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Stock Market & Financial Investment News

News Breaks
February 27, 2014
11:29 EDTCTRX, ESRX, CVSCatamaran plunges after full year profit outlook trails expectations
Shares of Catamaran (CTRX), a provider of pharmacy benefit management services, are sinking after the company's fiscal 2014 profit outlook significantly trailed expectations. WHAT'S NEW: This morning, Catamaran reported fourth quarter earnings per share of 56c and revenue of $4.53B, topping expectations of 54c and $4.04B, respectively. The company forecast FY14 adjusted EPS of $2.04-$2.19, compared to consensus of $2.41. FY14 revenue was guided to $20B-$21B, versus consensus of $20.16B. ANALYST REACTION: This morning, analyst commentary was positive. Research firm Jefferies said weakness in the shares of Catamaran was a buying opportunity. The firm recommended buying the stock on weakness saying Catamaran is likely to sustain its strong top-line growth. Jefferies had a Buy rating on the stock with a $70 price target. Another firm, Leerink, said Catamaran's long-term growth drivers remained intact despite its weaker than expected 2014 outlook. It kept an Outperform rating on the stock. PRICE ACTION: In late morning trading, Catamaran fell $6.03, or about 11.6%, to $45.78 on nearly four times its average daily trading volume. Including today's slide, the stock has lost about 17% over the past twelve months. OTHERS TO WATCH: Other firms that provide pharmacy benefit management services include Express Scripts (ESRX) and CVS Caremark (CVS).
News For CTRX;ESRX;CVS From The Last 14 Days
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October 13, 2014
07:39 EDTCTRX, CVS, ESRXPharmaceutical Care Management Association to hold annual meeting
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October 9, 2014
09:12 EDTCTRXCatamaran acquisition in-line with expectations, says Leerink
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08:32 EDTCVSCVS Health price target raised to $95 from $87 at Leerink
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07:37 EDTCTRXCatamaran acquisition likely to be well-received, says Oppenheimer
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06:33 EDTCVSCourt considers whether to pay Amazon workers for security checks, WSJ says
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October 8, 2014
16:34 EDTCTRXCatamaran to acquire Salveo Specialty Pharmacy for $260M in cash
Catamaran announced that it has entered into a definitive agreement to acquire Salveo Specialty Pharmacy, an independent specialty pharmacy company headquartered in St. Petersburg, Florida with business operations in New York and California. Salveo manages approximately $400M in annual drug spend. The purchase price of $260M in cash represents a purchase price multiple of approximately 13x Salveo's trailing-twelve-month EBITDA and is expected to be funded through cash on the balance sheet. This acquisition is expected to be completed during Q4.

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