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Stock Market & Financial Investment News

News Breaks
June 5, 2014
07:26 EDTMDT, GMED, WMGI, SNN, NUVAOrtho consolidation likely in 'early innings,' says Leerink
Leerink says consolidation in the ortho space is likely in the "early innings" after reports surfaced that Medtronic (MDT) is considering a bid for Smith & Nephew (SNN). The firm views Smith & Nephew's product portfolio as "highly complementary" to Medtronic, and estimates the potential deal would be meaningfully dilutive in year one and likely neutral to accretive thereafter. Leerink notes that recent Smith & Nephew takeover reports have pressured small cap names in the space, namely Globus Medical (GMED), NuVasive (NUVA) and Wright Medical (WMGI), all of which are considered potential acquisition targets. The firm expects the large deals to get done first, with attention then turning to small-to-mid sized acquisitions. It reiterates Outperform ratings on Globus, NuVasive and NuVasive.
News For MDT;SNN;GMED;NUVA;WMGI From The Last 14 Days
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October 28, 2014
06:24 EDTWMGIWright Medical upgraded to Outperform from Sector Perform at RBC Capital
05:32 EDTWMGITornier downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Tornier (TRNX) to Market Perform citing the merger deal with Wright Medical (WMGI). Wells sees a low likelihood of another suitor emerging.
October 27, 2014
18:26 EDTWMGIOn The Fly: After Hours Movers
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16:29 EDTWMGIWright Medical sees Tornier deal accretive to adjusted EBITDA in second year
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16:29 EDTWMGIWright Medical to acquire Tornier in all-stock deal, own 52% of combined company
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16:25 EDTWMGIWright Medical announces receipt of FDA approvable letter for Augment bone graft
Wright Medical Group announced that its BioMimetic subsidiary has received an Approvable Letter from the FDA for its Premarket Approval Application for Augment Bone Graft. The approvable letter indicates that FDA determined Augment Bone Graft to be safe and effective as an alternative to autograft for ankle and/or hindfoot fusion indications and is approvable subject to customary preapproval facilities inspections. Robert Palmisano, president and CEO of Wright Medical, stated, “Today’s positive news on the approvability of Augment Bone Graft is a major milestone that paves the way for commercialization in the U.S. and further underscores our strength in Biologics. Augment will provide clear benefits to patients and physicians and is expected to be a significant catalyst and meaningful new future growth driver for our business. We will work swiftly to address the inspection requirements set forth in the approvable letter and expect our U.S. foot and ankle commercial team to be ready to launch immediately upon final approval.” The company will work with the FDA to coordinate any preapproval inspections. Assuming satisfactory completion of this activity and receipt of a final approval order from the FDA, commercial sale and distribution of Augment Bone Graft can begin in the U.S.
16:19 EDTWMGIWright Medical, Tornier agree to merge in $3.3B transaction
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14:02 EDTSNNUSPTO confirms validity of Smith & Nephew patent
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08:02 EDTSNNSmith & Nephew management to meet with JPMorgan
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October 23, 2014
16:44 EDTGMEDGlobus Medical announces acquisition of Transplant Technologies
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October 22, 2014
10:09 EDTSNNOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AOL (AOL) upgraded to Buy from Hold at Evercore... ARM Holdings (ARMH) upgraded to Buy from Neutral at UBS... American Assets Trust (AAT) upgraded to Buy from Hold at MLV & Co.... American Midstream Partners (AMID) upgraded to Buy from Neutral at Ladenburg... BancorpSouth (BXS) upgraded to Neutral from Underweight at JPMorgan... Chesapeake (CHK) upgraded at UBS... Chuy's (CHUY) upgraded to Buy from Hold at Stifel... Dean Foods (DF) upgraded to Overweight from Equal Weight at Morgan Stanley... East West Bancorp (EWBC) upgraded at BMO Capital... El Paso Electric (EE) upgraded to Buy from Neutral at Ladenburg... Generac (GNRC) upgraded to Buy from Hold at KeyBanc... Gold Fields (GFI) upgraded to Overweight from Neutral at HSBC... Harmony Gold (HMY) upgraded to Neutral from Underweight at HSBC... Hess Corp. (HES) upgraded to Buy from Neutral at UBS... Hovnanian (HOV) upgraded to Market Perform from Underperform at JMP Securities... Intuitive Surgical (ISRG) upgraded to Buy from Neutral at BTIG... OMV AG (OMVKY) upgraded to Neutral from Underperform at Credit Suisse... Seaspan (SSW) upgraded to Neutral from Underperform at Credit Suisse... Sibanye Gold (SBGL) upgraded to Neutral from Underweight at HSBC... Smith & Nephew (SNN) upgraded to Overweight from Equal Weight at Barclays... Southwestern Energy (SWN) upgraded to Buy from Hold at Maxim... Steel Dynamics (STLD) upgraded to Outperform from Neutral at Macquarie... Steris (STE) upgraded to Strong Buy from Market Perform at Raymond James... Tesoro Logistics (TLLP) upgraded to Strong Buy from Outperform at Raymond James... Texas Instruments (TXN) upgraded to Outperform from Market Perform at Bernstein... Twitter (TWTR) upgraded to Hold from Sell at Hudson Square... Vanguard Natural (VNR) upgraded to Buy from Hold at Wunderlich... Volaris (VLRS) upgraded to Buy from Hold at Deutsche Bank... Wilshire Bancorp (WIBC) upgraded to Outperform from Neutral at Macquarie... Yahoo (YHOO) upgraded to Outperform from Market Perform at FBR Capital.
07:21 EDTMDTU.S. DHS investigates medical gear for potential cyber defects, Reuters says
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05:22 EDTSNNSmith & Nephew upgraded to Overweight from Equal Weight at Barclays
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October 21, 2014
09:52 EDTMDTCovidien rises after Medtronic maintains merger date language
Shares of Covidien (COV) are rising in early trading after Medtronic (MDT), in its latest regulatory filing answering questions for shareholders regarding its proposed takeover of the Irish drugmaker, left its language regarding the expected closing date unchanged. WHAT'S NEW: In its most recent filing, Medtronic again stated, "As of the date of this joint proxy statement/prospectus, the transaction is expected to be completed late in the fourth calendar quarter of 2014 or early 2015. However, no assurance can be provided as to when or if the transaction will be completed. The required vote of Medtronic and Covidien shareholders to adopt the required shareholder proposals at their respective special meetings, as well as the necessary regulatory consents and approvals, must first be obtained and other conditions specified in the conditions appendix must be satisfied or, to the extent applicable, waived." ANALYST REACTION: Research firm BTIG says Medtronic's amended regulatory filing on the Covidien transaction increases the firm's confidence of the deal closing by early 2015. The firm adds it would be "stunned" to see Medtronic walk away from the merger after the company again showed commitment to the acquisition. WHAT'S NOTABLE: AbbVie (ABBV) last night confirmed that the company and Shire (SHPG), another Irish domiciled drugmaker, agreed to terminate their proposed merger. AbbVie said its decision was based upon its assessment of the September 22 notice issued by the U.S. Department of Treasury, which re-interpreted longstanding tax principles in a "uniquely selective manner designed specifically to destroy the financial benefits of these types of transactions." AbbVie continued that the Treasury notice "introduced an unacceptable level of risk and uncertainty given the magnitude of the proposed changes" and the stated intention of the department to continue to revise tax principles to further impact such "tax inversion" transactions. AbbVie noted that it has agreed to pay Shire a break fee of approximately $1.64B due to the deal falling through. PRICE ACTION: In early trading, shares of Covidien trading in New York rose 4% to $88.86, Medtronic advanced 1% to $64.57, Shires gained 0.7% to $185.82 and AbbVie added 1.4% to $55.16.
09:43 EDTMDTAmended filing increases confidence in Covidien deal at BTIG
BTIG says Medtronic's (MDT) amended regulatory filing on the Covidien (COV) transaction increases its confidence of the deal closing by early 2015. The firm adds it would be "stunned" to see Medtronic walk away from the merger after the company again showed commitment to the acquisition. Shares of Covidien are up 3% to $88.11 in early trading.
09:11 EDTMDTMedtronic keeps language unchanged on merger closing date
Medtronic in its latest regulatory filing answering questions for shareholders regarding its proposed takeover of Covidien (COV) left the language unchanged around the expected closing date. The company again stated, "As of the date of this joint proxy statement/prospectus, the transaction is expected to be completed late in the fourth calendar quarter of 2014 or early 2015. However, no assurance can be provided as to when or if the transaction will be completed. The required vote of Medtronic and Covidien shareholders to adopt the required shareholder proposals at their respective special meetings, as well as the necessary regulatory consents and approvals, must first be obtained and other conditions specified in the conditions appendix must be satisfied or, to the extent applicable, waived."
October 20, 2014
07:20 EDTMDTInternational Continence Society to hold annual meeting
ICS Annual Meeting 2014 is being held in Rio de Janeiro, Brazil on October 20-24.
07:12 EDTMDTCongress of Neurological Surgeons to hold annual meeting
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07:11 EDTSNNAmerican Society for Reproductive Medicine to hold annual meeting
2014 Annual Meeting of ASRM is being held in Honolulu on October 18-22.
October 17, 2014
07:31 EDTWMGIWright Medical risk/reward positive into FDA decision, says JPMorgan
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