New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 8, 2014
07:08 EDTACT, QCOR, VRX, MNKDrug deals increase to new high, Bloomberg says
M&A activity in the specialty pharmaceuticals industry has reached a new high after Mallinckrodt (MNK) recently bought Questcor (QCOR) for $5.6B, reported Bloomberg. Drugmakers from Actavis (ACT) to Valeant (VRX) are widening their suites of drugs through takeovers that immediately increased earnings with the help of lower corporate tax rates in countries such as Ireland. Reference Link
News For MNK;QCOR;ACT;VRX From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 >>
February 4, 2016
08:48 EDTVRXHouse Oversight & Government Reform Committee to hold a hearing
Subscribe for More Information
February 3, 2016
10:00 EDTMNKOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ADT Corp. (ADT) upgraded to Equal Weight from Underweight at Morgan Stanley... Badger Meter (BMI) upgraded to Outperform from Neutral at Baird... Boot Barn (BOOT) upgraded to Buy from Neutral at B. Riley... Chipotle (CMG) upgraded to Outperform from Market Perform at Wells Fargo... Dow Chemical (DOW) upgraded to Top Pick from Outperform at RBC Capital... Electro Scientific (ESIO) upgraded to Buy from Hold at Needham... Hyatt (H) upgraded to Outperform from Market Perform at Wells Fargo... Intel (INTC) upgraded to Neutral from Sell at Goldman... Mallinckrodt (MNK) upgraded to Buy from Neutral at Mizuho... Michael Kors (KORS) upgraded to Neutral from Sell at Citi... NeoPhotonics (NPTN) upgraded to Strong Buy from Outperform at Raymond James... PGT, Inc. (PGTI) upgraded to Buy from Hold at Craig-Hallum... Performance Sports Group (PSG) upgraded to Outperform from Neutral at Wedbush... Superior Drilling (SDPI) upgraded to Buy from Neutral at Roth Capital... Syntel (SYNT) upgraded to Buy from Hold at Maxim... Valley National (VLY) upgraded to Overweight from Neutral at Piper Jaffray... Willis Towers Watson (WLTW) upgraded to Buy from Neutral at SunTrust.
05:21 EDTMNKMallinckrodt upgraded to Buy from Neutral at Mizuho
February 2, 2016
12:32 EDTVRXEvercore highlights potential discrepancy in Valeant documents
Evercore ISI analyst Umer Raffat says the Valeant documents released ahead of Thursday's Congressional hearing on drug pricing contain a potential discrepancy between CEO Mike Pearson's comments on a conference call and an internal email sent by then CFO Howard Schiller. On the company's Q1 earnings call last year, Pearson told investors and analysts that volume was greater than price in terms of the company's growth in the quarter, Raffat points out to investors in an intraday research note. In contrast, then-CFO Howard Schiller sent an email to Pearson a few weeks after the earnings call stating that excluding the Marathon deal, price represented about 60% of Valeant's quarterly growth. On the surface, this means that either the CEO was inaccurate on the Q1 call, or the CFO's email was inaccurate, Raffat writes. It could also mean neither had done the math properly, the analyst adds. Either way, Raffat thinks Thursday's hearing isn't too critical for shares of Valeant. He has a Buy rating on the stock with a $200 price target. Valeant is down 5%, or $4.61, to $91.04 in midday trading.
11:30 EDTVRXValeant, in response to House committee, says tries to set appropriate prices
Valeant issued a statement after the House's Committee On Overweight and Government Reform released a letter relating to documents obtained from the company. The statement read, "Before Valeant purchased Nitropress and Isuprel, it commissioned outside consultants to review the drugs' pricing. Those consultants concluded that, given the significant reimbursements hospitals received under bundled rates for procedures, the prices of both drugs did not reflect their true value to hospitals and patients. We try to set our prices at the appropriate levels, but we also listen to the market. In this case, we've heard from hospitals, as well as from Congress, that we set the price for these two drugs too high, and we've responded by offering volume-based discounts of up to 30% for each of them. We are also making overall changes to how we run our business. Under our recent partnership with Walgreens we will be offering 10% price reductions on some of our most popular drugs and up to 95% reductions for a large number of our branded drugs for which there is a generic alternative. Going forward, we expect our growth to be driven more by volume than by price. When we set the price of any one drug, we do it in the overall context of our portfolio of approximately 1,800 products, including more than 200 prescription drugs in the United States, and the need to fund our robust companywide research and development programs, our expanding U.S. manufacturing base, and our patient assistance programs. In 2016, we expect to invest approximately $400 million on R&D, $484 million in expanding manufacturing in Rochester, NY, and $1 billion in our patient assistance programs that seek to ensure that out-of-pocket expenses do no prevent eligible patients from receiving medicines they need."
11:30 EDTVRXHouse committee members says Valeant inflated drug prices to meet goals
In a memo from the Committee on Oversight and Government Reform, Democratic members of the committee stated that documents obtained from Valeant show that the company identified goals for revenue first, then "set drug prices to reach those goals," pointing to its sharp price increases for Isuprel and Nitropress as examples of this practice. The committee also contend that Valeant employed a public relations strategy, which is noted to be used by other drug companies as well, to "distract public attention away from its price increases." Valeant raised the prices of some products multiple times from 2014 to 2015, in some cases by as much as 800%, the committee members stated. Reference Link
09:28 EDTMNKOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Michael Kors (KORS), up 17.3%... Mattel (MAT), up 6.9%... Mallinckrodt (MNK), up 4.3%... Alphabet (GOOGL), up 5%... Dow Chemical (DOW), up 3%... UPS (UPS), up 2.3%. ALSO HIGHER: Netflix (NFLX), up 1.1% after being upgraded to Overweight from Neutral at Piper Jaffray... Hansen Medical (HNSN), up 18.8% after announcing FDA clearance of Magellan Robotic Catheter eKit. DOWN AFTER EARNINGS: Integrated Device (IDTI), down 20%... BP (BP), down 8.5%... Royal Caribbean (RCL), down 7%... Waddell & Reed (WDR), down 5.5%... Archer Daniels Midland (ADM), down 5.5%. ALSO LOWER: Twitter (TWTR), down after being downgraded to Sell from Hold at Stifel... American Campus (ACC), down 1.1% after 15.6M share Spot Secondary priced at $41.25... Horsehead (ZINC), down 47.6% after filing for Chapter 11 protection in Delaware.
06:05 EDTMNKMallinckrodt raises FY16 adjusted EPS view to $7.85-$8.30 from $7.70-$8.20
Subscribe for More Information
06:03 EDTMNKMallinckrodt reports Q1 adjusted EPS $2.09, consensus $1.78
Reports Q1 revenue $914.8M, consensus $889.54M.
February 1, 2016
08:51 EDTMNKThe Medicines Co. completes divestiture of hemostasis portfolio to Mallinckrodt
Subscribe for More Information
January 29, 2016
10:13 EDTVRXExpress Scripts to exclude Valeant's Glumetza from formulary
Subscribe for More Information
05:33 EDTVRXStocks with implied volatility movement; VRX MRK
Subscribe for More Information
January 28, 2016
15:49 EDTVRXValeant comments by Hillary Clinton not new, says Evercore ISI
Subscribe for More Information
15:42 EDTVRXValeant volatility increases after accused by Clinton of 'predatory pricing'
Subscribe for More Information
15:34 EDTVRXValeant accused by Clinton of 'predatory pricing'
Subscribe for More Information
January 26, 2016
18:37 EDTVRXPershing Square says not selling Valeant a 'very costly mistake'
In its Annual Investor Letter, Pershing Square said, in part, that not selling Valeant (VRX) was a "very costly mistake." It also noted that not trimming its Canadian Pacific (CP) stake was a "similar error," and that they paid too much for additional stock in Platform Specialty Products (PAH). Reference Link
January 25, 2016
16:14 EDTVRXOn The Fly: Top stock stories for Monday
Stocks began the session in negative territory and remained there throughout the day. The market has yet to de-couple from oil prices, as stocks continue to move in the direction of the commodity. The averages almost made it back to positive ground in the early afternoon, but with oil down more than 4% the sellers emerged and pushed the market toward session lows. The market continued to lose ground as oil fell further, giving up nearly 6% by the close on the New York Mercantile Exchange, bringing stocks' two day win streak to an end. ECONOMIC EVENTS: In the U.S., the economic calendar was light. The Dallas Fed manufacturing survey, the lone report of note, came in at -34.6, below the revised prior reading of -21.6 and short of the consensus -14.5 forecast. West Texas Intermediate for March delivery fell $1.85, or 5.8%, to close at $30.34 a barrel on the NYMEX. COMPANY NEWS: Shares of McDonald's (MCD) advanced 0.7% to $119.20 after the fast food giant reported better than expected earnings and comparable sales growth for the fourth quarter, powered by the launch of All Day Breakfast in the U.S... Twitter (TWTR) fell 4.6% to $17.02 after CEO Jack Dorsey confirmed on Sunday night the departure of four company executives, leading research firm Stifel to downgrade the shares... Tyco (TYC) jumped 11.6% to $34.15 after reaching a merger agreement with Johnson Controls (JCI) which will see Johnson shareholders owning 56% of the combined company's equity. Johnson Controls fell 3.9% to $34.21 following the merger announcement. MAJOR MOVERS: Among the notable gainers was Valeant (VRX), which rose 4.55% to $92.63 after hospitalized CEO Michael Pearson said he is "on the road to recovery" after a bout of pneumonia. The news was followed by announcements that Valeant has sold three of its skincare brands and received FDA acceptance of its biologics license application for psoriasis drug Brodalumab. Also higher was SunEdison (SUNE), which advanced 2.6% to $2.72 after the Wall Street Journal reported that the company is set to give David Einhorn's Greenlight Capital a seat on its board. Meanwhile, energy savings firm EnerNOC (ENOC) jumped 69.5% to $7.05 after the Supreme Court ruled in favor of FERC's so-called "demand response" rule, sending energy generators Dynegy (DYN) and Talen Energy (TLN) down a respective 11.6% and 6.2%. Among the noteworthy losers was OncoMed (OMED), which plunged 42.9% to $10.04 after its Phase 2 trial of tarextumab in pancreatic cancer showed futility in an interim analysis. Also lower were containerboard and paper makers KapStone (KS), WestRock (WRK) and Packaging Corp (PKG), which dropped about 21%, 15% and 13%, respectively, after an industry publication reported that prices in the sector had declined. Additionally, Caterpillar (CAT) was the Dow's biggest decliner Monday, sinking 5% to $57.90 after being downgraded to Sell at Goldman Sachs. INDEXES: The Dow fell 208.29, or 1.29%, to 15,885.22, the Nasdaq lost 72.69, or 1.58%, to 4,518.49, and the S&P 500 declined 29.82, or 1.56%, to 1,877.08.
11:30 EDTVRXINTEGA buys three medical skincare brands from Valeant Canada
Subscribe for More Information
08:12 EDTVRXValeant announces FDA acceptance of BLA submission for Brodalumab
Subscribe for More Information
07:12 EDTVRXValeant releases memo for employees from Michael Pearson
Subscribe for More Information
1 | 2 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use