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Stock Market & Financial Investment News

News Breaks
April 14, 2014
10:51 EDTMDT, EWEdwards up after court limits sale of Medtronic's CoreValve in U.S.
Shares of cardiovascular technology company Edwards Lifesciences (EW) are rising today after a U.S. district court granted a preliminary injunction limiting the sale of Medtronic's (MDT) CoreValve system in the U.S. Shares of Medtronic, meanwhile, are falling following the news. WHAT'S NEW: On April 12, Edwards said a U.S. district court in Delaware granted a preliminary injunction, to go into effect in seven days, limiting the sale of Medtronic's CoreValue system in the U.S. In addition, the court ordered Medtronic and Edwards to enter into immediate talks to agree on a mechanism that will enable physicians at facilities currently trained on CoreValve to make a clinical judgment as to which device to implant, free from the limitations of the injunction. Medtronic responded on April 13 by saying that the ruling has no impact on the sale or marketing of CoreValue outside of the U.S. or the use of CoreValue in the current U.S. clinical trials. Medtronic is appealing the court's injunction and intends to ask the Federal Circuit Court of Appeals to prevent it from going into effect until it determines if the injunction was properly issued. ANALYST REACTION: JPMorgan upgraded Edwards Lifesciences to Neutral from Underweight following the news and raised its price target for shares to $78 from $60. JPMorgan also downgraded Medtronic to Neutral and lowered its price target on that stock to $64 from $69. Another firm, CRT Capital, also upgraded Edwards Lifesciences in response to the news. CRT Capital analyst Shagun Chadha feels that the court decision to grant a preliminary injunction against MDT’s CoreValve focuses the market balance in favor of Edwards and took the stock up to Buy from Fair Value with a price target of $87. Canaccord Genuity analyst Jason Mills said that Edwards achieved a "surprising" and noteworthy win in the courts. Mills noted, however, that he still foresees Edwards to cash in via other forms of equitable relief in lieu of a final injunction. The firm is maintaining its 12-month price target of $84 on Edwards Lifesciences shares. PRICE ACTION: During morning trading, shares of Edwards Lifesciences were up $10.01 or 13.72% to $82.98. Shares of Medtronic fell $1.28 or 2.16% to $57.92.
News For EW;MDT From The Last 14 Days
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September 4, 2015
09:30 EDTMDTMedtronic added to short term buy list at Deutsche Bank
September 3, 2015
09:42 EDTMDT, EWLeerink medical supplies/devices analyst holds analyst/industry conference call
Medical Supplies & Devices Analyst Antalffy, along with St. Paul's Hospital & Vancouver General Hospital Cardiac Transplant Program Surgical Director, Dr. Anson Cheung, and San Rafaele Hospital Cardiac Catheterization Lab & Vascular Interventions, Dr. Antonio Colombo, assess Valtech's pipeline and potential market opportunity on an Analyst/Industry conference call to be held on September 3 at 12:30 pm.
09:36 EDTEW, MDTLeerink medical supplies/devices analyst holds analyst/industry conference call
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08:43 EDTMDTMedtronic sees Street models to adjust Q2 EPS 'down a few pennies' from Q1
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08:34 EDTMDTMedtronic still sees FY16 operating margins 28%-29%
08:21 EDTMDTMedtronic sees growing dividend payout ratio to 40% within 'next few years'
Medtronic Chairman and CEO Omar Ishrak said on the company's Q1 earnings call that the company expects to not only grow its dividend over time with earnings growth but to increase its dividend payout ratio to 40% on a non-GAAP basis within the "next few years." Ishrak added that the company remains "disciplined" when evaluating potential M&A opportunities, noting any investment must strengthen one or more of its three growth strategies, offer high return metrics and minimize near-term dilution.
07:47 EDTMDTMedtronic reports Q1 EPS $1.02, consensus $1.01
Reports Q1 revenue $7.3B, consensus $7.06B. Reports Q1 U.S. revenue $4.1B.
07:21 EDTMDTMedtronic backs FY16 non-GAAP EPS view $4.30-$4.40, consensus $4.37
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September 2, 2015
14:50 EDTMDTNotable companies reporting before tomorrow's open
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13:21 EDTMDT, EWHeartWare plunges after Valtech deal sparks downgrades
Shares of HeartWare (HTWR) have plunged after the company's acquisition of cardiac device maker Valtech, with multiple analysts struggling to find any particularly strong rationale for the deal. WHAT'S NEW: Raymond James' Jayson Bedford downgraded HeartWare to Market Perform from Outperform after the company announced Tuesday night that it agreed to acquire Valtech Cardio, an Israeli-based company focusing on heart valve devices. Bedford said he was "surprised" by the size of the deal, noting that the all-stock transaction is valued at roughly $430M and will see Valtech owning roughly 22% of HeartWare upon closing. The acquisition is simply not what Bedford "envisioned" for the company, said the analyst. His prior investment thesis was based upon HeartWare's potential to dominate the ventricular assist device market, an idea "validated" by St. Jude's (STJ) pending acquisition of Thoratec (THOR), said Bedford. That thesis has now been disrupted by last night's early-stage asset buy at a "steep price," raising the overall execution risk of HeartWare, the analyst tells investors. WHAT'S NOTABLE: HeartWare was also hit with a downgrade to Neutral by BTIG, with the research firm emphasizing that the transaction will bring significant dilution to the company's existing shareholders. Northland's Suraj Kalia was even more bearish this morning, saying that the acquisition "does not make sense," coming at an "astronomical" multiple for an asset with "no obvious complementarity" and different domain expertise. Valtech's Cardioband CE study involved just 45 patients and only 40% of those were followed up at twelve months, said Kalia, who contended that the study does not present an accurate picture of clinical viability. Heartware will have to invest "significantly" to get Valtech's technology through U.S. trials, said the analyst, and entering the transcatheter mitral valve repair market will also bring new competition in the form of Edwards (EW), Medtronic (MDT), Boston Scientific (BSX), St. Jude and Abbott (ABT). PRICE ACTION: Shares of HeartWare have dropped more than 19% in intraday trading to $65.98, dipping below their 52-week low in the process.
August 31, 2015
18:02 EDTMDTMedtronic acquires Medina Medical for $150M in cash
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18:01 EDTMDTMedtronic acquires Medina Medical for $150M in cash
14:28 EDTMDTMedtronic volatility elevated into Q1 and outlook
Medtronic September call option implied volatility is at 49, September and October is at 26; compared to its 52-week range of 13 to 38, suggesting large near term price movement into the expected release of Q1 results on September 3.
07:10 EDTMDTMedtronic study detects gene associated with sudden cardiac death
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August 25, 2015
09:07 EDTMDTMedtronic to acquire Twelve for $458M
In support of the company's therapy innovation strategy, Medtronic announced that it has signed a definitive agreement to acquire Twelve, a medical device company focused on the development of a transcatheter mitral valve replacement, or TMVR device. Twelve is the twelfth company spun out from the premier medical device incubator The Foundry. Medtronic has agreed to pay up to $458M for Twelve including $408M at closing and $50M on achievement of CE Marking. The cash- and debt-free transaction remains subject to customary closing conditions, and is expected to close in October 2015.
August 24, 2015
08:29 EDTEWWilliam Blair to hold a field trip
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