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Stock Market & Financial Investment News

News Breaks
April 2, 2014
12:33 EDTLQDT, MNKD, CELG, AGU, APOL, XLRN, MONOn The Fly: Midday Wrap
Stocks on Wall Street were slightly higher at midday after payroll provider ADP estimated that employers added 191K jobs in March. The jobs addition was slightly less than expected, but a figure near 200K still may add confidence that Friday's jobs report from the Department of Labor may be an encouraging one. ECONOMIC EVENTS: ADP estimated that private payrolls increased 191K in March, which fell just short of the 193K consensus estimate. Factory orders grew by 1.6% in February, versus expectations for an increase of 1.2% in the month. COMPANY NEWS: Agribusiness giant Monsanto (MON) rose 1.5% after reporting better than expected earnings and revenue for its just-completed second quarter and confirming its fiscal year profit guidance. Another agricultural products maker, fertilizer producer Agrium (AGU), slid over 2% after warning that the late spring season this year is expected to impact the timing of its wholesale, and to a lesser extent its retail, earnings. MAJOR MOVERS: Among the notable gainers was MannKind (MNKD), which surged more than 77% after an FDA advisory panel voted to recommend its Afrezza inhalation powder to treat type 1 and type 2 diabetes. Also higher was Acceleron Pharma (XLRN), which rose 15% after its larger partner Celgene (CELG) reached a deal to raise its stake in Acceleron to 14.8% by acquiring 1.1M Acceleron shares from five current stockholders. Among the noteworthy losers was Liquidity Services (LQDT), which dropped 11% after RW Baird said the company's high bid for the Non-Rolling Stock portion of the Defense Logistics Agency’s surplus liquidation contract is "quite a bit" higher than it expected. Also lower was Apollo Education (APOL), which fell 8% near noon despite an upgrade of its shares at Wells Fargo after the company's Q2 revenue missed expectations and it also disclosed the receipt of a subpoena by its University of Phoenix unit from the Office of the Inspector General of the U.S. Department of Education. INDEXES: Near midday, the Dow was up 19.39, or 0.12%, to 16,552.00, the Nasdaq was up 5.39, or 0.13%, to 4,273.43, and the S&P 500 was up 4.81, or 0.26%, to 1,890.33.
News For MON;AGU;MNKD;XLRN;CELG;LQDT;APOL From The Last 14 Days
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July 16, 2015
05:46 EDTMNKDStocks with implied volatility movement; NFLX MNKD
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July 15, 2015
19:32 EDTCELGCelgene looks like a buy, Barron's says
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17:41 EDTCELGCelgene-Receptos deal includes $230M, $400M termination fees
In a regulatory filing, Celgene (CELG) reported that its merger agreement with Receptos (RCPT) contains certain termination rights. Upon termination of the agreement by Receptos or Celgene upon specified conditions, a termination fee of $230M may be payable by Receptos to Celgene. The agreement also provides that Celgene will be required to pay Receptos a reverse termination fee of $400M and extend Receptos a loan in the amount of $350M in the event that HSR approval is not obtained under certain circumstances.
16:28 EDTCELGOn The Fly: Top stock stories for Wednesday
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12:18 EDTCELGOn The Fly: Top stock stories at midday
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09:32 EDTCELGActive equity options trading on open
Active equity options trading on open: AAPL FB BAC RCPT MU YUM NFLX CELG
09:23 EDTCELGOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Bank of America (BAC), up 2.9%... CSX (CSX), up 2.6%. ALSO HIGHER: Hertz (HTZ), up 3.9% after being upgraded to Buy from Hold at Deutsche Bank. NOTABLE: Receptos (RCPT), up 10.5% following deal to be acquired by Celgene (CELG)... Celgene is up 7.9% after announcing acquisition of Receptos... UP AFTER RECEPTOS/CELGENE DEAL: ZIOPHARM Oncology (ZIOP), up 1.7%... Arena Pharmaceuticals (ARNA), up 6.5%. DOWN AFTER EARNINGS: Delta Air Lines (DAL), down 2.4%. ALSO LOWER: Mead Johnson (MJN), down 4.8% after reducing fiscal 2015 EPS guidance... Columbia Pipeline Partners (CPPL), down 5.6% after 4.64M share Block Trade priced at $24.15... SINA (SINA), down 2.7% after being downgraded to Hold from Buy at Deutsche Bank... MacroGenics (MGNX), down 2.8% after 3.25M share Secondary priced at $37.00.
08:46 EDTCELGCelgene price target raised to $191 from $163 at BMO Capital
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08:40 EDTCELGCelgene acquisition positive, says JMP Securities
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07:58 EDTCELGAnalysts break down impact of $7.2B Receptos buyout
After Celgene (CELG) announced last night that the company has agreed to acquire Receptos (RCPT) for $232 per share in cash, or a total of about $7.2B net of cash acquired, research firms have chimed in with their opinions on how the proposed deal may impact others in the biotech space. Receptos key asset is Ozanimod, which is being studied in Phase III trials for relapsing multiple sclerosis and ulcerative colitis. DERIVATIVE CALLS: Piper Jaffray analyst Edward Tenthoff told investors that he views Celgene's deal for Receptos as good for Arena Pharmaceuticals (ARNA). The analyst notes that Arena's APD334 is already showing dose-dependent decreases in circulating lymphocyte counts and that the company will initiate Phase II studies in ulcerative colitis and Crohn's disease this year. Tenthoff reiterates an Overweight rating and $7.50 price target on Arena, which has a market capitalization around $1B and closed yesterday up 8c to $4.47. In its own note to investors this morning, Nomura said Celgene's deal could put downward pressure on Biogen's (BIIB) long-term multiple sclerosis estimates. Nomura's M. Ian Somaiya contended that one-year Phase II efficacy data for Ozanimod looked as good as Novartis’s (NVS) Gilenya and Biogen's Tecfidera’s Phase III at year 2. Somaiya also wondered if rival Gilead (GILD) could be "looking for something bigger" than Receptos for its own deal, telling investors that the firm views Incyte (INCY) as Gilead's most likely takeout target. Incyte's shares closed up $4.46 at $117.46 yesterday, giving the company a market cap of about $20B. RIVAL BID?: Wedbush analyst Liana Moussatos believes another bidder may seek to acquire Receptos, noting that she previously estimated Receptos could be valued at $348 per share, or about $10.9B, in a buyout. Moussatos noted that Celgene said it expects annual peak sales for Ozanimod to reach about $4B-$6B for RMS and UC, making its acquisition price of $7.2BN only a bit more than about 1X peak sales without accounting for other possible indications or the rest of its pipeline. Moussatos told investors she sees "plenty" of potential upside to justify a rival bidder stepping in and reiterated the firm's Outperform rating on Receptos shares. PRICE ACTION: In pre-market trading, Receptos rose 10% to $228.61 while Gilead gained 1.4% to about $119 per share.
07:57 EDTCELGCelgene price target raised to $150 from $135 at RBC Capital
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07:55 EDTCELGReceptos acquisition a 'great deal' for Celgene, says UBS
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07:46 EDTCELGCelgene acquisition of Receptos will be viewed favorably, says Baird
Baird believes Celgene's (CELG) acquisition of Receptos (RCPT) will be viewed favorably by the Street, as the firm sees the price as attractive enough to move the needle for Celgene in the long term. Baird reiterated its Outperform rating and raised its price target to $162 from $139 on Celgene shares.
07:45 EDTMONSenator urges Monsanto to reconsider inversion if Syngenta deal succeeds
U.S. Senator Dick Durbin announced that in a meeting with Monsanto (MON) CEO Hugh Grant, Durbin urged the company to keep its United States tax address if its intended acquisition of Syngenta (SYT) succeeds. “Like so many large companies in the U.S., Monsanto has prospered in large part due to U.S. taxpayer-funded programs and services... I urged Monsanto CEO High Grant to reconsider the company’s corporate inversion plans to move its tax address to Europe. I also made it very clear that I will do all I can in Congress to close the loophole that allows corporations to avoid their U.S. tax responsibility,” said Durbin.
07:43 EDTCELGReceptos volatility flat into Celgene acquiring for $7.2B
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07:09 EDTCELGCelgene may face rival bidder for Receptos, says Wedbush
Wedbush analyst Liana Moussatos believes another bidder may seek to acquire Receptos (RCPT), which has agreed to a $232 per share takeover deal with Celgene (CELG), noting that she previously estimated Receptos could be valued at $348 per share, or about $10.9B, in a buyout. Moussatos noted that Celgene said it expects annual peak sales for Receptos' Ozanimod to reach about $4B-$6B for RMS and UC, making its acquisition price of $7.2BN only a bit more than about 1X peak sales without accounting for other possible indications or the rest of its pipeline. Moussatos, who told investors she sees "plenty" of potential upside to justify a rival bidder stepping in, reiterated the firm's Outperform rating and $348 acquisition value on Receptos shares.
07:04 EDTCELGCelgene volatility low into acquiring Receptos for about $7.2B
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06:28 EDTCELGCelgene price target raised to $175 from $160 at Deutsche Bank
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05:59 EDTCELGPiper views Receptos buyout as good for Arena
Piper Jaffray analyst Edward Tenthoff views Celgene's (CELG) acquisition of Receptos (RCPT) as good for Arena Pharmaceuticals (ARNA). Tenthoff views Arena as a "derivative call" on the deal with the company's APD334 already showing dose-dependent decreases in circulating lymphocyte counts. Arena will also initiate Phase II studies in ulcerative colitis and Crohn's disease this year, the analyst points out. Receptos' ozanimod is being studied in Phase III trials for relapsing multiple sclerosis and ulcerative colitis. Tenthoff reiterates an Overweight rating on Arena with a $7.50 price target. The company has a market capitalization around $1B and closed yesterday up 8c to $4.47
05:52 EDTCELGReceptos deal 'another good move' for Celgene, says Piper Jaffray
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