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October 9, 2012
12:35 EDTMMM, DGXQuest Diagnostics unit, 3M say FDA gives clearance for Simplexa test
Focus Diagnostics, a business of Quest Diagnostics (DGX), and 3M (MMM) announced that the U.S. Food and Drug Administration has provided 510(k) clearance and CLIA moderate-complexity categorization to the Simplexa Flu A/B & RSV Direct test on the 3M Integrated Cycler. The new test aids in the qualitative detection and differentiation of RNA of influenza A and B viruses and respiratory syncytial virus, common causes of respiratory illness. The Simplexa Flu A/B & RSV Direct is now available in the United States. It was CE marked for distribution in Europe in 2011.
News For DGX;MMM From The Last 14 Days
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October 9, 2015
18:31 EDTDGXQuest Diagnostics introduces Dako's PD-L1 companion diagnostic for OPDIVO
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October 7, 2015
13:19 EDTMMM3M enters licensing agreement with Lotus Applied Technology
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October 6, 2015
12:49 EDTDGXIllumina plummets after 2H15 revenue forecast trails estimates
Shares of Illumina (ILMN), which produces tools for genetic analysis, are sinking after the company forecast lower than expected revenue for the third and fourth quarters. Illumina also lowered its fiscal 2015 revenue growth forecast to 18% from 20%. WHAT'S NEW: Illumina yesterday announced preliminary Q3 revenue of approximately $550M, below analysts' consensus estimates of $568.6M. Additionally, the company forecast Q4 revenue of approximately $570M, well below analysts' estimates of $602.83M. Illumina also lowered its forecast for 2015 revenue growth to approximately 18% from its prior view of approximately 20%, including a 3% negative impact from foreign exchange, against analysts' consensus estimates of $2.25B. WHAT'S NOTABLE: Jay Flatley, Illumina's chief executive officer, noted that although the company saw strong demand for sequencing consumables and the HiSeq family of instruments in Q3, instrument sales in the desktop family underperformed company expectations. He said management was "disappointed with instrument sales in Europe and continued weakness in the Asia-Pacific region." Flatley said that the new markets the company is targeting are "enormous," and will support revenue growth for Illumina in 2016 and beyond. The company is expected to provide updated earnings per share guidance on October 20, when the company reports Q3 results. ANALYST REACTION: Sentiment on the Street was mixed at midday. Research firms Mizuho and BTIG downgraded Illumina to Neutral from Buy. In addition, UBS, Stifel, and Cowen all lowered their respective price targets on Illumina shares. Conversely, Piper and Wells Fargo said they would be buyers of Illumina on today's weakness. Another firm, Canaccord, said the Illumina news not all bad and maintained its Buy rating and $250 price target on Illumina shares. PRICE ACTION: In midday trading, Illumina fell $23.17, or about 14.2%, to $140.01 on more than six times its average daily trading volume. Including today's pull back, the shares have lost approximately 14% over the past 12 months. OTHERS TO WATCH: Other companies in the diagnostic business include Affymetrix (AFFX), down 4.1%, HTG Molecular Diagnostics (HTGM), down 4.2%, Quest Diagnostics (DGX), down 3.5%, Pacific Biosciences (PACB), down 2.4%, and Thermo Fisher Scientific (TMO), down 2.7%.
12:29 EDTDGXFDA clears Focus Diagnostics' Simplexa flu test to include new strains
Focus Diagnostics, the products business of Quest Diagnostics, announced that its Simplexa Flu A/B & RSV Direct Kit has received 510k clearance from the U.S. Food and Drug Administration for 46 additional influenza A and influenza B virus strains and 7 additional respiratory syncytial virus strains. The FDA granted 510k initial clearance to the Simplexa test kit for select virus strains in July 2012 and clearance of some additional strains in 2014. With the recent clearance, the Simplexa test can detect a total of 92 influenza and RSV virus strains, more than any other FDA-cleared molecular test kit. These include all four influenza strains the World Health Organization recommends be included in vaccines during the northern hemisphere's 2015-2016 influenza season: A/Switzerland/9715293/2013 H3N2-like virus; A/California/7/2009 H1N1-like virus, B/Phuket/3073/2013-like virus and B/Brisbane/60/2008-like virus. In addition, the 46 new influenza strains include 20 avian influenza A and two swine influenza virus strains. These may be increasingly important to detect, as avian and swine influenza viruses can carry over into human populations.
11:19 EDTMMM3M sells Faab Fabricauto to Hills Numberplates
3M announced that 3M France has received a binding offer from Hills Numberplates Limited to purchase 100% of the shares of Faab Fabricauto, a wholly-owned subsidiary of 3M and part of 3M's Traffic Safety and Security Division. Faab Fabricauto is a French manufacturer of license plates and signage solutions. Faab Fabricauto has annual sales of approximately $30M. The transaction is expected to be signed by 3M France and closed during Q4, subject to consultation requirements with the relevant French Works Councils. The approximately 150 employees of Faab Fabricauto are expected to transition with the business when the transaction closes. 3M expects the earnings impact from the transaction to be offset by additional portfolio management actions in Q4.
11:10 EDTMMM3M sells Library Systems business to One Equity Partners
3M announced that it has completed the sale of assets of its North American Library Systems business to One Equity Partners Capital Advisors. 3M also announced that it has entered into agreements for OEP to purchase the assets of its remaining global Library Systems business. 3M Library Systems business delivers circulation management solutions to library customers. The business posted global sales over the last 12 months of approximately $100M. The remaining sale of assets is expected to be completed in Q4 subject to customary closing conditions and consultation or information requirements with relevant works councils. When both transactions are closed, approximately 100 3M employees are expected to join OEP. 3M expects the earnings impact from the transactions to be offset by additional portfolio management actions in Q4. "After a thorough strategic review, we have decided to exit the Library Systems business, and focus on our core businesses such as reflective traffic safety and vehicle identification solutions, and our public security identification and monitoring portfolio," said John Riccardi, vice president and general manager, 3M Traffic Safety and Security Division.
October 5, 2015
12:51 EDTMMM3M Drug Delivery Systems and Impel NeuroPharma form strategic alliance
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October 2, 2015
15:43 EDTDGXQuest Diagnostics introduces Dako's PD-L1 companion diagnostic for KEYTRUDA
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September 25, 2015
10:00 EDTMMMOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 3M (MMM) upgraded to Outperform from Neutral at Credit Suisse... ACE Limited (ACE) upgraded to Buy from Neutral at Goldman... Applied Materials (AMAT) upgraded to Buy from Outperform at CLSA... Autoliv (ALV) upgraded to Sector Perform from Underperform at RBC Capital... Bed Bath & Beyond (BBBY) upgraded to Market Perform at Telsey Advisory... Box (BOX) upgraded to Buy at Canaccord... Chevron (CVX) upgraded to Peer Perform from Underperform at Wolfe Research... CyberArk (CYBR) upgraded to Buy from Neutral at Nomura... Exelon (EXC) upgraded to Buy from Neutral at Guggenheim... General Growth (GGP) upgraded to Outperform from Market Perform at BMO Capital... Intel (INTC) upgraded on positive checks, developments at JMP Securities... KLA-Tencor (KLAC) upgraded to Outperform from Underperform at CLSA... Lam Research (LRCX) upgraded to Buy from Outperform at CLSA... Marvell (MRVL) upgraded to Buy from Hold at Craig-Hallum... Nike (NKE) upgraded on share gains at Sterne Agee CRT... Spirit Airlines (SAVE) upgraded to Outperform from Market Perform at Cowen... United Rentals (URI) upgraded to Neutral from Underperform at BofA/Merrill.
06:49 EDTMMM3M upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded 3M to Outperform and raised its price target to $160 from $155. Analyst Julian Mitchell believes risk/reward is attractive following the share pullback and said it is one of the few stocks in the group that can growth earnings at a double-digit pace next year without a sharp improvement in the macro environment. Mitchell believes shares now reflect negative factors and not positives, including management's willingness to use the balance sheet to shore up earnings growth.

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