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July 30, 2013
12:45 EDTCYH, POT, IPI, AGU, HLF, COH, MRK, PFE, AET, OSK, WU, PBI, HMA, MOSOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as a report on rising home prices along with some better than expected earnings reports supported the market. The second quarter earnings season, which is reaching its peak this week, may not be turning out to be as bad as some had feared. However, the week's biggest events may still be yet to come, as investors brace for tomorrow's conclusion of the Fed’s two day FOMC meeting, along with the latest monthly jobs report, due Friday. ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller 20-city home-price index was up 12.2% from the prior year and was up about 1.0% from the prior month in May, which was close to in line with forecasts. The consumer confidence index for July fell to 80.3, which was a bit worse than the expectation for it to slip just slightly from its prior reading of 81.4. COMPANY NEWS: Several of the day's worst performing stocks were fertilizer companies after Russian potash producer Uralkali ended its cooperation with Belarus' Belaruskali. Following the news, Potash (POT) tumbled 20%, Mosaic (MOS) plunged 19%, Intrepid Potash (IPI) plummeted 30%, and Agrium (AGU) dropped nearly 5%... Among several notable healthcare names to announce quarterly results this morning, Pfizer (PFE) performed the best, rising almost 1% following its report. Its peer, Merck (MRK), slid about 1% after its own report, while health insurer Aetna (AET) was little changed in midday trade. MAJOR MOVERS: Among the notable gainers following their earnings reports were Oshkosh (OSK), up 12%, Pitney Bowes (PBI), up 11%, and Western Union (WU), up 9%. Shares of multi-level marketer Herbalife (HLF) also rose over 4% following its report in spite of new questions from Bill Ackman's Pershing Square, which has a very large and well documented short position in the stock. Among the noteworthy losers was upscale accessories maker Coach (COH), which fell more than 7% after the company reported mixed fourth quarter results, announced the departure of two senior executives, and agreed to sell its Reed Krakoff business. Also lower were shares of hospital chain Health Management Associates (HMA), which fell 11% after Community Health (CYH) agreed to buy the company for the equivalent of about $13.78 per share plus possible future considerations based on the outcome of certain legal matters. INDICES: Near noon, the Dow was up 10.37, or 0.07%, to 15,532.34; the Nasdaq was up 23.81, or 0.66%, to 3,622.95; and the S&P 500 was up 3.18, or 0.19%, to 1,688.51.
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August 25, 2014
16:13 EDTMRKOn The Fly: Closing Wrap
Stocks began the session in positive territory and proceeded to tack on gains throughout the morning. Despite a disappointing report on new home sales in July, the S&P surpassed the 2,000 level for the first time before noon. The market pared its gains shortly after the milestone was reached and drifted for the remainder of the session on light volume, as trading activity may be restrained all week ahead of the Labor Day weekend. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity index jumped to 0.39 in July from an upwardly revised 0.21 in June. Markit's preliminary August services PMI came in at 58.5, which was down from a prior reading of 60.8 but above the 58.0 consensus projection. New home sales dropped 2.4% to a 412K rate in July, missing expectations for them to have risen to a 430K annualized rate. COMPANY NEWS: Shares of InterMune (ITMN) surged $19.05, or 35.41%, to $72.85 after the company agreed to be acquired by Roche (RHHBY) for $74.00 per share in an all-cash transaction. The deal announcement comes less than two weeks after Bloomberg reported that Roche, along with big pharma peers Sanofi (SNY) and GlaxoSmithKline (GSK), had made takeover bids for the smaller drugmaker. A number of other biotech companies gained following the deal announcement, including bigger names like Gilead (GILD) and Celgene (CELG) and smaller ones such as Achillion Pharmaceuticals (ACHN) and Receptos (RCPT)... Burger King (BKW) shares rose $5.29, or 19.51%, to $32.40 after the company confirmed it is in talks regarding a potential strategic transaction with Canadian donut chain Tim Hortons (THI). Shares of Tim Horton's trading in New York also gained $11.88, or 18.91%, to $74.72 following the confirmation of news first reported by The Wall Street Journal. MAJOR MOVERS: Among the other notable gainers was Advaxis (ADXS), which advanced 75c, or 23.08%, to $4.00 after announcing it has entered into a clinical trial collaboration agreement with Merck (MRK). Also rising were shares of Comtech (CMTL), which jumped $1.70, or 4.84%, to $36.81 after Reuters said the company is working with Citigroup to explore a potential sale. Among the noteworthy losers was Chinese internet and software company Qihoo 360 Technology (QIHU), which fell $7.88, or 7.74%, to $93.87 despite reporting second quarter earnings and revenue that beat analysts' estimates. Also lower were shares of GrubHub (GRUB), which fell $3.60, or 8.42%, to $39.16 after filing to sell 10M shares of common stock. INDEXES: The Dow gained 75.65, or 0.44%, to 17,076.87, the Nasdaq rose 18.80, or 0.41%, to 4,557.35, and the S&P 500 advanced 9.54, or 0.48%, to 1,997.94.
11:44 EDTHLFStocks with call strike movement; PVA HLF
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09:11 EDTMRKOn The Fly: Pre-market Movers
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07:59 EDTCYHSome healthcare providers offer compelling opportunities, says Jefferies
Jefferies believes that the following healthcare providers reported good Q2 results which have not been adequately reflected by their stocks: Acadia Healthcare (ACHC), Almost Family (AFAM), Brookdale Senior Living (BKD), Catamaran (CTRX), Community Health (CYH), Envision Healthcare (EVHC), and HCA Holdings (HCA). The firm expects the sector as a whole to continue to improve in 2H14 amid continued tailwinds from healthcare reform.
06:29 EDTPFEPfizer mulls possible AstraZeneca offer options, FT says
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05:17 EDTMRKAdvaxis, Merck enter clinical trial collaboration agreement
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August 22, 2014
14:28 EDTHLFHerbalife off earlier lows, levels to watch
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14:19 EDTPFEViiV Healthcare receives FDA approval for HIV-1 treatment Triumeq
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13:45 EDTHLFAckman likely pressed bearish options bet on Herbalife, CNBC reports
Bill Ackman of Pershing Square likely pressed his bearish options bet on Herbalife, based on options trading activity, CNBC's Scott Wapner reports.
August 21, 2014
17:22 EDTAGUAgrium names Steve Douglas as CFO, effective November 3
Agrium is pleased to announce Steve Douglas has accepted the position of Senior Vice President and CFO effective November 3. Steve comes to Agrium from Brookfield Asset Management where he was Senior Managing Partner and CFO of Brookfield Property Partners and also previously held the role of CFO at Falconbridge.
13:32 EDTPFEBristol-Myers, Pfizer announce approval of Eliquis for treatment of DVT, PE
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09:54 EDTPFEPotential Pfizer, AstraZeneca deal seen around year-end, Reuters says
Investors and analysts see Pfizer (PFE) making another attempt to acquire AstraZeneca (AZN) around year-end, even though talks between the two can resume on August 26 per British takeover rules, Reuters reports. Reference Link
08:02 EDTPFEPfizer initiates U.S. EAP for palbociclib.
Pfizer announced that the company has initiated a multi-center, open-label expanded access program in the U.S. for palbociclib. Through the program, palbociclib is being made available for use in combination with letrozole for post-menopausal women with hormone receptor positive human epidermal growth factor receptor 2 negative advanced breast cancer for whom letrozole is considered appropriate therapy.
07:55 EDTPFEActavis volatility expected to move on Pfizer considering new target report
Actavis (ACT) volatility is expected to move on Pfizer (PFE) considering other overseas alternatives, Bloomberg reports. Overall option implied volatility of 27 is near its 26-week average of 31 according to Track Data, suggesting decreasing price movement.
07:47 EDTPFEPfizer looking at new targets, including Actavis, Bloomberg reports
While it weighs another attempt to acquire AstraZeneca (AZN), Pfizer is considering other overseas alternatives, including Actavis (ACT), Bloomberg reports, citing people familiar with the matter. Pfizer prefers to reach a deal with AstraZeneca, and a move on another company is unlikely "anytime soon," Bloomberg adds, citing its sources. Shares of Actavis are rising 3%, or $6.65, to $230.01 in pre-market trading, while AstraZeneca is up 2% to $72.59. Reference Link
August 20, 2014
08:03 EDTPFEBristol-Myers Pfizer to present new Eliquis data
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August 18, 2014
11:41 EDTPFECubist rises after report sparks takeover interest speculation
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10:41 EDTCYHCommunity Health discloses personal data compromised in cyber attack
Earlier today, Community Health (CYH) disclosed in a filing that in July Community Health Systems confirmed that its computer network was the target of an external, criminal cyber attack that the company believes occurred in April and June. The company and its forensic expert, Mandiant, a FireEye company (FEYE), believe the attacker was an “Advanced Persistent Threat” group originating from China who used highly sophisticated malware and technology to attack the company’s systems.The company has been informed by federal authorities and Mandiant that this intruder has typically sought valuable intellectual property, such as medical device and equipment development data. However, in this instance the data transferred was non-medical patient identification data related to the company’s physician practice operations and affected approximately 4.5M individuals who, in the last five years, were referred for or received services from physicians affiliated with the company. The company has confirmed that this data did not include patient credit card, medical or clinical information; the data is, however, considered protected under the Health Insurance Portability and Accountability Act because it includes patient names, addresses, birthdates, telephone numbers and social security numbers. The company does not believe this incident will have a material adverse effect on its business or financial results.
08:01 EDTPFEPfizer announces submission of Palbociclib NDA to FDA
Pfizer announced it has completed the submission of a New Drug Application to the United States Food and Drug Administration for palbociclib. This NDA requests FDA approval of palbociclib, in combination with letrozole, for the treatment of postmenopausal women with estrogen receptor positive, human epidermal growth factor receptor 2 negative advanced breast cancer who have not received previous systemic treatment for their advanced disease. The submission is based on the final results of PALOMA-1, a randomized, Phase 2 trial comparing palbociclib plus letrozole versus letrozole alone in this population of patients. Palbociclib received Breakthrough Therapy designation from the FDA in April 2013, for the first-line systemic treatment of women with advanced or metastatic ER+, HER2- breast cancer. This designation was based on interim data from the PALOMA-1 trial. The FDA has a 60-day filing review period to determine whether the NDA is complete and acceptable for filing. Pfizer will communicate the Agency’s decision.
07:57 EDTPFE, MRKCambridge Healthtech Institute to hold a summit
6th Annual Bioprocessing Summit to be held in Boston on August 18-22.
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