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August 7, 2014
HIGHER: 21st Century Fox (FOXA), up 5.8%, upgraded at Cowen following the company's Q4 earnings results... Walgreen (WAG), up 2.8% after upgraded at Cantor... inContact (SAAS), up 18.5% after upgraded at Oppenheimer and Benchmark Co. after reporting better than expected Q2 results... CTI BioPharma (CTIC), up 4.5% after Pacritinib granted fast track designation by FDA... Stratasys (SSYS), up 8.6% after reporting earnings and raising its FY14 EPS view. Peers higher as well, with ExOne (XONE) up 5.3% and 3D Systems (DDD) up 2.9%... OncoGenex (OGXI), up 11.3% after appointing John A. Bencich CFO. UP AFTER EARNINGS: Horizon Pharma (HZNP), up 14.6%... Goodrich Petroleum (GDP), up 11.1%... SunEdison (SUNE), up 7%... Transocean (RIG), up 2.8%... Molycorp (MCP), up 13.7%. LOWER: Nanosphere (NSPH), down 31%, downgraded at Craig-Hallum following the company's Q2 earnings results... Thoratec (THOR), down 26%, downgraded at Goldman and Credit Suisse following lower than expected second quarter revenues and lowering FY14 guidance... PhotoMedex (PHMD), down 10% after earnings, disclosing receipt of notice of default on credit facilities... Atmel (ATML), down 4.2%, downgraded at BofA Merrill Lynch following its Q2 earnings results... Melco Crown (MPEL), down 5.2% after earnings, reporting Taiwan branch office indicted for alleged banking violations.
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November 11, 2015
16:08 EDTATMLElliott International increases stake in Dialog Semiconductor to 3.6%
Elliott International issued a letter to shareholders of Dialog Semiconductor (DLGNF) informing them that they increased its interest in the company to 3.6% and urges shareholders to vote AGAINST the company's agreement to acquire Atmel (ATML).
16:00 EDTSUNEOptions Update; November 11, 2015
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14:11 EDTHZNPHorizon Pharma CEO says Express Scripts working at odds to patients' benefits
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14:10 EDTHZNPExpress Scripts pullback a buying opportunity, says JPMorgan
JPMorgan analyst Lisa Gill does not expect major client pushback or earnings impact related to Express Scripts' (ESRX) termination of Linden Care from its pharmacy network. As such, she views today's pullback in shares of Express Scripts as a buying opportunity. The analyst notes that in its 2016 national preferred formulary, Express Scripts excluded two of Horizon Pharma's (HZNP) drugs, Duexis and Vimovo. The pharmacy benefits manager does dispense some of Horizon's orphan drug products through its Accredo Health specialty pharmacy, but the earnings contribution from these drugs is immaterial, Gill tells investors in a research note.
14:01 EDTHZNPHorizon growth unlikely impacted by Linden Care, says Piper Jaffray
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13:27 EDTHZNPHorizon Pharma impact marginal from Linden halt, says Stifel
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13:16 EDTSUNE, HZNPOptions with increasing put volume
Options with increasing put volume: M NAV GE HZNP ESRX FCX SUNE YHOO
12:56 EDTSUNEOptions with increasing call volume
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12:17 EDTSUNE, HZNP, ATMLOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday following a morning of lackluster trading, which may be due to lower volume on account of the observance of Veteran's Day. There were four initial public offerings that priced and each opened above their offering; a better reflection of the syndicate market than several weeks ago when deals could not be completed. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet with no major announcements. U.S. bond markets are closed in observance of Veteran's Day. In China, industrial output rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: In another sign of China's transition from a purely industrial economy to one driven more by consumption, Alibaba Group (BABA)reported blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B, but shares of the Chinese e-commerce giant trading in New York slid 2%... Shares of Macy's (M) plunged over 13.5% and its peers followed it lower after the department store operator cut its outlook for fiscal year 2015 after reporting third quarter revenue that missed analysts' estimates. Macy's also said it will not be pursuing the formation of a real estate investment trust. Conversely, J.C. Penney (JCP) reported stronger than expected same-store sale growth and previewed that its soon-to-be reported earnings and gross margin performance in the third quarter exceeded its expectations, but the stock was caught in Macy's downdraft, falling about 2.5%... The boards of Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) announced that they have reached agreement on the terms of a combination deal worth $107B. In relation to their deal, Molson Coors (TAP) entered into a definitive agreement to purchase SABMiller's (SBMRY) 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a transaction valued at $12B. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which rallied 4% after Dialog Semiconductor (DLGNF) said that it continues to "strongly" support its agreement to acquire Atmel. Also higher was Amazon (AMZN), which gained 2% after an analyst at Morgan Stanley raised his price target on the company's stock to $800 from $750M, citing the growing AWS opportunity. Among the noteworthy losers was Horizon Pharma (HZNP), which fell over 16% after Express Scripts (ESRX) cut ties with specialty pharmacy Linden Care, which is used by Horizon and Insys Therapeutics (INSY), which also dropped 9%. Also lower was SunEdison (SUNE), which lost another 14.5%, adding more losses to yesterday's post-earnings slide after UBS cut its price target on the company's shares to $6 from $9. In addition, Anadarko (APC) and Apache (APA) fell about 3.5% and 6%, respectively, after Anadarko confirmed that it sent a takeover proposal to Apache, which it later withdrew. INDEXES: Near midday, the Dow was up 3.87, or 0.02%, to 17,762.08, the Nasdaq was up 14.42, or 0.28%, to 5,097.66, and the S&P 500 was up 0.78, or 0.04%, to 2,082.50.
11:31 EDTSUNESunEdison sinks after UBS cuts price target to $6
Shares of SunEdison (SUNE) are selling off for a second straight day after UBS cut its price target on the stock to $6. The seller of photovoltaic energy solutions declined yesterday after reporting a larger than expected quarterly loss. UBS analyst Julien Dumoulin-Smith attributed the post-earnings share selloff to "five key factors," including lower than expected margins on retained projects, management's confidence on the pending Vivint Solar (VSLR) acquisition while a renegotiation of the deal would be perceived positively, and LAP Holdings seeking no less than $150M in damages after SunEdison cancelled its acquisition of the Latin America hydropower and wind development maintenance company. Dumoulin-Smith cut his price target for SunEdison this morning to $6 from $9 and kept a Neutral rating on the name. SunEdison is down 15%, or 88c, to $4.89 in late morning trading. Following the stock lower are peers SolarCity (SCTY), SunPower (SPWR) and First Solar (FSLR).
11:23 EDTHZNPHorizon Pharma volatility elevated on wide price movement
Horizon Pharma (HZNP) November call option implied volatility is at 140, December is at 113; compared to its 52-week range of 40 to 140, suggesting large price movement following a lawsuit and allegations by Express Scripts (ESRX).
10:32 EDTATMLOptions with increasing implied volatility
Options with increasing implied volatility: STRP MW FTK RPTP MNK CVC GMCR ATML NUS BHI
09:28 EDTHZNPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: AlarmCom (ALRM), up 13.3%... Full House Resorts (FLL), up 7.4%. ALSO HIGHER: J.C. Penney (JCP), up 3.2% after reporting third quarter Same-Store Sales up 6.4%... Amira Nature Foods (ANFI), up 32.2% after an independent review found that allegations against the company are unsubstantiated... Intrexon (XON), up 1.9% after being upgraded to Neutral from Underperform at Mizuho. DOWN AFTER EARNINGS: Boot Barn (BOOT), down 16.6%... Westport Innovations (WPRT), down 12.8%... Macy's (M), down 9.8%. ALSO LOWER: Horizon Pharma (HZNP), down 14.3% following a lawsuit and allegations by Express Scripts (ESRX)... AmTrust Financial (AFSI), down 5.5% after 5M share Secondary priced at $64.00... Premier (PINC), down 1.6% after 4.03M share Spot Secondary priced at $34.50.
09:18 EDTHZNPExpress Scripts stops business with pharmacy linked to Horizon, Insys, NYT says
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09:15 EDTHZNPInsys drops 10% after Express Scripts cuts ties with Linden
Shares of Insys Therapeutics (INSY) after moving lower after pharmacy benefit manager Express Scripts (ESRX) cut ties with a specialty pharmacy called Linden Care. The New York Times reported last night that Linden Care is believed to be the main specialty pharmacy used by Insys. Linden is also used by Horizon Pharma (HZNP). Shares of Insys are down $2.80, or 10%, to $24.87 in pre-market trading. Horizon is down 17%, or $3.74, to $18.64.
08:31 EDTHZNPSpecialty pharmacy ties claim next victim in Horizon Pharma
Shares of Horizon Pharma (HZNP) are sharply lower this morning after pharmacy benefit manager Express Scripts (ESRX) cut ties with a specialty pharmacy called Linden Care, which is used by Horizon. The trouble for Horizon is reminiscent of the recent issues suffered by fellow drugmaker Valeant (VRX) due to its own association with a specialty pharmacy. WHAT'S NEW: Express Scripts, the nation's largest pharmacy benefit manager, has stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma. In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Horizon repeated its previous assertions that it does not own or have an ownership stake in any pharmacy, does not possess an option to purchase any pharmacy and that all pharmacies that distribute Horizon branded medicines are fully independent. WHAT'S NOTABLE: The fight between Express Scripts and Horizon over Linden Care comes amid the ongoing saga playing out between Valeant and its prior specialty pharmacy partner, Philidor Rx Services. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy had informed the drugmaker that it will shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. DEPOMED PURSUIT: In September, Horizon commenced an exchange offer for all of the outstanding shares of common stock of Depomed (DEPO). Under the terms of the offer, tendering Depomed shareholders would be able to exchange each share of Depomed common stock for 0.95 Horizon Pharma ordinary shares. Depomed's board has unanimously rejected Horizon's unsolicited exchange offer, highlighting reservations about Horizon's business model and strategy, while observing that the nature of Horizon's business model "had the potential to lead to significant volatility in the price of Horizon stock." This morning, WallachBeth analyst Brian Jeep upgraded Depomed to Buy, citing valuation and the potential of the Nucynta franchise following the company's better than expected Q3 results. Jeep keeps a $33 price target for Depomed shares. PRICE ACTION: In pre-market trading, Horizon Pharma fell over 17% to $18.50 per share, while Depomed slid nearly 6% to $20 per share.
07:56 EDTSUNESunEdison taking correct steps, says RBC Capital
After SunEdison reported higher than expected Q3 shipments but reported lower than expected EPS, RBC Capital thinks the company is embracing the correct strategy by lowering its MW guidance, shifting towards more third party sales and cutting its operating spending. The firm thinks the company is "progressing towards sustainable growth" but expects the stock to continue to be volatile in the near-term. It cut its price target on the name to $20 from $24 but keeps an Outperform rating on the shares.
07:02 EDTHZNPHorizon Pharma announces collaboration with Alliance for Lupus Research
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06:04 EDTATMLDialog Semiconductor continues to support Atmel transaction
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05:34 EDTHZNPHorizon Pharma responds to Express Scripts lawsuit, recent allegations
Horizon Pharma (HZNP) responded to a lawsuit filed by Express Scripts and recent allegations: "Our primary concern is for the patients who, based on the profit driven actions of Express Scripts, may be denied access to medicines that are prescribed by their physicians. We are committed to ensuring that regardless of these actions, patients will have access to the medicines they need. Less than five percent of our net sales are from prescriptions that are filled by Linden Care and processed by Express Scripts. In addition, we have a diverse group of pharmacies that participate in our patient support program and no pharmacy that participates in our primary care patient support programs account for more than 13 percent of our net sales. The notion that Linden Care is a so-called 'captive pharmacy' of Horizon Pharma is entirely false. At best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors. As previously stated, all pharmacies that distribute Horizon branded medicines are fully independent. Horizon does not own or have an ownership stake in any pharmacy and does not possess an option to purchase any pharmacy. In addition, the relationship with these pharmacies is non-exclusive where each of these pharmacies may also fulfill prescriptions for other drug manufacturers. The lawsuit filed by Express Scripts relates entirely to a previously disclosed dispute concerning a prior rebate agreement between the parties. As we previously disclosed approximately one year ago, we terminated the contract with Express Scripts after Express Scripts failed to live up to its contractual obligations. Indeed, after we notified Express Scripts of its breaches, Express Scripts made no effort to cure the breaches, let alone respond to our notice, within the contractual deadline to terminate the contract. The substantial majority of the monetary damages Express Scripts is seeking to recover are for prescriptions that occurred after the termination of the contract. We are still reviewing the allegations in the complaint but we believe the claims are without merit and we intend to vigorously defend ourselves. In light of Express Scripts' actions, we will evaluate all legal and other remedies and options."
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