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Stock Market & Financial Investment News

News Breaks
June 26, 2014
08:42 EDTIG, MNKMallinckrodt grants IGI Labs non-exclusive license to launch generic PENNSAID
IGI Laboratories (IG) announced that it has entered into an agreement with Mallinckrodt (MNK) and Nuvo Research to settle a declaratory judgment action brought by IGI, concerning IGI's filing of an abbreviated new drug application with the FDA seeking approval to market a generic version of PENNSAID 1.5% w/w. Under the terms of this agreement, Mallinckrodt granted IGI a non-exclusive license to launch its diclofenac sodium topical solution 1.5% product on March 28, 2015. IGI received tentative approval of its diclofenac sodium topical solution 1.5% from the FDA on May 7. IGI CEO Jason Grenfell-Gardner said, "The agreement provides IGI with a date certain launch of diclofenac sodium topical solution 1.5%. We remain confident in our ability to obtain final FDA approval of our ANDA for diclofenac sodium topical solution 1.5% prior to our agreed upon launch date. The agreement allows IGI to continue to expand its portfolio of generic topical prescription drug products."
News For IG;MNK From The Last 14 Days
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October 1, 2014
08:17 EDTMNKMallinckrodt price target raised to $115 from $107 at Buckingham
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08:03 EDTIGIGI Laboratories acquires two products from Valeant Pharmaceuticals
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September 26, 2014
09:03 EDTIGIGI Laboratories named a Best Idea at Craig-Hallum
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07:17 EDTIGIGI Laboratories price target raised to $10 from $8 at Oppenheimer
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September 25, 2014
16:17 EDTIGOn The Fly: Closing Wrap
Stocks on Wall Street were sharply lower and suffered their worst day in nearly two months, with market participants pointing to a number of reasons for the broad-based weakness. Shares of Apple (AAPL) were a drag on the market, and particularly on the Nasdaq, as the tech giant slid after a number of reports pointed to customer issues with its new iPhone 6 and an update to its mobile operating system. Cautious comments about rates by a noted Federal Reserve "hawk" may have also contributed, as well as reports that Russia may respond to U.S. and EU sanctions with a new law that will allow it to seize foreign property within the country. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 12K to 293K in the week ended September 20, though this was below the consensus forecast for 296K new claims. Durable goods orders fell 18.2% in August following a 22.5% surge in July. However, excluding transportation, orders were up 0.7%, which was a bit above the forecast for a 0.6% increase. Additionally, the head of the Dallas Federal Reserve, Richard Fisher, said that the central bank may start raising rates in the spring of 2015, which is earlier than most market watchers expect. Also, a Reuters report that Russia has drafted a law that would allow it to seize foreign assets on Russian territory to compensate those impacted by sanctions or who have had their own property seized outside of Russia garnered significant attention. COMPANY NEWS: Apple declined $3.88, or 3.81%, to $97.87 after reports yesterday from various tech blogs said the company pulled a new update of iOS 8 after complaints that the new software was crashing cellular service and Touch ID on users' phones. Other reports indicate the new iPhone 6 is reportedly bending in some owners' pockets, though the company told CNBC's John Fortt that it has only received nine customer complaints regarding bent phones. Also, Barron's reported that Apple insiders, including CEO Tim Cook, have sold over 1.4M shares of Apple stock this month. MAJOR MOVERS: Among the notable gainers was Swift Transport (SWFT), which gained $1.83, or 9.56%, to $20.98 after the company backed its Q3 earnings outlook and said it was "cautiously optimistic" about the trends it has seen as a result of its strategic decision regarding driver compensation. Also higher was IGI Laboratories (IG), which rose $1.36, or 18.26%, to $8.81 after the company acquired the regulatory rights and related documents and records for 18 drug products from AstraZeneca (AZN). Among the noteworthy losers was BlackBerry (BBRY), which fell 71c, or 6.76%, to $9.80 the day before it reports on its quarterly results. Ahead of tomorrow morning's report, BGC Financial analyst Colin Gillis downgraded shares of the smartphone maker to Hold from Buy, saying the company's results "may prove underwhelming." Also lower were shares of adhesives maker H.B. Fuller (FUL), which fell $6.30, or 14.32%, to $37.68 after the company's third quarter results and fourth quarter profit outlook missed analysts' consensus estimates. INDEXES: The Dow plunged 264.26, or 1.54%, to 16,945.80, the Nasdaq dropped 88.47, or 1.94%, to 4,466.75, and the S&P 500 declined 32.31, or 1.62%, to 1,965.99.
10:34 EDTIGIGI Laboratories management to meet with Roth Capital
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08:31 EDTIGIGI Laboratories acquires 18 former products from AstraZeneca
IGI Laboratories (IG) announced it has acquired the regulatory rights and related documents and records for 18 drug products from AstraZeneca (AZN), 17 of which were marketed. The acquisition includes the regulatory rights and documents for 17 injectable products and 1 suppository product. All of these products had been previously approved by the FDA as abbreviated new drug applications or new drug applications prior to their discontinuation or withdrawal from the market. According to IMS Health, the current addressable market in the United States for the therapeutic areas that these products were previously indicated for is estimated at $200M as of May 2014.
September 22, 2014
10:16 EDTMNKOn The Fly: Analyst Initiation Summary
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05:49 EDTMNKMallinckrodt reinstated with an Overweight at Barclays
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