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Stock Market & Financial Investment News

News Breaks
February 26, 2013
19:10 EDTAH, GLUU, CZR, EIX, WFR, QCOR, ZNGA, BGFV, SPWR, FSLR, BYD, PCLNOn The Fly: After Hours Movers
UP AFTER EARNINGS: Edison International (EIX), up 4%... priceline.com (PCLN), up 3.6%... Big 5 Sporting (BGFV), up 8%... ALSO HIGHER: Several casino and gaming stocks, including Caesar's Entertainment (CZR), up 4.5%, Boyd Gaming (BYD), up 4.9%, Zynga (ZNGA), up 1.5%, and Glu Mobile (GLUU), up 2.1% after New Jersey governor Chris Christie signed into law a measure that allows Internet gaming in the state... DOWN AFTER EARNINGS: First Solar (FSLR), down 10%... Questcor Pharmaceuticals (QCOR), down 6.3%... ALSO LOWER: Accretive Health (AH), down 19% after the company postponed the release of its Q4 and FY12 earnings... Also lower following First Solar's quarterly report and guidance that came in below estimates were solar energy peers SunPower (SPWR), down 4.6%, and MEMC Electronic (WFR), down 2.9%.
News For EIX;PCLN;BGFV;CZR;BYD;ZNGA;GLUU;FSLR;QCOR;AH;SPWR;WFR From The Last 14 Days
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April 7, 2014
11:05 EDTQCOR High option volume stocks: EXC QCOR SQQQ GNK PPG
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10:40 EDTQCORShort-seller target Questcor spikes after deal to be bought by Mallinckrodt
Questcor (QCOR) shares are sharply higher this morning after the company agreed to be bought by Mallinckrodt (MNK) in a transaction valued at approximately $5.6B. WHAT'S NEW: Questcor, a biopharmaceutical company whose primary drug, H.P. Acthar Gel, is approved by the FDA for the treatment of 19 indications, will be acquired by Mallinckrodt for about $5.6B, made up of $30.00 per share in cash and 0.897 Mallinckrodt shares for each Questcor share they own. The total consideration equated to approximately $86.10 per Questcor share based on the closing price of Mallinckrodt shares on April 4. After the deal closes, Mallinckrodt shareholders will own approximately 50.5% and former Questcor shareholders will own approximately 49.5% of the combined company's stock. The deal is expected to immediately add to Mallinckrodt's fiscal 2014 adjusted earnings per share and significantly add to fiscal 2015 adjusted EPS. The transaction is targeted to close in the third quarter. On the companies' conference call discussing the merger, Questcor said it believes that its first quarter sales will be "somewhat lower" than the fourth quarter of 2013, but also "substantially higher" than last year's first quarter; the consensus estimate for Q1 revenue is $242.08M. Questcor also said that it sees a "favorable" tax structure and operating cash flow, as well as immediate value for shareholders. Mallinckrodt said sees about a 10% decline in the tax rate with the Questcor deal and believes it will realize immediate tax benefits. Mallinckrodt added that its focus will be on deleveraging in the coming months to allow for strategic acquisitions. WHAT'S NOTABLE: Of the 19 indications approved for Acthar, Questcor currently generates substantially all of its net sales from the following on-label indications: the treatment of proteinuria in the nephrotic syndrome of the idiopathic type, or NS, the treatment of acute exacerbations of multiple sclerosis, or MS, in adults, the treatment of infantile spasms, or IS, in infants and children under two years of age, and the treatment of certain rheumatology related conditions. Questcor has been a frequent target of the short-selling blog Citron Research in the past. As recently as March 14, Citron Research claimed Questcor was "deceiving" the FDA and investors, alleging H.P. Acthar Gel's active ingredient is less than 20% of the label specification. PRICE ACTION: Questcor is trading up $11.48, or 16.91%, to $79.35 in mid-morning trading. Meanwhile, Mallinckrodt is down $1.70, or 2.72%, to $60.82.
10:00 EDTQCORQuestcor rises 21.2%
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09:10 EDTQCOROn The Fly: Pre-market Movers
HIGHER: Questcor (QCOR), up 27% after agreeing to be bought by Mallinckrodt (MNK) for cash, stock valued at $86.10 per Questcor share... Agios Pharmaceuticals (AGIO), up 25% after program shows "promising clinical activity" for advanced blood cancers, shares upgraded at JPMorgan... Vocus (VOCS), up 47% after agreeing to be acquired by GTCR for $446.5M, or $18.00 per share... Pandora (P), up 1.3% following upgrade at Wedbush. LOWER: MannKind (MNKD), down 13% after announcing FDA extension of PDUFA date for Afrezza... American Eagle (AEO), down 2.2% following downgrade at Cowen... Pfizer (PFE), down 2.8% after announcing data for palbociclib in metastatic breast cancer... Mattel (MAT), down 3% following downgrade at BMO Capital... WWE (WWE), down 1.2% after cautious mention in Barron's, company announcing WrestleMania 30 grossed $10.9M.
09:00 EDTQCORQuestcor rises 29.2%
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07:18 EDTZNGAZynga added to Best Ideas List at Wedbush
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07:16 EDTQCORMallinckrodt and Questcor hold a joint conference call
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07:08 EDTQCORQuestcor to be bought by Mallinckrodt for cash, stock valued at $86.10 per share
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07:04 EDTQCORQuestcor acquired by Mallinckrodt for $5.6B
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05:49 EDTPCLNStocks with implied volatility movement; ETFC PCLN
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April 4, 2014
16:17 EDTZNGASAC Capital lowers passive stake in Zynga to 3.9% from 5.3%
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11:49 EDTPCLNStocks with call strike movement; MU PCLN
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10:50 EDTSPWR, FSLRFirst Solar rallies after Citigroup ups price target
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07:49 EDTFSLRFirst Solar price target raised to $87 from $63 at Citigroup
Citigroup raised its price target for First Solar shares to $87 from $63 after shifting its valuation to 2016 estimates and reiterates a Buy rating on the stock. Citi believes First Solar's 2013 guidance could prove conservative.
06:04 EDTFSLRStocks with implied volatility below IV index mean; SWY FSLR
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April 3, 2014
08:02 EDTSPWRHannon Armstrong provides $42M in solar lease financing to SunPower
Hannon Armstrong (HASI) and SunPower (SPWR) announced an agreement under which HASI will provide $42M in non-recourse debt to help finance SunPower's residential solar lease program.
06:26 EDTSPWR, FSLRSolarbuzz expects record demand for PV industry in 2014, DigiTimes says
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06:01 EDTFSLRStocks with implied volatility below IV index mean; SWY FSLR
Stocks with implied volatility below IV index mean; Safeway (SWY) 11, First Solar (FSLR) 46 according to iVolatility.
April 2, 2014
10:00 EDTEIXOn The Fly: Analyst Downgrade Summary
ArcelorMittal (MT) downgraded to Neutral from Outperform at Credit Suisse... Essex Property Trust (ESS) downgraded to Neutral from Buy at Goldman... Healthstream (HSTM) downgraded to Market Perform from Outperform at Northland... Imperial Oil (IMO) downgraded to Underperform from Neutral at BofA/Merrill... Nordion (NDZ) downgraded to Hold from Buy at Canaccord... The Medicines Co. (MDCO) downgraded to Neutral from Overweight at Piper Jaffray... U.S. Bancorp (USB) downgraded to Hold from Buy at Sandler O'Neill... Old National Bancorp (ONB) downgraded to Hold from Buy at Sandler O'Neill... Edison International (EIX) downgraded to Hold from Buy at Argus.
07:35 EDTEIXEdison International downgraded to Hold from Buy at Argus
Argus downgraded Edison International due to valuation.
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