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News Breaks
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 Fedís 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.
News For CYH;HMA;PBI;WU;OSK;AET;PFE;MRK;COH;HLF;AGU;IPI;POT;MOS From The Last 14 Days
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September 5, 2014
16:45 EDTMRKMarket ends week little changed after mixed economic data
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11:17 EDTMRKBristol-Myers files patent infringement suit against Merck
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09:10 EDTHLFHerbalife distributor claims fired for web sales, Seeking Alpha contributor says
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08:39 EDTMRKMerck Keytruda sales to reach $5B in 2018, says BMO Capital
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07:09 EDTCOHCoach volatility increases
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September 4, 2014
16:05 EDTPFEPfizer granted orphan status for sickle cell disease drug
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15:16 EDTMRKMerck receives accelerated approval of Keytruda
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13:17 EDTCYHTennessee AG tells Community Health patients to check credit
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12:49 EDTAETJudges to revisit ObamaCare subsidies decision, The Hill reports
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11:49 EDTMOSMosaic initiated with a Buy at Societe Generale
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11:49 EDTPOTPotash initiated with a Hold at Societe Generale
Target $37.
09:02 EDTMRKMerck's relebactam granted QIDP, fast track designations by FDA
Merck announced that the U.S. Food and Drug Administration has designated relebactam -- previously known as MK-7655 -- the companyís investigational beta-lactamase inhibitor, as a Qualified Infectious Disease Product with designated Fast Track status. The QIDP and Fast Track designations apply to intravenous use of relebactam for the treatment of complicated urinary tract infections, complicated intra-abdominal infections and hospital-acquired bacterial pneumonia/ventilator-associated bacterial pneumonia. Relebactam is an investigational, class A and C, beta-lactamase inhibitor that is being evaluated in combination with imipenem/cilastatin in ongoing Phase 2 clinical trials for the treatment of complicated urinary tract infections and complicated intra-abdominal infections. In preclinical studies, relebactam administered in combination with imipenem/cilastatin demonstrated antibacterial activity against a broad range of Gram-negative and beta-lactam-resistant pathogens. Merck plans to initiate Phase 3 studies with relebactam in combination with imipenem/cilastatin in 2015.
08:35 EDTIPIIntrepid Potash volatility increases
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07:23 EDTPFEAstraZeneca called for inversion clamp down as part of defense, WSJ says
Amid its defense against an unsolicited takeover bid from rival Pfizer (PFE), AstraZeneca (AZN) hired advisers with close ties to the Obama administration, who made calls to senior administration officials urging a clamp down on tax inversions, said The Wall Street Journal, citing people familiar with the previously undisclosed calls. Reference Link
07:21 EDTMRKMedidata can obtain major new platform customers, says Stifel
Noting that Medidata (MDSO) partners with Veeva, Stifel believes that a number of Veeva (VEEV) customers could become Medidata platform customers, especially if they already use Medidata for R&D and clinical trial solutions. The firm identifies Merck (MRK), Gilead (GILD), and Teva (TEVA) as companies that may become platform clients for Medidata. Stifel keeps a $55 price target and Buy rating on Medidata.
September 3, 2014
17:25 EDTMRKMerck management to meet with SunTrust
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14:55 EDTAETObamaCare business exchange to launch in 5 states next month, The Hill says
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11:30 EDTPFEPfizer has conference call hosted by Bernstein
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06:34 EDTAETNext Obamacare enrollment period may be very difficult, NY Times says
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September 2, 2014
11:43 EDTHLFChina announces 'major' busts as result of pyramid probe, Shanghai Daily reports
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