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News Breaks
February 5, 2014
12:00 EDTRAI, PM, MO, CVS, LOCVS plans to stop selling cigarettes and other tobacco products
CVS Caremark (CVS) earlier today announced its decision to cease selling tobacco at all locations starting October 1. WHAT'S NOTABLE: CVS Caremark said its choice to exit the tobacco category does not affect the company's 2014 segment operating profit guidance, 2014 earnings per share guidance, or the company's five-year financial projections. The company estimates that it will lose approximately $2B in revenues on an annual basis from the tobacco shopper, equating to approximately 17c per share. Given the anticipated timing for implementation of this change, the impact to 2014 earnings per share is expected to be in the range of 6c-9c per share. The company has identified incremental opportunities that are expected to offset the profitability impact, CVS added. WHAT'S NOTABLE: Deutsche Bank believes CVS Caremark's decision to stop selling tobacco products is in-line with its strategy to become more of a healthcare services company. Deutsche thinks the move could improve CVS' competitive positioning and it keeps a Hold rating on the stock. PRICE ACTION: During late morning trading, shares of CVS Caremark were down 1.5% to trade near $65. Like the broader S&P 500, shares of a number of tobacco product makers were generally lower. Philip Morris (PM) fell 0.88% to $76.20, Reynolds American (RAI) fell 0.7% to $47.17, Lorillard (LO) fell 2.5% to $47.64 and Altria Group (MO) fell 1.2% to $34.02.
News For CVS;PM;LO;MO;RAI From The Last 14 Days
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October 2, 2015
16:46 EDTRAIStocks end week higher after Friday reversal following disappointing jobs data
U.S. markets fell sharply following a weaker than expected nonfarm payrolls report on Friday morning, but rallied back to finish the day, and the week, slightly higher. MACRO NEWS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. Consumer confidence unexpectedly rose in September, as a confidence reading strengthened to 103.0. Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0. ISM's manufacturing index fell to 50.2 in September, versus expectations for a reading of 50.6... Chinese markets will be closed for "Golden Week" from October 1 to October 7, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading, while the final Caixin/Markit PMI fell to 47.2 in September, though that was slightly improved from an earlier flash estimate of 47. In Japan, the central bank's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. Elsewhere in Asia, the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%... In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, down from August's final 52.3 reading but still in expansion territory. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid following the announcement... Biotech stocks continued recent declines, with Valeant (VRX) dropping after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model... Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter (TWTR) founder and interim CEO Jack Dorsey was set to be named permanent Chief Executive, possibly as soon as Thursday, but no announcement had been made by the company by the end of the week. Shares of Gap (GPS) and Ralph Lauren (RL) moved in opposite directions after an executive for one left to take over for an icon at the other. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell after Stefan Larsson stepped down as global president of Old Navy in order to become the new Chief Executive Officer of Ralph Lauren, while the latter company's shares were upgraded and traded higher in the wake of the executive shake-up... On the M&A front, Reynolds American (RAI) announced that the international rights to the Natural American Spirit brand name and associated trademarks will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. Nexstar (NXST) proposed to acquire Media General (MEG) for a combination of cash and shares that was valued at $14.50 per Media General share before the proposal was made public on September 28. Media General, which previously announced an agreement to buy Meredith Corporation (MDP), said it would "carefully review and consider the proposal" with the help of its advisors. Shares of Rentrak (RENT) and comScore (SCOR) both advanced after the companies announced a stock-for-stock merger agreement... General Motors (GM) reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Meanwhile, Ford (F) said its U.S. sales rose 23% in September and Fiat Chrysler's (FCAU) U.S. sales increased 14% last month... FXCM (FXCM) disclosed that it was the victim of a cybersecurity attack involving "a small number of unauthorized wire transfers from customer accounts" and Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS)... Wynn Resorts (WYNN), Las Vegas Sands (LVS), MGM Resorts (MGM) and Melco Crown (MPEL) all advanced at the end of the week following reports that the Chinese government may provide economic support to the gaming center Macau, where the companies operate casinos. INDEXES: The Dow gained about 0.96% to close at 16,472.37, the S&P 500 rose about 1.02% to close at 1,951.36, and the Nasdaq advanced about 0.43% to close at 4,707.77.
08:21 EDTCVSAmazon to be number two player in U.S. consumables by 2018, says Cowen
John Blackledge and the research team at Cowen project that (AMZN) will grow to be the number two player in the $425B market for U.S. consumables - which they define as personal care, household, pet and baby products - by 2018. The firm expects Amazon to use its multi-platform approach, centered around Prime, to help the e-commerce giant gain share in consumables at the expense of Wal-Mart (WMT), Target (TGT), Walgreens (WBA) and CVS Health (CVS). Cowen has Outperform ratings on Amazon and Target and a Market Perform rating on shares of Wal-Mart.
October 1, 2015
10:50 EDTCVSLeerink healthcare services analyst holds analyst/industry conference call
Analyst Larsen, along with Dan Steiber of D2 Pharma Consulting and James Kenney, Jr., of Harvard Pilgrim Health Care, discuss Hillary Care's potential impact to the Prescription Drug Supply Chain, the impact of the Medicaid rebate program and the uptake of bio-similars and generic launches in 2015 on an Analyst/Industry conference call to be held on October 2 at 12 pm.
10:37 EDTRAIBofA/Merrill's Top 10 US Ideas for Q4 2015
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07:03 EDTPMPhilip Morris says PT HM Sampoerna announces exercise price for rights issue
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September 30, 2015
19:41 EDTMO, RAIAltria, Reynolds, Imperial Tobacco revive packaging suit against FDA, WSJ says
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10:47 EDTCVSLeerink analyst/industry conference call date/time changed from October 8 10 am
Healthcare Distribution & Technology Larsen, along with Diplomat Pharmacy Chairman & CEO Hagerman and CFO & Secretary/Treasurer Whelan, provide industry insights including the potential impact of Hillary Care, the influence CMS may have on overall drug pricing and recent stock volatility on an Analyst/Industry conference call now being held at a new date and time of September 30 at 5 pm.
09:05 EDTCVSCVS Health announces partnership with MassChallenge and Rock Health
CVS Health announced that it was partnering with top startup accelerator MassChallenge and digital health venture fund Rock Health to drive faster innovation and expand areas of focus for connected health solutions.
September 29, 2015
16:24 EDTRAIOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street hovered near the flat line throughout today's session before finishing mixed, with the Dow and S&P rising and the Nasdaq falling. A measure of U.S. home prices rose by about 5% in July compared to the prior year, as expected, while a measure of consumer confidence was stronger than expected. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case Shiller composite index of 20 metro areas in July gained 5% year over year, which was just below the projected a 5.1% gain. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. India was the one country in the region to buck the trend of stock market declines, after the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%. COMPANY NEWS: Shares of Yahoo (YHOO) advanced about 2.4% to $28.26 after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA)... Reynolds American announced that the international rights to the Natural American Spirit brand name and associated trademarks, along with the international companies that distribute and market the brand outside the U.S., will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. The purchase does not include the rights to the Natural American Spirit brand name and associated trademarks in the U.S. market or U.S. territories, which will be retained by a wholly owned subsidiary of RAI. MAJOR MOVERS: Among the notable gainers was IHS (IHS), which advanced $5.22, or 4.96%, to $110.56 after the company reported earnings and commented on its associated conference call that it was not pursuing an acquisition of Solera (SLH), whose shares lost 2.3% after the news. Also higher was Nexstar (NXST), which rose 8% to $46.99 after an upgrade to Buy at Jefferies, with the research firm saying it assumes the company's offer for Media General (MEG) will ultimately find shareholder support. Among the noteworthy losers was Esperion (ESPR), which lost $16.76, or 47.76%, to $18.33 after warning that the FDA could mandate additional studies before approving the company's ETC-1002 treatment. Also lower was Team (TISI), which dropped $7.93, or 19.34%, to $33.08 after pre-announcing Q1 earnings, with figures coming in significantly below expectations on what the company called softness in demand. INDEXES: The Dow rose 47.24, or 0.3%, to 16,049.13, the Nasdaq lost 26.65, or 0.59%, to 4,517.32, and the S&P 500 advanced 2.32, or 0.12%, to 1,884.09.
06:07 EDTRAIReynolds American announces sale of Natural American Spirit to JT Group
Reynolds American announced that the international rights to the Natural American Spirit brand name and associated trademarks, along with the international companies that distribute and market the brand outside the U.S., will be sold to the Japan Tobacco Group of companies in an all-cash transaction with a value of approximately $5B.
06:03 EDTRAIReynolds American announces sale of Natural American Spirit unit for approx. $5B
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06:01 EDTRAIReynolds American announces sale of Natural American Spirit unit for approx. $5B
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September 25, 2015
09:08 EDTRAIReynolds American deal speculation a win-win for shareholders, says Wells Fargo
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September 24, 2015
19:14 EDTRAIOn The Fly: After Hours Movers
HIGHER AFTER EARNINGS: Jabil Circuit (JBL), up 9.6%... Nike (NKE), up 8%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 92% after announcing "positive" data from its interim Phase 2 study of INOpulse... Reynolds American (RAI), up 1% after Bloomberg reported the company may sell $5B in assets to Japan Tobacco... Marvell (MRVL), up 5.15% after announcing a 17% global headcount reduction. LOWER AFTER EARNINGS: Pier 1 Imports (PIR), down 7.5%... Bed Bath & Beyond (BBBY), down 1%. ALSO LOWER: Internap (INAP), down 15.1% after cutting its FY15 revenue forecast... Emerge Energy Services (EMES), down 3.25% after withdrawing its distribution guidance due to "difficult market conditions."
17:20 EDTRAIReynolds American may sell $5B in assets to Japan Tobacco, Bloomberg says
Japan Tobacco, which is looking to expand outside of its shrinking home market, may acquire about $5B of assets from Reynolds American, including some of the Natural American Spirit tobacco brand that is part of a Reynolds operating company, says Bloomberg. Reference Link
September 22, 2015
10:45 EDTCVSReimbursement pressure on drug stores should moderate, says Cleveland Research
Cleveland Research analysts Rob Eich and Rob Stuyck said the firm's work indicates that stepdown reimbursement rates will be more manageable for drug store operators and that generic inflation will be less of a headwind for the group in FY16. However, Direct and Indirect Remuneration clauses will still be a source of margin pressure, the firm said, noting that several payers will be introducing a DIR next year. Cleveland Research has Neutral ratings on CVS (CVS), Walgreens (WBA), Rite Aid (RAD) and Wal-Mart (WMT).
07:39 EDTRAIReynolds American subsidiary signs technology-sharing sheet with BAT
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06:16 EDTRAIBAT signs technology sharing term sheet with Reynolds American
British American Tobacco (BTI) announced that it has signed a vapour products technology-sharing term sheet with R.J. Reynolds Tobacco Company, a subsidiary of Reynolds American (RAI). The term sheet provides a framework for collaboration and mutual cross-licensing of the parties' vapour product technologies up to December 31, 2022. The collaboration also includes joint R&D activities and cooperation on regulatory, scientific and manufacturing issues relating to vapour products. Following further negotiations, both companies are expecting to conclude and sign a legally binding, definitive agreement by year-end 2015.
September 21, 2015
06:14 EDTMOAB InBev close to SABMiller financing, Bloomberg reports
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06:03 EDTPMPhilip Morris' Sampoerna sets price range for potential rights issue
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