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April 8, 2013
12:19 EDTOMPI, FTK, JNJ, BCRX, GE, VRX, WFT, LUFKOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday as investors await the start of the latest earnings season, which kicks off unofficially after today's close with Alcoa's (AA) report. The averages all fell into negative ground soon after the open and found a level, from which they have been range-bound ever since. With a very quiet economic calendar today and generally depressed expectations for the earnings seasons, the lackluster trading may extend from here until the close... ECONOMIC EVENTS: In the U.S., no major economic data was reported... COMPANY NEWS: General Electric (GE) agreed to acquire Lufkin (LUFK), which supplies products, technology and services to the oil and gas industry, for $3.3B, or $88.50 per share in cash. Lufkin soared over 37% to trade within 50c of the agreed upon per share price at midday, while some of its peers rose as well, including Flotek (FTK) and Weatherford (WFT), which both advanced over 3%. GE shares, meanwhile, slid 0.4%... MAJOR MOVERS: Among the notable gainers was BioCryst (BCRX), which rose 22% amid reports of new bird flu infections in China. BioCryst is developing peramivir, an investigational anti-viral agent to treat influenza. Among the noteworthy losers was Obagi Medical (OMPI), which fell 6% after Merz Pharma withdrew its offer to acquire Obagi in the face of a $24 per share competing offer from Valeant Pharmaceuticals (VRX). Also lower were shares of Johnson & Johnson (JNJ), which slid nearly 2% after JPMorgan lowered it rating on the stock to Neutral from Overweight... INDICES: Near noon, the Dow was down 51.84, or 0.36%, to 14,513.41; the Nasdaq was down 3.11, or 0.10%, to 3,200.75; and the S&P 500 was down 1.63, or 0.10%, to 1,551.65.
News For LUFK;GE;FTK;WFT;BCRX;OMPI;VRX;JNJ From The Last 14 Days
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November 20, 2015
07:16 EDTGEGE announces final Synchrony exchange offer results
GE (GE) announced the final results of its completed offer to exchange GE common stock for common stock of Synchrony Financial (SYF) previously owned by GE, which expired at 12:00 midnight, New York City time, on November 16, 2015. Because the exchange offer was oversubscribed, GE accepted only a portion of the shares of its common stock that were validly tendered and not validly withdrawn, on a pro rata basis in proportion to the number of shares tendered. All shares validly tendered and not validly withdrawn by eligible odd-lot shareholders who requested not to be subject to proration have been accepted. The final proration factor of 31.2870888% was applied to all other shares of GE common stock that were validly tendered and not validly withdrawn to determine the number of such shares that have been accepted from each tendering shareholder. Based on the final count by the exchange agent, Computershare Trust Company, N.A., the final results of the exchange offer are as follows: 31.2870888% of the tendered shares of GE common stock subject to proration exchanged; shares tendered that were subject to proration: 2,143,371,163; odd-lot shares tendered that were not subject to proration: 768,324; total number of shares of GE common stock accepted: 671,366,809.
November 19, 2015
16:00 EDTGEOptions Update; November 19, 2015
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14:43 EDTVRXValeant provides 'rebuttal' document on website
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09:08 EDTVRXValeant seeing no downward trend in key products, says Canaccord
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07:12 EDTGECanadian Solar subsidiary closes financing for 100MW Astoria solar power project
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November 18, 2015
15:22 EDTVRXIcahn says not shorting Valeant stock, Reuters reports
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11:43 EDTVRXValeant sees FY15 Salix net sales approximately $1.35B
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10:26 EDTVRXValeant offering cash, stock to maintain staff amid scrutiny, Reuters says
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08:11 EDTJNJIMS Health forecasts global drug spending to increase 30% by 2020 to $1.4T
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08:11 EDTJNJAduro Biotech receives milestone payment from Janssen
Aduro Biotech (ADRO) announced that it has received a milestone payment from Janssen Biotech (JNJ) for Aduro's submission of an Investigational New Drug, or IND, Application to the FDA for ADU-741, a LADD immunotherapy product candidate for the treatment of prostate cancer. The IND will enable Janssen, Aduro's license partner for ADU-741, to initiate a multi-center Phase 1 trial to evaluate the safety and immunogenicity of intravenous administration of ADU-741 in patients with metastatic castration-resistant prostate cancer.
08:10 EDTGEGE's Power Services reports first GT13E2 MXL2 gas turbine upgrade order in Asia
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06:09 EDTVRXValeant's Addyi sees hardly any sales, Bloomberg says
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November 17, 2015
16:01 EDTGE, VRXOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
10:25 EDTBCRXBioCryst management to meet with Jefferies
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09:35 EDTGEActive equity options trading on open: AAPL FB GE HD
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09:27 EDTGESynchrony announces completion of separation from General Electric
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07:40 EDTVRXValeant price target cut to $98 from $200 at Morgan Stanley
Morgan Stanley analyst David Risinger cut Valeant estimates and lowered his price target to $98 from $200 to account for the negative impact of Philidor and uncertainty in U.S. growth. Risinger believes Valeant is a "real" company selling "real" drugs despite Philidor and other controversies, but cannot ignore the investigation risks or quantify the costs at this time. The analyst continues to rate shares Equal Weight, despite low valuation, until visibility increases.
06:43 EDTVRXPhilidor effects may be longer-lasting for Valeant, says Deutsche Bank
After surveying 25 dermatologists that prescribe Valeant's products and are familiar with the specialty pharmacy Philidor, Deutsche Bank analyst Gregg Gilbert believes the Philidor controversy could have longer-lasting effects relative to the short-term disruption that Valeant management has suggested. The analyst awaits Valeant's guidance changes for Q4 and 2016 that are coming in December. The stock could have "significant upside" over the next year if Valeant delivers on its targets, Gilbert tells investors in a research note. Nonetheless, he keeps a Hold rating on the stock with a $136 price target. Shares of Valeant closed yesterday down $2.12 to $73.29.
06:41 EDTGEGE's offer to exchange Synchrony's shares was oversubscribed by 3.2 times
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05:29 EDTGEGeneral Electric announces new Renewable Energy business
GE introduced its new Renewable Energy business at the European Wind Energy Association's 2015 Annual Event in Paris. The new unit significantly expands GE's wind portfolio in the wake of its recent acquisition of Alstom's power and grid businesses. The new business expands GE's global wind footprint to more than 30,000 turbines worldwide and significantly increases its presence in regions like Europe and Latin America. In Europe alone, GE's installed base will grow by approximately 50% as a result of the deal. In addition, GE Renewable Energy is welcoming a new offshore wind unit into the portfolio. Featuring new Haliade turbine technology, the offshore business has built a significant backlog of orders with EDF in France and has been selected for the Merkur offshore project in Germany. The Haliade technology will also be featured in the historic Block Island project, which is set to become the first offshore wind farm in the United States. Construction is underway, and the project will begin operation next year. Customers can also expect to see service-related benefits resulting from the acquisition. GE Renewable Energy plans to extend its services capabilities across both existing fleets, with an emphasis on using cutting-edge digital and analytics capabilities to help customers improve productivity and increase power output. Earlier this year, GE launched its Digital Wind Farm, which aims to create a digital infrastructure for the wind industry. The Digital Wind Farm harnesses the analytics power of the GE Store and is powered by Predix, the secure software platform for the Industrial Internet.
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