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Stock Market & Financial Investment News

News Breaks
February 4, 2014
19:03 EDTAGEN, IDIX, ARWR, HAIN, OCLR, IDRA, CHRW, MYGN, MMM, GNWOn The Fly: After Hours Movers
UP AFTER EARNINGS: Myriad Genetics (MYGN), up 14.5%... Genworth (GNW), up 5%... Oclaro (OCLR), up 5.6%. ALSO HIGHER: 3M (MMM), up 2% after the Dow member announced a $12B share repurchase plan... Idenix Pharmaceuticals (IDIX), up 7.3% after investment firm Baupost Group raised its stake in the company to more than 35% from roughly 27% and disclosed it was granted observer rights for meetings of Idenix's board and committees. DOWN AFTER EARNINGS: C.H. Robinson (CHRW), down 6.4%... Hain Celestial (HAIN), down 7.9%. ALSO LOWER: Agenus (AGEN), down 6.2% after announcing a public offering of common stock... Idera Pharmaceuticals (IDRA), down 3.8% after filing to sell common stock and warrants... Arrowhead Research (ARWR), down 3% after reporting a larger-than-expected quarterly loss and filing a $200M mixed securities shelf.
News For MMM;MYGN;GNW;OCLR;IDIX;CHRW;HAIN;AGEN;IDRA;ARWR From The Last 14 Days
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April 23, 2015
07:03 EDTAGENAgenus reports Q1 EPS (28c), may not compare to consensus (1c)
Reports Q1 revenue $3.95M, may not compare to consensus $11.66M.
April 22, 2015
15:50 EDTMMMNotable companies reporting before tomorrow's open
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14:56 EDTAGENAgenus management to meet with William Blair
Meeting to be held in Philadelphia on April 27 hosted by William Blair.
April 21, 2015
06:40 EDTMYGNStart-up to offer saliva test for breast cancer susceptibility, NY Times says
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April 20, 2015
10:02 EDTGNWPRA Group names Deborah Cassidy as Chief Information Officer
PRA Group (PRAA) announced the appointment of Deborah G. Cassidy as a new member of PRA Group's executive management team. Cassidy will serve as chief information officer for the company. Most recently, Cassidy was senior vice president and business chief information officer for Genworth Financial (GNW).
April 17, 2015
18:03 EDTGNWGenworth says needs additional $500M-$700M to comply with PMIERs
Genworth Financial responded to the final Private Mortgage Insurer Eligibility Requirements, which were published by the Government Sponsored Enterprises, Fannie Mae and Freddie Mac, in conjunction with the Federal Housing Finance Agency. PMIERs will be used by the GSEs to approve private mortgage insurers that provide mortgage insurance on loans acquired by them. Based on its interpretation of the final PMIERs, the company still estimates $500M-$700M of additional capital will be required to be fully compliant by the effective date. This estimate is based on a number of factors including the company's view of market size and dynamics, planned internal restructuring within U.S. Mortgage Insurance and current affiliate asset valuation. The estimate does not reflect the announcement of changes to GSE fees, the impact of which the company is still evaluating. The final PMIERs lowered the level of required capital from that contained in the draft requirements, primarily benefiting legacy books of business, and also lowering the benefit from captive reinsurance treaties. Additionally, this estimate reflects reductions in affiliate asset valuation due to changes in market value, currency fluctuations and the finalization of the PMIERs. The company still intends to comply with the final PMIERs by the effective date, which is now December 31, 2015. Although the company continues to pursue reinsurance transactions, the lower capital requirements on legacy books of business impact the evaluation of the mix of appropriate sources of capital, which include both reinsurance and holding company cash. As previously disclosed, the company is reviewing a broad range of strategic options that it believes will improve its ability to reduce debt levels, increase capital buffers and improve/grow earnings.
10:00 EDTHAINOn The Fly: Analyst Downgrade Summary
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06:52 EDTHAINHain Celestial downgraded to Neutral from Buy at Longbow
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April 15, 2015
10:36 EDTGNWBofA/Merrill U.S. credit analysts hold an analyst/industry conference call
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07:41 EDTAGENEBD Group to hold a forum
ChinaBio Partnering Forum 2015 is being held in Shanghai, China on April 15-16.
April 14, 2015
16:53 EDTARWROn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were mixed for the day, beginning the session in positive territory helped by better than expected earnings reports from JPMorgan (JPM), Johnson & Johnson (JNJ), and Wells Fargo (WFC). The early economic data was slightly below Wall Street expectations and became a headwind for the market. By the end of the first hour of trading the market had turned negative, and it spent the remainder of the day trading in mixed fashion. ECONOMIC EVENTS: In the U.S., retail purchases for March advanced 0.9%, bouncing up from a 0.5% decline in February. However, economists had predicted a 1.1% growth after improvements on last month's weather. The producer price index grew 0.2% for March, in line with consensus estimates. Core PPI grew 0.2% versus expectations of 0.1% growth. The International Monetary Fund's World Economic Outlook Report trimmed U.S. growth forecast to 3.1% from its previous outlook of 3.6%, while global forecast was left unchanged at 3.5%. COMPANY NEWS: Avon (AVP) surged 66c, or 8.24%, to $8.67 following a Wall Street Journal report that the company is exploring strategic alternatives, including potentially selling its North American business, though a Bloomberg report later in the day claimed the company is not conducting a formal sale process... Nokia (NOK) confirmed it is in "advanced discussions" to buy French telecom firm Alcatel-Lucent (ALU), prompting French President Francois Hollande to schedule meetings with leaders from both companies. Later in the day, the French government announced it supports the potential deal, with French Economy Minister Emmanuel Macron stating Nokia reassured officials by detailing "clear undertakings." Nokia fell 34c, or 4.1%, to $7.96 at the close, while Alcatel jumped 58c, or 13.33%, to $4.93. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which rallied 33.52%, or $17.04, to $67.87 after the Financial Times reported the company has signed a memorandum of understanding to merge with rival classifieds service Ganji.com. Also higher was PartnerRe (PRE), which advanced 8.49% to $129.25 after EXOR proposed to acquire the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. Following earnings, JPMorgan (JPM) advanced 1.56% to $63.04 after beating expectations, while Wells Fargo (WFC) fell 0.73% and Johnson & Johnson fell 0.03% after reducing its FY15 earnings guidance. Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled 7.75% after Jefferies downgraded the stock to Hold and lowered its price target to $9 from $30. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which dropped 4.18% to $100.49 and was downgraded to Hold at TD Securities following first quarter guidance that fell below expectations. INDEXES: The Dow rose 59.66, or 0.33%, to 18,036.70, the Nasdaq lost 10.96, or 0.22%%, to 4,977.29, and the S&P 500 advanced 3.41, or 0.16%, to 2,095.84.
12:24 EDTARWROn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday despite better than expected headline earnings from JPMorgan (JPM), Wells Fargo (WFC) and Johnson & Johnson (JNJ). The market began the session in positive territory on the heels of those solid earnings reports, but the averages were unable to hold their early gains as the retail sales figures released during the pre-market trading session missed expectations. ECONOMIC EVENTS: In the U.S., retail purchases grew 0.9% in March, rebounding from a 0.5% decline in February. However, economists were expecting a more pronounced 1.1% advance in recovery from the prior month's weather driven weakness. The producer price index rose 0.2% in March, matching expectations. The core PPI, which excludes food and energy, grew 0.2% as well, versus expectations for it to have risen 0.1%. Business Inventories grew 0.3% in February, versus expectations for them to be up 0.2%. The International Monetary Fund, in its latest World Economic Outlook Report, trimmed its U.S. growth forecast to a 3.1% pace from its prior 3.6% view, but left its global forecast intact at a 3.5% rate. COMPANY NEWS: Shares of JPMorgan advanced 1.5% after its headline earnings per share topped expectations, even before accounting for 13c per share in aftertax legal expense that the bank identified as a "significant item." Conversely, fellow large bank Wells Fargo (WFC) slid 1.5% after its own report on first quarter results, despite the fact that its earnings and revenue both topped the consensus forecast... Shares of Johnson & Johnson (JNJ) were fractionally higher at midday after its first quarter earnings and revenue beat expectations. The multinational company, however, lowered its FY15 adjusted earnings outlook, citing further negative foreign currency movements... Nokia (NOK) and Alcatel-Lucent (ALU), in response to "recent media speculation," confirmed that they are in advanced discussions with respect to a potential full combination, which would take the form of a public exchange offer by Nokia for Alcatel. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which jumped 25% after Financial Times reported the company has signed a memorandum of understanding to merge with peer Ganji.com to create one of the largest specialized online classified companies in China. Also higher was PartnerRe (PRE), which advanced nearly 9% to trade near $129.50 after Europe based investment company EXOR announced that it submitted a written proposal to acquire 100% of the common shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. EXOR said its all-cash proposal represents a 16% premium to the implied value per share of $112.53 for PartnerRe under the merger deal it has in place with AXIS Capital (AXS). Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled over 6% after Jefferies downgraded the stock to Hold and cut its price target for shares to $9 from $30 after assuming coverage of the stock. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which fell nearly 6% and was downgraded to Hold from Buy at TD Securities after the railroad operator provided first quarter guidance that came in below analysts' consensus estimates. INDEXES: Near midday, the Dow was up 53.15, or 0.3%, to 18,030.19, the Nasdaq was down 16.19, or 0.32%, to 4,972.06, and the S&P 500 was up 2.20, or 0.11%, to 2,094.63.
10:01 EDTARWROn The Fly: Analyst Downgrade Summary
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09:13 EDTARWROn The Fly: Pre-market Movers.
UP AFTER EARNINGS: JPMorgan Chase (JPM), up 1%... Johnson & Johnson (JNJ), up marginally... Triangle Petroleum (TPLM), up 4.2%... Fastenal (FAST), up 5%. ALSO HIGHER: Brainstorm Cell Therapeutics (BCLI), up 13.5% after announcing that it will present NurOwn Phase 2a clinical data at the Academy of Neurology annual meeting... Builders FirstSource (BLDR), up 7.2% after being upgraded to Buy from Hold at Stifel... Solazyme (SZYM), up 7.5% after announcing a strategic agreement with Flotek (FTK)... Cleveland BioLabs (CBLI), up 6.8% after receiving funding recommendation from the Department of Defense... Nordic American Tanker (NAT), up 3.2% after raising quarterly dividend to 38c from 22c... Ocwen (OCN), up 3.8% after reporting preliminary fiscal 2014 results. DOWN AFTER EARNINGS: Wells Fargo (WFC), down just under 1%. ALSO LOWER: Norfolk Southern (NSC), down 5.8% after being downgraded to Hold from Buy at TD Securities... RXi Pharmaceuticals (RXII), down 14.3% after filing to sell $20M of common stock and warrants... Arrowhead Research (ARWR), down 4.5% after being downgraded to Hold from Buy at Jefferies.
07:14 EDTARWRArrowhead downgraded to Hold from Buy at Jefferies
Jefferies downgraded Arrowhead Research to Hold and cut its price target for shares to $9 from $30 after assuming coverage of the stock. The firm says that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data.
07:05 EDTIDRANeedham to hold a conference
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April 13, 2015
09:55 EDTARWRArrowhead can become more than just HBV play, says Piper Jaffray
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09:20 EDTARWROn The Fly: Pre-market Movers
HIGHER: Builders FirstSource (BLDR), up 54.35% after acquiring ProBuild in all-cash transaction... Arrowhead (ARWR), up 14.3% after being cleared to proceed with multiple dose Phase 2b study of ARC-520... Oramed Pharmaceuticals (ORMP), up 6.9% after enrolling first patient in glucose clamp study for oral insulin... Clovis Oncology (CLVS), up 8.2% after being upgraded to Buy from Neutral at Goldman... Quantum (QTM), up 3.2% after announcing go-to-market partnership with Dot Hill Systems (HILL)... Netflix (NFLX), up 3.4% after being upgraded to Buy from Neutral at UBS... Apple (AAPL), up just under 1% following reports of Apple Watch orders. LOWER: Sina (SINA), down 3% following a report from the Financial Times that China may shut down the company if censorship doesn't improve... Ruckus Wireless (RKUS), down 2.9% after being downgraded to Buy from Conviction Buy at Goldman... Allot Communications (ALLT), down 2.7% after being downgraded to Hold from Buy at Needham.
07:31 EDTARWRArrowhead cleared to proceed with multiple dose Phase 2b tudy of ARC-520
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April 12, 2015
14:23 EDTGNWPE firm JC Flowers said to eye Genworth division, Sky News says
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