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January 7, 2013
12:46 EDTMDTMedtronic says goal is to increase inventory turns 50% in next five years
News For MDT From The Last 14 Days
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September 24, 2014
09:11 EDTMDTSummer Street Director of Research to hold an analyst/industry conference call
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06:23 EDTMDTExperts see new tax rules not halting inversions, WSJ reports
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September 23, 2014
16:20 EDTMDTOn 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.
12:11 EDTMDTOn 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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10:54 EDTMDTStocks, 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 EDTMDTOn The Fly: Pre-market Movers
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08:53 EDTMDTInversion 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.
07:05 EDTMDTMedtronic will still pursue Covidien deal, says Citigroup
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05:56 EDTMDTTreasury, IRS announce plans to reduce inversion tax benefits
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September 22, 2014
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.
September 19, 2014
11:25 EDTMDTSenators 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).
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
September 17, 2014
09:08 EDTMDTMedtronic launches new Balloon Kyphoplasty Platform
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07:43 EDTMDTBofA/Merrill to hold a conference
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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.
September 16, 2014
11:51 EDTMDTOECD looks to close tax loopholes with new proposals
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08:07 EDTMDTMedtronic drug-coated baloon shows strong clinical, economic benefit
Presented for the first time at the 2014 Transcatheter Cardiovascular Therapeutics, or TCT, conference, the latest clinical and economic data on the IN.PACT Admiral drug-coated balloon, or DCB, from Medtronic augments an already robust body of evidence that continues to drive a reconsideration of the standard of care for peripheral artery disease, or PAD, in leg arteries above the knee. The IN.PACT Admiral DCB remains an investigational medical device in the United States. No drug-coated balloon has yet received approval from the FDA. The new data come from the real-world IN.PACT Global study, the largest and most rigorous post-market evaluation of its kind for any peripheral artery intervention, and from an ongoing economic outcomes analysis of the U.S. phase of the landmark IN.PACT SFA trial. Together, the results show that the IN.PACT Admiral DCB is not only clinically superior, but also cost-effective for the treatment of atherosclerotic lesions in the superficial femoral artery, or SFA, or proximal popliteal artery, or PPA, at 12 months compared to standard percutaneous transluminal angioplasty, or PTA.
07:31 EDTMDTEuropean Association for Study of Diabetes to hold annual meeting
50th Annual Meeting of EASD to be held in Vienna, Austria on September 15-19.
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