New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 26, 2013
11:15 EDTBSX, PFE, MDT, JNJ, ABTJ&J, Pfizer lose bid to revive heart device patent claims
The claims were against Abbott (ABT), Medtronic (MDT) and Boston Scientific (BSX).
News For JNJ;PFE;ABT;MDT;BSX From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | 3 | 4 >>
February 1, 2016
14:32 EDTPFENotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus 64c... Pfizer (PFE), consensus 52c... United Parcel Service (UPS), consensus $1.42... Dow Chemical (DOW), consensus 70c... Emerson Electric (EMR), consensus 51c... Archer-Daniels-Midland (ADM), consensus 66c... Baxter (BAX), consensus 32c... Sirius XM (SIRI), consensus 3c... Royal Caribbean Cruises (RCL), consensus 92c... Ally Financial (ALLY), consensus 51c... Michael Kors (KORS), consensus $1.46... ADT Corp. (ADT), consensus 46c.
13:25 EDTPFEEarnings Watch: Pfizer shares down approximately 12% since last earnings report
Pfizer (PFE) is scheduled to report fourth quarter earnings before the market open on Tuesday, February 2, with a conference call scheduled for 10:00 am ET. Pfizer, a biopharmaceutical company, discovers, develops, manufactures, and sells healthcare products worldwide. Its product portfolio includes medicines and vaccines, as well as various consumer healthcare products. EXPECTATIONS: Analysts are looking for earnings per share of 52c on revenue of $13.57B, according to First Call. The consensus range for EPS is 49c-54c on revenue of $13.08B-$13.99B. LAST QUARTER: After completing its Hospira acquisition in early September, Pfizer reported third quarter EPS of 60c, which beat consensus estimates of 51c, on revenue of $12.1B, which was also higher than consensus estimates of $11.56B. In Q3 Operational revenue growth in in developed markets was driven primarily by the performance of several key products, including Prevnar 13 in adults, Ibrance and Eliquis -- all products that are early in their life cycles as well as from Lyrica primarily in the U.S., and the inclusion of one month of legacy Hospira U.S. operations. In emerging markets, revenues increased 5% operationally, reflecting continued strong operational growth, primarily from the Innovative Products business. Operational revenue growth was partially offset primarily by the loss of exclusivity and associated generic competition for Celebrex in the U.S., Zyvox in the U.S. and Lyrica in certain developed Europe markets. With its Q3 earnings announcement the company raised its fiscal year 2015 earnings per share view to $2.16-$2.20 from $2.04-$2.10 against a raised revenue view of $47.5B-$48.5B from $46.5B-$47.5B. Commenting on the improved yearly view, the company CFO said "We raised our 2015 financial guidance for reported revenues and adjusted diluted EPS to reflect the strong performance to date of Pfizer-standalone, excluding legacy Hospira operations coupled with an improved business outlook for Pfizer-standalone for the remainder of the year.PFIZER-ALLERGAN DEAL. On November 23, Pfizer and Allergan (AGN) announced that their boards of directors have unanimously approved, and the companies have entered into, a definitive merger agreement under which Pfizer will combine with Allergan. Pfizer at the time said it anticipates the Allergan transaction will deliver more than $2B in operational synergies over the first three years after closing. Pfizer anticipates that the combined company will have a pro forma Adjusted Effective Tax Rate of approximately 17%-18% by the first full year after the closing of the transaction. The transaction is expected to be neutral to Pfizer's Adjusted Diluted EPS in 2017, modestly accretive beginning in calendar year 2018, more than 10% accretive in 2019 with high-teens percentage accretion in 2020. STREET RESEARCH: On December 1, Barclays analyst Geoff Meacham kept an Equal Weight rating on Pfizer after assuming coverage of the name. The analyst maintained a $34 price target for shares.On November 25, SunTrust upgraded Pfizer to Neutral and increased its price target to $37 from $34 on shares. Analyst John Boris said the Allergan deal makes strategic sense, providing much needed growth from earlier life cycle assets with limited therapeutic overlap. PRICE ACTION: Shares of Pfizer are lower by approximately 12% since its last earnings report on October 27. Pfizer shares are trading over 1% lower to $29.97 in afternoon trading ahead of Tuesday morning's earnings.
12:13 EDTABTOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday, but off their worst levels of the day, as oil is once again being weighed on by worries of slower growth in China. Several M&A announcements helped fuel speculation that deal-making may be set to pick up, but the headwinds of lower oil prices and weak economic data are outweighing that potential boost and keeping stocks in the red to start the month. ECONOMIC EVENTS: In the U.S., personal income rose 0.3% in December, versus expectations for an increase of 0.2%, while spending was flat, versus expectations for an increase of 0.1%. Markit's manufacturing purchasing managers index for January dipped to 52.4 in the final January reading, down from the 52.7 flash reading and the below the 52.6 reading that was expected. The Institute for Supply Management's manufacturing index for January came in at 48.2, below the 48.4 that analysts expected. Construction spending rose 0.1% in December, which was weaker than the 0.6% increase that was forecast. In China, the statistics bureau's official manufacturing purchasing managers index fell to 49.4 in January from 49.7 in December. The private Caixin manufacturing PMI edged up to 48.4 from 48.2 in the prior reading, but both figures still remain in contraction territory. In Europe, Markit's manufacturing PMI for the euro zone dropped to 52.3 from December's 53.2, in-line with the earlier flash estimate. COMPANY NEWS: Shares of Twitter (TWTR) advanced 9% after tech reporter Jessica Lessin said private equity firm Silver Lake and investor Marc Andreessen have "considered some sort of deal" for the microblog service operator. Lessin noted in the report published on her site, The Information, that she did not know if deal talks are "active" now between Andreessen, Silver Lake and Twitter... Alere (ALR) surged 45% to $54 per share near midday after Abbott (ABT) agreed to acquire the company for $56 per share at a total expected equity value of $5.8B. In other Monday M&A news, Questar (STR) rose 22% after Dominion Resources (D) agreed to acquire it for $25 per share, or about $4.4B, and assume Questar's outstanding debt. Meanwhile, Stryker (SYK) announced a deal to acquire Sage Products for $2.775B in cash. The buyers' shares did not fare as well in the wake of the deal announcements, as Abbott slipped 0.5%, Dominion dipped 1% and Stryker fell 1%. Also lower were shares of Smith & Nephew (SNN), which slid fractionally as investors may have been concerned that Stryker's deal decreases the likelihood that it will come after S&N. Additionally, Smith & Nephew announced that its CEO Olivier Bohuon has been diagnosed with a "highly treatable" form of cancer. MAJOR MOVERS: Among the notable gainers was Lumber Liquidators (LL), which gained 8.5% after a judge accepted the company's $10M plea deal to settle timber source crime charges, according to media reports. Also higher was Chipotle (CMG), which rose 5.5% after The Wall Street Journal reported that the Centers for Disease Control and Prevention is expected to formally declare the end to its E.coli outbreak as soon as today. In addition, Sysco (SYY) and Aetna (AET) were up 7% and 2%, respectively, after reporting quarterly earnings. Among the noteworthy losers was Nokia (NOK), which fell 12% after it forecasted how much revenue it expects to gain from its IP portfolio after its patent deal with Samsung (SSNLF) and its shares were downgraded at Canaccord and BofA Merrill Lynch. Also lower was GoPro (GPRO), which was slid 5% after analysts from Piper Jaffray and Citi predicted that the company's guidance to be issued this week will disappoint investors. In addition, Roper Technologies (ROP) and ImmunoGen (IMGN) were down 6.5% and 5.7%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was down 56.40, or 0.34%, to 16,409.90, the Nasdaq was down 12.25, or 0.27%, to 4,601.70, and the S&P 500 was down 6.51, or 0.34%, to 1,933.73.
10:49 EDTPFEPfizer technical comments before earnings
On the downside, an important support level to watch is at the $28 area. This level has been an important support since early 2013. If the news is a negative surprise, the $28 zone is likely to be tested from current levels. A breakdown below $28 would resolve the range bearishly. Next downside objectives may be at the following support levels: $27.30, $26.42. If the news is a bullish surprise, resistance levels to watch as potential upside objectives would be at $30.95, $31.78, and $32.91. A move above $32.50 would end the current longer-term downtrend.
10:02 EDTMDTMedtronic announced CE Mark, commercial launch for Resolute Onyx expansion
Medtronic announced the recent CE Mark and commercial launch for an expanded size matrix of the Resolute Onyx DES, a next generation drug-eluting stent that is now available in 4.5mm and 5.0mm diameter sizes. The CE Mark also approved several new product indications including treatment of left main vessels and small vessels. Many coronary vessels are large in diameter of which a sub-set are left main, and now physicians can treat these large vessels with optimally sized stents that provide appropriate drug concentration. Resolute Onyx is the first DES available in these sizes among major manufacturers, offering the broadest size matrix to optimize the treatment of complex clinical scenarios. The Resolute Onyx DES is not commercially available in the United States.
09:27 EDTABTOn The Fly: Pre-market Movers
HIGHER: Alere (ALR), up 45.4% after announcing that Abbott (ABT) will acquire the company for $56 per share... Questar (STR), up 20.2% after announcing that Dominion (D) will acquire the company for $25 per share and assumed debt... Mast Therapeutics (MSTX), up 12.2% after the Phase 2a study of AIR001 met its primary endpoint... Twitter (TWTR), up 5.7% after The Information reported that Marc Andreessen and Silver Lake have considered a deal for Twitter... Herbalife (HLF), up 2.2% after the Wall Street Journal reported that probes into Bill Ackman's "pyramid scheme" accusations against Herbalife, as well as Herbalife's own accusations that Ackman sought to manipulate the company's stock, have both failed to uncover enough evidence to support criminal charges. LOWER: Dominion Resources, down 1.7% after reporting quarterly results and that it will acquire Questar... Abbott, down 4.1% after announcing that it will acquire Alere... GoPro (GPRO), down 4.4% after Piper Jaffray cut its price target to $7.50.
08:13 EDTJNJAduro Biotech receives $20M milestone payment from Janssen Biotech
Subscribe for More Information
08:09 EDTABT, PFEOptions expected to be active
Options expected to be active: GOOGL GOOG YHOO UPS KORS UPS BAX RCL CCL PFE AET D STR DWA CMG ABT SYK.
08:05 EDTABTAbbott to acquire Alere for $56 per share
Abbott (ABT) and Alere (ALR) announced a definitive agreement for Abbott to acquire Alere. Under the terms of the agreement, Abbott will pay $56 per common share at a total expected equity value of $5.8B. Once the transaction is completed, Abbott will become the leading diagnostics provider of point of care testing, the company said. Abbott's total diagnostics sales will exceed $7B after the close. The transaction will be immediately accretive to Abbott's ongoing earnings per share upon close and significantly accretive thereafter, with approximately 12c-13c of accretion in 2017 and more than 20c in 2018. The combination is anticipated to result in annual pre-tax synergies approaching $500M by 2019 and increasing thereafter, including both sales and operational benefits. Under the terms of the agreement, Alere shareholders will receive $56 per common share in cash at the completion of the transaction, and Alere will become a subsidiary of Abbott. Alere's net debt, currently $2.6B, will be assumed or refinanced by Abbott. The transaction, which has been approved by the boards of directors of Alere and Abbott, is subject to the approval of Alere shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
08:05 EDTMDTMedtronic acquires Bellco
Medtronic announced it acquired privately-held Bellco, a pioneer in hemodialysis treatment solutions. Bellco's portfolio bolsters Medtronic's legacy renal access business and will be a foundational component of the company's recently formed Renal Care Solutions business. The Bellco transaction is expected to meet Medtronic's long-term financial metrics for acquisitions. Medtronic expects the net impact from the transaction to be earnings neutral in FY16 and neutral to accretive to earnings thereafter.
08:02 EDTABTAbbott to acquire Alere for $56 per share
Subscribe for More Information
06:58 EDTPFEPortola Pharma licensed right to andexanet alfa to Bristol-Myers and Pfizer
Subscribe for More Information
06:57 EDTPFEBristol-Myers and Pfizer sign collaboration with Portola Pharmaceuticals
Subscribe for More Information
January 31, 2016
11:39 EDTJNJS&P falls 5% in January despite second straight winning week to close month
Stocks finished the month of January with two straight winning weeks, but investors are still glad to see the calendar flip as those winners only cut the S&P's loss to 5% for the month. With growth worries abounding amid troubling signs from China and as oil languishes below $35 per barrel, the manufacturing readings from China, Europe, and the U.S. due out on Monday will be essential to whether the new month continues the uptrend of the end of January or the dour tone that dominated the early half of the month. MACRO NEWS: The Federal Reserve kept interest rates unchanged following its policy meeting this week, as almost universally expected. In its accompanying statement, the central bank said its committee members expect that economic conditions will "evolve in a manner that will warrant only gradual increases in the federal funds rate." The group added that inflation is expected to "remain low in the near term, in part because of the further declines in energy prices, but to rise to 2% over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further"... In other domestic economic news, the Commerce Department's first read on fourth quarter gross domestic product came in at 0.7% annualized growth, below the already anemic 0.8% growth forecast. The S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. New home sales surged 10.8% to a 544,000 annualized pace in December, topping expectations and hitting their highest level in 10 months. Initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The University of Michigan consumer sentiment index slipped to 92.0 in the final January print, missing the 93.0 reading that was forecast... In a surprising move in Asia, the Bank of Japan introduced a rate of minus 0.1% on certain excess holdings of cash while maintaining the pace of its asset purchases. Japan also reported data pointing to a softening economy, as total CPI grew 0.2% year-over-year in December, core CPI rose at only a 0.1% pace and industrial production fell a preliminary 1.4% month-over-month in December. COMPANY NEWS: McDonald's (MCD) advanced Monday after the fast food giant reported better than expected earnings and comparable sales growth for the fourth quarter, powered by the launch of All Day Breakfast in the U.S.... Earnings season accelerated Tuesday as four members of the bluechip Dow Jones Industrial Average posted results before the opening bell. 3M (MMM) was the top advanced on the index with a gain of over 5%, while Johnson & Johnson (JNJ), Procter & Gamble (PG) and DuPont (DD) all notched gains that day following their reports as well... Apple (AAPL) declined more than 6.5% on Wednesday after the tech giant reported first quarter earnings that topped consensus estimates, but also issued revenue guidance for the new quarter that missed expectations. The company was noted by several analysts as taking a particularly downbeat tone in its earnings conference call, invoking the difficult macroeconomic environment and weakness it has recently seen in China. Apple was not the worst performer in the Dow that day, as Boeing (BA) shares plummeted nearly 9% after its profit outlook for the new fiscal year fell far short of the Street's consensus forecast... Facebook (FB) surged 15.5% on Thursday after the social media giant's fourth quarter earnings and revenue beat expectations. A number of Wall Street analysts increased their price targets for the stock following the report, including Piper Jaffray's Gene Munster, who hiked his target to a "Street-high" $170 per share. The same day, Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded almost 5% after the company jumped over the lowered bar that had been set by bearish analysts... On Friday, shares of Amazon (AMZN) declined more than 7.5% after the company's fourth quarter results came in below expectations. Meanwhile, Microsoft (MSFT), which reported better than expected earnings, gained almost 6%. Chevron (CVX) reported a quarterly loss due to taking impairments and other charges of $1.1B. The company, which also reported that its average sales price per barrel of crude oil and natural gas liquids in the U.S. was $35 in fourth quarter, down from $66 a year ago, edged up 0.7% to $86.44... Among the many others reporting earnings this week, Visa (V), Mastercard (MA), Under Armour (UA), Sprint (S) and Biogen (BIIB) gained immediately following their reports, while Qualcomm (QCOM), eBay (EBAY), U.S. Steel (X), VMware (VMW) and Anthem (ANTM) all slid following their own... Xerox (XRX) announced plans to separate into two independent publicly-traded companies: one focused on Document Technology and another Business Process Outsourcing company. Xerox also announced an agreement related to the governance of the Business Process Outsourcing company under which six directors of the new company will be selected by Xerox and three will be selected by current Xerox shareholder Carl Icahn... Terex (TEX) surged more than 36% higher on Tuesday after receiving a $30 per share acquisition offer from China's Zoomlion. Terex peers Manitowoc (MTW), Joy Global (JOY) and Oshkosh (OSK) also gained after the offer was disclosed... Weight Watchers (WTW) shares soared nearly 20% Tuesday after noted shareholder and partner Oprah Winfrey tweeted a video detailing her progress using the company's program, indicating that she'd already lost 26 pounds thanks to its plan... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over the next two years and announcing the sale of AIG Advisor Group to Lightyear Capital and PSP Investments. The company, under ongoing pressure from activist investors including Carl Icahn, also said it will publicly offer a portion of its United Guaranty unit, though it expressly rejected a full company breakup... SunEdison (SUNE) gained 18% during the week after agreeing to new corporate governance initiatives with David Einhorn's Greenlight Capital, including amending its bylaws to restrict equity issuances for two years without a supermajority board vote... Twitter (TWTR) slumped nearly 6% this week after CEO Jack Dorsey confirmed the departure of four company executives, leading research firm Stifel to downgrade the shares. INDEXES: The Dow gained about 2.2% to close at 16,466.30; the S&P 500 rose about 1.6% to close at 1,940.24; the Nasdaq advanced about 0.4% to close at 4,613.95.
January 29, 2016
16:25 EDTMDTMedtronic to present transcatheter pacing data to FDA
Subscribe for More Information
14:44 EDTPFEPfizer volatility elevated into Q4 and outlook
Subscribe for More Information
10:27 EDTABTActive calls: IWM F DXJ ABT FXI AAPL EEM COP
Subscribe for More Information
10:05 EDTABTOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abbott (ABT) downgraded to Market Perform from Outperform at William Blair... Chuy's (CHUY) downgraded to Market Perform from Outperform at Raymond James... Cypress Semiconductor (CY) downgraded to Neutral from Buy at Sterne Agee CRT... Darden (DRI) downgraded to Underperform from Market Perform at Raymond James... Dominion (D) downgraded to Neutral from Buy at UBS... Ensco (ESV) downgraded to Neutral from Buy at Citi... First Financial (FFIN) downgraded to Sell from Hold at Sandler O'Neill... Global Partners (GLP) downgraded to Neutral from Overweight at Mitsubishi UFJ... Investors Bancorp (ISBC) downgraded to Sell from Neutral at Compass Point... NetScout (NTCT) downgraded to Hold from Buy at Needham... Precision Castparts (PCP) downgraded to Sell from Buy at Gabelli... Spirit AeroSystems (SPR) downgraded to Sell from Neutral at Goldman... Synaptics (SYNA) downgraded to Buy from Strong Buy at Needham... Terex (TEX) downgraded to Market Perform from Outperform at Avondale... UniCredit (UNCFF) downgraded to Hold from Buy at Berenberg... United Rentals (URI) downgraded to Neutral from Positive at Susquehanna... Xcel Energy (XEL) downgraded to Neutral from Outperform at Macquarie.
06:37 EDTABTAbbott downgraded to Market Perform from Outperform at William Blair
William Blair analyst Margaret Kaczor downgraded Abbott Laboratories to Market Perform citing a more bearish outlook on the potential for near-term transformative or accretive transactions due to management's comments on the earnings call. The analyst also sees risk of further downside to the company's emerging market businesses.
05:39 EDTPFEPfizer: LIS awards infliximab biosimilar tender to Inflectra, Reuters reports
Pfizer says that the Norwegian Drug Procurement Cooperation has awarded its product Inflectra an infliximab biosimilar tender, Reuters reports. Reference Link
1 | 2 | 3 | 4 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use