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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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November 13, 2014
14:50 EDTMDTLonestar Capital to shut down by mid-2015, WSJ reports
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14:45 EDTMDTLonestar capital to shut down, DJ reports
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13:27 EDTMDT, COVMedtronic likely to continue to make new highs, Barron's says
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12:44 EDTDWAOn The Fly: Midday Wrap
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11:28 EDTDWAOptions with increasing implied volatility: CVEO DWA ZTZ
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10:20 EDTDWADreamWorks rallies on reports of potential takeover, Sterne Agee skeptical
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10:01 EDTSNDKOn The Fly: Analyst Upgrade Summary
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09:08 EDTDWADreamWorks Animation purchase by Hasbro would be illogical, says Sterne Agee
After media outlets reported that DreamWorks (DWA) was in talks about selling itself to Hasbro (HAS), Sterne Agee sees no logic to such a transaction and does not expect the deal to occur. The firm doesn't see why Hasbro would pay 41% of its market cap for a company that is facing serious challenges. It keeps a $17 price target and Underperform rating on DreamWorks.
07:32 EDTDWADreamWorks Animation volatility flat into Hasbro in talks to acquire report
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07:30 EDTBLUECredit Suisse to hold a conference
Healthcare Conference is being held in Scottsdale, Arizona on November 10-13 with webcasted company presentations to begin on November 13 at 11 am; not all company presentations may be webcasted. Webcast Link
07:25 EDTDWAHasbro risk could be raised by Dreamworks deal, says Wells Fargo
After multiple media outlets reported that Hasbro (HAS) is in talks to buy DreamWorks Animation (DWA), Wells Fargo thinks the deal would expand Hasbro Studios' capabilities. However, the firm believes the deal could increase Hasbro's risk, given Dreamworks' mixed track record. The firm keeps an Outperform rating on Hasbro.
07:21 EDTDWAHasbro volatility flat in advanced talks to acquire DreamWorks report
Hasbro (HAS) overall option implied volatility of 17 compares to its 26-week average of 18 according to Track Data, suggesting non-directional price movement into talks to buy DreamWorks Animation (DWA), New York Times reports.
07:01 EDTDWAHasbro deal with Disney could be impacted with merger, says Piper Jaffray
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06:29 EDTDWAMattel deal with DreamWorks likely not renewed with merger, says Wells Fargo
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06:09 EDTDWADreamWorks looking for $35 per share in takeover, Deadline reports
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05:52 EDTDWAHasbro in advanced talks to acquire DreamWorks, NY Times reports
Hasbro (HAS) is in advanced talks to buy DreamWorks Animation (DWA) for a mix of cash and stock, New York Times reports, citing people briefed on the matter. DreamWorks CEO Jeffrey Katzenberg is seeking more than $30 per share, but the deal price is yet to be determined, the paper adds. Reference Link
05:32 EDTSNDKSanDisk upgraded to Buy from Neutral at Goldman
Goldman Sachs upgraded SanDisk to Buy saying the weakening in the yen will likely be a positive for margins in 2015. Goldman raised its price target for shares to $106 from $87.
November 12, 2014
09:10 EDTDWASamsung and M-GO launch UHD transactional VOD service
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07:23 EDTMDTMedtronic volatility elevated into Q2 and outlook
Medtronic November call option implied volatility is at 23, December is at 20, January is at 19, February is at 18; compared to its 26-week average of 19 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on November 18.
07:08 EDTBLUEbluebird bio reports Q3 EPS (61c), consensus (50c)
Reports Q3 revenue $6.37M, consensus $6.21M.
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