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Stock Market & Financial Investment News

News Breaks
August 6, 2014
12:59 EDTCOV, MDT, SHPG, ABBVCovidien drops as Treasury explores ways to stymie inversions
Shares of medical device and drug maker Covidien (COV) are falling after multiple media outlets reported that the Treasury Department is looking into ways of curtailing tax inversion deals. Covidien has agreed to be acquired by Medtronic (MDT) in a tax inversion deal. BACKGROUND: Tax inversions refer to an acquisition of one company, usually officially based in a country in Europe or elsewhere, by a U.S. company, following which the acquiring company becomes domiciled in the same country as the company that it bought. The switch has the potential to significantly lower the acquiring company's tax rate. WHAT'S NEW: The Treasury Department is looking at options that would enable the Obama administration to curtail inversion deals without authorization from Congress, multiple media outlets reported last night and today. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that he believes that Medtronic would buy Covidien even if the transaction cannot be done as an inversion. At a conference in June, Medtronic CFO Gary Ellis said that his company would "do the deal whether it's an inversion or not inversion," Biegelsen stated. If no inversion is possible, Medtronic would respond by using less of its stock and more debt to fund the transaction, the analyst believes. Such a change would actually cause Medtronic's cash earnings per share to be higher in the first and second year after the deal than under the current structure, the analyst indicated. He kept an Outperform rating on Medtronic. PRICE ACTION: In early afternoon trading, Covidien dropped 2% to $84.50 and Medtronic fell 1% to $61.50. Meanwhile, drug maker Shire (SHPG), which has agreed to merge with its peer AbbVie (ABBV) in a tax inversion deal, is falling 4% to $236.
News For COV;MDT;SHPG;ABBV From The Last 14 Days
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September 16, 2014
08:07 EDTMDTMedtronic drug-coated baloon shows strong clinical, economic benefit
Presented for the first time at the 2014 Transcatheter Cardiovascular Therapeutics, or TCT, conference, the latest clinical and economic data on the IN.PACT Admiral drug-coated balloon, or DCB, from Medtronic augments an already robust body of evidence that continues to drive a reconsideration of the standard of care for peripheral artery disease, or PAD, in leg arteries above the knee. The IN.PACT Admiral DCB remains an investigational medical device in the United States. No drug-coated balloon has yet received approval from the FDA. The new data come from the real-world IN.PACT Global study, the largest and most rigorous post-market evaluation of its kind for any peripheral artery intervention, and from an ongoing economic outcomes analysis of the U.S. phase of the landmark IN.PACT SFA trial. Together, the results show that the IN.PACT Admiral DCB is not only clinically superior, but also cost-effective for the treatment of atherosclerotic lesions in the superficial femoral artery, or SFA, or proximal popliteal artery, or PPA, at 12 months compared to standard percutaneous transluminal angioplasty, or PTA.
07:31 EDTMDTEuropean Association for Study of Diabetes to hold annual meeting
50th Annual Meeting of EASD to be held in Vienna, Austria on September 15-19.
September 15, 2014
10:55 EDTSHPG, ABBVRegulators to determine AbbVie, Shire deal by next month, Reuters says
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08:06 EDTMDTMedtronic announces SEEQ wearable cardiac monitoring system in U.S.
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08:01 EDTSHPGShire announces FDA acceptance for filing of sNDA for Vyvanse
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07:45 EDTMDTCardiovascular Research Foundation to hold a conference
Transcatheter Cardiovascular Therapeutics: TCT 2014 to be held in Washington, D.C. on September 13-17 with some presentations being webcasted. Webcast Link
07:21 EDTMDTHeart Failure Society of America to hold annual meeting
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07:04 EDTCOVCovidien announces start of enrollment in two neurovascular trials
Covidien announced the start of enrollment in two clinical trials designed to further underscore the safety and effectiveness of the company’s advanced neurovascular solutions. Baptist Medical Center in Jacksonville, Florida, treated the first patient enrolled in the PREMIER Prospective study, an international Investigational Device Exemption clinical study to evaluate the Pipeline embolization device in smaller unruptured intracranial aneurysms. Separately, Baptist Health Lexington in Kentucky, enrolled the first patient in the STRATIS Registry for Endovascular Stroke Devices, which will evaluate the use of all Covidien market-released stroke devices. The PREMIER study will enroll up to 141 patients in 20 global sites and is designed to assess the safety and effectiveness of the Pipeline device in the treatment of unruptured, small and medium wide-necked intracranial aneurysms. The STRATIS Registry, a prospective, multi-center, non-randomized, observational registry designed to evaluate the use of Covidien endovascular stroke devices in patients diagnosed with an acute ischemic stroke. Covidien’s current endovascular stroke device in the U.S. is the Solitaire™ 2 revascularization device. As many as 60 U.S. sites are expected to participate in the STRATIS Registry, which will enroll up to 1,000 patients to collect clinical outcomes for interventional stroke patients in a real world setting.
September 13, 2014
16:47 EDTMDTMedtronic CoreValve provides positive outcomes out two years in risky patients
Medtronic announced new data showing that transcatheter aortic valve replacement, TAVR, with the CoreValve System continued to provide safe and effective treatment, while maintaining exceptional rates of survival out to two years for patients who were considered too ill or frail to have their aortic valves replaced through traditional open-heart surgery. Without treatment, these patients had a 50% chance of death at one year.
September 12, 2014
15:03 EDTMDTSt. Jude Medical pausing Portico sales, implants, says Wells Fargo
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07:32 EDTABBVBiogen, AbbVie announce ZINBRYTA DECIDE Phase 3 study results
Biogen (BIIB) and AbbVie (ABBV) announced the full results from the Phase 3 DECIDE clinical trial, which show ZINBRYTA, dosed subcutaneously once a month, demonstrated a statistically significant improvement in reducing disease activity in people with relapsing-remitting multiple sclerosis compared to AVONEX. These results are being presented at the Sixth Triennial Joint Meeting of the Americas Committee for Treatment and Research in Multiple Sclerosis and the European Committee for Treatment and Research in Multiple Sclerosis. Patients on ZINBRYTA demonstrated a statistically significant 45% reduction in annualized relapse rate compared to patients treated with AVONEX. Based on the efficacy and safety data from the ZINBRYTA clinical development program, Biogen Idec and AbbVie plan to file marketing applications for ZINBRYTA with regulatory authorities during 1H15.
September 11, 2014
10:00 EDTMDTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Airgas (ARG) initiated with a Neutral at Northcoast... CBOE Holdings (CBOE) initiated with a Buy at Deutsche Bank... CME Group (CME) initiated with a Buy at Deutsche Bank... Colfax (CFX) initiated with a Neutral at Northcoast... Corporate Office Properties (OFC) initiated with an Overweight at Capital One... Edwards Lifesciences (EW) initiated with a Buy at Sterne Agee... Energen (EGN) initiated with a Buy at Deutsche Bank... Goodrich Petroleum (GDP) initiated with an Outperform at Cowen... GreenHunter Resources (GRH) initiated with a Hold at Stifel... GrubHub (GRUB) initiated with a Market Perform at Barrington... Illinois Tool Works (ITW) initiated with a Neutral at Northcoast... IntercontinentalExchange (ICE) initiated with a Hold at Deutsche Bank... JD.com (JD) initiated with a Buy at Brean Capital... Lincoln Electric (LECO) initiated with a Buy at Northcoast... Live Nation (LYV) initiated with a Buy at Jefferies... Medtronic (MDT) initiated with a Neutral at Sterne Agee... Midstates Petroleum (MPO) initiated with a Market Perform at Cowen... NASDAQ (NDAQ) initiated with a Hold at Deutsche Bank... Newfield Exploration (NFX) initiated with an Outperform at Iberia... Newpark Resources (NR) initiated with an Outperform at Credit Suisse... Nuverra Environmental (NES) initiated with a Buy at Stifel... Palo Alto (PANW) initiated with a Buy at Roth Capital... Petrobras (PBR) initiated with an Outperform at Cowen... RSP Permian (RSPP) initiated with a Hold at Deutsche Bank... Sensata (ST) initiated with an Equal Weight at Morgan Stanley... Stage Stores (SSI) initiated with a Neutral at Credit Suisse... Synergy Resources (SYRG) initiated with an Outperform at Cowen... TE Connectivity (TEL) initiated with an Overweight at Morgan Stanley... Twitter (TWTR) initiated with a Buy at Canaccord... Walter Investment (WAC) initiated with an Underweight at Barclays... Washington REIT (WRE) initiated with an Equalweight at Capital One... Yandex (YNDX) initiated with a Buy at Canaccord... Yara International (YARIY) initiated with a Neutral at Credit Suisse.
08:11 EDTMDTMedtronic Noncompliant Balloon Dilatation Catheter receives FDA clearance
Medtronic announced the FDA 510(k) clearance and launch of the NC Euphora Noncompliant Balloon Dilatation Catheter. Following drug-eluting stent implantation to reopen a narrowed artery, a noncompliant balloon is inflated with high pressure to ensure that the stent is fully apposed in order to facilitate transfer of the drug to the artery wall. Stent under-expansion has been defined as a major risk factor for both artery re-narrowing, or restenosis, and the potential formation of blood clots, known as stent thrombosis. Postdilatation with noncompliant balloons has been recommended to overcome these complications and provide optimal stent expansion after stent placement.
05:34 EDTABBVAbbVie reports Humira Phase 3 trial meets primary endpoint
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September 10, 2014
16:09 EDTMDTMedtronic initiated with a Neutral at Sterne Agee
Target $68.
10:24 EDTABBVEnanta announces AbbVie initiated Phase 2b trial with ABT-493
Enanta (ENTA) announced that AbbVie (ABBV) initiated a phase 2b clinical study with ABT-493, Enanta’s next-generation protease inhibitor. ABT-493 is the second clinical-stage protease inhibitor candidate developed within the Enanta-AbbVie collaboration. The phase 2b study being conducted by AbbVie will evaluate the safety and efficacy of ABT-493 co-administered with ABT-530 in HCV patients. AbbVie has informed Enanta that results from this trial are expected in 2015 and AbbVie plans to start phase 3 development of the combination next year.
09:32 EDTMDTMedtronic announces first U.S. implants in CoreValve Evolut R study
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08:37 EDTSHPGMedgenics appoints Scott Applebaum as Chief Legal Officer
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07:06 EDTSHPGSangamo plans to submit IND application for hemophilia B in 2Q15
Sangamo BioSciences (SGMO) plans to submit an Investigational New Drug application for the treatment of hemophilia B in Q2 2015. This program, partnered with Shire (SHPG), is the first therapeutic application of Sangamo's zinc finger nuclease-mediated In Vivo Protein Replacement Platform. Sangamo is developing the IVPRP as a generally applicable strategy to provide a one-time, permanent genetic cure for monogenic diseases that are currently managed by protein replacement therapy, which involves costly repeat infusions over the lifetime of the patient.
September 9, 2014
06:42 EDTCOVLew expects to make decision on combating inversion deals soon, NY Times reports
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