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Stock Market & Financial Investment News

News Breaks
May 14, 2014
07:35 EDTNSRGY, DANOY, ABT, MJNDanone in talks to sell medical nutrition unit, may seek formula maker, FT says
Danone (DANOY) is being advised by JPMorgan (JPM) and stands to raise up to EUR5B from a potential sale of most of its medical nutrition unit, according to Financial Times, which noted that the company is in talks about the division with Nestle (NSRGY) and other potential buyers. People familiar with the talks say Danone could spend any proceeds on acquiring other infant formula producers. The Fly notes that other baby formula makers include Mead Johnson (MJN) and Abbott (ABT). Reference Link
News For DANOY;MJN;ABT;NSRGY From The Last 14 Days
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September 3, 2015
09:42 EDTABTLeerink medical supplies/devices analyst holds analyst/industry conference call
Medical Supplies & Devices Analyst Antalffy, along with St. Paul's Hospital & Vancouver General Hospital Cardiac Transplant Program Surgical Director, Dr. Anson Cheung, and San Rafaele Hospital Cardiac Catheterization Lab & Vascular Interventions, Dr. Antonio Colombo, assess Valtech's pipeline and potential market opportunity on an Analyst/Industry conference call to be held on September 3 at 12:30 pm.
09:36 EDTABTLeerink medical supplies/devices analyst holds analyst/industry conference call
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September 2, 2015
13:21 EDTABTHeartWare plunges after Valtech deal sparks downgrades
Shares of HeartWare (HTWR) have plunged after the company's acquisition of cardiac device maker Valtech, with multiple analysts struggling to find any particularly strong rationale for the deal. WHAT'S NEW: Raymond James' Jayson Bedford downgraded HeartWare to Market Perform from Outperform after the company announced Tuesday night that it agreed to acquire Valtech Cardio, an Israeli-based company focusing on heart valve devices. Bedford said he was "surprised" by the size of the deal, noting that the all-stock transaction is valued at roughly $430M and will see Valtech owning roughly 22% of HeartWare upon closing. The acquisition is simply not what Bedford "envisioned" for the company, said the analyst. His prior investment thesis was based upon HeartWare's potential to dominate the ventricular assist device market, an idea "validated" by St. Jude's (STJ) pending acquisition of Thoratec (THOR), said Bedford. That thesis has now been disrupted by last night's early-stage asset buy at a "steep price," raising the overall execution risk of HeartWare, the analyst tells investors. WHAT'S NOTABLE: HeartWare was also hit with a downgrade to Neutral by BTIG, with the research firm emphasizing that the transaction will bring significant dilution to the company's existing shareholders. Northland's Suraj Kalia was even more bearish this morning, saying that the acquisition "does not make sense," coming at an "astronomical" multiple for an asset with "no obvious complementarity" and different domain expertise. Valtech's Cardioband CE study involved just 45 patients and only 40% of those were followed up at twelve months, said Kalia, who contended that the study does not present an accurate picture of clinical viability. Heartware will have to invest "significantly" to get Valtech's technology through U.S. trials, said the analyst, and entering the transcatheter mitral valve repair market will also bring new competition in the form of Edwards (EW), Medtronic (MDT), Boston Scientific (BSX), St. Jude and Abbott (ABT). PRICE ACTION: Shares of HeartWare have dropped more than 19% in intraday trading to $65.98, dipping below their 52-week low in the process.
05:53 EDTABTAbbott implied volatility of 41 at upper end of index
September 1, 2015
05:38 EDTABTAbbott announces results of naturally dissolving stent from ABSORB study
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August 31, 2015
05:36 EDTABTStocks with implied volatility movement; MNKD ABT
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August 30, 2015
18:54 EDTNSRGYNestle responds to 'slave labor' claims, AP says
In the wake of a U.S. class action lawsuit alleging that Nestle knowingly relied upon slave labor, the company commented that "forced labor has no place in our supply chain," reports the Associated Press, citing an emailed statement from Nestle. The Associated Press notes that Nestle's email didn't outright deny the claims. Reference Link
August 27, 2015
13:42 EDTABTAnalyst says Abbott-St. Jude deal looks unlikely
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12:41 EDTABTOn The Fly: Top stock stories at midday
Stocks began the session sharply higher, extending the rally that started yesterday. A number of factors may be contributors to today's strength, including China's government intervening in its market last night and pushing its key stock index up 5%, dovish comments made by N.Y. Fed President Bill Dudley yesterday regarding the potential for a September interest rate hike and an upward revision in the estimate of second quarter GDP growth. ECONOMIC EVENTS: In the U.S., the updated estimate of GDP growth showed the economy grew 3.7% in the second quarter, topping expectations for annualized growth to be revised up to 3.2% from the prior estimate of 2.3%. Personal consumption in the quarter rose 3.1%, matching expectations. 271,000 initial jobless claims were filed last week, versus expectations for 274,000 first-time claims. The NAR pending home sales index rose 0.5% in July, missing the expectation for an increase of 1%. In China, the Shanghai composite index rose 5.3%, stemming its recent string of down days, with media reports indicating that the government may have played a role by stepping in to buy stocks. COMPANY NEWS: Shares of St. Jude Medical (STJ) advanced 4.5% after the Financial Times reported, citing sources, that Abbott (ABT) is prepping a takeover offer that would value the medical device maker at $25B. An Abbott spokesperson, however, issued statements to Bloomberg, CNBC and the Wall Street Journal following the report to deny that it is pursuing a bid for St. Jude, which struck a deal in July to acquire fellow medical device manufacturer Thoratec (THOR) for $63.50 per share in cash, or $3.4B, net of cash acquired. Thoratec shares slid 0.5% near noon following the report, as investors may be concerned that the previously announced deal could be jeopardized if Abbott does in fact step in to the situation... Shares of Freeport-McMoRan (FCX) surged 28% this morning after the miner and oil explorer announced plans to cut spending and production, including plans to cut about 10% of employees and contractors at its U.S. mining operations. Freeport has lowered its 2016 capital expenditure budget to $4B, or approximately 29% lower than the $5.6B estimate it issued on July 23, which it said reflects "aggressive" actions in response to current market conditions. MAJOR MOVERS: Among the notable gainers was Movado (MOV), which gained 20% after the company reported better than expected second quarter results and backed its fiscal year earnings view. Also higher following its earnings report was Signet Jewelers (SIG), whose shares rose 13%. Another jeweler reporting earnings this morning, Tiffany (TIF), which slid 3% after the company lowered its fiscal year outlook. Among the other noteworthy losers following their earnings reports were Williams-Sonoma (WSM), which dropped 7%, and Dollar General (DG), which slipped 4%. INDEXES: Near midday, the Dow was up 311.33, or 1.91%, to 16,596.84, the Nasdaq was up 109.30, or 2.33%, to 4,806.83, and the S&P 500 was up 42.77, or 2.2%, to 1,983.28.
12:20 EDTABTDeutsche Bank says would have mixed view of Abbott-St. Jude deal
Deutsche Bank analyst Kristen Stewart said she would have a "somewhat mixed" view if Abbott (ABT) were in fact to pursue a deal to buy St. Jude Medical (STJ), as was raised as a possibility by a Financial Times report this morning. Stewart said the addition of St. Jude would "significantly" improve Abbott's Device division, specifically its vascular franchise, but she adds that the $25B bid discussed in the report would be "full value" for St. Jude and wonders if such a deal would be the most efficient use of capital for a diversified company like Abbott. The analyst said her view on each stock is unchanged overall at this point and she keeps her Buy rating on Abbott and Hold rating on St. Jude.
12:07 EDTABTAbbott bid for St. Jude doesn't seem likely, says Wells Fargo
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09:26 EDTABTOn The Fly: Pre-market Movers
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07:57 EDTABTAbbott spokesman says company not making offer for St. Jude, Bloomberg reports
The spokesperson's statement to Bloomberg follows a report earlier this morning from Financial Times that claimed Abbott (ABT) is prepping a takeover offer for St. Jude Medical (STJ) that would value the latter at $25B.
07:51 EDTABTThoratec volatility low into report Abbott prepping offer for St. Jude Medical
Thoratec (THOR) September call option implied volatility is at 10, October is at 6; compared to its 52-week range of 8 to 54 suggesting decreasing price movement into reports Abbott (ABT) is preparing a bid for St. Jude Medical (STJ). In July St. Jude Medical and Thoratec approved an agreement under which St. Jude Medical will acquire all of the outstanding shares of Thoratec for $63.50 per share in a cash. The deal is scheduled to close in Q4.
07:45 EDTABTAbbott volatility up into report prepping takeover offer for St. Jude Medical
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07:39 EDTABTSt. Jude Medical volatility up, Abbott prepping $25B takeover offer FT reports
St. Jude Medical (STJ) September call option implied volatility is at 29, October is at 27; compared to its 52-week range of 17 to 36; suggesting slightly larger near term price movement into Abbott (ABT) is prepping a takeover offer that would value the company at $25B, sources tell The Financial Times.
06:57 EDTABTAbbott prepping $25B takeover offer for St. Jude Medical, FT reports
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06:56 EDTABTAbbott prepping $25B takeover offer for St. Jude Medical, FT reports
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