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Stock Market & Financial Investment News

News Breaks
August 25, 2014
16:13 EDTITMN, QIHU, GRUB, MRK, ADXS, RHHBY, THI, BKW, RCPT, ACHN, CMTLOn The Fly: Closing Wrap
Stocks began the session in positive territory and proceeded to tack on gains throughout the morning. Despite a disappointing report on new home sales in July, the S&P surpassed the 2,000 level for the first time before noon. The market pared its gains shortly after the milestone was reached and drifted for the remainder of the session on light volume, as trading activity may be restrained all week ahead of the Labor Day weekend. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity index jumped to 0.39 in July from an upwardly revised 0.21 in June. Markit's preliminary August services PMI came in at 58.5, which was down from a prior reading of 60.8 but above the 58.0 consensus projection. New home sales dropped 2.4% to a 412K rate in July, missing expectations for them to have risen to a 430K annualized rate. COMPANY NEWS: Shares of InterMune (ITMN) surged $19.05, or 35.41%, to $72.85 after the company agreed to be acquired by Roche (RHHBY) for $74.00 per share in an all-cash transaction. The deal announcement comes less than two weeks after Bloomberg reported that Roche, along with big pharma peers Sanofi (SNY) and GlaxoSmithKline (GSK), had made takeover bids for the smaller drugmaker. A number of other biotech companies gained following the deal announcement, including bigger names like Gilead (GILD) and Celgene (CELG) and smaller ones such as Achillion Pharmaceuticals (ACHN) and Receptos (RCPT)... Burger King (BKW) shares rose $5.29, or 19.51%, to $32.40 after the company confirmed it is in talks regarding a potential strategic transaction with Canadian donut chain Tim Hortons (THI). Shares of Tim Horton's trading in New York also gained $11.88, or 18.91%, to $74.72 following the confirmation of news first reported by The Wall Street Journal. MAJOR MOVERS: Among the other notable gainers was Advaxis (ADXS), which advanced 75c, or 23.08%, to $4.00 after announcing it has entered into a clinical trial collaboration agreement with Merck (MRK). Also rising were shares of Comtech (CMTL), which jumped $1.70, or 4.84%, to $36.81 after Reuters said the company is working with Citigroup to explore a potential sale. Among the noteworthy losers was Chinese internet and software company Qihoo 360 Technology (QIHU), which fell $7.88, or 7.74%, to $93.87 despite reporting second quarter earnings and revenue that beat analysts' estimates. Also lower were shares of GrubHub (GRUB), which fell $3.60, or 8.42%, to $39.16 after filing to sell 10M shares of common stock. INDEXES: The Dow gained 75.65, or 0.44%, to 17,076.87, the Nasdaq rose 18.80, or 0.41%, to 4,557.35, and the S&P 500 advanced 9.54, or 0.48%, to 1,997.94.
News For ITMN;ACHN;RCPT;BKW;THI;RHHBY;ADXS;MRK;GRUB;QIHU;CMTL From The Last 14 Days
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September 23, 2014
07:33 EDTMRKOphthotech names Michael Atieh as EVP, Chief Financial and Business Officer
Ophthotech Corporation (OPHT) announced that Michael G. Atieh has been named EVP, Chief Financial and Business Officer and Treasurer effective September 30. Atieh replaces Bruce A. Peacock, Chief Financial and Business Officer and Treasurer, who has notified the company of his intention to retire effective September 30. Atieh spent the majority of his career in the pharmaceutical industry with Merck and Co (MRK), where he held various senior level positions over a 20 year period including Senior Vice President-Merck Medco Managed Care, Vice President-U.S. Human Health, Vice President-Public Affairs, Vice President-Government Relations, and Treasurer.
September 22, 2014
19:23 EDTRHHBYRoche management to meet with JPMorgan
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18:20 EDTBKWSEC fines Wells Fargo Advisors $5M for not stopping inside trade, FT reports
The brokerage arm of Wells Fargo (WFC), Wells Fargo Advisors, was fined $5M by the SEC for not stopping an employee from trading on customer information ahead of the 2010 acquisition of Burger King (BKW), sometimes called “the sandwich deal," FT reports. Reference Link
14:32 EDTCMTLComtech announces $6.1M increase in order funding
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13:53 EDTITMN, RHHBYRoche launches $5.75B bond to back InterMune acquisition, Reuters reports
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06:51 EDTMRKMerck to host conference call
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06:12 EDTQIHUStocks with implied volatility below IV index mean; QIHU DDD
Stocks with implied volatility below IV index mean; Qihoo 360 (QIHU) 41, 3D Systems (DDD) 39 according to iVolatility.
September 20, 2014
15:43 EDTRHHBY, ITMNInterMune reports MOU in connection with consolidated Delaware action
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September 19, 2014
10:06 EDTGRUBOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Abtech Holdings (ABHD) initiated with a Buy at Chardan... Alibaba (BABA) initiated with a Buy at ... Cherokee (CHKE) initiated with a Buy at Brean Capital... Columbia Property Trust (CXP) initiated with a Sell at Goldman... Emerge Energy (EMES) initiated with a Buy at Goldman... GrubHub (GRUB) initiated with a Buy at BofA/Merrill... Iconix Brand (ICON) initiated with a Hold at Brean Capital... Ideal Power (IPWR) initiated with a Buy at Roth Capital... NorthStar Asset Management (NSAM) initiated with a Hold at MLV & Co.... Restoration Hardware (RH) initiated with a Buy at CRT Capital... Sequential Brands (SQBG) initiated with a Buy at Brean Capital... Sprouts Farmers Markets (SFM) initiated with an Overweight at Barclays... Urban Outfitters (URBN) initiated with a Neutral at Buckingham... Williams-Sonoma (WSM) initiated with a Fair Value at CRT Capital... Xcel Brands (XELB) initiated with a Buy at Brean Capital.
09:03 EDTQIHUQihoo 360 Technology volatility at low end of historic range
Qihoo 360 Technology September weekly call option implied volatility is at 45, October is at 42, December is at 43; compared to its 26-week average of 60 according to Track Data, suggesting decreasing price movement.
07:02 EDTGRUBGrubHub initiated with a Buy at BofA/Merrill
Target $47.
September 18, 2014
17:00 EDTBKWCarrols Restaurant to buy 30 Burger King restaurants in North Carolina
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09:18 EDTQIHUQihoo makes cybersecurity deal with Southeast Asia company, China Daily says
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08:48 EDTMRKNeogen's dairy genomic program to be marketed by Merck
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September 17, 2014
11:00 EDTRHHBYRoche CEO rules out megadeals, focused on bolt-on acquisitions, WSJ says
Roche CEO Severin Schwan said the company won't change its acquisition strategy following the recent deals made or abandoned in the pharmaceutical sector, reports the Wall Street Journal. In an interview with WSJ, Shwan said, "We have been very consistent in our approach to M&A." Regarding transformational deal-making, he said, "We have no intention to do that, whatever happens in the industry." Reference Link
10:00 EDTGRUBOn The Fly: Analyst Initiation Summary
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09:33 EDTMRKMerck announced positive results from Phase 3 data for omarigliptin
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08:39 EDTGRUBGrubHub initiated with a Neutral at Goldman
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08:31 EDTMRKMerck, Sun Pharma enter into licensing agreement for Tildrakizumab
Merck and Sun Pharmaceutical Industries, through their respective subsidiaries,announced an exclusive worldwide licensing agreement for Merck’s investigational therapeutic antibody candidate, tildrakizumab, which is currently being evaluated in Phase 3 registration trials for the treatment of chronic plaque psoriasis, a skin ailment. Under terms of the agreement, Sun Pharma will acquire worldwide rights to tildrakizumab for use in all human indications from Merck in exchange for an upfront payment of $80M. Merck will continue all clinical development and regulatory activities, which will be funded by Sun Pharma. Upon product approval, Sun Pharma will be responsible for regulatory activities, including subsequent submissions, pharmacovigilance, post approval studies, manufacturing and commercialization of the approved product. Merck is eligible to receive undisclosed payments associated with regulatory and sales milestones, as well as tiered royalties ranging from mid-single digit through teen percentage rates on sales. The transaction is subject to customary closing conditions, including the requirements under the Hart Scott-Rodino Antitrust Improvements Act.
07:43 EDTRHHBYBofA/Merrill to hold a conference
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