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Stock Market & Financial Investment News

News Breaks
November 12, 2012
12:08 EDTGSK, BZH, TIE, LUK, ACHN, SRPT, DHI, NLY, JEF, CLVS, SHW, PCP, CXS, GILDOn 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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August 24, 2015
13:15 EDTGSKFDA expands use of Novartis' Promacta to include children ages 1 and older
Ligand Pharmaceuticals (LGND) announced that the FDA has approved an expanded use for Promacta, a Novartis (NVS) product, to include children 1 year of age and older with chronic immune thrombocytopenia who have had an insufficient response to corticosteroids, immunoglobulins or splenectomy. Promacta was acquired by Novartis in March from GlaxoSmithKline (GSK). Promacta was discovered as a result of research collaboration between GSK and Ligand Pharmaceuticals and was developed by GSK. The updated label also includes a new oral suspension formulation of Promacta that is designed for younger children who may not be able to swallow tablets. Promacta was approved by the FDA as a tablet formulation in June 2015 for children 6 years of age and older and in 2008 for use in adult patients with the same condition. The label expansion of Promacta was based on data from two double-blind, placebo-controlled trials, including the largest Phase 3 clinical trial in this patient population. Treatment with Promacta significantly increased and sustained platelet counts among pediatric patients with chronic ITP with an insufficient response to prior chronic ITP therapies, and some patients taking concomitant ITP medications were able to reduce or discontinue their use of these medications, primarily corticosteroids. Promacta should be used only in those whose degree of thrombocytopenia and clinical condition increase the risk for bleeding.
09:45 EDTSRPTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Bank of America (BAC) upgraded to Outperform from Market Perform at Keefe Bruyette... Bristol-Myers (BMY) upgraded to Neutral from Underweight at Piper Jaffray... Chevron (CVX) upgraded to Neutral from Underperform at BofA/Merrill... Abercrombie & Fitch (ANF) upgraded to Overweight from Neutral... Nike (NKE) upgraded to Outperform from Market Perform at Telsey Advisory... DreamWorks (DWA) upgraded to Buy from Neutral at B. Riley... Caesarstone (CSTE) upgraded to Overweight from Equal Weight at Barclays... TransAlta (TAC) upgraded to Outperform from Market Perform at BMO Capital... Sarepta (SRPT) upgraded to Overweight from Neutral at Piper Jaffray... AutoZone (AZO) upgraded to Buy from Neutral at BofA/Merrill... Royal Dutch Shell (RDS.A) upgraded to Buy from Hold at Jefferies... Allscripts (MDRX) upgraded to Buy from Hold at Argus... China Unicom (CHU) upgraded to Buy from Hold at Jefferies... Ross Stores (ROST) upgraded to Buy from Neutral at Buckingham.
06:50 EDTSRPTSarepta upgraded to Overweight from Neutral at Piper Jaffray
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August 21, 2015
10:36 EDTSRPTOptions with increasing implied volatility
Options with increasing implied volatility: PTCT UVXY VIX VXX SVXXY SRPT TZA UPRO VNR SPXU
08:32 EDTSRPTSarepta says FDA grants rare pediatric disease designation for Eteplirsen
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05:25 EDTGSKNovartis acquires all remaining rights to Ofatumumab from GSK
Novartis (NVS) announced that it has entered into an agreement to acquire all remaining rights to Ofatumumab from GlaxoSmithKline (GSK). Ofatumumab, a fully human monoclonal antibody which targets CD20, is being developed for relapsing remitting multiple sclerosis, or RRMS, and other autoimmune indications. Novartis previously acquired the rights to Ofatumumab for oncology indications and it is marketed under the brand name Arzerra. Novartis will be responsible for the worldwide development, regulatory and commercialization activities for Ofatumumab. Under the terms of the agreement, Novartis will make an initial upfront payment of $300M to GSK for the acquisition of the compound and a further payment of $200M payable following the start of a phase III study in MS by Novartis. Upon completion of pre-determined milestones, contingent payments of up to $534M may be made. Novartis will also pay royalties of up to 12% to GSK on any future net sales of Ofatumumab in autoimmune conditions.
August 20, 2015
16:34 EDTGILDGilead MAA for HIV regimen has been fully validated by EMA
Gilead Sciences announced that the company's Marketing Authorization Application, MAA, for an investigational, once-daily single tablet regimen that combines emtricitabine 200 mg, tenofovir alafenamide 25 mg and rilpivirine 25 mg has been fully validated and is now under evaluation by the European Medicines Agency, EMA. Emtricitabine and tenofovir alafenamide are marketed by Gilead Sciences and rilpivirine is marketed by Janssen Sciences Ireland UC, one of the Janssen Pharmaceutical Companies of Johnson & Johnson. The data included in the application support the use of R/F/TAF for the treatment of HIV-1 infection in adults and pediatric patients 12 years and older. "With this validation, R/F/TAF is now the third TAF-based filing under review by the EMA as we advance a portfolio of new treatment options that may offer high efficacy and favorable safety profiles," said Norbert Bischofberger, PhD, Executive Vice President, Research and Development and Chief Scientific Officer, Gilead Sciences. "The R/F/TAF filing also represents the next step in our collaboration with Janssen to develop HIV treatments that potentially meet the diverse needs of people living with HIV."
11:49 EDTACHN, SRPTOptions with increasing implied volatility
Options with increasing implied volatility: SRPT ACHN VIAV ZG RAD DIS ORCL SPY XLF OEX
August 19, 2015
17:09 EDTLUKLeucadia appoints John Dalton as Controller and Chief Accounting Officer
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09:50 EDTPCPPrecision Castparts downgraded to Neutral from Buy at Citi
Citi last night downgraded Precision Castparts (PCP) to Neutral saying it does not see another potential buyer emerging to compete with Berkshire Hathaway (BRK.A). Berkshire's offer is likely a "good enough" outcome for Precision Castparts, CIti stated. It lowered its price target for shares to $235 from $246.
09:17 EDTSRPT'Female Viagra' approval seen as positive for Sarepta, BioMarin
The FDA's approval of the world's first drug designed to boost a woman's sexual desire is seen as boding well for companies awaiting critical decisions by the agency. FEMALE VIAGRA: The Food and Drug Administration yesterday approved flibanserin to treat acquired, generalized hypoactive sexual desire disorder in premenopausal women. The drug, which will be sold under the name "Addyi" and is commonly referred to as the "female Viagra," is the first FDA-approved treatment for sexual desire disorders in men or women, the agency prominently stated in its press release. HSDD is characterized by low sexual desire that causes marked distress or interpersonal difficulty and is not due to a co-existing medical or psychiatric condition, problems within the relationship, or the effects of a medication or other drug substance, the FDA explained. Addyi was approved with a risk evaluation and mitigation strategy as well as a Boxed Warning given the risk of severe hypotension and syncope in patients who drink alcohol during treatment. The drug is made by privately held Sprout Pharmaceuticals. ANALYST REACTION: Addyi's approval is "another sign of flexibility" by the FDA, especially for first-in-class therapies, Roth Capital analyst Debjit Chattopadhyay writes this morning in a note to investors. This bodes well for the approval of eteplirsen, drisapersen and Translarna, the analyst contends. Eteplirsen, designed by Sarepta Therapeutics (SRPT), and drisapersen, designed by BioMarin (BMRN), are experimental drugs being developed to treat Duchenne muscular dystrophy. Translarna, designed by PTC Therapeutics (PTCT), is already being sold in Europe as a treatment for DMD and is awaiting approval from the FDA. Duchenne muscular dystrophy is a form of muscular dystrophy affecting around 1 in 3,600 boys, which results in muscle degeneration and premature death. SAVING LIVES: While female sexual dysfunction is a clinical problem, eteplirsen is designed to save lives, Chattopadhyay points out. He has a Buy rating on Sarepta and noted his price target of $45 assumes accelerated approval for eteplirsen in the first quarter of 2016. Shares of the Massachusetts-based biopharmaceutical company closed yesterday at $35.69.
08:29 EDTSRPTFlibanserin approval bodes well for Sarepta, others, says Roth Capital
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August 18, 2015
10:19 EDTPCPOptions with increasing implied volatility
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10:00 EDTPCPOn The Fly: Analyst Downgrade Summary
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10:00 EDTSHWOn The Fly: Analyst Upgrade Summary
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06:12 EDTPCPPrecision Castparts downgraded to Neutral from Buy at UBS
UBS analyst David Strauss downgraded Precision Castparts (PCP) to Neutral saying a higher competing takeover bid to Berkshire Hathaway's (BRK.A) is unlikely to emerge. The analyst lowered his price target for Precision Castparts to $235 from $244.
06:08 EDTSHWSherwin-Williams upgraded to Neutral from Sell at UBS
UBS analyst John Roberts upgraded Sherwin-Williams to Neutral citing the relative underperformance of shares. The stock is high quality and "difficult to be bearish on," Roberts tells investors in a research note. He raised his price target for shares to $284 from $278.
August 17, 2015
10:55 EDTPCPOptions with increasing implied volatility
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06:22 EDTSRPTPiper's Tenthoff sees select biotech names outperforming in second half
Piper Jaffray analyst Edward Tenthoff expects drug launches, clinical data read-outs and potential partnerships to drive outperformance for select biotech names in the second half of 2015. Despite some recent profit-taking, 2015 has been another strong year for biotech stocks, Tenthoff tells investors in a research note. Names with important second half of the year catalysts include Vertex (VRTX), Regeneron (REGN), Seattle Genetics (SGEN), Exelixis (EXEL), Sarepta (SRPT), Novavax (NVAX), Arrowhead (ARWR), Array BioPharma (ARRY), Alnylam (ALNY), Genocea (GNCA), CymaBay (CBAY), Idera Pharmaceuticals (IDRA), Vitae Pharmaceuticals (VTAE).
August 16, 2015
13:20 EDTPCPBerkshire Hathaway could see boost from Castparts deal, Barron's says
Berkshire Hathaway's (BRK.A, BRK.B) agreement to acquire Precision Castparts (PCP) looks like a "good -- not great" deal for Berkshire and could yield attractive returns for the company, Barron's contends in its 'Follow Up' column. Reference Link
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