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Stock Market & Financial Investment News

News Breaks
April 14, 2014
10:51 EDTEW, MDTEdwards 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 2, 2014
06:36 EDTMDTMedtronic, AbbVie reimburse executives for inversion-triggered taxes, WSJ says
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August 31, 2014
12:50 EDTMDT, EWEuropean Society of Cardiology to hold a conference
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August 28, 2014
17:42 EDTMDTJ&J begins sales process for its medical device unit Cordis, WSJ says
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09:05 EDTMDTMedtronic receives clearance for Shilla Growth Guidance System
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August 27, 2014
11:41 EDTMDTMedtronic management to meet with Jefferies
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10:05 EDTMDTMedtronic announces first implants in AdaptResponse CRT clinical trial
Medtronic announced the first implants in a clinical trial that will compare patient and healthcare system outcomes in heart failure patients who have cardiac resynchronization therapy devices with the AdaptivCRT feature enabled versus patients receiving standard CRT. The AdaptResponse trial will assess the superiority of the AdaptivCRT algorithm, which preserves normal heart rhythms and automatically adjusts to patients' needs to customize therapy. It is expected to enroll approximately 3K patients worldwide. The primary endpoint of the AdaptResponse trial is a combination of all-cause mortality and the rate of medical intervention for worsening heart failure. The trial also will examine the incidence of atrial fibrillation in enrolled patients. Other secondary endpoints will assess patient quality of life measures as well as cost-effectiveness of CRT devices with the AdaptivCRT feature relative to standard CRT. Patients will receive a CRT-pacemaker or CRT-defibrillator equipped with the AdaptivCRT algorithm, and will be randomized 1:1 to either treatment or control groups. Patients will be followed at three and six months after randomization, and then every six months until trial closure.
05:40 EDTMDTMedtronic sees impact of NGC Medical acquisition neutral to FY15 earnings
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August 26, 2014
19:33 EDTMDTCovidien shareholder sues to block sale to Medtronic, Bloomberg reports
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05:54 EDTMDTMedtronic acquires Sapiens SBS for $200M
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August 25, 2014
10:03 EDTMDTMedtronic announces FDA approval of Viva CRT-P for heart failure or AV block
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August 24, 2014
21:54 EDTEWPiper Jaffray to hold a bus tour
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August 21, 2014
08:29 EDTEWEdwards Lifesciences price target raised to $120 from $97 at JMP Securities
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August 20, 2014
08:47 EDTMDTMedtronic valuation attractive, says Morgan Stanley
Morgan Stanley said Medtronic's (MDT) valuation is attractive given pipeline execution, margin growth and shareholder returns, and expectations for the Covidien (COV) deal to go through. Shares are Overweight rated
07:18 EDTMDTMedtronic shares have upside with or without deal, says Deutsche Bank
Deutsche Bank sees limited downside risk and significant upside potential for shares of Medtronic (MDT), with or without the pending Covidien (COV) acquisition. Deutsche says the Q1 results show improving trends and it keeps a Buy rating on Medtronic with an $85 price target.
August 19, 2014
08:40 EDTMDTMedtronic sees FY15 gross margin of 74.5%-75%, with Q2 on lower end of range
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08:25 EDTMDTMedtronic: Negative factors in Spine segment in Q1 werre temporary
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08:22 EDTMDTMedtronic: We will continue to pay significant US taxes following Covidien deal
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07:19 EDTMDTMedtronic backs FY15 EPS view of $4.00-$4.10, consensus $4.04
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07:17 EDTMDTMedtronic reports Q1 EPS 93c, consensus 92c
Reports Q1 revenue $4.27B, consensus $4.25B.

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