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Stock Market & Financial Investment News

News Breaks
February 26, 2014
07:39 EDTITMNInterMune downgraded to Market Perform from Outperform at Leerink
Leerink downgraded InterMune citing the playing out of its thesis following yesterday's share rally. Leerink said it still believes in Esbriet's efficacy in idiopathic pulmonary fibrosis and raised its price target for shares to $41 from $20.
News For ITMN From The Last 14 Days
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August 26, 2014
06:28 EDTITMNInterMune downgraded to Market Perform from Outperform at JMP Securities
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06:08 EDTITMNStocks with implied volatility below IV index mean; QCOM ITMN
Stocks with implied volatility below IV index mean; Qualcomm (QCOM) 13, InterMune (ITMN) 16 according to iVolatility.
06:05 EDTITMNInterMune downgraded to Hold from Buy at Jefferies
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06:00 EDTITMNInterMune downgraded to Neutral from Overweight at JPMorgan
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August 25, 2014
16:13 EDTITMNOn 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.
16:00 EDTITMNOptions Update; August 25, 2014
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12:19 EDTITMNOn The Fly: Midday Wrap
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11:11 EDTITMNOptions with decreasing implied volatility
Options with decreasing implied volatility: AMPE FOLD ITMN AEO DKS WUBA URBN SPLS YOKU GME
10:54 EDTITMNHigh option volume stocks
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10:40 EDTITMNBiotechs rise after InterMune acquired by Roche
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10:00 EDTITMNOn The Fly: Analyst Downgrade Summary
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09:11 EDTITMNOn The Fly: Pre-market Movers
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08:24 EDTITMNRoche to hold a conference call
CEO Schwan and CFO Hippe discuss the acquisition of InterMune on a conference call to be held on August 25 at 9 am. Webcast Link
07:11 EDTITMNInterMune volatility expected to move on Roche acquiring for $8.3B
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06:39 EDTITMNInterMune downgraded to Hold from Buy at Stifel
Roche (RHHBY) is buying InterMune (ITMN) in a deal valued at $8.3B, or $74 per a share.
August 24, 2014
20:27 EDTITMNRoche drops pursuit for remainder of Japan's Chugai, Bloomberg says
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13:41 EDTITMNRoche to acquire InterMune for $74.00 per share
Roche (RHHBY) and InterMune (ITMN) announced they have entered into a definitive merger agreement for Roche to fully acquire InterMune at a price of $74.00 per share in an all-cash transaction. This corresponds to a total transaction value of $8.3B on a fully diluted basis. This offer represents a premium of 38% to InterMune's closing price on August 22 and a premium of 63% to InterMune's unaffected closing price on August 12. The merger agreement has been approved by the boards of InterMune and Roche. Under the terms of the merger agreement, Roche will commence a tender offer no later than August 29 to acquire all outstanding shares of InterMune common stock, and InterMune will file a recommendation statement containing the unanimous recommendation of the InterMune board that InterMune's shareholders tender their shares to Roche. The transaction is expected to be neutral to core earnings per share in 2015 and accretive from 2016 onwards. The acquisition of InterMune, a Brisbane, California based biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and fibrotic diseases, will allow Roche to broaden and strengthen its respiratory portfolio globally. Roche plans a smooth transition of InterMune employees and operations into the Roche organization, ensuring readiness for an expected launch of pirfenidone in the US in 2014. The closing of the transaction is expected to take place in 2014.
August 21, 2014
10:14 EDTITMNOn The Fly: Analyst Downgrade Summary
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05:22 EDTITMNInterMune downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded InterMune to Market Perform citing valuation.
August 20, 2014
05:53 EDTITMNStocks with implied volatility movement; NGD ITMN
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