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Stock Market & Financial Investment News

News Breaks
February 11, 2013
06:38 EDTENDP, TEVA, COV, WCRX, VRXFidelity Investments wants an Endo Health Solution's sale, Bloomberg reports
Fidelity Investments, Endo Health Solutions's (ENDP) largest shareholder, wants a sale, sources say, reports Bloomberg. It may be the company's best hope at regaining investor confidence after losing more than $1B in market value, or to undo the acquisitions that built the company. Endo has the lowest valuation in the U.S. specialty pharmaceuticals industry, according to Bloomberg data. On average, analysts see Endo getting at least a 26% premium in a deal. Teva Pharmaceutical Industries (TEVA) or Covidien Plc (COV) could go after parts or all of Endo, according to Stifel Financial Corp. Gabelli & Co. said Endo could break up or sell its pain drugs to Warner Chilcott Plc (WCRX) or Valeant Pharmaceuticals International (VRX). Reference Link
News For ENDP;TEVA;COV;WCRX;VRX From The Last 14 Days
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August 14, 2014
07:27 EDTCOVJPMorgan a buyer of Medtronic at current levels
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06:15 EDTCOVCovidien risk/reward very favorable, says Citigroup
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August 11, 2014
17:36 EDTVRXValeant receives FTC second request under Hart-Scott-Rodino
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12:52 EDTVRXAllergan receives second request from FTC regarding Valeant's proposal
Allergan (AGN) announced that it received a request for additional information under the Hart-Scott-Rodino Act from the U.S. Federal Trade Commission in connection with Valeant Pharmaceuticals International's (VRX) unsolicited acquisition proposal of Allergan. Allergan intends to respond fully in connection with the ongoing investigation. The Company noted that Second Request investigations typically take some time to conclude, and Allergan cannot predict how long this investigation will take or how it might otherwise develop. The company previously announced that Allergan’s Board of Directors unanimously determined that Valeant’s unsolicited exchange offer is grossly inadequate, substantially undervalues the company, creates significant risks and uncertainties for Allergan stockholders, and is not in the best interests of the company and its stockholders. Goldman, Sachs & Co. and BofA Merrill Lynch are serving as financial advisors to the company and Latham & Watkins, Richards, Layton & Finger, P.A. and Wachtell, Lipton, Rosen & Katz are serving as legal counsel to the company.
12:42 EDTVRXValeant shareholder ValueAct sees no need to buy Allergan, Reuters says
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12:27 EDTVRXValueAct says Valeant does not need to buy Allergan, Reuters says
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07:22 EDTVRXJudge sets hearing date for Allergan suit vs. Valeant, Reuters reports
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August 8, 2014
17:10 EDTVRX, COVMarket finishes week up slightly as earnings offset by political events
Stocks finished the week fractionally higher than where they started as strong corporate earnings reports and better than expected economic data was weighed against concerns about geopolitical issues and negative M&A news. MACRO NEWS: A few ongoing geopolitical conflicts worried investors and weighed on shares. Russia unveiled sanctions against Western countries, banning the import of a wide range of food items from the U.S, the EU and a few allied countries in response to sanctions recently enacted against it from G7 nations... President Obama authorized the bombing of rebels in Iraq and Hamas and Israel failed to reach a permanent truce... An ISM services index, the U.S. trade deficit for June, and weekly jobless claims were all better than expected. Meanwhile, the increase in unit labor costs last quarter came in below the consensus outlook, perhaps easing fears that the Fed will need to raise interest rates sooner than expected. COMPANY NEWS: On the M&A front, two huge potential deals fell through as 21st Century Fox (FOX, FOXA) withdrew its offer to acquire Time Warner (TWX) and Sprint (S) reportedly decided to end its pursuit of a merger with peer T-Mobile (TMUS)... President Obama indicated that his administration would take unilateral steps in an effort to prevent companies from carrying out tax inversion acquisitions. Among the deals or possible transactions that involve inversion are Medtronic's (MDT) acquisition of Covidien (COV), Valeant's (VRX) proposed takeover of Allergan (AGN) and Mylan's (MYL) acquisition of Abbott's (ABT) developed markets branded generics pharmaceuticals business. Meanwhile, Walgreen's (WAG) stock tumbled after the U.S. company said it would not structure its takeover of European drugstore chain Alliance Boots as a tax inversion deal... 21st Century Fox, 3D printer maker Stratasys (SSYS), chip maker NVIDIA (NVDA), brewer Molson Coors (TAP), and luxury accessories maker Coach (COH) all rose following their earnings reports. Conversely, Target (TGT), luxury accessories maker Michael Kors (KORS) and Internet coupon provider Groupon (GRPN) fell following their results or guidance... Gannett (GCI) struck a deal to acquire the remaining 73% interest in Classified Ventures, whose primary asset is the online car shopping website Cars.com, for $1.8B from the other partners in the venture, which include McClatchy (MNI), Tribune Media (TRBAA), Graham Holdings (GHC) and A. H. Belo (AHC). Gannett also announced plans to spin-off its Publishing business, which includes USA Today, through a tax-free distribution to shareholders... McDonald's (MCD) stock was little changed after the company reported that its comparable store sales fell 2.5% in July, which was significantly worse than expected. Food quality issues weighed on the fast food company's sales in Asia and as a result of the China supplier issue, the company warned its previously issued global comparable sales forecast for 2014 is now at risk. INDEXES: The Dow finished the week up 0.35% to 16,553.93, the S&P 500 rose 0.32% to 1,931.59, and the Nasdaq gained 0.41% to 4,370.90.
10:58 EDTVRXAllergan rises after analyst sees compelling risk/reward, upgrades stock
Shares of drug maker Allergan (AGN) are rising after research firm Leerink Swann upgraded the stock in a note to investors today. WHAT'S NEW: After Allergan's stock fell recently, the shares' risk/reward ratio has become "increasingly positive" and is now compelling, Leerink analyst Seamus Fernandez wrote. Allergan's business has shown little if any weakness as a result of Valeant's (VRX) takeover bid for the company and Allergan's planned restructuring is overdue, the analyst contended. The weakness in Allergan's shares has been caused mainly by technical and arbitrage issues, according to Fernandez, who forecasts that the company can generate EPS of over $8.20 next year. Meanwhile, Valeant's bid will prevent Allergan's stock from dropping too far as long as it is on the table, Fernandez believes. Allergan has a number of other upcoming potential positive catalysts, including a potential $5B-$10B share repurchase initiative and data due to be released on August 12 on DARPin, the company's drug for wet age-related macular degeneration. A potential compelling acquisition by Allergan could also boost the stock, the analyst wrote. He upgraded the stock to Outperform from Market Perform and placed a $184 price target on the shares. PRICE ACTION: In mid-morning trading, Allergan rose $3.98, or 2.6%, to $155.67.
10:36 EDTCOVOptions with increasing implied volatility
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09:00 EDTENDPBioDelivery Sciences still a takeover target, says Janney Capital
Janney Capital continues to believe that BioDelivery Sciences (BDSI) could be a takeover target, noting that it thinks partner Endo International (ENDP) could be a potential buyer if BioDelivery has more positive top-line results and if the market weakens. The firm, which added that it likes BioDelivery Sciences as a stand-alone company as well, maintains its Buy rating and $15 fair value estimate on the stock.
07:01 EDTCOV, VRXHarvard professor says Treasury can reduce inversion incentives, NY Times says
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06:16 EDTVRXAllergan upgraded to Outperform from Market Perform at Leerink
Leerink upgraded its rating on Allergan (AGN) shares to Outperform citing a compelling risk/reward profile following the recent pullback in shares. The firm believes Valeant's (VRX) takeover attempt is having little if any impact on Allergan's business. Leerink has a $184 price target for Allergan shares, which closed yesterday down $5.18 to $151.92.
05:50 EDTVRXStocks with implied volatility movement; TWX VRX
Stocks with implied volatility movement; Time Warner (TWX) 30, Valeant (VRX) 49 according to iVolatility.
August 7, 2014
13:55 EDTTEVATeva won't be meaningfully hurt soon by new Copaxone filing, says BMO Capital
After Teva (TEVA) confirmed that it received the first paragraph IV notice for the 3x per week version of its Copaxone drug from Dr. Reddy's (RDY), BMO Capital said it had expected companies to seek to market a generic version of the latest Copaxone formulation, but was surprised that Dr. Reddy's took this action. The firm notes that Teva's decision to file a lawsuit against Dr. Reddy over the application will trigger a 30 month stay of approval of the generic version,. BMIO Capital says that investors should keep this issue on their radar, but the firm does not expect Teva to be meaningfully hurt in the near-term by this development. It keeps an Outperform rating on Teva.
12:06 EDTTEVATeva will continue to defend COPAXONE intellectual property rights
Teva (TEVA) confirmed that it has received the first paragraph IV notice for its three-times-a-week COPAXONE 40 mg/mL product from Dr. Reddy’s Laboratories (RDY). Teva will continue to vigorously defend its COPAXONE intellectual property rights against infringement wherever they are challenged. Teva intends to file a lawsuit for patent infringement against Dr. Reddy’s within the 45 day period provided under the Hatch-Waxman Act. The filing of the lawsuit will trigger a 30 month stay of FDA approval of Dr. Reddy’s ANDA. COPAXONE 40 mg/mL is protected by two Orange Book patents that expire in 2030.
10:51 EDTCOVOptions with increasing implied volatility
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10:20 EDTTEVAMylan says litigation ins ongoing in India regarding Teva
Mylan (MYL) said that it expects Teva's (TEVA) efforts to seek an injunction will "as ineffective as it was in U.S. courts." The company said it will not provide further comment on the matter. Mylan said it will also postpone its 2014 Investor Day due to the ongoing nature of the Abbott (ABT) transaction. It expects its fully realized savings and profit from new products will not be realized till 2015. Comments taken from Q2 earnings conference call.
08:58 EDTCOVMedtronic receives request of additional info from FTC for Covidien acquisition
On August 6, 2014, in connection with the FTC review of the pending acquisition by Medtronic (MDT) of Covidien (COV), which will result in both Medtronic and Covidien becoming wholly owned subsidiaries of Medtronic, Medtronic received a request for additional information and documentary material from the FTC. Issuance of the second request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 until 30 days after Medtronic and Covidien have substantially complied with the second request, unless the waiting period is extended voluntarily by the parties or terminated earlier by the FTC. Medtronic and Covidien intend to cooperate fully with the FTC and continue to expect the Transaction to be completed in the fourth calendar quarter of 2014 or early 2015.
06:42 EDTCOV, VRXObama to look to limit inversion deals, Politico says
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