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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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October 1, 2014
10:00 EDTJNJOn The Fly: Analyst Downgrade Summary
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07:52 EDTJNJJ&J purchase of Alios an incremental negative for Achillion, says UBS
UBS views Johnson & Johnson's (JNJ) purchase of Alios as an incremental negative for Achillion (ACHN), as it implies there is now one less potential buyer of the company. However, the firm still thinks ACH-3422 will have considerable strategic value after data is reported and that other HCV players such as AbbVie (ABBV) and Bristol-Myers (BMY) are likely to be interested. UBS maintains its Buy rating and $15 price target on Achillion.
07:50 EDTVRTXVertex reinstated with a Neutral at BofA/Merrill
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07:45 EDTCOV, MDTMedtronic has upside in multiple scenarios, says BofA/Merrill
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07:41 EDTJNJJohnson & Johnson downgraded to Market Perform from Outperform at Bernstein
Bernstein downgraded Johnson & Johnson as the firm thinks the company's pharmaceutical unit is poised to slow due to increased competition. The firm believes that 2015 estimates for the company look aggressive, while its stock looks fairly valued.
06:13 EDTINTCABI: Branded tablets to disappoint with 2.5% growth in 2014, DigiTimes says
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September 30, 2014
16:39 EDTJNJCMS discloses drug makers' payments to doctors, WSJ says
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15:40 EDTJNJJ&J deal for Alios sets valuation benchmark for Novavax, says Piper Jaffray
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12:40 EDTJNJOn The Fly: Midday Wrap
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12:03 EDTJNJAchillion sinks after Johnson & Johnson buys competitor
The shares of Achillion (ACHN), which has developed a treatment for hepatitis C based on a nucleotide and has been viewed as a potential takeover target by analysts previously, are falling after Johnson & Johnson (JNJ) announced this morning that it had agreed to acquire privately held Alios Biopharma. Alios has developed a number of nucleotide-based hepatitis C treatments, as well as an orally administered antiviral therapy currently in Phase 2 studies for the treatment of infants with respiratory syncytial virus. WHAT'S NEW: Johnson & Johnson said that it had agreed to buy Alios for $1.75B. Alios has developed a number of nucleotides that could be used to treat hepatitis C virus, or HCV. Gilead's (GILD) popular HCV treatment Sovaldi is also a nucleotide and Achillion is developing its own HCV nucleotide treatment. According to The Street's Adam Feuerstein, Achillion's nucleotide is similar in structure to that of Alios. Johnson & Johnson had previously been rumored to be interested in buying Achillion, Feuerstein noted. WHAT'S NOTABLE: Johnson & Johnson said it was "excited" that its acquisition of Alios would enable it to "explore treatment options for a number of viral infections, including RSV, the last of the major pediatric diseases with no available preventive therapy." Novavax (NVAX) is also developing an RSV vaccine and Johnson & Johnson could have considered acquiring it before buying Alios, Feuerstein contended. PRICE ACTION: Near noon, Achillion fell 6% to $10.11, Gilead was down 0.6% to $106.84, Novavax dropped 1% to $4.27, and Johnson & Johnson rose 0.4% to just under $107 per share.
10:30 EDTJNJJ&J could have considered Novavax, Achillion instead of Alios, TheStreet says
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10:02 EDTMDT, BSXOn The Fly: Analyst Initiation Summary
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08:31 EDTJNJJohnson & Johnson agrees to acquire Alios BioPharma for $1.75B
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08:16 EDTJNJTetraphase price target raised to $32 from $20 at JMP Securities
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07:30 EDTJNJSachs Associates to hold a conference
14th Annual Biotech in Europe Forum for Global Partnering and Investment to be held in Basel, Switzerland on September 30-October 1.
06:57 EDTMDTMedtronic initiated with a Buy at Needham
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06:56 EDTBSXBoston Scientific initiated with a Hold at Needham
September 29, 2014
13:21 EDTINTCIntel shares advance after analyst ups target to $43
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12:31 EDTINTCIntel hires Christopher Young as general manager of Intel Security
Intel (INTC) introduced cybersecurity executive Christopher Young as Intel’s newest senior vice president and general manager of Intel Security. Young will join Intel’s management committee and report to Intel President Renée James. Young comes to Intel from Cisco (CSCO), where he was senior vice president of the global Security and Government Group, responsible for strategy, engineering and product development for the company’s security product business.
11:01 EDTINTCIntel, Mitsubishi Electric announce collaboratoin to create automation systems
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09:37 EDTINTCActive equity options trading on open
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09:09 EDTVRTXVertex was boosted by several catalysts, says RBC Capital
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07:25 EDTINTCOracle to hold a conference
Open World 2014 to be held in San Francisco on September 28-October 2.
07:15 EDTINTCNational Association of Business Economics to hold annual meeting
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06:58 EDTCOV, MDTU.S. tax regulations may require Medtronic-Covidien renegotiations, Reuters says
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06:15 EDTINTCIntel price target raised to $43 from $36 at BofA/Merrill
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September 26, 2014
16:55 EDTMDT, COVMarket ends week lower after inversion crackdown, mixed data
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11:00 EDTINTCIntel alliance to cut mobile losses 'significantly', says Wells Fargo
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05:27 EDTINTCIntel to invest up to $1.5B in semiconductor business under Tsinghua Unigroup
Intel Corporation and Tsinghua Unigroup, an operating subsidiary of Tsinghua Holdings, a solely state-owned limited liability corporation funded by Tsinghua University in China, jointly announced that both parties have signed a series of agreements. The purpose of the agreements is to expand the product offerings and adoption for Intel-based mobile devices in China and worldwide by jointly developing Intel Architecture and communications-based solutions for mobile phones. Intel also has agreed to invest up to about $1.5M for a minority stake of approximately 20% of the holding company under Tsinghua Unigroup which will own Spreadtrum Communications and RDA Microelectronics, subject to regulatory approvals and other closing conditions. Under the terms of the agreement, Spreadtrum Communications, Inc. will jointly create and sell a family of Intel Architecture-based system-on-chips, or SoCs. Initial products will be available beginning in the second half of next year and will be Intel Architecture-based SoCs sold by both companies. The companies expect Intel’s investment to close in early 2015.
September 25, 2014
08:51 EDTMDT, COVMedtronic deal for Covidien still attractive despite new rules, says Bernstein
Bernstein believes that Medtronic's (MDT) deal to acquire Covidien (COV) is still attractive despite the new Treasury rules on tax inversions and the firm thinks the acquisition will still be completed. The firm estimates the transaction would still be 4% cash accretive in FY16 and 9% accretive in FY17 if Medtronic raises debt to fully finance the cash portion of the deal. Bernstein maintains its Outperform rating on Medtronic.
September 24, 2014
17:59 EDTJNJOdds of Colgate-Palmolive takeover rise amid slew of megamergers, Bloomberg says
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16:41 EDTBSXCourt says Boston Scientific breached license agreement
Boston Scientific disclosed in a regulatory filing that on September 24, following a jury verdict against Boston Scientific Corporation, the Montgomery County Circuit Court in Maryland entered a judgment that the company breached its license agreement with Mirowski Family Ventures and awarded damages of $308M. The company believes the facts and the law do not support the jury’s findings or the amount of the damages. The company plans to seek to overturn the judgment in post-trial motions with the Circuit Court and, if necessary, through the appeals process.
11:22 EDTVRTXOptions with increasing implied volatility
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09:17 EDTINTCIntel rumored to take 20% stake in Spreadtrum, Marbridge Daily says
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09:11 EDTCOV, MDTSummer Street Director of Research to hold an analyst/industry conference call
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06:23 EDTCOV, MDTExperts see new tax rules not halting inversions, WSJ reports
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September 23, 2014
16:20 EDTMDT, COVOn The Fly: Closing Wrap
Stocks on Wall Street were lower after the U.S. took new action to clamp down on tax inversion deals and led airstrikes against Islamic State militants in Syria, while Europe reported weaker than expected manufacturing data. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for an increase of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. In China, HSBC's flash manufacturing PMI rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady with its 52.5 reading for August. COMPANY NEWS: The shares of a number of companies that have announced or been speculated as targets in tax inversion deals fell after the U.S. Treasury last night issued new regulations that will make such deals less attractive. AstraZeneca (AZN), which has previously turned down an offer to be acquired by the U.S.'s Pfizer (PFE), sank $3.54, or 4.74%, to $71.13 despite a Bloomberg report that said Pfizer is still considering pursuing a deal with the U.K. drugmaker. AbbVie (ABBV), which has a deal in progress to acquire Shire (SHPG) and thus move its tax domicile to Ireland, fell $1.15, or 1.96%, to $57.56, while Shire shares slid $5.56, or 2.17%, to $250.74. Medtronic (MDT), which is pursuing its own inversion deal with Covidien (COV), dropped $1.90, or 2.88%, to $64.08. MAJOR MOVERS: Among the notable gainers was Herbalife (HLF), which rose $3.88, or 9.65%, to $44.09, bouncing back from a pullback yesterday that had been attributed to rumors of Carl Icahn selling out of his stake in the company. Also higher was Plug Power (PLUG), which rose 40c, or 9.57%, to $4.58 after the company's CEO gave FY15 revenue guidance that was above the consensus Street view in an interview with the Albany Business Review. Among the noteworthy losers was Ascena Retail (ASNA), which dropped $2.78, or 16.82%, to $13.75 after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower were shares of used car retailer CarMax (KMX), which fell $5.01, or 9.49%, to $47.80 after the company reported sluggish comparable used car sales in its second quarter. INDEXES: The Dow declined 116.81, or 0.68%, to 17,055.87, the Nasdaq dropped 19.00, or 0.42%, to 4,508.69, and the S&P 500 fell 11.52, or 0.58%, to 1,982.77.
16:09 EDTBSXBoston Scientific enrolls first patients in U.S. trial of Lotus Valve System
Boston Scientific has initiated the REPRISE III clinical trial, a pivotal study to evaluate the safety and effectiveness of the Lotus Valve System in patients with severe aortic stenosis and who are considered to be at either high or extreme risk for surgical valve replacement. The Lotus Valve System is the first transcatheter aortic valve replacement device that is both fully repositionable and retrievable prior to release. The primary endpoints of the study are Safety; composite of all-cause mortality, stroke, life-threatening and major bleeding events, stage two or three acute kidney injury or major vascular complications at 30 days. Efficacy; composite of all-cause mortality, disabling stroke or moderate or greater paravalvular aortic regurgitation at one year following procedure.
12:11 EDTMDT, COVOn The Fly: Midday Wrap
Stocks on Wall Street were mixed and little changed at midday, amid new rules from the Obama administration on tax inversions and manufacturing data from around the globe. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for a rise of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. The Richmond Fed manufacturing index for September rose to 14, beating expectations for it to have dropped two points to 10. In China, HSBC's flash manufacturing Purchasing Managers' Index rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady at the 52.5 seen in August. COMPANY NEWS: Shares of several companies, including a number in the pharmaceutical industry, are lower in early trading after the Treasury Department announced new regulations yesterday night that aim to make it tougher for U.S. companies to lower their tax burdens via mergers with foreign companies, otherwise known as "inversions." Among the stocks that moved lower after the new rules were announced was Astrazeneca (AZN), which had previously been a target of Pfizer (PFE) and fell about 4% near midday. Also lower were shares of both Shire (SHPG), which fell 2%, and Abbvie (ABBV), which dropped 1.6%, as the two have previously agreed to merge in a tax inversion deal. Medtronic (MDT) and Covidien (COV), which similarly agreed to an inversion merger, were down 3.3% and 2.7%, respectively. MAJOR MOVERS: Among the notable gainers was Salix Pharmaceuticals (SLXP), which rose more than 5% after The Wall Street Journal reported that Allergan (AGN) is in advanced talks on a deal to buy the company. Shares of Allergan were also up nearly 3% near midday, as the Journal also reported that Allergan rejected a recent buyout offer from Actavis (ACT). Among the noteworthy losers was Ascena Retail (ASNA), which dropped 16% after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower following its own earnings report was auto retailer CarMax (KMX), which fell over 9%. INDEXES: Near midday, the Dow was down 32.91, or 0.19%, to 17,139.77, the Nasdaq was up 2.90, or 0.06%, to 4,530.59, and the S&P 500 was down 2.29, or 0.11%, to 1,992.00.
11:34 EDTMDTMedtronic moves lower as Treasury seeks to curb inversions
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11:19 EDTVRTX Options with increasing implied volatility
Options with increasing implied volatility: HLF VRTX TRP CLX ETP VALE
10:54 EDTCOV, MDTStocks, analysts react to Treasury inversion crackdown
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09:45 EDTMDTLeerink medical devices analyst holds an analyst/industry conference call
Medical Devices Analyst Antalffy discusses the ultimate market opportunity for leadless pacers and compares Medtronic vs St. Jude Medical on an Analyst/Industry conference call to be held on September 24 at 2 pm.
09:13 EDTMDT, COVOn The Fly: Pre-market Movers
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08:53 EDTCOV, MDTInversion regulations look more onerous than expected, says FBR Capital
FBR Capital says the new regulations announced last night by the Treasury and IRS contain appear more onerous than expected. FBR points out the proposed changes remove the ability of inverting companies to make "hopscotch loans" between the foreign and domestic subsidiaries. The firm believes the regulations will not end the practice of inversions, and it still expects completion of already announced deals.
08:07 EDTJNJFDA Pediatric Advisory Committee to hold a meeting
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07:55 EDTVRTXVertex should be bought into recent strength, says Wells Fargo
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07:05 EDTCOV, MDTMedtronic will still pursue Covidien deal, says Citigroup
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05:56 EDTCOV, MDTTreasury, IRS announce plans to reduce inversion tax benefits
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September 22, 2014
12:52 EDTINTCIntel receives approval from Israel to invest $6B in chip plant, Reuters says
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11:26 EDTVRTXOptions with increasing implied volatility
Options with increasing implied volatility: SHLD VRTX TRP AGNC
09:32 EDTMDTMedtronic announces CE Mark, European launch for TYRX envelope
Medtronic has received CE, or Conformité Européenne, Mark for the TYRX Absorbable Antibacterial Envelope, which covers an implantable cardiac device to help stabilize the device after implantation and reduce surgical-site infections.
07:50 EDTJNJDoctors continue to use morcellators despite FDA warning, J&J halt, WSJ says
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07:07 EDTJNJSynageva appoints Robert Bazemore as COO
Synageva announced the appointment of Robert Bazemore as Chief Operating Officer. Bazemore will oversee the planned global commercial launch of the company's lead program, sebelipase alfa for LAL Deficiency, and will have responsibility for the company's global commercial, market access and medical affairs operations. Bazemore last served at Johnson & Johnson (JNJ) in varoius roles including Vice President, Ethicon New Growth Platforms and President of Janssen Biotech, a part of the Janssen Pharmaceutical Companies of Johnson & Johnson.
06:27 EDTINTCIntel, Rockhip partner to expand x86 presence in tablet market, DigiTimes says
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September 19, 2014
16:24 EDTINTCStocks rise after Fed keeps pledge for 'considerable time' before rate hike
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16:17 EDTINTCOn The Fly: Closing Wrap
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11:51 EDTINTCMicrosoft, Intel look to partner with Chinese mobile device makers, Nikkei says
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11:25 EDTCOV, MDTSenators bring bill requiring companies to settle before inverting
U.S. Senators Sherrod Brown and Dick Durbin announced new legislation requiring corporations to "Pay What You Owe Before You Go" – settling their U.S. tax bill before relocating to a foreign country. "Everyone knows that before you leave a restaurant you have to settle your tab," Brown said. "Corporations shouldn’t get to play by different rules. While it is critical that we reach a long-term solution that reforms our international corporate tax code by implementing a global minimum tax and reducing the statutory tax rate, this bill is an immediate, commonsense measure to ensure businesses settle up before leaving the U.S." Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN).
07:42 EDTINTCIntel dividend can rise up to 45% over next two years, says Jefferies
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September 18, 2014
12:18 EDTMDTNY AG announces national settlement with Medtronic for Medicaid violations
Attorney General Eric T. Schneiderman announced that 46 states and the District of Columbia have reach a settlement agreement with Minnesota-based company Medtronic to resolve claims under the False Claims Act that Medtronic improperly induced physicians to recommend Medtronic devices to treat cardiac rhythmic disease. New York led a national team composed of members from Oregon, Texas and California to negotiate the settlement. The federal government settled its matter in May of this year...The agreement requires Medtronic to pay the settling states $362,362, which will go to those states’ Medicaid programs. The matter was brought by a whistleblower, Adolfo Schroeder, and was filed in U.S. District Court for the Eastern District of California. The Attorney General would like to thank Mr. Schroeder for bringing this matter to the government’s attention. Under the terms of the agreement, the New York Medicaid Program will receive $67,369.31. Reference Link
07:24 EDTVRTXVertex management to meet with Deutsche Bank
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06:50 EDTINTCIntel, Spreadtrum may enter partnership to develop x86 products, DigiTimes says
Intel is looking to promote x86 architecture to China chip designers and may enter a partnership with Spreadtrum, reports DigiTimes Research. The cooperation would allow Intel to fill some of its empty capacity while Spreadtrum would gain advantages from Intel's advanced manufacturing processes to reduce costs. Reference Link
September 17, 2014
16:01 EDTCOVCovidien raises quarterly dividend to 36c from 32c
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09:08 EDTMDTMedtronic launches new Balloon Kyphoplasty Platform
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08:36 EDTJNJJanssen-Cilag announces results from post-hoc canagliflozin analysis
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08:12 EDTJNJJanssen-Cilag announces results from Phase 3 Invokana trial
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07:43 EDTMDT, BSXBofA/Merrill to hold a conference
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07:09 EDTVRTXVertex price target raised to $127 from $103 at Deutsche Bank
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06:09 EDTMDTIntegra LifeSciences to acquire Medtronic instrumentation lines for $60M
Integra LifeSciences (IART) and Medtronic (MDT) announced an agreement in which Integra will acquire Medtronic's MicroFrance and Xomed manual ENT and laparoscopy instrumentation lines for approximately $60M in cash. Integra expects the transaction to close in Q4. Integra will acquire a portfolio of approximately 4,000 MicroFrance and Xomed manual ENT and laparoscopic surgical instruments, as well as the St. Aubin le Monial, France manufacturing facility. Sales from the products being acquired totaled approximately $30M, two-thirds of which were generated outside the U.S. Integra expects to record approximately $27M-$30M in revenue and approximately 10c of adjusted EPS in calendar 2015 from this acquisition. The earnings accretion should rise after the first year once certain sales transitions are complete. The company expects the acquisition to contribute less than $5M in revenue and be neutral to earnings in Q4. The transition and integration is expected to be completed by 2H15.
05:09 EDTBSXBoston Scientific receives CE Mark for Vercise DBS system
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