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August 6, 2014
12:59 EDTMDT, ABBV, COV, SHPGCovidien 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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November 25, 2015
07:04 EDTSHPGShire re-approaching Baxalta is feasible, says Leerink
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November 24, 2015
15:28 EDTSHPGShire working on new Baxalta takeover bid, Reuters reports
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15:16 EDTSHPGShire readying new takeover offer for Baxalta, Reuters says
New bid could be structured as both cash and shares, Reuters says, citing a source.
08:31 EDTMDTMedtronic remains a top tier performer in Med Device space, says Cowen
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November 20, 2015
05:22 EDTMDTStocks with implied volatility movement; MDT UNH
Stocks with implied volatility movement; Medtronic (MDT) 25, UnitedHealth (UNH) 30 according to iVolatility.
November 19, 2015
07:36 EDTABBVFDA Pediatric Advisory Committee to hold a meeting
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November 18, 2015
07:43 EDTABBVJefferies to hold a conference
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November 17, 2015
10:09 EDTABBVAbbVie management to meet with Jefferies
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10:00 EDTSHPGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: CF Industries (CF) upgraded to Positive at Susquehanna... ExlService (EXLS) upgraded to Buy from Neutral at BofA/Merrill... Fitbit (FIT) upgraded to Buy at BofA/Merrill... Forward Air (FWRD) upgraded to Outperform at Baird... HD Supply (HDS) upgraded to Positive from Neutral at Susquehanna... Hannover Re (HVRRY) upgraded to Overweight from Underweight at JPMorgan... Moody's (MCO) upgraded to Buy from Neutral at UBS... PRA Group (PRAA) upgraded to Strong Buy from Market Perform at Raymond James... Plum Creek Timber (PCL) upgraded to Outperform from Sector Perform at RBC Capital... Shire (SHPG) upgraded to Outperform from Market Perform at Leerink... Yandex (YNDX) upgraded to Overweight from Equal Weight at Morgan Stanley... Zayo Group (ZAYO) upgraded to Buy from Neutral at MoffettNathanson.
09:14 EDTMDTMedtronic announces FDA approval, launch of MyCareLink Smart Monitor
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08:05 EDTABBVInfinity reaches target enrollment in Phase 3 study of duvelisib
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November 16, 2015
17:02 EDTABBVPoint72 added to lululemon position, subtracted from Netflix position
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16:53 EDTSHPGPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
16:18 EDTSHPGShire upgraded to Outperform, price target raised to $239 at Leerink
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16:02 EDTSHPGShire upgraded to Outperform from Market Perform at Leerink
09:59 EDTSHPGOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:04 EDTABBVAbbVie announecs data from Surveyor studies of ABT-493
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06:01 EDTSHPGSynergy Pharmaceuticals appoints Gary Sender as CFO
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November 15, 2015
14:30 EDTABBVEnanta confirms interim Phase 3b data on Viekira Pak
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14:23 EDTABBVAbbVie reports Phase 3b data on Viekira Pak for hepatitis C
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