New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 5, 2013
07:04 EDTCOVNuvo Research announces FDA response to Pennsaid 2% NDA
Nuvo Research announced that its U.S. licensing partner, Mallinckrodt, the Pharmaceuticals Business of Covidien, has received a Complete Response Letter from the FDA following the review of Mallinckrodt's New Drug Application for diclofenac sodium topical solution, 2% w/w. In the letter, the FDA requires that Mallinckrodt successfully complete a pharmacokinetic study comparing PENNSAID 2% to original PENNSAID 1.5%.Similar pharmacokinetic studies submitted by Mallinckrodt with the NDA were not acceptable to the FDA because reserve samples were not retained at the clinical site. Mallinckrodt has indicated to Nuvo that it expects to complete the study and submit the results to the FDA in the third calendar quarter of 2013, and that it anticipates the FDA will provide a formal response to the filing within 6 months thereafter.
News For COV From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 20, 2014
13:40 EDTCOVOptions with increasing implied volatility
Subscribe for More Information
07:12 EDTCOVCongress of Neurological Surgeons to hold annual meeting
Subscribe for More Information
October 17, 2014
12:35 EDTCOVCovidien puts active on wide price movement
Covidien October 82, December 70 and January 75 puts are active on total put volume of 8K contracts (1K calls). November put option implied volatility is at 60, January is at 40, April is at 42; compared to its 26-week average of 25 according to Track Data. Active put volume suggests traders taking positions for large price movement.
10:51 EDTCOVOptions with increasing implied volatility
Options with increasing implied volatility: COV DISH HLT QEP GREK BKW BYI LLY DTV TIBX
08:02 EDTCOVCovidien granted preliminary injunction against Ethicon's Harmonic ACE+7
Subscribe for More Information
October 16, 2014
11:36 EDTCOVOptions with increasing implied volatility
Options with increasing implied volatility: UVXY NQ PVA SVXY VXX SUNE CIE COV ZU CODE
06:17 EDTCOVJefferies says Medtronic 'needs to do' Covidien takeover
Jefferies says it "can't see how Medtronic walks" from the Covidien (COV) takeover given how compelling the merger is. The firm confirmed with Medtronic (MDT) that nothing has changed in the company's commitment to the deal since new financing terms were announced on October 3. In Jefferies view, "Medtronic needs to do this deal." It notes the spread on the acquisition widened significantly on the news that Abbvie (ABBV) is reconsidering its acquisition of Shire (SHPG).
October 15, 2014
16:37 EDTCOVOn The Fly: Closing Wrap
The market opened sharply lower amid sliding oil prices, worse than expected economic data, and the potential for a major M&A deal to fall apart due to tax inversion rule changes. The Dow fell more than 350 points within the first 30 minutes of trading, but then bounced back to move above its opening level. The volatility did not end there, however, as the market swung several more times during the session. The S&P 500's drop wiped out its gains for the year at one point, but a late day rally significantly cut the losses for the major averages. ECONOMIC EVENTS: In the U.S., retail sales, which were expected to be down 0.1% in September, actually fell 0.3% in the month and slipped 0.2% excluding autos. The Producer Price Index for final demand decreased a seasonally adjusted 0.1% in September from the prior month, marking the first decline in the measure in over a year. The core PPI reading, which excludes food and energy, was unchanged, versus expectations for a 0.1% rise. New York's Empire State manufacturing index fell 21.4 points to 6.2 in October, severely missing the expectation for a narrower pullback to a reading of 20. Business inventories rose 0.2% in August, versus expectations for an increase of 0.4%. In China, the consumer price index climbed 1.6% in September from a year earlier, which was below the consensus projection for 1.7% inflation and down from 2% inflation in August. China's PPI plunged 1.8% year-over-year in September, which was more than the 1.6% slide expected and an acceleration of the 1.2% year-on-year decline in August. COMPANY NEWS: Shares of Shire (SHPG) plunged $74.08, or 30.29%, to $170.49 after AbbVie's (ABBV) board last night stated that it was reconsidering its recommendation that the company's shareholders back a takeover of Irish drugmaker in light of the potential impact of tax rule changes on the deal. During the day, Bloomberg reported that people familiar with the matter say AbbVie is close to abandoning its $51B takeover bid, while Shire announced that it has agreed to waive the requirement for three business days' notice for AbbVie's board to meet to consider its offer. In contrast, AbbVie ended the session up 50c, or 0.92%, at $54.63... Wal-Mart (WMT) held its annual meeting, during which it lowered its fiscal year 2015 net sales growth forecast to 2%-3%, citing a tougher sales environment than it anticipated a year ago. The company indicated in February that it expected net sales growth to be at the low end of its guidance provided last October of 3%-5%. The world's largest retailer also cut its planned retail square foot growth expectations, due to a moderation of large format store growth and accelerated e-commerce investments. Following the outlook revisions, Wal-Mart closed down $2.78, or 3.57%, to $75.20. MAJOR MOVERS: Among the notable gainers was Penford Corporation (PENX), which jumped $7.60, or 69.15%, to $18.59 after the company agreed to be acquired by Ingredion (INGR) for $340M, or $19.00 in cash per share. Also higher was Southwestern Energy (SWN), which rose $2.59, or 7.82%, to $35.69 after it was among a number of oil and gas exploration and production names upgraded by analysts at Bank of America Merrill Lynch. Among the noteworthy losers was Nu Skin (NUS), which dropped $4.47, or 9.13%, to $44.50 after the company disclosed new debt arrangements that come with certain restrictions, including restrictions on the payment of dividends. Also lower were shares of Covidien (COV), which fell $6.50, or 7.04%, to $85.86 in the wake of the news for Shire and AbbVie, which investors may have read as jeopardizing Covidien's deal to be bought by Medtronic (MDT). Note that on October 3 Medtronic announced that it intends to use approximately $16B in external financing to complete the acquisition of Covidien and said the strategic benefits of the transaction "remain compelling" despite the additional expense of the new financing. INDEXES: The Dow dropped 173.45, or 1.06%, to 16,141.74, the Nasdaq slipped 11.85, or 0.28%, to 4,215.32, and the S&P 500 fell 15.21, or 0.81%, to 1,862.49.
15:03 EDTCOVMedtronic management affirms commitment to Covidien deal, says Deutsche Bank
Subscribe for More Information
10:48 EDTCOVShire tanks with AbbVie calling board meeting over merger
Subscribe for More Information
07:32 EDTCOVUBM Canon to hold a conference
PLASTEC Midwest Conference is being held in Chicago on October 15-16.
October 13, 2014
07:37 EDTCOVAmerican Society of Anesthesiologists to hold annual meeting
Subscribe for More Information
07:25 EDTCOVEuropean Association of Cardiothoracic Surgery to hold annual meeting
28th EACTS Annual Meeting is being held in Milan, Italy on October 11-15.
October 10, 2014
07:16 EDTCOVAmerican Society of Plastic Surgeons to hold annual meeting
Annual Meeting of ASPS is being held in Chicago on October 10-14.
07:04 EDTCOVMedtronic announces Omar Ishrak will remain CEO of new company
Subscribe for More Information
October 9, 2014
16:37 EDTCOVCovidien receives FDA 510k clearance for Nellcor Portable SpO2 system
Covidien announced FDA 510k clearance for the Nellcor Portable SpO2 Patient Monitoring System. The system is the only commercially available portable oximeter that is equipped with home care and sleep study modes and complies with IEC 60601-1-11 standards for devices used in the home health care environment.
October 8, 2014
10:46 EDTCOVOptions with decreasing implied volatility
Subscribe for More Information
October 7, 2014
10:43 EDTCOVOptions with decreasing implied volatility
Subscribe for More Information

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