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Stock Market & Financial Investment News

News Breaks
June 5, 2014
08:58 EDTMDT, SNNMedtronic says M&A guideline is minimal to no 'net' EPS dilution
Medtronic (MDT) in investor day presentation slides laid out its guidance for M&A. The company says it has a mid-teens risk-adjusted return hurdle and minimal to no "net" earnings dilution. It added that it needs a "clear financial valuation proposition. Medtronic said it will not take questions on potential M&A. Yesterday, Bloomberg reported the company is evaluating a takeover offer for Smith & Nephew (SNN).
News For MDT;SNN From The Last 14 Days
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February 9, 2016
10:01 EDTMDTMedtronic: First patient treated with Valiant TAAA stent graft system in study
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February 8, 2016
14:56 EDTMDTDexCom selloff overdone, based on misinformation, says Cowen
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February 5, 2016
09:12 EDTMDTMedtronic reports results from retrospective analysis of iPro2 Professional CGM
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08:05 EDTMDTMedtronic receives FDA approval for MRI CRT-D
Medtronic announced that it has received FDA approval for the first and only magnetic resonance imaging, or MRI, conditional cardiac resynchronization therapy defibrillators, or CRT-Ds, for the treatment of heart failure. The Medtronic Amplia MRI Quad CRT-D SureScan and Compia MRI Quad CRT-D SureScan systems are approved for MRI scans on any part of the body without positioning restrictions. Now, patients in the U.S. who receive these devices, which help treat their heart failure and reduce their risk of sudden cardiac arrest, have access to MRI scans if and when they need them. Both CRT-D systems will be commercially available in the coming months.
February 1, 2016
14:28 EDTSNNStryker deal for Smith & Nephew now unlikely, says Piper Jaffray
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12:13 EDTSNNOn 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.
10:02 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.
08:26 EDTSNNSmith & Nephew reports CEO diagnosed with 'highly treatable' cancer
Smith & Nephew announced that Olivier Bohuon, Chief Executive Officer, has been diagnosed with a highly treatable form of cancer. "Olivier will remain Chief Executive Officer and be actively involved in running the Company through much of his treatment period, which will begin later this month. The treatment will include chemotherapy, and is expected to be completed by late autumn. The Board has approved provisional governance procedures to ensure the effective operation of Smith & Nephew during the treatment period, including Chairman Roberto Quarta providing executive oversight if required," the company stated.
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.
January 29, 2016
16:25 EDTMDTMedtronic to present transcatheter pacing data to FDA
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