDKSanDisk to benefit from 3D NAND, says Morgan Stanley
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March 18, 2015
09:23 EDTDWAVerizon may launch mobile TV service as soon as June, Bloomberg says
Verizon (VZ) has secured mobile television streaming rights with Viacom (VIA, VIAB) and DreamWorks Animation (DWA) and plans to start a mobile video streaming service as early as June, according to Bloomberg, citing a person familiar with the matter. Verizon plans to have programming from ABC (DIS), NBC (CMCSA), CBS (CBS) and Fox (FOXA) as part of the service, the report added. The Fly notes that Verizon has publicly confirmed previously that it plans to launch such a service, but has not provided many details to date.
05:39 EDTMDTSt. Jude Medical downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded St. Jude Medical (STJ) to Market Perform saying competitive pressures will drive 2015 market share losses in the company's cardiac rhythm management business, which represents 50% of total sales. Wells believes the launch of CardioMEMS will not be strong enough to offset the headwinds in CRM unit. The firm thinks Boston Scientific's (BSX) earlier than expected approval for its next generation subcutaneous implantable cardioverter-defibrillator called Emblem will drive share gains against St. Jude and Medtronic (MDT) in the single chamber ICD market. Wells cut its price target range for St. Jude shares to $69-$70 from $73-$74. The medical technology company closed yesterday down $2.01 to $65.45.
March 17, 2015
10:26 EDTSNDKOptions with increasing implied volatility
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08:07 EDTSNDKNetlist announces positive ruling in patent battles in ULLtraDIMM case
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05:53 EDTSNDKStocks with implied volatility movement; WLL SNDK
Stocks with implied volatility movement; Whiting Petroleum (WLL) 86, SanDisk (SNDK) 36 according to iVolatility.
March 16, 2015
13:16 EDTMDTAnalysts upbeat on results of Edwards' Sapien 3 data
The shares of Edwards Lifesciences (EW) are rising after the company released data on its Sapien 3 transcathter aortic valve over the weekend. In notes to investors today, a number of analysts were upbeat on the data. BACKGROUND: Edwards yesterday announced that high- and intermediate-risk patients treated with Sapien 3 demonstrated lower mortality rates than patients treated with previous transcathter aortic valves, or TAVR, made by the company. The patients also had excellent clinical outcomes in the other primary endpoints of stroke and paravalvular regurgitation, the company stated. Meanwhile, a five year study of patients treated with the first generation SAPIEN device showed that the patients had equivalent outcomes to traditional open-heart surgery, and no structural valve deterioration requiring intervention, the company stated. ANALYST REACTION: Edwards' Sapien 3 data was impressive, as the device showed one of the lowest stroke and mortality rates of any major TAVR study so far, Bernstein analyst Derrick Sung wrote in a note to investors earlier today. Data presented by Edwards and other companies at the American College of Cardiology, or ACC, conference this weekend caused investors and the medical community to become more optimistic about the potential for TAVR devices to replace surgical valves, Sung stated. The analyst wrote that he continues to believe that investors are underestimating the potential size of the TAVR market. Also upbeat on Edwards' data was Wells Fargo, which wrote that the data exceeded high expectations and could pressure the FDA to approve Sapien 3 for intermediate risk patients earlier than Edwards' guidance of late 2016. WHAT'S NOTABLE: Analysts were also upbeat on data reported by other companies at the ACC conference. Medtronic's (MDT) data suggested that its CoreValve Evolut-R product may be as effective as Edwards' Sapien 3, Bernstein's Sung stated. The FDA appears to have allowed Boston Scientific's (BSX) left atrial appendage closure, Watchman, to be provided to more patients than expected, research firm Stifel believes. Meanwhile, St. Jude's (STJ) CardioMEMS device yielded "impressive" mortality data, the firm added. Stifel kept Buy ratings on both Medtronic and St. Jude. PRICE ACTION: In early afternoon trading, Edwards Lifesciences climbed 9% to $147.64, Boston Scientific advanced 4% to $17.27, St. Jude added 2% to $67.55, and Medtronic rose 1.3% to $77.50.
07:30 EDTMDTAmerican College of Cardiology to hold an expo
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07:22 EDTMDTMedtronic Edwards Lifesciences data 'impressive,' says Bernstein
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07:15 EDTKPTIKaryopharm expects existing cash will fund R&D programs into 2018
Based on current operating plans, Karyopharm expects that its existing cash and cash equivalents will fund its research and development programs and operations into 2018, including moving registration-directed clinical studies to their next data inflection points. Karyopharm expects to end 2015 with greater than $200M in cash, cash equivalents and investments.
07:13 EDTKPTIKaryopharm reports Q4 EPS (79c), consensus (65c)
Reports Q4 revenue $16,000, consensus $40,000.
March 15, 2015
15:27 EDTMDTMedtronic unveils data from high risk study of the CoreValve U.S. pivotal trial
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15:23 EDTMDTMedtronic unveils preclinical outcomes of its novel Drug-Filled Stent
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15:20 EDTMDTMedtronic announces outcomes for its next-generation CoreValve Evolut R System
Medtronic announced initial clinical outcomes for its next-generation CoreValve Evolut R System. At 30-days, the new recapturable, self-expanding valve showed no incidents of all-cause mortality or stroke in a high and extreme risk patient population. Data from the Evolut R Study, which enrolled 60 patients from six centers in the United Kingdom, Australia and New Zealand, were unveiled today at the 64th Annual Scientific Session of the American College of Cardiology. The CoreValve Evolut R System is not approved for commercial use in the United States where it is currently undergoing clinical trials. "Initial clinical experience with the Evolut R system is remarkable and ushers in a new era of TAVR technology that provides increased confidence with recapturability, excellent procedural results, and impressive clinical outcomes," said Ian Meredith, M.D., of Monash Heart - Monash Health, Melbourne, Australia, who is one of the investigators of the study. "The 14 French equivalent delivery system allowed transfemoral access for most patients and the recapturable technology enabled implanters to optimize valve placement for improved annular sealing and reduced conduction disturbances without compromise on mortality or stroke."
March 13, 2015
10:00 EDTDWAOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Aramark (ARMK) downgraded to Neutral from Outperform at RW Baird... Broadcom (BRCM) downgraded to Hold from Buy at Canaccord... Children's Place (PLCE) downgraded to Neutral from Buy at Citigroup... Depomed (DEPO) downgraded to Hold from Buy at WallachBeth... Diageo (DEO) downgraded to Underperform from Neutral at Credit Suisse... DreamWorks (DWA) downgraded to Neutral from Buy at B. Riley... Gaming and Leisure Properties (GLPI) downgraded to Neutral at Susquehanna... Genesco (GCO) downgraded at Sterne Agee... Host Hotels (HST) downgraded to Underperform from Market Perform at Raymond James... InspireMD (NSPR) downgraded at Oppenheimer... Integrated Silicon (ISSI) downgraded to Neutral from Buy at B. Riley... InterXion (INXN) downgraded to Market Perform from Outperform at Raymond James... JG Wentworth (JGW) downgraded to Hold from Buy at Jefferies... Lumber Liquidators (LL) downgraded to Neutral from Buy at Goldman... QIWI (QIWI) downgraded to Neutral at Susquehanna... Regional Management (RM) downgraded to Underperform from Neutral at Macquarie... Royal Dutch Shell (RDS.A) downgraded to Sector Perform from Outperform at RBC Capital... Rudolph Technologies (RTEC) downgraded to Neutral from Buy at DA Davidson.
07:53 EDTDWADreamWorks downgraded to Neutral from Buy at B. Riley
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March 12, 2015
09:32 EDTMDTMedtronic announces start of Resolute Onyx studies in U.S.
Medtronic announced the start of its Resolute Onyx Clinical Program in the United States, which will evaluate the Resolute Onyx drug-eluting stent in patients who have coronary artery disease. Included in the first phase of the study are patients with small vessels that would require a 2.0 mm stent, which until now, often were untreatable with a DES. Core sizes of the stent will be studied separately.
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