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May 15, 2014
09:15 EDTKND, CAVM, RGSE, INCY, CLVS, AAP, GTIV, CSCO, XONE, SRNE, KSS, LIQD, WMT, AVGO, VOXX, PLUG, BMYOn The Fly: Pre-market Movers
HIGHER: Cisco (CSCO), up 8% after reporting better than expected third quarter results. Avago (AVGO) is also up 0.6% and Cavium (CAVM) is up 3% following Cisco's report... Gentiva Health (GTIV), up 60% after Kindred Healthcare (KND) proposes to acquire the company for $14.00 per share in cash and stock... Advance Auto Parts (AAP), up 3.3% after raising its outlook... Clovis (CLVS), up 7.7% after reporting drug data at ASCO conference... Plug Power (PLUG), up 2.4% following upgrade at Cowen. DOWN AFTER EARNINGS: Wal-Mart (WMT), down 2.9%... Kohl's (KSS), down 3.6%... ExOne (XONE), down 15%... Real Goods Solar (RGSE), down 13.7%. ALSO LOWER: Bristol-Myers (BMY), down 4% following downgrade at BMO Capital citing last nights' ASCO abstracts discussing disappointing Nivo-Yervfoy combination data... VOXX International (VOXX), down 25% after downgraded at B. Riley following worse than expected Q4 results... Sorrento Therapeutics (SRNE), down 21% after 4.765M share secondary stock offering priced at $5.25... Incyte (INCY), down 9.7% after an abstract regarding a Phase 2 study of its pancreatic cancer drug was posted at ASCO... Liquid Holdings (LIQD), down 43.5% after its 32M share secondary priced at $1.25.
News For CSCO;CAVM;WMT;GTIV;KND;LIQD;AAP;BMY;KSS;CLVS;PLUG;SRNE;INCY;VOXX;XONE;RGSE;AVGO From The Last 14 Days
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December 9, 2014
07:41 EDTCAVM, CSCOBarclays to hold a conference
Global Technology Conference is being held in San Francisco on December 9-10 with webcasted company presentations to begin on December 9 at 10:40 am; not all company presentations may be webcasted. Webcast Link
07:11 EDTINCYEli Lilly and Incyte announce Phase 3 RA-BEACON study met primary endpoint
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06:39 EDTCSCOCisco initiated with an Outperform at Wedbush
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December 8, 2014
16:24 EDTWMTOn The Fly: Closing Wrap
Stocks on Wall Street were lower amid another drop in crude oil prices, which tumbled to five-year lows. The market opened slightly lower following weaker than expected data from China and Japan, with nothing of note on the domestic calendar to get buyers involved in the dayís activity. Near noon, the averages gained downside momentum and though the market pared its losses several times, it was never able to gain any steam to pull the indexes back into the green. ECONOMIC EVENTS: In the U.S., no major economic data was released. In Asia, Chinese exports rose 4.7% from a year earlier in November, which missed the consensus estimate for an 8% increase. Chinese imports fell 6.7% from the prior year last month, compared with projections for a 3.8% increase. Additionally, Japan's revised third quarter gross domestic product estimate showed the economy shrank more than initially thought, with growth contracting an annualized 1.9%. COMPANY NEWS: Shares of Cubist Pharmaceuticals (CBST) surged $26.24, or 35.29%, to $100.60 after Merck (MRK) agreed to acquire the maker of next-generation antibiotics for $102 per share in cash, or $8.4B and the assumption of $1.1B in debt. A number of other antibiotic makers also climbed, including Tetraphase (TTPH), which rose $2.45, or 8.82%, to $30.24, and Cempra (CEMP), which advanced $1.64, or 11.37%, to $16.06, while shares of Merck finished fractionally higher, adding 39c, or 0.63%, to $61.88 following the deal announcement. MAJOR MOVERS: Among the notable gainers following their presentations at the American Society of Hematology, or ASH, annual meeting were Calithera Biosciences (CALA), which gained $2.38, or 22.52%, to $12.95, and Acceleron Pharma (XLRN), which jumped $5.11, or 13.6%, to $42.67. Among the noteworthy losers was McDonald's (MCD), which fell $3.70, or 3.84%, to $92.61 after the Dow member reported a 2.2% decline in global same-restaurant sales in November. Additionally, the fast-food giant warned that its fourth quarter results would be hurt by its sales pressures, supplier issues in China and a stronger U.S. dollar. Also lower were shares of Liquidity Services (LQDT), which plunged $2.77, or 27.0%, to $7.49 after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with surplus merchandise. INDEXES: The Dow fell 106.31, or 0.59%, to 17,852.48, the Nasdaq dropped 40.06, or 0.84%, to 4,740.69, and the S&P 500 slipped 15.06, or 0.73%, to 2,060.31.
13:32 EDTBMYPfizer, Bristol-Myers announce results of human study on Eliquis
Bristol-Myers Squibb Company (BMY) and Pfizer (PFE) announced results of the first human study evaluating the reversal of the anticoagulant effect of Eliquis by 4-factor prothrombin complex concentrates in healthy subjects. The study results demonstrated that both PCCs, Sanquinís Cofact and CSL Behringís Beriplex P/N reversed the steady-state pharmacodynamic effects of Eliquis in several coagulation assessments, including endogenous thrombin potential. The full data will be presented today during the Antithrombotic Therapy: Anticoagulant Therapy session at the 56th annual meeting of the American Society of Hematology in San Francisco, CA. The study was an open label, randomized, placebo-controlled, three-period crossover study in 15 healthy, adult subjects. Within each period, subjects received Eliquis 10 mg twice daily. On day four, three hours after Eliquis administration, subjects received a 30-minute infusion of 4-factor PCCs, either 50 IU/kg Cofact or Beriplex P/N, or an equivalent volume of saline solution. The effect of Cofact and Beriplex P/N on the pharmacodynamics of Eliquis was based upon changes in endogenous thrombin potential, a measure of thrombin-mediated coagulation. Treatment periods were separated by an 11-day washout, after which the alternate treatment was administered. In this study, no serious adverse events, bleeding-related events or signs of thrombosis were reported with Eliquis administration with or without PCC treatment. Overall, these data demonstrate that Cofact and Beriplex P/N reversed the steady-state pharmacodynamic effects of Eliquis as measured by ETP and support further evaluation of PCCs in the management of patients treated with Eliquis who require reversal of its anticoagulant effect.
13:07 EDTINCYNovartis announces data from Jakavi trial
Novartis (NVS) announced data from the largest clinical trial of myelofibrosis patients treated with Jakavi, supporting the safety profile and efficacy benefit as measured in primary and secondary endpoints respectively. In an analysis of 1,144 patients treated with Jakavi to date in this ongoing expanded access study, 69% of patients achieved >50% reduction in spleen size from baseline and patients also experienced a clinically meaningful improvement in myelofibrosis symptom score, important treatment goals for patients with myelofibrosis. Findings from the study were presented at the 56th Annual Meeting of the American Society of Hematology in San Francisco, California. Novartis research and development efforts, in collaboration with Incyte Corporation (INCY), include early-phase and post-marketing studies in myelofibrosis and other myeloproliferative neoplasms. More than 50 abstracts on ruxolitinib are being presented at ASH, including three oral presentations exploring combinations of ruxolitinib with various investigational compounds, evaluating the possibility of simultaneously targeting multiple cancer pathways that may be involved in the pathogenesis of myelofibrosis. The JUMP study is a Phase IIIb, expanded-access trial for countries with no access to Jakavi outside of a clinical trial. The open-label, multicenter study analyzed 1,144 enrolled myelofibrosis patients who received daily starting doses of either 5 mg, 15 mg or 20 mg of Jakavi twice daily based on platelet counts at baseline. The primary endpoint is assessment of safety and tolerability of Jakavi. Overall, the safety and efficacy profile of Jakavi was consistent with previous studies.
12:40 EDTWMTOn The Fly: Midday Wrap
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12:40 EDTCSCOUS Supreme Court to hear appeal in patent fight with Cisco
The U.S. Supreme Court has agreed to hear an appeal of a controversial appeals court decision that set aside a $63.8M patent infringement verdict won by The Woodlands, Texas-based Commil USA LLC against Cisco
10:49 EDTWMTLiquidity Services plunges after Wal-Mart seeks to end supply deal
Shares of Liquidity Services (LQDT) are tumbling after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with merchandise. Liquidity Services operates an auction marketplace that features surplus and salvaged items. WHAT'S NEW: Liquidity Services reported after Friday's market close in a regulatory filing that Wal-Mart had decided to stop supplying products to Liquidity Services.The auction company noted that it had previously had the right to purchase certain consumer items that have been removed from Wal-Mart's shelves. However, Wal-Mart, on December 1, reported to the company that it would terminate the deal, effective today. Wal-Mart is alleging that Liquidity Services violated certain requirements of the agreement between the companies, Liquidity Services stated. However, the auction company disputed Wal-Mart's assertions and said it was "evaluating all its options" before determining how to proceed. Liquidity Services indicated that it still expects to meet its guidance for its December quarter results. ANALYST REACTION: In a note to investors today, Colin Sebastian, an analyst at research firm Robert W. Baird, predicted that the loss of the contract would have a significant impact on Liquidity Services' results starting in 2015. However, he believes that the extent of the impact on the company's earnings before interest taxes depreciation and amortization will depend on its ability to manage its expenses. The analyst cut his price target on the name to $9 from $12 and kept a Neutral rating on the shares. Meanwhile, Janney Capital analyst Shawn Milne wrote that Liquidity Services had previously disclosed that Wal-Mart accounted for 11% of its gross merchandise volume in fiscal 2014. Milne predicted that the termination of the deal would reduce Liquidity Services' annual EBITDA by less than $10M. He also kept a Neutral rating on the stock. PRICE ACTION: In early trading, Liquidity Services sank 25% to $7.70.
10:03 EDTWMTLiquidity Services price target lowered to $9 from $12 at RW Baird
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09:20 EDTWMTLiquidity Services estimate cuts possible on Wal-Mart fight, says Janney Capital
After Liquidity Services (LQDT) disclosed that Wal-Mart (WMT) terminated its return agreement and that the two are now in dispute over the deal, Janney Capital noted Liquidity 's recent 10K filing indicated that Wal-Mart accounted for 11% of FY14 gross merchandise volume, including Commercial Capital assets. Janney estimates the full year EBITDA impact from the contract to be somewhere below $10M, but said there is a potential for further estimate cuts given the dispute. The firm maintains its Neutral rating on Liquidity Services shares.
09:13 EDTWMTLiquidity Services reports Walmart terminates return agreement
Liquidity Services (LQDT) had previously acquired from ILJ Enterprises its business of purchasing closeouts, excess merchandise and customer returns for resale to retailers, wholesalers, and other third parties and consumers. In connection with the acquisition, the company, through one of its subsidiaries, assumed ILJís rights and obligations with Wal-Mart Stores (WMT). Under the Wal-Mart agreement, Liquidity Services has the exclusive right to purchase certain consumer products from Wal-Mart that have been removed from the sales stream of Wal-Martís retail operations. On December 1, Wal-Mart provided Liquidity Services written notice terminating the Wal-Mart Agreement, effective December 8. The termination notice alleges that the company failed to comply with certain provisions under the Wal-Mart agreement with respect to service level requirements and restrictions on the disposition of merchandise, Liquidity disclosed in a regulatory filing late Friday. The company disputes these allegations and is contesting the termination of the agreement with Wal-Mart. The company had been in negotiations with Wal-Mart to address Wal-Martís failure to honor the companyís exclusive right to purchase selected merchandise from Wal-Mart but was unable to reach a satisfactory resolution. The company is currently evaluating all of its options, reserves all rights with respect to this matter and will continue to seek appropriate relief from Wal-Mart for its failure to honor the companyís exclusive rights to purchase selected merchandise and any related actual damages the company has incurred. The company does not believe that the purported termination of the Wal-Mart Agreement will result in the company being unable to meet its financial guidance for its first fiscal quarter ending December 31, 2014, Liquidity Services stated.
08:40 EDTCSCODeutsche Bank and Cisco to host a conference call
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08:02 EDTCSCOAruba says NHS replaces Cisco network with Aruba wireless infrastructure
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07:49 EDTCSCOArista Networks lawsuit not as threatening as believed, says SunTrust
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07:32 EDTCSCORaymond James to hold a conference
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07:03 EDTCSCOArista Networks patent resolution likely 2-3 years away, says Citigroup
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05:53 EDTBMYStocks with implied volatility movement; BSX BMY
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December 7, 2014
14:10 EDTBMYAmerican Society of Hematology to hold a meeting
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13:06 EDTBMYBMY announces positive results in Phase 1b trial evaluating Opdivo
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