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Stock Market & Financial Investment News

News Breaks
June 6, 2014
06:46 EDTMNK, CI, QCORPiper does not see heightened risk around Questcor buyout
Piper Jaffray believes Cigna's (CI) coverage policy update regarding Questcor's (QCOR) Acthar Gel is unlikely to have meaningful impact. Piper does not see heightened risk around the closing of Mallinckrodt's (MNK) acquisition of Questcor. Piper says that while Cigna's new language is suggestive of tighter restriction on patient access, there is no "blanket statement that denies coverage beyond the infantile spasms setting." Piper reiterates an Overweight rating on Mallinckrodt with a $90 price target.
News For MNK;QCOR;CI From The Last 14 Days
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August 19, 2014
09:21 EDTMNKMallinckrodt now a component of the S&P 500 Index
The inclusion comes following the completion of Mallinckrodt’s acquisition of Questcor Pharmaceuticals last week. In addition to increasing the market capitalization of Mallinckrodt, the combination has significantly strengthened the company’s balance sheet, cash generation and leverage position.
August 15, 2014
06:08 EDTQCORQuestcor implied volatility of 28 at lower end of index mean range
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August 14, 2014
17:21 EDTQCORGulfMark Offshore to replace Questcor in S&P 600 as of 8/18 close
17:20 EDTMNKRowan Companies to replace Mallinckrodt in S&P 400 as of 8/18 close
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17:18 EDTMNKMallinckrodt to replace Rowan Companies in S&P 500 as of 8/18 close
17:16 EDTQCOR, MNKPaulson & Co gives quarterly update on stakes
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17:00 EDTCIGreenlight Capital gives quarterly update on stakes
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16:35 EDTQCOR, MNKMallinckrodt completes acquisition of Questcor Pharmaceuticals
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13:02 EDTMNK, QCORMallinckrodt, Questcor holders approve Mallinckrodt's acquisition of Questcor
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12:58 EDTMNKJANA Partners gives quarterly update on stakes
NEW STAKES: Apache (APA), FMC Corp (FMC), Civeo (CVEO), PetSmart (PETM), and Charter Communications (CHTR). INCREASED STAKES: Actavis (ACT), AIG (AIG), Mallinckrodt (MNK), HD Supply (HDS), and American Capital (ACAS). DECREASED STAKES: Liberty (LVNTA), Oil States International (OIS), eBay (EBAY), Liberty Media (LMCA), and Liberty Interactive (LINTA). LIQUIDATED STAKES: Sirius XM (SIRI), Juniper (JNPR), Golar LNG (GLNG), Outerwall (OUTR), and Teva (TEVA).
August 8, 2014
08:31 EDTMNKMallinckrodt patent settlement removes key overhang, says Deutsche Bank
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07:45 EDTMNK, QCORMallinckrodt price target lowered to $77 from $90 at Leerink
Leerink lowered its price target for Mallinckrodt (MNK) shares to $77 citing a heightened risk profile from the Questcor (QCOR) acquisition and significant earnings concentration in Acthar. The firm says it remains on the sidelines with a Market Perform rating on Mallinckrodt.
07:44 EDTQCOR, MNKMallinckrodt remains favorite specialty pharmaceutical name, says UBS
UBS said Mallinckrodt (MNK) remains its favorite specialty pharmaceutical name following the company's update on its merger with Questcor (QCOR). The firm sees estimates increasing following the close of the transaction, the divestiture of the Medical Imaging division, and the reinvestment in higher margin assets. UBS has a Buy rating with a $94 price target on Mallinckrodt.
August 7, 2014
13:23 EDTCILeerink healthcare services analyst holds an analyst/industry conference call
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12:29 EDTCIHealth insurers fall after two downgrades from Goldman
Shares of a number of health insurers are falling after Goldman Sachs downgraded its rating on one stock in the sector and removed another from its Conviction List. WHAT'S NEW: Goldman analyst Matthew Borsch downgraded his rating on Aetna (AET) to Neutral from Buy and removed UnitedHealth (UNH) from the firm's Conviction List, as he believes that other stocks in the healthcare sector are more attractive. Utilization of healthcare services by individuals who don't have the Affordable Care Act is likely to show signs of increasing by 2015, posing a "manageable" challenge to health insurers, Borsch wrote. However, the increase in the utilization of these services is likely to be "relatively gradual" compared with similar trends in the past, the analyst contended. Borsch based his forecast on healthcare spending trends during previous economic recoveries. He reduced his 2015 earnings estimate for Aetna to $7 from $7.10 and for United Health to $5.95 from $6. He reduced his 2015 EPS estimates for other companies in the sector, as his earnings outlook for WellPoint (WLP) declined to $9.20 from $9.35, while his estimate for Cigna (CI) for next year dropped to $7.90 from $8. The analyst kept Neutral ratings on both WellPoint and Cigna. Meanwhile, Borsch cut his price target on Aetna to $88 from $91 and on UnitedHealth to $91 from $96. PRICE ACTION: In early afternoon trading, Aetna fell 3% to $76, UnitedHealth slumped 2.5% to $79.50, WellPoint declined 2.5% to $108, and Cigna retreated 2.5% to $89.
07:05 EDTMNKMallinckrodt raises FY14 adjusted EPS view to $4.00-$4.30 from $3.30-$3.60
Consensus is $3.82. Raises FY14 net sales view to $2.35B-$2.45B from $2.28B-$2.38B, consensus $2.38B. Cuts FY CapEx view to $115M-$135M from $130M-$150M. Now sees tax rate 22%-25%.
07:03 EDTMNKMallinckrodt reports Q3 adjusted EPS $1.20, consensus 87c
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