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Stock Market & Financial Investment News

News Breaks
August 5, 2014
08:09 EDTABT, EW, STJ, MDTNew billing categories good for cardiovascular device makers, says Wells Fargo
After CMS created new hospital billing categories for TAVR devices, Wells fargo indicates that the new categories will results in higher payments from CMS to Edwards Lifesciences (EW), Medtronic (MDT), St. Jude Medical (STJ), and Abbott (ABT). The firm thinks the rates in the new billing categories will ensure that TAVR procedures can be done profitability in lower risk patients which will help expand the market.
News For EW;MDT;STJ;ABT From The Last 14 Days
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January 28, 2016
11:11 EDTSTJHeartWare rallies after scrapping Valtech acquisition
The shares of HeartWare (HTWR) are surging after the company announced that would terminate its acquisition of privately held Valtech. Two research firms reacted positively to the news, with Leerink Swann saying that the company made the right decision, given its current difficulties and Raymond James upgrading HeartWare following the news. HeartWare develops and manufactures miniaturized implantable heart pumps, while Valtech has developed a method of replacing mitral valves in human hearts without the need for open heart surgery. WHAT'S NEW: HeartWare decided to terminate its acquisition of Valtech, the companies announced this morning. Pursuant to the terms of the agreement, HeartWare will make a $30M loan to Valtech in the form of a convertible promissory note. ANALYST REACTION: HeartWare's decision to abandon its acquisition of Valtech was correct in light of the problems that the company is facing with its next generation MVAD pump, Leerink analyst Danielle Antalffy wrote in a note to investors today. Noting that two weeks ago HeartWare announced that it would investigate suction issues that the device has had, the analyst says that fixing the pump could require additional investment, while it's uncertain how long it will take to solve the device's problems. However, the analyst remained upbeat on Heartware's current LVAD products, and believes that it can compete with next generation systems. She kept a $60 price target and Outperform rating on the shares. Raymond James upgraded HeartWare to Outperform from Market Perform, saying that the termination of the Valtech deal removes an overhang on the shares, while the stock's underperformance since September has made its valuation more attractive. Moreover, the stock does not appear to be giving any value to the problematic MVAD pump and the company has a 37% share of a $760M market that has only two main competitors and high barriers to entry, the firm wrote. WHAT'S NOTABLE: In early October 2015, activist investor Engaged Capital urged HeartWare to terminate the Valtech deal. Today HeartWare announced that it would, in conjunction with Engaged Capital, "jointly select" an independent party who will join Heartware's board. ANOTHER TO WATCH: HeartWare's chief rival, Thoratec, was acquired last year by St. Jude Medical (STJ). PRICE ACTION: In late morning trading, HeartWare rose 10% to $37.95. St. Jude, which reported its fourth quarter results and gave fiscal year guidance this morning, is down 1.4% to $53.56.
10:47 EDTABTAbbott weakness a buying opportunity, says Deutsche Bank
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09:38 EDTABTAbbott says 'definitely not inactive' on M&A
09:38 EDTABTAbbott: Would look at deal 'if it was the right opportunity at the right place'
Says capital allocation priorities have not changed. Regarding M&A, says has been looking at properties "largely internationally." Says has made good deals in the past. Says "We don't see a lot that people are offering up for sale," says prices for things up for sale "imprudent." Says would look at a deal if "it was the right opportunity at the right place." Says "everybody's in the same environment." Says "probably more focused" on M&A.
09:26 EDTABTAbbott sees global diagnostics sales up mid single digits for Q1, FY16
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09:19 EDTABTOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Facebook (FB), up 13.9%... Under Armour (UA), up 14.6%... MicroStrategy (MSTR), up 8.9%... Harley-Davidson (HOG), up 8%... Paypal (PYPL), up 6%... Mellanox (MLNX), up 7.9%... Cirrus Logic (CRUS), up 6.2%... Alibaba (BABA), up 4.5%. ALSO HIGHER: Neos Therapeutics (NEOS), up 61.4% after the FDA approved Adzenys XR-ODT for the treatment of ADHD... Exelixis (EXEL), up 4.7% after the U.S. FDA determined the company's New Drug Application for cabozantinib is sufficiently complete... Kinder Morgan (KMI), up 6.7% after being upgraded at Credit Suisse and Stifel. DOWN AFTER EARNINGS: OSI Systems (OSIS), down 21.3%... ServiceNow (NOW), down 22.3%... eBay (EBAY), down 11.5%... InvenSense (INVN), down 10.5%... Juniper Networks (JNPR), down 9.3%... Hologic (HOLX), down 4.4%... Abbott Laboratories (ABT), down 3.6%... Potash (POT), down 2.1%... Qualcomm (QCOM), down 3.6%.
09:19 EDTABTAbbott expects EPS to progressively accelerate throughout 2016
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07:35 EDTABTAbbott sees Q1 EPS ex-items 38c-40c, consensus 47c
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07:34 EDTABTAbbott sees FY16 EPS ex-items $2.10-$2.20, consensus $2.26
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07:33 EDTABTAbbott reports Q4 adjusted EPS 62c, consensus 61c
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January 27, 2016
15:12 EDTABTAbbott volatility elevated into Q4 and outlook
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14:34 EDTABTNotable companies reporting before tomorrow's open
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08:50 EDTSTJSt. Jude Medical sees FY16 CardioMEMS sales about $65M
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07:19 EDTSTJSt. Jude Medical sees FY16 sales growth 2%-4%, consensus $6.12B
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07:19 EDTSTJSt. Jude Medical sees Q1 adjusted EPS 87c-98c, consensus 94c
07:18 EDTSTJSt. Jude Medical reports Q4 CRM sales $580M, down 15% y/y
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07:16 EDTSTJSt. Jude Medical reports Q4 adjusted EPS $1.02, consensus $1.01
Reports Q4 revenue $1.47B, consensus $1.47B.
January 26, 2016
14:32 EDTSTJNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Novartis (NVS), consensus $1.18... Boeing (BA), consensus $1.26... United Technologies (UTX), consensus $1.52... Biogen (BIIB), consensus $4.08... EMC (EMC), consensus 65c... General Dynamics (GD), consensus $2.38... Anthem (ANTM), consensus $1.22... Illinois Tool Works (ITW), consensus $1.21... State Street (STT), consensus $1.18... Norfolk Southern (NSC), consensus $1.24... Progressive (PGR), consensus 47c... St. Jude Medical (STJ), consensus $1.01... Rockwell Automation (ROK), consensus $1.33... Textron (TXT), consensus 83c... Hess (HES), consensus ($1.47)... Cliffs Natural (CLF), consensus (26c).
07:04 EDTSTJSt. Jude Medical volatility flat into Q4 and outlook
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January 25, 2016
17:16 EDTSTJ, ABT, MDTMMS exploring sale of acute care unit, Reuters says
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