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Stock Market & Financial Investment News

News Breaks
June 9, 2014
16:33 EDTHITT, PPC, AAPL, MRK, CNSI, DG, TSN, GILD, IDIX, ADI, FDO, HSH, ACHNOn The Fly: Closing Wrap
Stocks on Wall Street were slightly higher after a session that major averages spent mostly drifting just north of their starting points. The Dow and S&P 500 hit new highs once again despite the sluggish news flow, with the main news of the day being M&A stories that all hit either over the weekend or early this morning. ECONOMIC EVENTS: In the U.S., no significant economic data was reported. In China, data released over the weekend showed its trade surplus widened in May to $35.92B, as the nation's exports accelerated and its imports fell. COMPANY NEWS: Idenix Pharmaceuticals (IDIX) surged $16.56, or 229.05%, to $23.79 after pharmaceutical giant Merck (MRK) agreed to acquire the smaller drugmaker, which has valuable assets in the hepatitis C virus space, for $24.50 per share in cash. The deal, which values Idenix at about $3.85B, prompted analyst commentary that Achillion (ACHN), which is also developing HCV treatments, is an acquisition candidate and Achillion's shares finished up $1.37, or 47.57%, to $4.25. Shares of Gilead (GILD), which sells the drug, Sovaldi, that is widely seen as the current leader in the HCV space, fell $3.39, or 4.11%, to $79.00 following the news... Shares of a number of dollar store operators climbed after after well-known activist investor Carl Icahn disclosed that he had obtained a significant stake in one of the company in the space, Family Dollar (FDO), and subsequently told Fox Business that he may push for a merger between the company and peer Dollar General (DG)... Apple (AAPL) shares were in focus as its 7-for-1 stock split took effect. The newly split shares finished the day up $1.48, or 1.6%, at $93.70. MAJOR MOVERS: Among the notable gainers was Hittite Microwave (HITT), which surged $17.34, or 28.63%, to $77.90 after Analog Devices (ADI) agreed to acquire the company for $78 per share in cash. Shares of Analog Devices also gained $2.62, or 4.97%, to $55.31 following the news. Also higher was Hillshire Brands (HSH), which rose $3.14, or 5.33%, to $62.06 after Tyson Foods (TSN) increased its offer to acquire the company to $63 per share. Pilgrim's Pride (PPC), which was prompted to withdraw its own takeover proposal to Hillshire after Tyson raised its bid, fell $1.76, or 6.7%, to $24.51. Also lower were shares of Comverse (CNSI), which fell $2.13, or 8.53%, to $22.83 following the company's report of losses in its first quarter. INDEXES: The Dow was up 18.82, or 0.11%, to 16,943.10, the Nasdaq was up 12.31, or 0.28%, to 4,333.71, and the S&P 500 was up 1.83, or 0.09%, to 1,951.27.
News For IDIX;MRK;ACHN;GILD;AAPL;HSH;TSN;PPC;FDO;DG;HITT;ADI;CNSI From The Last 14 Days
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April 8, 2015
08:05 EDTFDOFamily Dollar reports March SSS up 3.7%
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08:04 EDTFDOFamily Dollar reports Q2 adjusted EPS 74c, consensus 73c
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07:33 EDTMRKAdvaxis, Merck begin enrollment in Phase 1/2 of ADJX-PSA with Keytruda
Advaxis (ADXS) and Merck (MRK) announced that enrollment has initiated in the Phase 1/2 clinical trial evaluating the combination of ADXS-PSA, an investigational Lm-LLO immunotherapy, and Keytruda, the first anti-PD-1 therapy approved in the United States, in patients with previously treated, metastatic castration-resistant prostate cancer, or mCRPC. The clinical trial, KEYNOTE-046, is the first-in-human study of Advaxis's lead Lm-LLO immunotherapy candidate for prostate cancer. It is the second study initiated to evaluate the use of KEYTRUDA in the treatment of advanced prostate cancer. ADXS-PSA and KEYTRUDA are members of a class of cancer treatments known as immuno-oncology therapies. Data from preclinical studies suggest that Advaxis Lm-LLO immunotherapies in combination with a PD-1 antibody may lead to an enhanced anti-tumor immune response. The results from KEYNOTE-046 will determine the future clinical development program for the combination.
07:04 EDTMRKMerck's investigational Hep C therapy granted breakthrough therapy designations
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06:47 EDTAAPLGoogle could benefit from losing Safari default status, Business Insider says
Google's (GOOG) revenue could actually rise if Apple (AAPL) decides to drop Google as the default search engine on its Safari web browser, according to Business Insider, which cited a note from Goldman Sachs. If Apple drops Google, 48% of Safari users polled by Goldman said they would utilize Google's search engine anyway, Business Insider quoted Goldman as saying. If Google is able to retain 50%-70% of the ad revenue generated by Safari users after being removed as Safari's default search engine, Google's profits will rise about 5%-10%, since Google pays Apple for its default status, Business Insider quoted Goldman as saying. Reference Link
06:18 EDTAAPLApple downgraded to Hold from Buy at Societe Generale
Societe Generale analysts Andy Perkins and Peter Knox downgraded shares of Apple to Hold from Buy after their work indicated iPhone average selling prices dropped in the March quarter. Due to lower share of 128GB models, the analysts estimate the March quarter average selling price dropped to $651 from $687 in the December quarter. Further, Perkins and Knox believe currency headwinds are likely to adversely impact sales and that Apple will struggle to replicate the huge success of the iPhone 6 launch. They keep a $130 price target on the Apple. The stock closed yesterday down $1.34 to $126.01.
05:49 EDTDGDollar General price target raised to $85 from $80 at Deutsche Bank
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April 7, 2015
17:58 EDTGILDGilead submits NDA for investigational combination for treatment of HIV-1
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16:55 EDTAAPLXerox upgraded to Buy ahead of Q1 results at Citigroup
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16:38 EDTFDODollar Tree discloses update on FTC review process of Family Dollar acquisition
Dollar Tree (DLTR) disclosed in a regulatory filing, the following update on the Federal Trade Commission’s review process of the company’s pending acquisition of Family Dollar Stores (FDO). As of April 1, the FTC’s staff has substantially completed its review and identified approximately 340 stores for divestiture, representing approximately $47.4M of operating income. The company expects that all or almost all of the stores that will be divested will be Family Dollar stores. The company continues to make progress with divestiture buyers and has received multiple indications of interest from buyers, each of whom intend to operate these divested locations as dollar stores to address the FTC's concerns. The company is working to finalize divestiture agreements with the selected bidders in April 2015 and in parallel to secure FTC approval. The company intends to close the proposed merger in May, but this timing is subject to certain factors beyond the company’s control, including FTC approval.
16:00 EDTGILD, AAPLOptions Update; April 7, 2015
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15:30 EDTFDONotable companies reporting before tomorrow's open
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12:50 EDTAAPLHBO NOW available to Apple and Optimum Online customers
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11:06 EDTAAPLApple Watch reservations limited to one per customer, MacRumors reports
Apple Watch reservations will be limited to one per customer through the company's Reserve and Pickup service, reports MacRumors. Apple's one-per-customer reservation limit has been confirmed to be in place in the United States and United Kingdom, and likely other launch countries. Reference Link
09:52 EDTAAPLApple retail chief instructs staff to push Apple Store shoppers online, BI says
Apple retail chief Angela Ahrendts wants staff at Apple Stores to push customers to order the Apple Watch and the new MacBook online instead of buying in physical stores, Business Insider reports, citing a memo. The memo notes that "This is a significant change in mindset" and will help ensure guaranteed delivery of the Apple products. Reference Link
09:35 EDTAAPLActive equity options trading on open
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07:14 EDTMRKEyeforpharma to hold a summit
Philadelphia 2015 Commercial Pharma Summit is being held in Philadelphia on April 7-8.
06:46 EDTAAPLApple Pay, Google Wallet could see competition from CurrentC, Macworld says
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06:25 EDTAAPLMicrosoft close to have alternative to Apple Pay, Business Insider reports
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06:19 EDTAAPLApple quietly acquired Ottocat 'some time ago,' TechCrunch reports
Apple quietly bought Ottocat, a startup that has developed a system to organize apps on its app store based on "nested" categories, TechCrunch reports. Terms of the acquisition, which is said to have closed "some time ago," have not been disclosed. A version of Ottocat's system currently powers the "explore" tab in Apple's App Store, TechCrunch says. Reference Link
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