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Stock Market & Financial Investment News

News For DELL;ADNC;MRK;TSN;CTRP;GDOT;VVUS;NFLX;MCK;MAT;LTM;ALKS;ELN From The Last 14 Days
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December 10, 2014
08:47 EDTMRKMerck, IBCSG, BIG announce opening of PANACEA study
The International Breast Cancer Study Group, Breast International Group, and Merck announced the opening of the PANACEA study, a global collaborative study exploring a new way to treat HER2+ breast cancer that has become resistant to the current standard of care. The PANACEA study will investigate the use of pembrolizumab in combination with trastuzumab to evaluate whether the addition of an anti-PD-1 therapy can reverse trastuzumab resistance in patients with HER2+ breast cancer whose cancer has spread while on trastuzumab therapy. The trial, “Anti-PD-1 Monoclonal Antibody in Advanced, Trastuzumab-resistant, HER2+ Breast Cancer,” is a Phase 1b/2 study in patients with HER2+ breast cancer whose cancer has spread while on treatment with trastuzumab. Primary outcome measures of the study are recommended dose and efficacy and safety profile of pembrolizumab in combination with trastuzumab. Response will be assessed by RECIST 1.1 criteria. Secondary outcome measures include safety and tolerability, disease control, duration of response, time to progression, progression-free survival and overall survival. The study is enrolling adult females with unresectable or metastatic breast adenocarcinoma with confirmed HER2-positivity. There are 10 sites participating in the study across Europe and Australia: Peter MacCallum Cancer Centre and Westmead Hospital in Australia; Medical University of Vienna in Austria; Jules Bordet Institute and CHU Sart Tilman in Belgium; Institut de Cancérologie de l’OUEST, Centre Léon Bérard and Institut Gustave Roussy in France; and Istituto Europeo di Oncologia Milano and Azienda USL4 Prato in Italy.
08:32 EDTMRKMerck announces early findings showing 18.5% overall response rate with Keytruda
Merck announced early study findings demonstrating an overall response rate of 18.5% with KEYTRUDA, the company’s anti-PD-1 therapy, as assessed by RECIST v1.1, central review in PD-L1 positive, advanced triple-negative breast cancer – one of the most aggressive forms of breast cancer. At the time of analysis, the median duration of response had not been reached with three of five responders on therapy for 11 months or more. These early findings, from the ongoing Phase 1b KEYNOTE-012 study, were shared today for the first time as part of the official press program at the 2014 San Antonio Breast Cancer Symposium and will be presented in an oral session at 10:45 a.m. CST by Dr. Rita Nanda, the University of Chicago. Data presented were from a cohort of the ongoing Phase 1b KEYNOTE-012 study which evaluated KEYTRUDA monotherapy at 10 mg/kg every two weeks in patients with advanced TNBC whose tumors were determined to be positive for PD-L1 expression. As measured by Merck’s proprietary PD-L1 immunohistochemistry clinical trial assay, tumors were considered to be PD-L1 positive if staining was present in the stroma or in greater than or equal to one percent of tumor cells. In the study, 58 percent of patients screened had tumors determined to be positive for PD-L1 expression. Most patients enrolled in this study had received two or more prior chemotherapies for metastatic disease and 87.5 percent had received prior neo-adjuvant or adjuvant therapy.
05:35 EDTCTRPTuniu, Ctrip.com sign strategic collaboration agreement
Tuniu (TOUR) announced that the company has signed a strategic agreement with Ctrip.com (CTRIP) to expand their collaboration on shared travel resources. In May, Ctrip acquired $15M of Tuniu Class A ordinary shares concurrent with Tuniu's IPO and currently owns over 3% of Tuniu's outstanding shares.
December 9, 2014
16:28 EDTMRKOn The Fly: Closing Wrap
Stocks on Wall Street opened in the red on the heels of a sharp sell-off in China and amid continued concern over tumbling oil prices. The domestic economic calendar offered little in the way of a catalyst and the market moved in a narrow range throughout the morning. However, the averages began to pare their losses once the European markets closed. By mid-afternoon the averages had turned mixed with the Nasdaq higher, the S&P flat, and the Dow the laggard, which is the way the trading day closed. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' optimism index rose to 98.1 from a prior reading of 96.1. The JOLTS report showed job openings increased 149K to 4.83M in October, which was above the expectation for 4.795M openings. Wholesale sales increased 0.2% in October and inventories grew 0.4%, both of which were better than expected. In Asia, China's Shanghai composite index plunged 5.4%, making for the stock market's sharpest selloff in years, after the country’s securities clearing house raised the threshold for the type of collateral used for short-term loans and policymakers warned about potentially slower economic growth. In Europe, Greek stocks and bonds also tumbled after a move to bring forward presidential elections, which could potentially derail Greece’s bailout and austerity efforts. COMPANY NEWS: Verizon (VZ) was among the Dow's worst performers, sinking $1.98, or 4.05%, to $46.92 after the company warned that Q4 impacts of its promotional offers, together with the strong customer volumes this quarter, will put short-term pressure on its earnings per share. After last night's commentary from the company, Robert W. Baird downgraded Verizon shares to Neutral from Outperform and lowered its price target on the stock to $50 from $54... Merck (MRK) also weighed on the Dow, as the drugmaker fell $1.87, or 3.02%, to $60.01 after a Delaware court denied Cubist's (CBST) bid to stop Hospira (HSP) from selling a generic version of Cubicin in 2016. Merck announced just yesterday morning that it had agreed to buy Cubist in a transaction with a total value of approximately $9.5B. The news is a "tough start" to Merck's takeover and makes the $9.5B buyout price look $2B to $3B too high, according to analysts at Leerink. Shares of Cubist also fell $xxx, or xxx%, to $xxx following the court ruling. MAJOR MOVERS: Among the notable gainers was bluebird bio (BLUE), which surged $35.39, or 72.39%, to $84.28 after the company announced data from eight subjects treated with its LentiGlobin drug product and Piper Jaffray more than doubled its price target for the shares to $112 from $52. Among the noteworthy losers was Conn's (CONN), which plunged $14.26, or 40.64%, to $20.83 after unexpectedly reporting losses for its third fiscal quarter, withdrawing its FY15 guidance and announcing the departure of its CFO. Also lower was Spirit Airlines (SAVE), which slid $10.70, or 12.67%, to $73.77 after the company said last night that since late October there has been compression in the fare structure for close-in bookings, believed to be driven by the industry’s willingness to trade lower fuel prices for lower fares. Also, this morning, Raymond James downgraded Spirit Airlines to Market Perform from Outperform, citing valuation, European deflation headwinds, and earnings that are still being revised down. INDEXES: The Dow fell 51.28, or 0.29%, to 17,801.20, the Nasdaq rose 25.77, or 0.54%, to 4,766.46, and the S&P 500 slipped 0.49, or 0.02%, to 2,059.82.
16:00 EDTNFLXOptions Update; December 9, 2014
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13:08 EDTMRKMerck may have paid $2B-$3B too much for Cubist, analyst says
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12:29 EDTTSNTyson Foods volatility at low end of range into investor meeting
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12:25 EDTMRKOn The Fly: Midday Wrap
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11:48 EDTNFLXStocks with call strike movement; NFLX TSLA
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11:29 EDTNFLXDiscovery CEO says international market 'steady, good' for company
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10:32 EDTNFLXNetflix hits a fresh 6-month low, levels to watch
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10:10 EDTMRKMerck trades sharply lower, levels to watch
The stock is down over 4.3% to $59.23 at time of writing. At that price next support is at $57.95. Resistance is at $60.25.
08:25 EDTMRKBristol-Myers data positive, says BMO Capital
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08:23 EDTMRKMerck has 'no way out' of Cubist deal after court decision, says Leerink
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08:12 EDTMRKMerck still sees Cubist acquisition neutral to modestly accretive to 2015 EPS
Merck (MRK) issued the following statement regarding the decision of the U.S. District Court for the District of Delaware. The decision, which upheld the patent for CUBICIN that expires on June 15, 2016 and invalidated four others, is subject to appeal. The company continues to believe the acquisition of Cubist (CBST) will create strong fundamental value for Merck’s shareholders. The combined strength of both companies will provide both incremental and long-term value, and Merck expects the transaction to add more than $1B of revenue to its 2015 base, with strong growth potential thereafter. The court’s decision does not change Merck’s expectation that the transaction will be neutral to modestly accretive to 2015 non-GAAP EPS. The company also continues to expect that the transaction will contribute mid-single digit accretion on a percentage basis to non-GAAP EPS in 2016, and will continue to be accretive thereafter.
08:11 EDTMRKCubist downgraded to Sector Perform from Outperform at RBC Capital
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06:48 EDTNFLXNetflix wants to be 'completely global' within five years, GigaOM reports
Netflix Chief Content Officer Ted Sarandos told investors at the UBS Global Media and Communications Conference that the company wants to be "completely global" and available everywhere in the world before 2020, GigaOM reports. CEO Reed Hastings has previously said that the company could eventually generate up to 80% of its revenue outside the U.S. Reference Link
December 8, 2014
19:00 EDTMRKCubist CEO says Cubicin patent ruling will not affect Merck transaction
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18:00 EDTMRKCubist loses bid to stop Hospira's generic Cubicin after 2016, Bloomberg says
Cubist's (CBST) patent for Cubicin that expires in June 2016 upheld by judge, Bloomberg added. Note that this morning Merck (MRK) and Cubist Pharmaceuticals announced that the companies have entered into a definitive agreement under which Merck will acquire Cubist for $102 per share in cash.
17:54 EDTMRKFour Cubist Cubicin patents invalidated as Hospira wins ruling, Bloomberg says
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