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Stock Market & Financial Investment News

News For MDT;COV;INTC;BSX;VRTX;JNJ From The Last 14 Days
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May 29, 2015
16:44 EDTINTCStocks end week lower as GDP revision closes May on down note
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16:19 EDTINTCOn The Fly: Top stock stories for Friday
Stocks on Wall Street began the final trading day of May with slight losses. The averages began to pick up downside momentum after revised GDP numbers confirmed expectations that the economy shrank in the first quarter of the year. The Wall Street adage of “sell in May, then go away” appeared to be taking hold as the S&P broke a support level and took the other averages with it. Investors are now concerned about a June swoon, as it is historically one of the worst performing months of the year. ECONOMIC EVENTS: In the U.S., the second estimate of gross domestic product showed it shrank at a 0.7% seasonally adjusted annual rate in the first quarter. This was down from the previous estimate that output grew 0.2% from January through March, but better than the revision to a 1% decline that had been forecast by analysts. The Chicago PMI unexpectedly dropped 6.1 points to 46.2 in May, versus expectations for it to have risen to a reading of 53. The University of Michigan's consumer sentiment reading came in with a 90.7 reading for the final May print, which was up from the preliminary 88.6 reading for the month but down from April's 95.9 figure. COMPANY NEWS: Shares of Humana (HUM) jumped $36.24, or 20.31%, to $214.65 after The Wall Street Journal said the company has hired Goldman Sachs (GS) to help it explore a potential sale after receiving indications of takeover interest. Some of the Journal's sources reportedly said Aetna (AET) and Cigna (CI) are among possible bidders for Humana. Bloomberg then said Humana's sale exploration came after Cigna made a takeover approach. Leerink analyst Ana Gupte wrote in a note to investors on May 12 that consolidation in the industry remains likely, adding that a deal between Aetna and either Cigna or Humana were both "meaningfully accretive" and "imminent" possibilities. MAJOR MOVERS: Among the notable gainers was Heron Therapeutics (HRTX), which gained $7.41, or 60%, to $19.76 after the company reported positive top-line data from a Phase 3 marketing study looking at Sustol as part of a 3-drug regimen for the prevention of delayed-onset chemotherapy-induced nausea and vomiting following administration of highly emetogenic chemotherapy agents. Also higher was Altera (ALTR), which advanced $1.88, or 4%, to $48.85 after reports from The New York Post and Financial Times claimed the company is near a deal to be acquired by chipmaking giant Intel (INTC) for up to $54 per share. Reuters, meanwhile, revised its prior report to indicate the potential price of the deal could be close to $16B. Among the noteworthy losers was Abercrombie & Fitch (ANF), which fell $1.63, or 7.38%, to $20.47 after Janney Capital downgraded the stock to Sell from Hold and warned the company's comparative sales may continue to drop year-over-year as it changes nearly every aspect of its business. Also lower were shares of Bristol-Myers Squibb (BMY), which dropped $4.55, or 6.58%, to $64.60 after the company reported data from a Phase III study evaluating Opdivo in previously-treated patients with advanced, non-squamous non-small cell lung cancer. Biotech analyst Mark Schoenebaum reportedly said Bristol-Myers' data from its Checkmate 057 study opens the door for lung cancer competition from Merck (MRK) and Roche (RHHBY), according to TheStreet's Adam Feuerstein. INDEXES: The Dow dropped 115.44, or 0.64%, to 18,010.68, the Nasdaq lost 27.95, or 0.55%, to 5,070.03, and the S&P 500 fell 13.40, or 0.63%, to 0.63.
16:00 EDTINTCOptions Update; May 29, 2015
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13:07 EDTINTCOn The Fly: Top stock stories at midday
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12:45 EDTINTCAltera near deal to be acquired by Intel for $16B, Reuters reports
Prior reports from media sources have said Intel (INTC) is near a deal to buy Altera (ALTR) for about $15B, but Reuters revised a prior report to indicate the potential price of the deal could be close to $16B. Reference Link
12:42 EDTINTCAltera near deal to be acquired by Intel for $16B, Reuters reports
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12:37 EDTVRTXStocks with call strike movement; VRTX GNW
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11:56 EDTINTCAltera options active on renewed takeover speculation
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11:12 EDTINTCIntel deal for Altera could be announced as soon as next week, FT says
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11:03 EDTMDTMedtronic expects Emerging Markets to grow in mid-teens
Expects Emerging Markets to grow in mid-teens, adding 150-200 bps to overall annual revenue growth. Expects EM exposure of approximately 13% of comparable, constant currency revenue mix in FY15. Comments taken from slides for Bernstein Annual Strategic Decisions Conference.
09:36 EDTINTCAltera, Intel talks continuing, CNBC's Faber says
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09:35 EDTINTCActive equity options trading on open
Active equity options trading on open: AAPL INTC VLO FB HFC AMZN FB BRCM FCX
09:19 EDTINTCOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Magnachip (MX), up 5.8% after reporting quarterly results and CEO transition... GameStop (GME), up 6.4%... Infoblox (BLOX), up 1.6%... Ulta Salon (ULTA), up 1.1%. ALSO HIGHER: Transgenomic (TBIO), up 44.2% after launching Multiplexed Ice Cold-PCR CLIA service... Heron Therapeutics (HRTX), up 37.7% following positive results from Sustol study... Altera (ALTR), up 5% following a NY Post report that Intel (INTC) is close to buying Altera for up to $54.00 per share... Intel is up marginally. DOWN AFTER EARNINGS: Frontline (FRO), down 4.9%. ALSO LOWER: Cyberark (CYBR), down 3.2% after filing to sell $50M in common stock and $200M for stockholders.
07:15 EDTINTCBroadcom-Avago deal may not be tech's largest for long, Bloomberg says
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05:52 EDTINTCIDC: PC shipments to decline for fourth straight year in 2015, DigiTimes says
The IDC said PC shipments will decline by 6.2% in 2015 and will be the fourth consecutive year of falling volume, reports DigiTimes. The market almost saw stable shipments in mid-2014 as the end of support for Windows XP boosted demand, but that cycle passed and was replaced by a reduction in inventory on the supply side as the market awaits the arrival of Windows 10. Reference Link
05:52 EDTINTCIDC: Worldwide tablet growth to decline 3.8% in 2015, DigiTimes says
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05:38 EDTINTCIntel close to buying Altera for up to $54/share, NY Post reports
Intel (INTC) is near a deal to buy rival Altera (ALTR) for about $15B or up to $54 per share, Josh Kosman of the New York Post reports, citing a source close to the situation. Altera reportedly rejected an earlier buyout price from Intel of $54 per share, but that was before it reported disappointing earnings results, Kosman points out. Intel has no interest in competing with Avago (AVGO) to acquire Broadcom (BRCM), a source told the reporter. Shares of Altera are trading up $4.52 to $51.49 in the pre-market. Reference Link
May 28, 2015
11:55 EDTBSXBoston Scientific ordered to pay woman $100M, Bloomberg reports
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11:24 EDTBSXJury orders Boston Scientific to pay $100M in mesh case, Bloomberg says
09:28 EDTJNJLeerink medical devices analyst holds an analyst/industry conference call
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09:05 EDTINTCIntel partners with SoftServe for Internet of Things solutions
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09:00 EDTVRTXPfizer has 'significant capacity' for additional deals, says JPMorgan
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08:04 EDTJNJCardinal Health confirms binding offer to acquire Cordis accepted from JNJ
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08:02 EDTJNJJohnson & Johnson accepts binding offer from Cardinal Health to acquire Cordis
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05:50 EDTINTCTSMC expects to beat Samsung in 10nm race, DigiTimes reports
TSMC (TSM) expects to beat Samsung (SSNLF) in ramping up production on its 10nm lines, reports DigiTimes. TSMC expects Intel (INTC) to be a major competitor in the 10nm FinFET race. Reference Link
May 27, 2015
15:00 EDTINTCBroadcom, Avago deal would make strategic sense, says Piper Jaffray
Piper Jaffray analyst Ruben Roy said he believes a merger deal between Broadcom (BRCM) and Avago (AVGO), as the companies were said by the Wall Street Journal to be discussing, would make strategic sense. Roy said that if average take-out multiples in the semiconductor space over the past several years are used as a guide, Broadcom could be valued near $58 per share in a takeover. He added that he thinks Intel (INTC) could continue to be interested in Broadcom, especially with its reported talks to buy Altera (ALTR) "in limbo." Roy maintains a Neutral rating on Broadcom shares.
13:28 EDTJNJFBI investigating Johnson & Johnson over discontinued surgical tool, WSJ says
The FBI is investigating Johnson & Johnson over whether it knew about the potential hazards of a surgical device known as a laparoscopic power morcellator before the device was pulled from the market in 2014, reports The Wall Street Journal, citing three people with knowledge of the matter. The Journal notes that the U.S. FDA recommended a "black box" warning for the device in November, stating that it should not be used on the "vast majority" of women because morcellators can spread malignant cancer and worsen patient outcomes. Reference Link
13:10 EDTJNJJ&J being probed by FBI over discontinued surgical device, DJ reports
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10:01 EDTBSX, MDTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Abbott (ABT) initiated with a Buy at Evercore ISI... Aldeyra (ALDX) initiated with a Buy at Janney Capital... Black Stone Minerals (BSM) initiated with a Neutral at Credit Suisse... Boston Scientific (BSX) initiated with a Buy at Evercore ISI... Cidara Therapeutics (CDTX) initiated with a Buy at BTIG... Coach (COH) initiated with an Underweight at BB&T... Diplomat Pharmacy (DPLO) initiated with an Outperform at Raymond James... EPIRUS (EPRS) initiated with a Buy at BTIG... Enviva (EVA) initiated with a Buy at Citigroup... General Finance Corp (GFN) initiated with an Outperform at Oppenheimer... Hortonworks (HDP) initiated with an Outperform at Oppenheimer... Jarden (JAH) initiated with a Buy at UBS... Kate Spade (KATE) initiated with a Buy at BB&T... Medtronic (MDT) initiated with a Hold at Evercore ISI... MoneyGram (MGI) initiated with a Neutral at Goldman... Opexa Therapeutics (OPXA) initiated with a Buy at Maxim... Paratek Pharmaceuticals (PRTK) initiated with a Buy at BTIG... Progenics (PGNX) initiated with a Buy at BTIG... Rite Aid (RAD) initiated with a Buy at Mizuho... St. Jude Medical (STJ) initiated with a Buy at Evercore ISI... Starwood Waypoint (SWAY) initiated with an Outperform at Wells Fargo... Talen Energy (TLN) initiated with a Hold at Deutsche Bank... Ulta Salon (ULTA) initiated with a Buy at Buckingham... Vipshop (VIPS) initiated with a Buy at Stifel... Virtu Financial (VIRT) initiated with a Neutral at Citigroup... Vista Outdoor (VSTO) initiated with a Buy at Wunderlich... ZELTIQ (ZLTQ) initiated with a Buy at Northcoast... eBay (EBAY) initiated with a Buy at Topeka.
06:52 EDTINTCIntel recent weakness a buying opportunity, says Jefferies
Jefferies sees a good setup for shares of Intel in the second half of 2015 and recommends buying the stock following the recent weakness. The firm sees the potential for upside surprises in the second half as PC inventory restocks and reiterates a Buy rating on Intel with a $48 price target.
06:05 EDTMDT, COVAcacia subsidiary signs settlement agreement with Covidien LP
Acacia Research's (ACTG) Advanced Skeletal Innovations and Bonutti Skeletal Innovations subsidiaries have entered into a settlement agreement with Covidien (COV) LP f/k/a Tyco Healthcare Group, a subsidiary of Medtronic (MDT). The agreement resolves litigation that was pending in the U.S. District Court for the District of Columbia.
May 26, 2015
17:45 EDTMDTMedtronic initiated with a Hold at Evercore ISI
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17:44 EDTBSXBoston Scientific initiated with a Buy at Evercore ISI
Target $20.50.
09:54 EDTMDTMedtronic looking for deals in China, WSJ reports
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08:14 EDTJNJBoston Biotech Conferences to hold a conference
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07:17 EDTINTCConsumer Electronics Association to hold a conference
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May 22, 2015
16:00 EDTINTCOptions Update; May 22, 2015
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11:00 EDTINTCIntel may be launching next-gen Skylake chips in August, Apple Insider says
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10:52 EDTJNJJPMorgan says Actavis shares cheap compared to peers
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09:34 EDTINTCActive equity options trading on open
Active equity options trading on open: AAPL BABA AMZN FB MU BIDU SDRL BAC INTC EXPE CHK FEYE
08:17 EDTJNJJohnson & Johnson reports STELARA receives CHMP positive opinion
Janssen-Cilag announced that the Committee for Medicinal Products for Human Use, or CHMP, of the European Medicines Agency adopted a positive opinion recommending approval for the use of STELARA for the treatment of moderate to severe plaque psoriasis in adolescent patients from the age of 12 years and older, who are inadequately controlled by, or are intolerant to, other systemic therapies or phototherapies.
May 21, 2015
20:04 EDTMDTMedtronic CEO sees untapped potential in India, Times of India says
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17:08 EDTJNJJohnson & Johnson Chief Accounting Officer Stephen Cosgrove to retire in October
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11:04 EDTVRTXVertex has conference call hosted by JPMorgan
JPMorgan Analyst Kasimov hosts a conference call with CFO Ian Smith on May 26 at 1 pm.
10:30 EDTVRTXVertex management to meet with Maxim
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May 20, 2015
16:26 EDTJNJOn The Fly: Top stock stories for Wednesday
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10:26 EDTJNJJanssen acquires licence from Novo Nordisk for autoimmune disease development
Novo Nordisk (NVO) announced it has signed an agreement with Janssen Biotech (JNJ) under which Janssen will acquire an exclusive global license to further develop and commercialize a clinical program focused on therapy within autoimmune diseases. The program targets modulation of certain immune cells via a cell surface receptor, specifically the NKG2D receptor. Terms of the agreement have not been disclosed.
09:34 EDTMDTMedtronic announces new data for drug-coated balloon
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09:07 EDTJNJJohnson & Johnson says exploring eight new indications for Imbruvica
Imbruvica is jointly developed and commercialized by Pharmacyclics (PCYC) and Johnson & Johnson (JNJ) subsidiary Janssen Biotech. AbbVie (ABBV) is in the process of acquiring Pharmacyclics.
08:49 EDTJNJJohnson & Johnson: Priorities for free cash flow include dividends, repurchases
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08:30 EDTJNJAchillion price target lowered to $16 from $25 at Leerink
Leerink says Achillion's deal with Johnson & Johnson (JNJ) increases the probability that it will be a competitive commercial-stage player in hepatitis C. The firm believes the collaboration limits share downside as well as upside by making the "home-run scenario of great combo data leading to an acquisition less likely." It lowered its price target for Achillion shares to $16 and keeps an Outperform rating on the name.
08:15 EDTJNJJohnson & Johnson CEO Alex Gorsky says won't pursue pure-play strategy
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08:02 EDTJNJJohnson & Johnson to hold a meeting
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07:51 EDTJNJAchillion shares remain undervalued after HCV pact with J&J, says Cowen
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07:33 EDTJNJJ&J to file more than 10 new '$1B potenital' products by 2019
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07:30 EDTJNJAchillion downgraded on valuation at JMP Securities
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07:16 EDTMDTLeerink to hold a booth tour at EuroPCR
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06:17 EDTJNJAchillion downgraded to Neutral from Buy at UBS
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05:31 EDTBSXNew study evaluating Boston Scientific Lotus Valve System shows low PVL rates
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May 19, 2015
16:10 EDTJNJAchillion enters into collaboration for HCV with Janssen
Achillion (ACHN) announced that it has entered into a worldwide license and collaboration arrangement with Janssen Pharmaceuticals, one of the Janssen Pharmaceutical Companies of Johnson & Johnson (JNJ), to develop and commercialize one or more of Achillion's lead hepatitis C virus, or HCV, assets which include ACH-3102, ACH-3422, and sovaprevir. Under the terms of the agreement, Achillion will grant Janssen an exclusive, worldwide license to develop and, upon regulatory approval, commercialize HCV products and regimens containing one or more of Achillion's HCV assets. Achillion is eligible to receive a number of payments based upon achievement of specified development, regulatory and sales milestones. Achillion is also eligible to receive tiered royalty percentages between mid-teens and low-twenties based upon future worldwide sales. Janssen will be responsible for all of the development costs within the collaboration and all subsequent costs related to commercialization of the HCV assets. A key objective of the collaboration will be to develop a short-duration, highly effective, pan-genotypic, oral regimen for the treatment of HCV. An initial regimen that will be explored will feature Achillion's ACH-3102, a second-generation NS5A inhibitor currently in Phase 2 clinical studies that has been granted Fast Track designation by the U.S. Food and Drug Administration, in combination with an NS3/4A HCV protease inhibitor plus an NS5B HCV polymerase inhibitor from the collaboration. Additionally, in an equity transaction separate to the exclusive license and collaboration arrangement, Johnson & Johnson Innovation – JJDC, Inc. will invest $225M in Achillion and, in return, receive approximately 18.4M newly issued, unregistered shares of Achillion at a price of $12.25 per share. The transactions, including the equity sale, are subject to customary closing conditions, including termination or expiration of any applicable waiting periods under the Hart-Scott-Rodino Act. Transitional clinical development and technology transfer activities under the collaboration are expected to take place over the next several months.
12:55 EDTINTCPC related stocks struggle after Morgan Stanley says PC turn won't come until Q3
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11:15 EDTINTCAnalyst says Intel takeover of Altera more likely than not
Citi, in a note to investors today, said that the chances of Altera (ALTR) being acquired by Intel (INTC) were greater than 50%. The note comes after multiple news outlets reported yesterday that the two companies have resumed talks about Intel buying the smaller chip maker. ANALYST REACTION: News reports suggest that the odds of Intel buying Altera seem to have increased, wrote Citi analyst Christopher Danely. A deal is more likely to occur than not, according to the analyst. However, he does not believe that the transaction is a done deal. Moreover, the analyst kept a Neutral rating on Intel shares, saying that he does not anticipate changing his rating even if a takeover is consummated. In its own note on Altera this morning, Pacific Crest said it views the breakdown in Dennard scaling and Dark Silicon as an underappreciated positive for the maker of field-programmable gate arrays. The firm sees fair value for Altera at $55-$60 and still thinks that an acquisition by Intel makes sense strategically. PRICE ACTION: In late morning trading, Altera added 0.5% to $47.16, while Intel fell 1% to $33.06.
09:17 EDTINTCAltera has 'underappreciated' positive catalyst, says Pacific Crest
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08:40 EDTMDTMedtronic sees FY15 revenue $20.3B, may not compare to consensus $28.15B
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08:40 EDTMDTMedtronic sees Q4 adjusted EPS at upper half of $1.08-1.13, consensus $1.10
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08:34 EDTINTCApple introduces 15-inch MacBook Pro with Force Touch trackpad
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08:33 EDTINTCMorgan Stanley cautious in near-term on PC names
Morgan Stanley is more cautious on PC names near-term, given PC and HDD inventory builds quarter-to-date and weaker April ODM sales. The firm's analyst team continues to believe Q1 was a bottom in year-over-year growth, but now expects normal Q2 seasonal growth instead of above normal and thinks any recovery will likely be delayed until Q3. Morgan Stanley is cautiously optimistic on Western Digital (WDC) due to its diverse revenue drivers, sees value creation catalysts for Hewlett-Packard (HPQ) and believes Microsoft (MSFT) shares reflect the challenging PC market and Win 10. The firm is more cautious on semis such as NVIDIA (NVDA) given higher valuations, share loss at Advanced Micro (AMD), potential 2H margin pressure at Intel (INTC), and Morgan is cautious on PC DRAM stocks near-term due to weaker pricing.
07:56 EDTVRTXGilead for Achillion rumor not ridiculous, but highly unlikely, TheStreet says
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07:54 EDTBSXBoston Scientific reports positive data from EVOLVE trial
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06:10 EDTINTCCiti sees over 50% chance of Intel buying Altera
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May 18, 2015
12:51 EDTINTCOn The Fly: Top stock stories at midday
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10:40 EDTINTCIntel, Altera held principal to principal talks late last week, Faber says
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09:27 EDTMDTMedtronic announces study results showing CRT system optimizes treatment
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09:11 EDTINTCIntel, Altera held 'principal to principal' talks last week, CNBC reports
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07:06 EDTINTCAltera back in talks with Intel about potential takeover, NY Post says
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May 17, 2015
13:46 EDTVRTXVertex reports Orkambi data, says 'significant improvements' in primary endpoint
Vertex Pharmaceuticals announced that the New England Journal of Medicine published data from the two phase 3 studies of Orkambi, or lumacaftor/ivacaftor, a medicine designed to treat the underlying cause of cystic fibrosis in people ages 12 and older with two copies of the F508del mutation. In November 2014, Vertex submitted an NDA to the FDA for the combination of lumacaftor and ivacaftor. On May 12th, the FDA’s Pulmonary Allergy Drugs Advisory Committee voted 12-1 to recommend approval of Orkambi for people ages 12 and older with two copies of the F508del mutation. The FDA is expected to make a decision by July 5. The New England Journal reports that the studies enrolled 1108 patients who underwent randomization and received Orkambi. In both studies, there were significant improvements in the primary end point in both lumacaftor–ivacaftor dose groups. The difference between active treatment and placebo with respect to the mean absolute improvement in the percentage of predicted FEV ranged 2.6%-4%, which corresponded to a mean relative treatment difference of 4.3 to 6.7%. Pooled analyses showed that the rate of pulmonary exacerbations was 30%-39% lower than in the placebo group. The rate of events leading to hospitalization or the use of intravenous antibiotics was also lower. The incidence of adverse events was generally similar to the placebo group.
May 15, 2015
13:33 EDTMDTMedtronic: TYRX antibacterial envelope reduces cardiac device infection rates
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10:29 EDTBSXAmerican Urological Association to hold an annual meeting
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09:31 EDTVRTX, BSXAmerican Thoracic Society to hold a conference
ATS 2015 Conference is being held in Denver on May 15-20.
08:12 EDTMDTMedtronic Micra TPS meets initial safety, performance measures
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07:35 EDTJNJMedivation price target raised to $148 from $128 at Leerink
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06:13 EDTINTCISS, Glass Lewis advise Intel investors to vote 'no' on eBay CEO, WSJ reports
ISS and Glass, Lewis & Co, two influential proxy advisory firms, are recommended Intel (INTC) investors vote against the reelection of eBay (EBAY) CEO John Donahoe to the company's board, The Wall Street Journal reports. Citing what it characterized as a poor attendance record, Glass Lewis commented "We view this as a failure by this director to fulfill a fundamental responsibility to represent shareholders at such meetings," while ISS said Donahoe "lacked a valid excuse" for attending less than 75% of the meetings held by the Intel board and committees he serves on in 2014. Intel's annual shareholders meeting is scheduled for May 21. Reference Link
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