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Stock Market & Financial Investment News

News Breaks
August 6, 2014
12:59 EDTSHPG, MDT, ABBV, COVCovidien 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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May 20, 2015
09:07 EDTABBVJohnson & Johnson says exploring eight new indications for Imbruvica
Imbruvica is jointly developed and commercialized by Pharmacyclics (PCYC) and Johnson & Johnson (JNJ) subsidiary Janssen Biotech. AbbVie (ABBV) is in the process of acquiring Pharmacyclics.
07:21 EDTABBVUBS to hold a conference
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07:16 EDTMDTLeerink to hold a booth tour at EuroPCR
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May 19, 2015
08:57 EDTABBVLeerink biotech analyst holds an analyst/industry conference call
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08:40 EDTMDTMedtronic sees FY15 revenue $20.3B, may not compare to consensus $28.15B
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08:40 EDTMDTMedtronic sees Q4 adjusted EPS at upper half of $1.08-1.13, consensus $1.10
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May 18, 2015
09:27 EDTMDTMedtronic announces study results showing CRT system optimizes treatment
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May 15, 2015
16:46 EDTABBVAbbVie extends exchange offer to acquire Pharmacyclics
AbbVie (ABBV) announced that it has extended the expiration of its exchange offer to acquire all of the outstanding shares of common stock of Pharmacyclics (PCYC) to 5 p.m., New York City time, on May 22. The depositary of the exchange offer has advised that, as of 4:00 p.m., New York City time, on May 15, a total of approximately 42,822,941 shares of Pharmacyclics common stock were validly tendered and not properly withdrawn in the exchange offer. All other terms and conditions of the exchange offer remain unchanged.
13:33 EDTMDTMedtronic: TYRX antibacterial envelope reduces cardiac device infection rates
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11:08 EDTSHPGOmega Advisors gives quarterly update on stakes
NEW STAKES: Targa Resources (TRGP), Targa Resources Partners (NGLS), Humana (HUM), Dow Chemical (DOW), and Twenty-First Century Fox (FOXA). INCREASED STAKES: Kinder Morgan (KMI), Chimera Investment Corporation (CIM), AerCap Holdings (AER), Shire (SHPG), and KKR & Co. (KKR). DECREASED STAKES: eBay (EBAY), Altisource Portfolio Solutions (ASPS), Caesars Entertainment (CZR), Navient (NAVI), and TerraForm Power (TERP). LIQUIDATED STAKES: HCA Holdings (HCA), Gilead (GILD), Cabot Oil & Gas (COG), and Apple (AAPL).
10:29 EDTABBVAmerican Urological Association to hold an annual meeting
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09:45 EDTABBVAbbVie reports FDA orphan designation for Humira in treatment of HS
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08:12 EDTMDTMedtronic Micra TPS meets initial safety, performance measures
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May 14, 2015
13:34 EDTMDTMedtronic: Micra transcatheter pacemaker meets initial safety measures in study
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13:31 EDTMDTMedtronic says Evera MRI ICD study meets safety, efficacy endpoints
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13:12 EDTABBVAbbVie granted orphan status for Humira
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10:41 EDTABBVAnalysts upbeat on Amgen's Kyprolis after ASCO abstracts
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09:41 EDTMDTLeerink medical devices analyst holds a cardiology luncheon meeting
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09:09 EDTABBVBristol-Myers down 1.3% after release of ASCO abstracts
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May 13, 2015
13:12 EDTABBVSen. Sanders urges VA to break patents on Gilead hepatitis C drugs
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