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Stock Market & Financial Investment News

News Breaks
July 28, 2014
12:21 EDTTRLA, FDO, HSH, HZNP, Z, DLTR, ESRX, PPC, ACRX, DG, CVS, TSNOn 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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May 21, 2015
07:06 EDTCVSCVS Health agree to acquire Omnicare for $98 per share
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07:04 EDTCVSCVS Health agree to acquire Omnicare for $98 per share
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May 20, 2015
18:19 EDTCVSOmnicare up about 5% from close after talks of being acquired by CVS Health
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18:10 EDTCVSCVS Health in late stage talks to acquire Omnicare, Bloomberg says
CVS Health (CVS) is in advanced talks to buy Omnicare (OCR), Bloomberg reports, citing people with knowledge of the matter. A deal could be reached as soon as this week, the sources added. Reference Link
18:00 EDTCVSCVS Health reportedly in advanced talks to acquire Omnicare, Bloomberg says
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15:00 EDTDLTRNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Dollar Tree (DLTR), consensus 75c... Best Buy (BBY), consensus 29c... Advance Auto Parts (AAP), consensus $2.48... Patterson Companies (PDCO), consensus 65c... Donaldson Company (DCI), consensus 35c... Booz Allen Hamilton Holding (BAH), consensus 33c... The Buckle (BKE), consensus 78c... Monro Muffler Brake (MNRO), consensus 39c... Brady Corp. (BRC), consensus 37c... Trina Solar (TSL), consensus 9c... Quality Systems (QSII), consensus 15c... Kirkland's (KIRK), consensus 11c... Bon-Ton Stores (BONT), consensus ($1.56).
11:51 EDTESRXExpress Scripts' Medco to pay $7.9M to resolve kickback allegations
Medco Health Solutions, a wholly-owned subsidiary of the pharmacy benefit manager Express Scripts Holding Company (ESRX), of Missouri, has agreed to pay the government $7.9M to settle allegations that it engaged in a kickback scheme in violation of the False Claims Act, the Justice Department announced. Medco provides pharmacy benefit management services to clients who receive subsidies under the Medicare Retiree Drug Subsidy program. The settlement resolves allegations that Medco solicited remuneration from AstraZeneca, a pharmaceutical manufacturer, in exchange for identifying Nexium as the “sole and exclusive” proton pump inhibitor on certain of Medco’s prescription drug lists known as formularies. The United States alleged that Medco received some or all of the remuneration from AstraZeneca in the form of reduced prices on the following AstraZeneca drugs: Prilosec, Toprol XL and Plendil. The United States contended that this kickback arrangement between Medco and AstraZeneca (AZN) violated the Federal Anti-Kickback statute, and thereby caused the submission of false or fraudulent claims for Nexium to the Retiree Drug Subsidy Program. In January 2015, the United States and AstraZeneca reached a $7.9M settlement to resolve kickback allegations arising out of the same conduct. This civil settlement resolves a lawsuit filed under the qui tam, or whistleblower, provision of the False Claims Act, which allows private citizens with knowledge of false claims to bring civil actions on behalf of the government and to share in any recovery. The lawsuit was filed by former AstraZeneca employees Paul DiMattia and F. Folger Tuggle, whose share of the settlement has not been determined. The settlement with Medco was the result of a coordinated effort among the Civil Division, the U.S. Attorney’s Office of the District of Delaware and HHS-OIG.
10:00 EDTESRXOn The Fly: Analyst Initiation Summary
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08:10 EDTTSNTyson Foods repeats FY15 adjusted EPS view $3.30-$3.40, consensus $3.44
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07:21 EDTCVSUBS to hold a conference
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May 19, 2015
17:16 EDTTSNTyson Foods awarded $194.79M government contract
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16:41 EDTESRXExpress Scripts initiated with a Neutral at Baird
Target $94.
07:26 EDTHZNPHorizon Pharma meeting takeaways support investment thesis, says UBS
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07:17 EDTCVSCVS Health has a conference call hosted by JPMorgan
JPMorgan Analyst Gill will host a conference call with CEO Larry Merlo on May 21 at 11 am.
May 18, 2015
08:46 EDTDLTRDollar Tree weakness an attractive buying opportunity, says UBS
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May 15, 2015
17:33 EDTDG, DLTRPoint72 Asset Management gives quarterly update on stakes
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17:07 EDTFDOTrian Fund gives quarterly update on stakes
NEW STAKES: None. INCREASED STAKES: PepsiCo (PEP), Mondelez (MDLZ), Bank of New York Mellon Group (BK), and Du Pont (DD). DECREASED STAKES: Family Dollar (FDO), and Ingersoll-Rand (IR). LIQUIDATED STAKES: Lazard (LAZ).
14:15 EDTDLTRDollar Tree volatility flat into Q1 and outlook
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10:01 EDTHZNPOn The Fly: Analyst Initiation Summary
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07:05 EDTHZNPHorizon Pharma initiated with a Buy at Jefferies
Target $37.
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