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Stock Market & Financial Investment News

News Breaks
July 28, 2014
12:21 EDTDLTR, CVS, HSH, PPC, TSN, HZNP, ACRX, TRLA, Z, DG, FDO, ESRXOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there throughout the morning. The averages were narrowly lower in early trading, but picked up some downside momentum following the lower than expected pending home sales report. The market eventually found a level where it reversed and began drifting off its lows. By noon the averages returned to roughly where they sat prior to the homes data, as investors prepare for another heavy week of earnings, reports on GDP and labor market growth and a Federal Reserve decision on monetary stimulus. ECONOMIC EVENTS: In the U.S., the pending home sales index dropped 1.1% from the prior month to 102.7 in June, compared to expectations for it to have risen 0.5%. Markit's services PMI for July came in at 61.0 in the flash reading, which was flat with the prior reading and above the 59.8 consensus forecast. COMPANY NEWS: Dollar Tree (DLTR) agreed to acquire Family Dollar (FDO) in a cash and stock transaction estimated to be worth $74.50 per Family Dollar share. The transaction, which values Family Dollar at an enterprise value of about $9.2B and is expected to close by early 2015, was called the "best path forward" for Family Dollar by Nelson Peltz's Trian Fund, which disclosed that it will vote its 7.34% Family Dollar stake in favor of the buyout. Another company in the space, Dollar General (DG), which many investors thought would be the one to pursue a deal with Family Dollar, was initially lower after the deal announcement but Dollar General shares recovered to be up about 3% near noon, while Dollar Tree also climbed 3% and Family Dollar jumped 23%... Real estate website operator Zillow (Z) confirmed a deal to buy its rival, Trulia (TRLA), in a $3.5B, all-stock transactions. Reports about the deal first surfaced last week and Zillow fell 2.5% after the news, while Trulia climbed 12%. MAJOR MOVERS: Among the notable gainers was Tyson Foods (TSN), which rose more than 4% after reporting better than expected third quarter revenues, updating on its planned purchase of Hillshire (HSH) and agreeing to sell its poultry businesses in Mexico and Brazil to Pilgrim's Pride (PPC). Among the noteworthy losers was AcelRx (ACRX), which plunged 41% and was downgraded at Canaccord after the FDA issued a Complete Response Letter for the company's Zalviso drug. Also lower was Horizon Pharma (HZNP), which dropped 34% after it said it has been verbally notified that in August two pharmacy benefit managers, CVS Caremark (CVS) and Express Scripts (ESRX), expect to announce DUEXIS and VIMOVO will no longer be on their formularies and will be placed on their exclusion lists effective at the start of 2015. INDEXES: Near midday, the Dow was down 32.82, or 0.19%, to 16,927.75, the Nasdaq was down 18.96, or 0.43%, to 4,430.60, and the S&P 500 was down 4.56, or 0.23%, to 1,973.78.
News For DLTR;FDO;DG;Z;TRLA;ACRX;HZNP;TSN;PPC;HSH;CVS;ESRX From The Last 14 Days
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September 26, 2014
12:40 EDTACRXAcelRx downgraded to Neutral from Buy at Roth Capital
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09:09 EDTHZNPHorizon reports executive committee, commercial restructuring
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07:03 EDTACRXAcelRx provides update on resubmission of Zalviso NDA
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September 25, 2014
10:06 EDTCVSCVS Health management to meet with Leerink
Meeting to be held in Los Angeles on October 1 hosted by Leerink.
September 24, 2014
08:33 EDTCVSCVS Health enters into clinical affilitation with three academic medical centers
CVS Health has entered into new clinical affiliations with three leading academic medical centers. The collaborating medical centers include the University of Maryland Medical System, University of Texas Medical Branch at Galveston, and the University of Alabama at Birmingham Health System. Through these clinical affiliations the patients served by these medical centers will continue to have access to clinical support, medication counseling, chronic disease monitoring and wellness programs at CVS/pharmacy stores and MinuteClinic, the retail medical clinic division of CVS Health.
September 23, 2014
17:02 EDTHZNPBalaji Venkataraman reports 15.6% stake in Horizon Pharma
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10:33 EDTCVSCVS Health management to meet with Wolfe Research
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07:54 EDTHZNPLeerink to hold a conference
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September 22, 2014
13:01 EDTTRLA, ZZillow volatility flat as shares pullback into planned acquisition of Trulia
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September 19, 2014
16:57 EDTHZNPHorizon Pharma files automatic ordinary share shelf
10:46 EDTHZNPHorizon Pharma backs FY15 revenue view $380M-$405M, consensus $376.94M
Backs FYT15 adjusted EBITDA view $150M-$170M
10:45 EDTHZNPHorizon Pharma backs FY14 revenue view $270M-$280M, consensus $277.56M
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07:22 EDTCVSNational Press Club holds a luncheon meeting
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September 18, 2014
19:50 EDTHZNPHorizon Pharma trading halted, pending news
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11:55 EDTCVSRite Aid falls as drugstore chain trims FY15 view
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09:19 EDTHZNPHorizon Pharma announces holder approval of Vidara acquisition
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September 17, 2014
17:32 EDTDG, FDODollar General remains committed to acquisition of Family Dollar
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08:28 EDTDLTR, DG, FDOFamily Dollar board rejects Dollar General's 'illusory' tender offer
Family Dollar Stores (FDO) announced that its Board of Directors unanimously recommends that Family Dollar’s shareholders reject the unsolicited conditional tender offer made by Dollar General Corporation (DG) and not tender their shares. In conjunction with its rejection of Dollar General’s offer, Family Dollar’s Board unanimously reaffirms its recommendation in support of the transaction with Dollar Tree (DLTR). The terms of the tender offer are the same as those in the proposal made by Dollar General on September 2, 2014, which the Board of Directors of Family Dollar unanimously rejected on September 5, 2014, on the basis of antitrust regulatory considerations. Howard R. Levine, Chairman and CEO of Family Dollar, said, “Our Board of Directors, with the assistance of outside advisors and consultants, reviewed all aspects of Dollar General’s tender offer and concluded unanimously that this highly conditional Offer is illusory because, as Dollar General is well aware, the Offer cannot close on the terms proposed. Tenders into the Dollar General Offer will be meaningless since there is no way that Dollar General can purchase shares that are tendered.” Levine added, “The terms of the Dollar General Offer are no different from those in its most recent unsolicited proposal, which was previously and unanimously rejected by our Board of Directors based on antitrust regulatory considerations. There is a very real and material risk that the transaction proposed by Dollar General would fail to close, after a lengthy and disruptive review process. Accordingly, our Board has rejected Dollar General’s tender offer and reaffirmed its support of the transaction with Dollar Tree, which delivers attractive value in the form of immediate upfront cash and upside participation in a combined Dollar Tree-Family Dollar entity, as well as closing certainty.” Ed Garden, a Family Dollar director and co-founder and Chief Investment Officer at Trian Fund Management, L.P., a large shareholder of the Company, stated, “We are focused on delivering to Family Dollar shareholders the highest value with certainty, and the Dollar Tree transaction does just that. Dollar Tree has taken the antitrust risk off the table by committing to divest as many stores as necessary to obtain antitrust clearance. We remain fully committed to the Dollar Tree transaction.”
08:27 EDTDLTR, DG, FDOFamily Dollar board rejects Dollar General's 'illusory' tender offer
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07:26 EDTZAmerican Enterprise Institute to hold a conference
3rd International Conference on Housing Risk to be held in Washington, D.C. on September 17-18.
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