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Stock Market & Financial Investment News

News Breaks
April 9, 2014
11:43 EDTGILD, ESRX, MRK, ABBV, BMY, ABTGilead defended by analysts after recent pullback
Shares of pharmaceutical company Gilead (GILD) are climbing after two research firms were upbeat about the stock's outlook in separate notes to investors earlier today. WHAT'S NEW: Gilead's stock is positioned to rise sharply ahead of the company's first quarter results on April 22, Robert W. Baird analyst Brian Skorney wrote. Sales of the company's Hepatitis C, or HCV drug, Sovaldi, should beat expectations, and the company's Q1 profit should be strong, the analyst believes. Moreover, despite worries over the pricing of Sovaldi, the analyst predicted that Gilead would ultimately only have to make minor concessions on pricing for the drug. He kept a $103 price target and Outperform rating on Gilead. Meanwhile, research firm Maxim Group focused on statements by pharmacy benefit manager Express Scripts (ESRX) about Sovaldi. According to a Bloomberg report published yesterday, Express Scripts' Chief Medical Officer said the company would ask its clients to stop using Sovaldi when a competing drug is approved in the U.S. The new drug is expected to be approved next year, Bloomberg reported. But Sovaldi is not the most expensive HCV drug, Maxim contended. Moreover, after factoring in the lower effectiveness of other drugs compared with Sovaldi, Gilead's drug provides "compelling" value, the firm contended. Express Scripts' comments are "noise," added Maxim, which kept a $101 price target and Buy rating on the stock. WHAT'S NOTABLE: Other companies that are developing HCV drugs include AbbVie (ABBV) Bristol-Myers Squibb (BMY), Abbott (ABT), and Merck (MRK). PRICE ACTION: In late morning trading, Gilead gained 1% to $70.50. The stock dropped significantly yesterday, and has fallen over 11% in the past month.
News For GILD;ESRX;MRK;ABBV;BMY;ABT From The Last 14 Days
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July 10, 2014
14:01 EDTABTAbbott and Fonterra to form strategic alliance for dairy farming in China
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12:43 EDTBMYBristol-Myers announces plans for Q3 submission of Opdivo BLA
Bristol-Myers Squibb announced earlier that, following discussions with the FDA, the company is planning a Q3 submission of a Biologics Licensing Application for Opdivo for previously treated advanced melanoma. This will mark the second tumor type for which Bristol-Myers Squibb has a regulatory submission underway for Opdivo in the U.S. “We continue to collaborate closely with the FDA on Opdivo and the planned submission in advanced melanoma represents an important step forward in our company’s commitment to deliver innovative treatment options for patients with cancer,” said Michael Giordano, MD, Head of Oncology Development, Bristol-Myers Squibb. The advanced melanoma BLA is based on data from Checkmate -037, a multinational, multicenter, randomized open-label Phase 3 trial evaluating Opdivo compared to dacarbazine or carboplatin/paclitaxel in patients with unresectable or metastatic melanoma who have been previously treated with Yervoy and, if BRAF-mutation positive, a BRAF inhibitor regimen. Bristol-Myers Squibb has proposed the name Opdivo, which, if approved by health authorities, will serve as the trade name for nivolumab.
09:40 EDTABBVAbbVie, Shire not holding talks at this point as deadline approaches, CNBC says
AbbVie (ABBV) and Shire (SHPG) are not holding talks at this point, according to CNBC's David Faber, citing sources. Shire confirmed two days ago that it has received AbbVie's latest, raised takeover offer and that its board will meet to consider the proposal.
08:10 EDTABTMorgan Stanley's Vintage Values 2015 list selected
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July 9, 2014
16:01 EDTGILDOptions Update; July 9, 2014
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08:19 EDTABBVAbbVie offer may not bring Shire to negotiating table, says BMO Capital
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07:38 EDTABBVShire still has leverage, can get one more raise from AbbVie, Reuters contends
The selloff in shares of Shire (SHPG) and AbbVie (ABBV) yesterday following the latter's increased takeover offer suggests the market now expects a strong rebuttal from Shire, but "one plausible response" is a gently worded rejection that signals that another raised bid would be enough to secure a deal without a hostile play, contended Reuters Breakingviews columnists Neil Unmack and Robert Cyran. Shire’s board still has some leverage and can "probably extract one more increase in return for their recommendation," the authors believe. Reference Link
07:33 EDTGILDGilead on track to post Q2 revenue beat, says RBC Capital
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06:40 EDTABBVAbbVie required to retract comments in Shire takeover battle, Reuters says
AbbVie (ABBV) has been required to take back comments made by its CEO Richard Gonzalez regarding shareholder support for its offer for Shire (SHPG), according to Reuters, citing a statement from the U.S. drugmaker. British takeover rules say that a rival is not allowed to claim support for its bid unless it has this in writing from shareholders. Reference Link
July 8, 2014
16:23 EDTABBVOn The Fly: Closing Wrap
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12:48 EDTABBVOn The Fly: Midday Wrap
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09:36 EDTGILDActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TSLA TWTR GILD EXXI FB MGM
09:15 EDTABBVOn The Fly: Pre-market Movers
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09:05 EDTABBVShire says board will meet to consider AbbVie proposal
Shire (SHPG) notes the announcement by AbbVie (ABBV) of a revised conditional non-binding proposal for a cash and share offer for Shire, comprising GBP 22.44 in cash and 0.8568 AbbVie shares per Shire share. "Shire confirms that AbbVie did not make the revised proposal to Shire before the announcement. The Board of Shire will meet to consider the proposal and a further announcement will be made in due course. Shareholders are strongly advised to take no action in relation to the AbbVie proposal. There can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made. This statement is being made by Shire without the prior agreement or approval of AbbVie," Shire stated.
08:07 EDTABBVShire volatility expected to move on AbbVie increasing proposal
Shire (SHPG) volatility is expected to move on AbbVie (ABBV) announcing that it has increased its proposal to GBP 22.44 in cash and 0.8568 ordinary shares of new AbbVie for each Shire share. This new proposal is an approximately 11% increase from AbbVie's prior indicative proposal. Overall option implied volatility of 49 is above its 26-week average of 34 according to Track Data, suggesting large near term price movement.
07:55 EDTABBVAbbVie increases proposal for Shire to GBP 51.15 per share
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07:54 EDTABBVShire jumps 3% to $244 after AbbVie ups buyout offer for fourth time
07:53 EDTABBVAbbVie raises offer for Shire to 51.15 pounds per share
07:20 EDTBMYBristol-Myers price target lowered to $55 from $62 at Leerink
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07:17 EDTMRK, BMYLeerink raises immuno-oncology market forecast to $36B
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