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November 12, 2012
16:21 EDTJEF, JCP, GSK, SRPT, GILD, UNH, TRV, NYX, PCP, TIE, LUK, CLVSOn The Fly: Closing Wrap
Stocks on Wall Street finished virtually unchanged as the holiday held trading volumes down. With bond markets and banks being closed for Veterans Day the averages stayed within a narrow range on either side of the flat line... ECONOMIC EVENTS: In the U.S. no economic data was released. In Asia, Chinaís exports rose 11.6% in October, topping forecasts. However, Japan's gross domestic product fell an annualized 3.5% in the three months through September and economists predict the nationís economy will shrink again in the next quarter, meaning it will have moved into recession... COMPANY NEWS: Leucadia National (LUK) agreed to acquire the remaining 71.4% of Jefferies (JEF) it doesn't own for $17.66 per share in an all stock transaction and shares of Jefferies rose $2.00, or 14.02%, to $16.27. 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. Shares of Titanium Metals closed up $4.93, or 42.61%, to $16.50 and shares of Precision Castparts also advanced $8.36, or 4.88%, to $179.69... The NYSE (NYX) said that it is continuing to investigate issues that affected trading in 216 symbols. Affected symbols included Dow members Travelers (TRV) and United Health Care (UNH)... MAJOR MOVERS: Among the notable gainers was Gilead (GILD), up $8.91, or 13.71%, to $73.92 after the company reported that it did not detect hepatitis C virus, or HCV, in the RNA of 25 HCV patients four weeks after they were treated with the company's investigational drug. Also higher were shares of Sarepta Therapeutics (SRPT), up $4.38, or 19.25%, to $27.13 after a JMP Securities analyst said a Duchenne muscular dystrophy treatment developed by GlaxoSmithKline (GSK) that will compete with Sarepta's drug is unlikely be approved until 2014 or 2015. Among stocks trading lower was J.C. Penney (JCP), down $2.67, or 12.94%, to $17.97 as the stock continued its downtrend after last week's earnings miss and was downgraded to Underperform from Neutral at Credit Suisse. Also lower were shares of Clovis Oncology (CLVS), down $8.99, or 41.83%, to $12.50 after the company reported negative results from a cancer drug trial and said it would suspend all development of the drug pending further evaluation of the data... INDICES: The Dow gained 1.31, or 0.01%, to 12,816.70; the Nasdaq fell 0.61, or 0.02%, to 2,904.26; and the S&P 500 added 0.15, or 0.01%, to 1,380.00.
News For JEF;LUK;TIE;PCP;NYX;TRV;UNH;GILD;SRPT;GSK;JCP;CLVS From The Last 14 Days
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July 21, 2014
07:11 EDTGSKInternational Society of DNA Vaccines to hold a conference
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06:43 EDTGILDGrowing market for hepatitis-C treatment prompts legal scramble, WSJ says
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July 20, 2014
12:46 EDTGILDGilead drug cocktail helps treat HIV/HCV-coinfected patients, JAMA says
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July 18, 2014
16:47 EDTUNHMarket ends week higher as earnings, M&A offset geopolitical tensions
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10:40 EDTJCPJ.C. Penney call active on renewed takeover chatter
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10:28 EDTJCPRumor: J.C. Penney moves up on renewed takeover chatter
08:45 EDTUNHUnitedHealth price target raised to $94 from $84 at Oppenheimer
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July 17, 2014
16:52 EDTUNHOn The Fly: Closing Wrap
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13:18 EDTUNHOn The Fly: Midday Wrap
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09:13 EDTUNHUnitedHealth expects improving environment in 2016 and beyond
Expects to expand up to two dozen state exchanges in 2014. Project 6% commercial medical cost trend for 2016, with costs in line with company's plan and remains moderate. Expects margins to reach 7% this year, in line with original forecast. Expects Optum revenue to accelerate in 2H14, and particularly in Q4. Comments taken from Q2 earnings conference call.
07:18 EDTGSKMylan wins motion to enjoin GlaxoSmithKline from production of generic product
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06:23 EDTGSKGlaxoSmithKline admits to bribing Chinese officials in 2001, FT reports
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06:18 EDTUNHUnitedHealth reports Q2 Optum revenue $11.7B
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06:18 EDTUNHUnitedHealth raises low end of FY14 EPS to $5.50-$5.60 from $5.40-$5.60
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06:18 EDTUNHUnitedHealth reports Q2 EPS $1.42, consensus $1.26
Reports Q2 revenue $32.57B, consensus $32B
July 16, 2014
15:27 EDTUNHNotable companies reporting before tomorrow's open
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14:32 EDTUNHUnitedHealth July 84 straddle priced for 2.8% move into Q2
11:57 EDTGILDStocks with call strike movement; GILD YHOO
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07:14 EDTGSKIsis Pharmaceuticals earns $1M milestone payment from GlaxoSmithKline
Isis Pharmaceuticals (ISIS) has earned a $1M milestone payment from GlaxoSmithKline (GSK) related to the advancement of the Phase 2/3 study of ISIS-TTRRx in patients with familial amyloid polyneuropathy. ISIS-TTRRx is an antisense drug in development with GSK for the treatment of transthyretin amyloidosis, a severe and rare genetic disease characterized by progressive dysfunction of peripheral nerve and/or heart tissues. Including this milestone payment, Isis has generated $27M in upfront and milestone payments for advancing ISIS-TTRRx. If GSK elects to exercise its option to exclusively license the ISIS-TTRRx program, Isis is eligible to receive a license fee, regulatory and sales milestone payments and double-digit royalties on sales of ISIS-TTRRx.
05:38 EDTGSKGSK, Theravance initiate Phase III IMPACT study
GlaxoSmithKline (GSK) and Theravance (THRX) announced the start of a global phase III study, known as IMPACT, to evaluate the efficacy and safety of the 'closed' triple combination of FF/UMEC/VI in patients with chronic obstructive pulmonary disease, or COPD. IMPACT is the first pivotal phase III study in a programme to evaluate a once-daily closed triple combination treatment of an inhaled corticosteroid, or ICS; a long-acting muscarinic antagonist, or LAMA; and a long-acting beta2-adrenergic agonist, or LABA, in patients with COPD. The IMPACT study will enrol approximately 10,000 patients and assess whether the combination of FF, or fluticasone furoate, an ICS, UMEC, or umeclidinium, a LAMA, and VI, or vilanterol, a LABA, all delivered in GSK's Ellipta inhaler, can reduce the annual rate of moderate and severe exacerbations compared with two approved once daily COPD treatments, Relvar/Breo Ellipta, FF/VI, which is an ICS/LABA combination, and Anoro Ellipta, UMEC/VI, which is a LAMA/LABA combination.
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