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Stock Market & Financial Investment News

News For MRK;JNJ;GSK;PFE;BMY;SNY From The Last 14 Days
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February 1, 2016
08:09 EDTPFEOptions expected to be active
Options expected to be active: GOOGL GOOG YHOO UPS KORS UPS BAX RCL CCL PFE AET D STR DWA CMG ABT SYK.
06:58 EDTBMY, PFEPortola Pharma licensed right to andexanet alfa to Bristol-Myers and Pfizer
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06:57 EDTBMY, PFEBristol-Myers and Pfizer sign collaboration with Portola Pharmaceuticals
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January 31, 2016
11:39 EDTJNJS&P falls 5% in January despite second straight winning week to close month
Stocks finished the month of January with two straight winning weeks, but investors are still glad to see the calendar flip as those winners only cut the S&P's loss to 5% for the month. With growth worries abounding amid troubling signs from China and as oil languishes below $35 per barrel, the manufacturing readings from China, Europe, and the U.S. due out on Monday will be essential to whether the new month continues the uptrend of the end of January or the dour tone that dominated the early half of the month. MACRO NEWS: The Federal Reserve kept interest rates unchanged following its policy meeting this week, as almost universally expected. In its accompanying statement, the central bank said its committee members expect that economic conditions will "evolve in a manner that will warrant only gradual increases in the federal funds rate." The group added that inflation is expected to "remain low in the near term, in part because of the further declines in energy prices, but to rise to 2% over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further"... In other domestic economic news, the Commerce Department's first read on fourth quarter gross domestic product came in at 0.7% annualized growth, below the already anemic 0.8% growth forecast. The S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. New home sales surged 10.8% to a 544,000 annualized pace in December, topping expectations and hitting their highest level in 10 months. Initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The University of Michigan consumer sentiment index slipped to 92.0 in the final January print, missing the 93.0 reading that was forecast... In a surprising move in Asia, the Bank of Japan introduced a rate of minus 0.1% on certain excess holdings of cash while maintaining the pace of its asset purchases. Japan also reported data pointing to a softening economy, as total CPI grew 0.2% year-over-year in December, core CPI rose at only a 0.1% pace and industrial production fell a preliminary 1.4% month-over-month in December. COMPANY NEWS: McDonald's (MCD) advanced Monday 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.... Earnings season accelerated Tuesday as four members of the bluechip Dow Jones Industrial Average posted results before the opening bell. 3M (MMM) was the top advanced on the index with a gain of over 5%, while Johnson & Johnson (JNJ), Procter & Gamble (PG) and DuPont (DD) all notched gains that day following their reports as well... Apple (AAPL) declined more than 6.5% on Wednesday after the tech giant reported first quarter earnings that topped consensus estimates, but also issued revenue guidance for the new quarter that missed expectations. The company was noted by several analysts as taking a particularly downbeat tone in its earnings conference call, invoking the difficult macroeconomic environment and weakness it has recently seen in China. Apple was not the worst performer in the Dow that day, as Boeing (BA) shares plummeted nearly 9% after its profit outlook for the new fiscal year fell far short of the Street's consensus forecast... Facebook (FB) surged 15.5% on Thursday after the social media giant's fourth quarter earnings and revenue beat expectations. A number of Wall Street analysts increased their price targets for the stock following the report, including Piper Jaffray's Gene Munster, who hiked his target to a "Street-high" $170 per share. The same day, Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded almost 5% after the company jumped over the lowered bar that had been set by bearish analysts... On Friday, shares of Amazon (AMZN) declined more than 7.5% after the company's fourth quarter results came in below expectations. Meanwhile, Microsoft (MSFT), which reported better than expected earnings, gained almost 6%. Chevron (CVX) reported a quarterly loss due to taking impairments and other charges of $1.1B. The company, which also reported that its average sales price per barrel of crude oil and natural gas liquids in the U.S. was $35 in fourth quarter, down from $66 a year ago, edged up 0.7% to $86.44... Among the many others reporting earnings this week, Visa (V), Mastercard (MA), Under Armour (UA), Sprint (S) and Biogen (BIIB) gained immediately following their reports, while Qualcomm (QCOM), eBay (EBAY), U.S. Steel (X), VMware (VMW) and Anthem (ANTM) all slid following their own... Xerox (XRX) announced plans to separate into two independent publicly-traded companies: one focused on Document Technology and another Business Process Outsourcing company. Xerox also announced an agreement related to the governance of the Business Process Outsourcing company under which six directors of the new company will be selected by Xerox and three will be selected by current Xerox shareholder Carl Icahn... Terex (TEX) surged more than 36% higher on Tuesday after receiving a $30 per share acquisition offer from China's Zoomlion. Terex peers Manitowoc (MTW), Joy Global (JOY) and Oshkosh (OSK) also gained after the offer was disclosed... Weight Watchers (WTW) shares soared nearly 20% Tuesday after noted shareholder and partner Oprah Winfrey tweeted a video detailing her progress using the company's program, indicating that she'd already lost 26 pounds thanks to its plan... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over the next two years and announcing the sale of AIG Advisor Group to Lightyear Capital and PSP Investments. The company, under ongoing pressure from activist investors including Carl Icahn, also said it will publicly offer a portion of its United Guaranty unit, though it expressly rejected a full company breakup... SunEdison (SUNE) gained 18% during the week after agreeing to new corporate governance initiatives with David Einhorn's Greenlight Capital, including amending its bylaws to restrict equity issuances for two years without a supermajority board vote... Twitter (TWTR) slumped nearly 6% this week after CEO Jack Dorsey confirmed the departure of four company executives, leading research firm Stifel to downgrade the shares. INDEXES: The Dow gained about 2.2% to close at 16,466.30; the S&P 500 rose about 1.6% to close at 1,940.24; the Nasdaq advanced about 0.4% to close at 4,613.95.
January 29, 2016
17:12 EDTMRKOn The Fly: Top stock stories for Friday
Stocks began the session in positive territory and remained there throughout the day. The early strength was attributed to the surprise cut in interest rates by the Bank of Japan that put the country in a negative interest rate scenario. The market gained strength throughout the day and put in gains of almost 2.5% in what was a broad based advance for the major averages. January closed out with two winning weeks, but the month was still a very bad one for stocks, as the S&P lost over 5% even after today's strong showing. ECONOMIC EVENTS: In the U.S., the Commerce Department's first read on fourth quarter gross domestic product came in at 0.7% annualized growth, below the already anemic 0.8% growth forecast. The Chicago PMI business barometer bounced to 55.6 in January, topping forecasts for a 45.3 reading. The University of Michigan consumer sentiment index slipped to 92.0 in the final January print, missing the 93.0 reading that was forecast. In a surprise move in Asia, the Bank of Japan introduced a rate of minus 0.1% on certain excess holdings of cash while maintaining the pace of its asset purchases. Japan also reported data pointing to a softening economy, as total CPI grew 0.2% year-over-year in December, core CPI rose at only a 0.1% pace and industrial production fell a preliminary 1.4% month-over-month in December. COMPANY NEWS: Shares of Amazon (AMZN) declined 7.6% to $587 after the company's fourth quarter results came in below expectations. Meanwhile, Microsoft (MSFT), which reported better than expected earnings after last night's closing bell, gained 5.8% to $55.09... Confirming a news report that broke late in the day yesterday, Xerox (XRX) announced plans to separate into two independent publicly-traded companies: one focused on Document Technology and another Business Process Outsourcing company. Xerox also announced an agreement related to the governance of the Business Process Outsourcing company under which six directors of the new company will be selected by Xerox and three will be selected by current Xerox shareholder Carl Icahn... Chevron (CVX) reported a quarterly loss due to taking impairments and other charges of $1.1B. The company, which also reported that its average sales price per barrel of crude oil and natural gas liquids in the U.S. was $35 in fourth quarter, down from $66 a year ago, edged up 0.7% to $86.44. MAJOR MOVERS: Among the notable gainers was Axiall (AXLL), which jumped 83% to $17.94 after it came to light that the company received, and rejected, an unsolicited proposal from Westlake Chemical (WLK) offering to acquire the company for $20 per share in cash and stock. Also higher were Visa (V) and Mastercard (MA), which gained 7% and 6.4%, respectively, after reporting quarterly earnings. Among the notable losers was Gilead (GILD), which fell 5.5% to $82.70 after rival Merck (MRK) received FDA approval for its own hepatitis C drug. Also potentially weighing on Gilead shares was the fact that competitor AbbVie (ABBV) announced financial results for the fourth quarter, including sales of Viekira Pak, its own hep C treatment, that fell short of estimates. AbbVie fell 2.3% to $54.58 following its quarterly report. INDEXES: The Dow rose 396.66, or 2.47%, to 16,466.30, the Nasdaq gained 107.28, or 2.38%, to 4,613.95, and the S&P 500 added 46.88, or 2.48%, to 1,940.24.
14:44 EDTPFEPfizer volatility elevated into Q4 and outlook
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13:38 EDTSNYAmgen wins right to allege willful infringement in Praluent suit, Markman says
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09:44 EDTMRKGilead slips as another drug enters Hepatitis C virus space
Shares of Gilead (GILD), a leader in the hepatitis C virus treatment space, are sliding this morning after one competitor's hep C drug was granted FDA approval and another's sales disappointed. Additionally, Gilead reported its own news, announcing a shakeup of the roles held by its top executives. MERCK APPROVAL: Merck (MRK) announced last night that the FDA has approved Zepatier for the treatment of adult patients with chronic hepatitis C virus, or HCV, genotype, or GT, 1 or GT4 infection. Merck has established a list price of $54,600 for a 12-week regimen of Zepatier, which the company said it believes to "be in the range of net prices for other commonly used HCV direct-acting antiviral regimens at 12 weeks of therapy." In contrast, a 12-week regimen of Gilead's Sovaldi is reported to be priced at $84,000. Merck added that it anticipates that this price, as well as its "strategy to seek broad coverage across commercial and public segments," will help broaden and accelerate patient access to treatment. ABBVIE RESULTS: Meanwhile, Gilead competitor AbbVie (ABBV) announced financial results for the fourth quarter this morning. AbbVie announced Q4 sales of Viekira Pak, its own hep C treatment, of $554M, including U.S. sales of $197M and international sales of $357M. Analysts expected AbbVie to report Q4 Viekira sales of $568.5M, according to a Bloomberg consensus estimate that factored in four forecasts. EXECUTIVE CHANGES: Additionally, Gilead announced this morning that current chairman and CEO John Martin will assume the role of executive chairman, effective March 10. John Milligan, currently president and COO, will be promoted to CEO and appointed to the company's board. PRICE ACTION: In morning trading, Gilead shares slipped 3.5% to $84.50, while AbbVie fell 2.4% to $54.53 and Merck (MRK) gained 1% to $49.75.
07:49 EDTBMYBristol-Myers, AbbVie receive 'positive' CHMP opinion for Empliciti
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05:39 EDTPFEPfizer: LIS awards infliximab biosimilar tender to Inflectra, Reuters reports
Pfizer says that the Norwegian Drug Procurement Cooperation has awarded its product Inflectra an infliximab biosimilar tender, Reuters reports. Reference Link
05:33 EDTMRKStocks with implied volatility movement; VRX MRK
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January 28, 2016
19:02 EDTMRKMerck receives FDA approval of Zepatier
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18:37 EDTMRKFDA approves Merck's Zepatier for chronic hepatitis C
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12:42 EDTBMYBristol-Myers says EU approves Daklinza for treatment of chronic hepatitis C
Bristol-Myers Squibb announced that the European Commission has approved Daklinza for the treatment of chronic hepatitis C in three new patient populations. The expanded label allows for the use of Daklinza in combination with sofosbuvir in HCV patients with decompensated cirrhosis, HIV-1 coinfection, and post-liver transplant recurrence of HCV in all 28 Member States of the European Union. Daklinza is already approved by the European Commission for use in combination with other medicinal products across genotypes 1, 2, 3 and 4 for the treatment of chronic HCV infection in adults, and the Daklinza + sofosbuvir regimen is the only approved 12-week, all-oral treatment for genotype 3 HCV patients without cirrhosis. The new indications are based on data from the ALLY-1 clinical trial and ALLY-2 clinical trial. The recommended treatment regimens and durations are as follows:
09:27 EDTBMYBristol-Myers reports Q4 US revenue $2.3B
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09:27 EDTBMYBristol-Myers sees FY16 non-GAAP EPS $2.30-$2.40, consensus $2.29
Sees FY16 revenue up in mid-single digit range, consensus $17.4B. Sees FY16 gross margin as percentage of revenue ot be approximately 75%-76%. Sees FY16 marketing, sales and administrative expenses decreasing in mid-single digit range. Sees FY16 R&D expenses increasing in high-single digit range. Sees FY16 effective tax rate between 21%-22%.
09:25 EDTBMYBristol-Myers reports Q4 non-GAAP EPS 38c, consensus 28c
Reports Q4 revenue $4.29B, consensus $4.15B.
07:11 EDTBMYBristol-Myers: DMC concluded that CheckMate Phase 3 study met primary endpoint
07:08 EDTMRKFDA PDUFA Date for Merck's Grazoprevir/Elbasvir is January 28, 2016
07:00 EDTBMYBristol-Myers says CheckMate-141 Opdivo Phase 3 trial stopped early
Bristol-Myers Squibb announced that a randomized Phase 3 study evaluating Opdivo versus investigator's choice in patients with recurrent or metastatic platinum-refractory squamous cell carcinoma of the head and neck was stopped early because an assessment conducted by the independent Data Monitoring Committee concluded that the study met its primary endpoint, demonstrating superior overall survival in patients receiving Opdivo compared to the control arm. The company looks forward to sharing these data with health authorities soon. "With the results of CheckMate -141, Opdivo moves closer to providing a potential treatment option for patients with head and neck cancer, a cancer with a high unmet need and limited treatment options," said Michael Giordano, M.D., senior vice president, head of Oncology Development, Bristol-Myers Squibb. "We look forward to continuing to advance the Opdivo clinical development program in hard-to-treat cancers, such as head and neck cancer." CheckMate -141 investigators have been informed of the decision to stop the trial early and Bristol-Myers Squibb is working to ensure that eligible patients be provided the opportunity to continue or start treatment with Opdivo as part of the company's commitment to providing patient access to Opdivo, and characterizing long-term survival. The company will complete a full evaluation of the final CheckMate -141 data, and work with investigators on the future presentation and publication of the results.
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