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Stock Market & Financial Investment News

News Breaks
November 12, 2012
12:08 EDTACHN, SRPT, DHI, NLY, JEF, CLVS, SHW, PCP, CXS, GILD, GSK, BZH, TIE, LUKOn The Fly: Midday Wrap
The averages were lower but not far from their starting point at midday amid light holiday trading volume. The market began the session slightly higher but was unable to gain upside momentum. The averages ultimately crossed into negative territory but have managed to stay in a narrow trading range and remain within striking distance of the flat line... ECONOMIC EVENTS: In the U.S., bond markets and banks are closed in observance of Veterans Day and no economic data was released. Over the weekend in Europe, Greece’s 2013 budget was approved but euro area finance ministers are unlikely to approve the next batch of loans to Greece at their meeting today, according to media reports. In Asia, China’s exports rose 11.6% in October, which was their fastest growth rate since May and exceeded forecasts. Elsewhere in the region, Japan's gross domestic product fell an annualized 3.5% in the three months through September and economists predict the nation’s economy will shrink again in the next quarter, leading to its third technical recession since 2008... COMPANY NEWS: Mergers dominated the domestic headlines, as Leucadia National (LUK) agreed to acquire the remaining 71.4% of Jefferies (JEF) it doesn’t own for about $3.7B, or $17.66 per share, in an all stock transaction. Annaly Capital Management (NLY) struck a deal to pay $12.50 per share for the remaining shares of CreXus (CXS). Also, after Friday's closing bell, Precision Castparts (PCP) announced a deal to buy Titanium Metals (TIE) for $16.50 per share, or $2.9B, a 43% premium to its closing price that day... Two homebuilders, D.R. Horton (DHI) and Beazer Homes (BZH), both declined following their quarterly reports. D.R. Horton's earnings beat consensus and its net sales orders climbed 24% but shares slid 3%. Beazer reported stronger than expected revenue but a wider than expected loss and its shares plunged 15%... MAJOR MOVERS: Among the notable gainers was Sherwin-Williams (SHW), which rose 6% following its agreement to buy privately held Comex for $2.34B to gain a bigger presence in Mexico. Also higher were shares of Sarepta Therapeutics (SRPT), which climbed over 13% after a JMP Securities analyst said a Duchenne muscular dystrophy treatment developed by GlaxoSmithKline (GSK) that will compete with Sarepta's eteplirsen is unlikely be approved until 2014 or 2015. Among the noteworthy losers were Clovis Oncology (CLVS), down more than 35% after a trial of one of its drugs failed to meet its primary or secondary endpoints, and Achillion Pharmaceuticals (ACHN), down almost 12% after its competitor Gilead (GILD) reported positive hepatitis C virus data... INDICES: Near noon, the Dow was down 22.64, or 0.18%, to 12,792.75; the Nasdaq was down 5.78, or 0.20%, to 2,899.09; and the S&P 500 was down 1.97, or 0.14%, to 1,377.88.
News For JEF;LUK;CXS;NLY;TIE;PCP;DHI;BZH;SHW;SRPT;GSK;CLVS;ACHN;GILD From The Last 14 Days
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April 8, 2014
08:46 EDTGSKTeva announces first approval, launch of generic Lovaza capsules in the U.S.
Teva (TEVA) announces the approval of the generic equivalent to Lovaza in the United States. Teva believes it is first-to-file and thus far is the only company to receive an approval from FDA. Teva plans to commence shipping immediately. Lovaza Capsules, marketed by GlaxoSmithKline (GSK), had annual sales of approximately $1.1B in the United States, according to IMS data as of December 2013.
07:22 EDTGSKCaSA-ISPE to hold a conference
21st Annual Lilfe Sciences Technology Conference is being held in Raleigh, North Carolina on April 8.
April 7, 2014
14:18 EDTGSKGlaxoSmithKline reports 14.1% stake in Applied Genetic Technologies
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11:11 EDTSRPTSarepta said to cancel appearance at Needham conference
Sarepta cancelled its appearance at Needham's conference tomorrow due to "other obligations," a re-tweet by The Street's Adam Feuerstein says, citing a confirmation from the company. Shares of Sarepta moved up 23c to $23.37 following circulation of the tweet.
10:00 EDTDHIOn The Fly: Analyst Downgrade Summary
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09:34 EDTGILDActive equity options trading on open
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08:31 EDTGILDGilead announecs FDA priority review designation for Ledipasvir/Sofosbuvir
Gilead Sciences announced that the U.S. Food and Drug Administration has granted priority review to the company’s New Drug Application for a once-daily fixed-dose combination of the NS5A inhibitor ledipasvir 90 mg and the nucleotide analog polymerase inhibitor sofosbuvir 400 mg for the treatment of chronic hepatitis C genotype 1 infection in adults. Gilead filed the NDA for LDV/SOF on February 10, and the FDA has set a target action date under the Prescription Drug User Fee Act of October 10. The FDA has also assigned LDV/SOF a Breakthrough Therapy designation.
07:51 EDTDHID.R. Horton downgraded to Underperform from Market Perform at Raymond James
Raymond James downgraded D.R. Horton to Underperform given exposure to first-time buyers access to mortgage financing and low rankings of communities vs. peers in terms of average school ratings.
07:09 EDTSHWSherwin-Williams retreat creates excellent entry point, says Longbow
After Sherwin-Williams announced the termination of its exclusive agreement with the sellers of Comex as it failed to obtain approval from Mexican regulators for the deal, Longbow believes that Sherwin-Williams' outlook "has rarely looked brighter." The firm thinks the stock's multiple can rise, and it reiterates a $215 price target and Buy rating on the shares.
April 6, 2014
16:23 EDTGSKGlaxoSmithKline investigates bribery allegations in Iraq, WSJ says
GlaxoSmithKline is investigating allegations of bribery by employees in Iraq, says the Wall Street Journal, citing emails reviewed by the publication. Reference Link
April 4, 2014
11:32 EDTSHWSherwin-Williams terminates stock purchase agreement for Comex Mexico
Sherwin-Williams announced that it sent notice to the sellers that effective immediately Sherwin-Williams is terminating the amended and restated stock purchase agreement, dated September 16, 2013, to acquire the Mexico business of Consorcio Comex. Under the terms of the agreement, either Sherwin-Williams or the sellers may terminate the agreement in the event that the closing of the acquisition did not occur on or prior to March 31 and such party is not in material breach of the agreement. Sherwin-Williams also announced that it filed a complaint for a declaratory judgment in the Supreme Court of the State of New York, New York County, requesting the court to declare that Sherwin-Williams has used commercially reasonable efforts as required under the stock purchase agreement and has not breached the agreement.
09:36 EDTGILDActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TSLA MU GNK AMZN FB GILD MA NFLX
06:29 EDTGSKGlaxoSmithKline cuts China employees amid probe, WSJ reports
According to a source, as it deals with a bribery probe in Beijing, GlaxoSmithKline is cutting employees in China, the Wall Street Journal reports. It is unclear how many of Glaxo's 7,000 employees in China have been let go. Reference Link
April 3, 2014
12:32 EDTSRPTExpert thinks FDA could be swayed on eteplirsen by families, Boston Herald says
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11:19 EDTSHWRPM hits 52-week high after raising full year profit outlook
Shares of specialty chemical, paint, and coating maker RPM (RPM) are rallying after the company raised its fiscal 2014 profit outlook. WHAT'S NEW: This morning, RPM reported third quarter earnings per share of 12c and revenue of $863.4M, compared to expectations of 9c and $877.67M, respectively. RPM raised its FY14 EPS view to $2.10-$2.15 from $2.05-$2.10, compared to consensus of $2.11. It also forecast FY14 industrial sales growth of 4%-6% and consumer sales growth of 8%-10%. The company cited stronger than anticipated leverage in its industrial segment, resulting from solid performance in Europe and businesses serving U.S. construction markets, as the reason for the improved outlook. PRICE ACTION: In late morning trading, RPM rose $2.03, or 4.8%, to $44.20 on heavy trading volume. Earlier in the session, the stock hit a fresh 52-week high of $45.47. Including today's advance, the stock is up approximately 43% over the past twelve months. OTHERS TO WATCH: Other companies in the paint and coatings space include PPG Industries (PPG), Valspar (VAL), and Sherwin Williams (SHW).
09:37 EDTGSKAmgen to pay GlaxoSmithKline $275M to terminate denosumab collaboration pact
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09:37 EDTGILDActive equity options trading on open
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08:15 EDTBZHBeazer Homes expects to report positive net income for FY14
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08:14 EDTBZHBeazer Homes sees Q2 total net new orders 1,390, down 9% from a year ago
Sees total backlog at Q2 end 2,163, down 2% from a year ago. As expected, new orders and closings were impacted by an estimated 6% decline in active community count, including a 21% decline in active community count in our West segment. In addition, closings, as well as some new orders, were impacted by severe weather conditions in our East Segment, which comprises approximately 40% of its active community count. Sales per community per month for Q2 were 3.3, compared with 2.2 in Q1 and 3.4 in 3Q13.
06:33 EDTCLVSFoundation Medicine and Clovis Oncology partner for cancer diagnostic
Foundation Medicine (FMI) and Clovis Oncology (CLVS) are expanding their ongoing collaboration to incorporate a coordinated regulatory strategy for the development of a novel Premarket Approval companion diagnostic test. This test is designed for use by physicians to identify patients most likely to respond to rucaparib, Clovis’ poly polymerase inhibitor currently the subject of Phase 2 and Phase 3 clinical trials in patients with ovarian cancer. This companion diagnostic is being developed in parallel with the clinical development of rucaparib to facilitate an FDA submission of the PMA for the companion diagnostic concurrent with the New Drug Application for rucaparib.
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