New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
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
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent news | >>
April 13, 2015
17:10 EDTMDTIBM establishes a Watson Health Cloud
Subscribe for More Information
14:07 EDTABBVEarnings Watch: Johnson & Johnson shares down slightly since last earnings
Subscribe for More Information
10:00 EDTABBVOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
08:34 EDTABBVAbbVie upgraded on Imbruvica outlook at BMO Capital
Subscribe for More Information
07:20 EDTSHPGShire price target raised to $288 from $267 at JPMorgan
JPMorgan raised its price target for Shire to $288 after lifting its estimates for Lifitegrast in dry eye following the FDA's Priority Review designation. The firm believes the FDA is very likely to approve the application in October of this year, without waiting for the third Phase III study late 2015. It upped its 2020 Lifitegrast forecasts by $600M to $900M and reiterates an Overweight rating on Shire.
07:02 EDTABBVAbbVie upgraded to Outperform from Market Perform at BMO Capital
April 10, 2015
15:37 EDTMDTMedtronic looking to sell medical supplies business, dealReporter says
Subscribe for More Information
07:35 EDTMDTExpert comments bullish for Edwards, Medtronic, says RBC Capital
Subscribe for More Information
April 9, 2015
13:27 EDTSHPGShire announces FDA Priority Review designation for lifitegrast
Subscribe for More Information
10:48 EDTSHPGDeutsche compares PTC Therapeutics to Vertex, boosts target by $40
Subscribe for More Information
05:27 EDTSHPGShire reports results from three placebo-controlled Phase 2 studies of SHP625
Subscribe for More Information
April 8, 2015
07:24 EDTMDTNeurotechnology Industry Organization to hold a conference
Subscribe for More Information
05:30 EDTABBVEnanta announces data on regimens containing protease inhibitors paritaprevir
Subscribe for More Information
April 7, 2015
10:10 EDTSHPGJazz patent on Xyrem latest to be challenged by Kyle Bass
Subscribe for More Information
08:10 EDTSHPGShire shares pricing in worst case scenario for patents, says Citigroup
Subscribe for More Information
07:31 EDTABBVBiogen to present data on neurological disease therapies at AAN meeting
Subscribe for More Information
07:13 EDTSHPGShire patent challenges only modest threat, says Jefferies
Subscribe for More Information
05:23 EDTSHPGShire reaches agreement with FDA on clear regulatory path for SHP465
Shire announces that it has reached an agreement with the FDA on a clear regulatory path for SHP465, an investigational oral stimulant medication being evaluated as a potential treatment for Attention-Deficit/Hyperactivity Disorder, or ADHD, in adults. Shire has agreed with the FDA to conduct a short-term efficacy and safety study in pediatric patients with ADHD. While Shire intends to pursue an adult indication, the FDA is requesting this additional pediatric data to better understand the potential effects of SHP465 on children with ADHD in the event of use in this population. The company anticipates the clinical trial's first patient, first visit to take place in August 2015, with study completion targeted by the last quarter of 2016. Shire then expects to submit to the FDA by 2Q17 a Class 2 resubmission for approval of SHP465 as a treatment for ADHD in adults, which typically entails a 6-month review. Pending FDA approval, Shire anticipates launching the medicine in the second half of 2017. This update follows Shire's announcement on October 9, 2014, that it was engaging the FDA to determine the parameters of clinical data requirements in order to submit the Class 2 resubmission.
April 6, 2015
13:09 EDTMDTMedtronic signs development deal with Israeli start-up, Globes says
Subscribe for More Information
09:09 EDTSHPGShire says will defend patents 'vigorously' after Hayman petitions
Subscribe for More Information
1 | 2 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use