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Stock Market & Financial Investment News

News Breaks
June 10, 2014
16:28 EDTEBAY, FB, AGN, VRX, COUP, EHTH, INO, RCPTOn The Fly: Closing Wrap
Stocks on Wall Street began the day slightly below the flat line and remained there for most of the session, before a late move higher allowed the Dow to run its recent winning streak to another day, though just barely. Economic reports from at home and abroad, which included wholesale trade data in the U.S. and inflation data from China, had little effect on the market, which seemed content to spend the session drifting. The Dow and S&P 500 stand just short of major round-number milestones, but both will have to wait at least another day to see if they can be reached. ECONOMIC EVENTS: In the U.S., wholesale inventories rose 1.1% in April, with sales up 1.3%, which were both better than forecast. The JOLTS report showed job openings climbed 289K to 4.46M in April. In China, official data showed an index of consumer prices rose 2.5% year-on-year in May, while China's producer price index contracted 1.4% during the month. COMPANY NEWS: Shares of eBay (EBAY) closed down $1.33, or 2.68%, to $48.25 after the company announced last night that PayPal President David Marcus is leaving the company to lead Facebook’s (FB) messaging products. Facebook shares reacted positively to the executive hiring, rising $2.89, or 4.6%, to $65.77... Allergan (AGN) once again rejected Valeant (VRX), saying that the higher takeover bid it made in concert with Bill Ackman's hedge fund Pershing Square still "substantially undervalues the company [and] creates significant risks and uncertainties for the stockholders of Allergan." Further, Allergan said its board has "serious concerns" about the large stock component of the proposal and that the latest Valeant offer does not warrant talks between the companies. Following the latest reproach, BMO Capital said it believes the fight between the two is still in the "early innings" and could last well into 2015. Shares of Allergan slipped $1.06, or 0.65%, to $163.09, while Valeant fell $1.08, or 0.85%, to $125.55. MAJOR MOVERS: Among the notable gainers was hepatitis C treatment maker Achillion (ACHN), which surged $3.54, or 83.29%, to $7.79 after the company announced today that it had received favorable news from the FDA about resuming certain clinical trials. Achillion's advance comes on top of its 47% move higher yesterday after Merck (MRK) announced that it would acquire another company in the HCV drug space at a significant premium. Also higher was Receptos (RCPT), which jumped $10.74, or 36.78%, to $39.94 after the company reported phase 2 data for its SIPI modulator that firms Leerink and BMO Capital both viewed positively. Among the noteworthy losers was Inovio Pharmaceuticals (INO), which fell $1.44, or 13.36%, to $9.34 after TheStreet's Adam Feuerstein speculated that the company already has data in hand for its phase II study of its vaccine for cervical pre-cancerous lesions and warned of "red flags" related to the company's CEO "walking back expectations" ahead of a potential disclosure that the trial was not a success. Also lower were shares of eHealth (EHTH), which fell $5.09, or 13.05%, to $33.91 after Jefferies downgraded the stock to Hold and lowered its price target for shares to $40 from $62, citing less confidence in the company's Exchange opportunity following management comments at the firm's conference. Another stock moving lower following a downgrade was Coupons.com (COUP), which dropped $2.95, or 10.6%, to $24.88 after Goldman downgraded the shares to Sell from Neutral. INDEXES: The Dow was up 2.82, or 0.02%, to 16,945.92, the Nasdaq was up 1.75, or 0.04%, to 4,338.00, and the S&P 500 was down 0.48, or 0.02%, to 1,950.79.
News For EBAY;FB;AGN;VRX;COUP;EHTH;INO;RCPT From The Last 14 Days
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July 17, 2014
06:50 EDTFBAirbus considering partnering with high tech companies, NY Times says
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06:35 EDTEBAYeBay shares look 'resilient' at current levels, says Citigroup
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05:41 EDTEBAYeBay revenue guidance should not be surprise, says Piper Jaffray
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July 16, 2014
17:46 EDTAGN, VRXAckman says he thinks Allergan-Valeant deal eventually gets done
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17:42 EDTVRX, AGNPershing Square's Ackman says Allergan's attack on Valeant unprecedented
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17:39 EDTEBAYeBay says Google search algorithm change slowed traffic in June
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17:04 EDTRCPTReceptos files automatic mixed securities shelf
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16:25 EDTEBAYeBay narrows FY14 revenue view to $18B-$18.3B from $18B-$18.5B
Consensus is $18.24B.
16:19 EDTEBAY eBay sees FY14 adjusted EPS $2.95-$3.00, consensus $2.98
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16:18 EDTEBAYeBay sees Q3 adjusted EPS 65c-67c, consensus 70c
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16:17 EDTEBAYeBay reports Q2 EPS 69c, consensus 68c
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16:00 EDTFBOptions Update; July 16, 2014
iPath S&P 500 VIX Short-Term Futures down 70c to 27.25. Option volume leaders: AAPL FB GOOG AMZN TWTR TSLA C HPQ TWX INTC AMZN according to Track Data.
15:27 EDTEBAYNotable companies reporting after market close
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13:25 EDTEBAYeBay July 50.5 straddle priced for 4.2% move into Q2
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13:20 EDTEBAYEarnings Preview: eBay set to report Q2 earnings since security breach
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10:36 EDTAGN, VRXTreasury calls on Congress to halt inversion deals
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10:31 EDTAGNPershing Square Capital Management holds analyst/industry conference call
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09:16 EDTAGN, VRXPershing Square sends letter to Allergan's board of directors
Pershing Square Capital Management announced it has sent a letter to Allergan's Board of Directors. Pershing Square last Friday filed definitive solicitation materials with the U.S. SEC to seek shareholder support for a special meeting of Allergan shareholders and is now actively soliciting shareholder support to call the meeting. At this special meeting, Allergan shareholders will be able to voice their opinions on a number of critical matters, including the proposed removal of six incumbent members of the Allergan board, the proposed appointment of an independent slate of directors and certain other proposed provisions to improve Allergan’s corporate governance.
08:16 EDTVRX, AGNLew's letter could bring 'chilly' tax inversion environment, says BMO Capital
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07:59 EDTAGN, VRXTreasury Secretary urges Congress to take action on tax inversions
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