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November 12, 2012
12:08 EDTGILD, GSK, BZH, TIE, LUK, ACHN, SRPT, DHI, NLY, JEF, CLVS, SHW, PCP, CXSOn 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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December 9, 2014
07:44 EDTGSKAmerican Association for Cancer Research to hold a symposium
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05:37 EDTGSKGlaxoSmithKline downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill downgraded GlaxoSmithKline to Underperform citing a lack of pipeline catalysts and its belief the European pharma sector is close to fair value.
December 8, 2014
16:00 EDTGILDOptions Update; December 8, 2014
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13:32 EDTGSKEpizyme announces results for PRMT5 inhibitor
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11:49 EDTACHNAchillion December volatility elevated
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10:42 EDTNLYOptions with increasing implied volatility
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10:02 EDTGILDGilead presents follow-up data from Zydelig registrational studies
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08:32 EDTACHNTrout Group to hold events at ASH 2014
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06:12 EDTACHNStocks with implied volatility above IV index mean; LULU ACHN
Stocks with implied volatility above IV index mean; lululemon (LULU) 53, Achillion (ACHN) 216 according to iVolatility.
December 5, 2014
10:06 EDTACHNAchillion management to meet with JMP Securities
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09:36 EDTGILDActive equity options trading
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07:37 EDTGILDGilead price target raised to $121 from $110 at JPMorgan
JPMorgan raised its price target for Gilead shares to $121 saying the company's potential cash flow generation is "immense" and provides "significant strategic flexibility." The firm estimates Gilead can generate more than $30B in cash in the next two years and $80B-plus over the next five years. It keeps an Overweight rating on the stock.
06:04 EDTGSKGSK won't pursue divestment of certain brands in established products portfolio
As announced at the company’s Q2 results in July, GSK started a process to consider the divestment of certain North American and European brands in its Established Products Portfolio.The company has evaluated all bids received and has concluded, consistent with its key criteria of maximizing shareholder value, not to pursue divestment of these products.
December 4, 2014
09:01 EDTGILDVA negotiated $594 per dose price for Gilead HCV treatment
A Veterans Health Administration official told a Senate committee yesterday that Veterans' Affairs has "moved rapidly to deploy new, more effective, less toxic HCV treatments and has been able to negotiate significant discounts for these newer therapies." The agency negotiated a price of $594 per dose for Gilead's (GILD) Hepatitis C virus drug Sofosbuvir, below the commercial price of $1,000 per dose, VHA Chief Consultant for Pharmacy Benefits Management Michael Valentino told the Senate's Committee on Veterans' Affairs. The agency also received a $413 per dose price for Johnson & Johnson's (JNJ) Simeprevir, below the commerical price of $790. The VA has approximately 174,000 veterans in care with HCV, making it the largest single HCV provider in the U.S., Valentino pointed out. He added, "Like the rest of the country, VA has treated only a portion of Veterans for HCV because treatment and cures have been difficult to achieve due to low efficacy and high toxicity of standard drug therapies." Reference Link
06:04 EDTACHNStocks with implied volatility above IV index mean; DG ACHN
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December 3, 2014
17:33 EDTGSKGSK to shed U.S. jobs as Advair sales slow, Reuters says
GlaxoSmithKline confirmed U.S. job reductions saying "several hundred" commercial and research positions will be eliminated as the company consolidates its operations after the company's Advair sales slowed, says Reuters. Reference Link
16:05 EDTGSKArray BioPharma to regain worldwide rights to Binimetinib
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16:00 EDTGILDOptions Update; December 3, 2014
iPath S&P 500 VIX Short-Term Futures down 45c to 26.52. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX C GILD RIG ABX according to Track Data.
09:35 EDTGILDActive equity options trading
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06:02 EDTACHNStocks with implied volatility above IV index mean; DG ACHN
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