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August 7, 2014
06:42 EDTAGN, MDT, VRX, ABT, COV, MYLObama to look to limit inversion deals, Politico says
President Obama yesterday said that his administration would seek to "at least discourage" tax inversion deals, according to Politico. The administration wants to move quickly on this initiative, the website quoted the president as saying. Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN). Reference Link
News For MYL;ABT;MDT;COV;VRX;AGN From The Last 14 Days
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November 10, 2015
12:33 EDTVRXCitron's Left says Valeant short position 'significantly scaled down'
12:32 EDTVRXCitron's Left says Valeant 'admitting to issues' is 'step in right direction'
Andrew Left of Citron Research is speaking on CNBC.
12:25 EDTVRXCitron's Left says Mallinckrodt not like Valeant, 'a world to itself'
Andrew Left of Citron Research is speaking on CNBC.
12:25 EDTVRXOn The Fly: Top stock stories at midday
Stocks on Wall Street opened in negative territory and drifted throughout the morning, with the Dow and S&P recovering more quickly than the Nasdaq. The Nasdaq remains down by about 0.5% amid a slide in Apple (AAPL) following cautious analyst comments around weakness seen in its supply chain. ECONOMIC EVENTS: In the U.S., import prices fell 0.5% in October and export prices slipped 0.2%. Wholesale sales rose 0.5% in September, with inventories rising 0.5% in the month as well. In China, the consumer inflation rate fell to an annual 1.3% in October, which was down from 1.6% the month before and below the 1.5% consensus forecast. COMPANY NEWS: Shares of Apple declined nearly 3% after Credit Suisse analyst Kulbinder Garcha and the firm's Asia Technology Team said that iPhone supply chain orders have weakened recently. Garcha reduced his calendar year 2016 iPhone estimate to 222M from 242M units, but believes weakness in the stock creates an attractive entry point, given the scope of the iPhone installed base and its ability to drive future upgrades... Gap (GPS) tumbled about 4% after the apparel retailer reported that its same-store sales declined last month and gave lower than expected profit guidance for its just completed quarter... Shares of Valeant (VRX) were down about 5% near noon after the company held another call this morning with investors to update on the impact of recent negative press and the termination of its relationship with specialty pharmacy Phillidor on its business. Shares of Mallinckrodt (MNK), which was mentioned cautiously yesterday by the same short-seller that has previously targeted Valeant, are also down 5% near midday. MAJOR MOVERS: Among the noteworthy gainers was D.R. Horton (DHI), which rallied 7% after it reported quarterly earnings and provided an outlook for fiscal 2016. Also higher was Liongate (LGF), which gained 4.5% after reporting Q2 earnings and stating that Discovery (DISCA) and Liberty Global (LBTYA) each agreed to take 3.4% stakes in the company. Among the notable losers was Wayfair (W), which fell nearly 12% after it reported better than expected Q3 earnings but was also mentioned by investor Whitney Tilson as his largest short position. Also lower was Flotek (FTK), which dropped 33% after it said, in response to a cautious report yesterday, that an analysis of its FracMax database suggested that certain production data was misinterpreted by the company and understated the production of a small subset of wells. INDEXES: Near midday, the Dow was up 4.24, or 0.02%, to 17,734.72, the Nasdaq was down 22.14, or 0.43%, to 5,073.16, and the S&P 500 was up 0.34, or 0.02%, to 2,078.92.
09:58 EDTMYLPerrigo reaffirms views on Mylan's proposed offer
In response to Mylan's (MYL) press release, Perrigo commented, "Mylan is resorting to desperate tactics on the eve of its tender offer deadline, having failed to persuade our long-term shareholders of the merits of its inadequate offer. First, as much as Mylan would like to highlight made-up numbers, the actual premium it has offered is one of the lowest on record. It is simply not an acceptable change of control premium, and the grossly inadequate offer does not even remotely reflect the value of the terrific growth company Perrigo shareholders own; Perrigo has outperformed Mylan significantly and has returned a Total Shareholder Return of 971% since 2007.i Over the past three years, Perrigo shares have traded at an average P/E multiple of 20.2x while Mylan has underperformed its peers at an average P/E multiple of 10.6x,ii highlighting the fundamental difference in performance and growth prospects between our companies. Applying Perrigo's proven multiple to its 2016 expected earnings of $9.45 shows the tremendous value, in excess of Mylan's offer, that lies ahead for Perrigo shares. Perrigo shareholders deserve much better than the inadequate offer Mylan is presenting. Second, Mylan has again resorted to inappropriate tactics to push its inadequate offer. Its last minute threat, prematurely and self-servingly interpreting S&P index inclusion criteria, is a desperate ploy to scare shareholders into tendering into a bad deal. As with recent events in Israel, misleading statements on index inclusion will not transform a bad deal into a good deal. Importantly, shareholders should never tender out of fear of being left behind without options. In the unlikely event that Mylan obtains more than 50% of shares tendered, every shareholder can, if it chooses, tender during the mandatory 14-day subsequent offering period and receive the same exact price and terms, and be paid on the same exact payment timeline as those tendering prior to November 13."
09:22 EDTVRXValeant CEO says 'company is going to survive'
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09:21 EDTVRXValeant CEO says share buybacks largely off table in short-term
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09:18 EDTVRXValeant says instituted retention program for employees
Valeant says program rewards employees for staying next 12-18 months and has been "well received."
08:36 EDTVRXValeant CEO says 'feels very good' about organic growth prospects in 2016
Valeant said it will not be giving specific 2016 guidance until December's investor meeting.
08:33 EDTVRXValeant says continues to bring down Salix inventory levels
Valeant says operating at "normal" inventory levels around world.
08:28 EDTVRXValeant CEO says feels 'very good' about controls
08:23 EDTVRXValeant sees having new specialty program 'sometime this quarter'
Valeant says dermatology script growth in traditional channel still strong. In specialty, "we obviously had a disruption. I think a lot of scripts were filled last week but they were all filled for free. So in terms of short-term financials, that will obviously have an impact for the rest of the quarter," Valeant CEO Pearson stated. The company needs to put in place a new specialty program to complement the retail scripts and it is "working very hard" on that and hopes to have a solution "sometime this quarter," Pearson added.
08:18 EDTVRXValeant CEO says has been 'mistake' not to listen to 'world outside company'
Valeant CEO J. Michael Pearson said the "past few weeks have been a painful learning experience for me personally," saying that one of the consequences of the company's rapid growth is that he did not always take the time to listen to what the "world outside" the company was saying. "This is been a mistake on our part as a company and on my part as its leader...One of the things I'm dedicated to doing going forward is listening more to our patients our partners, and our critics. And when we think they are right we're going to respond to make the appropriate changes in how we do things," Pearson stated on the company's business update call.
08:14 EDTVRXValeant sees 'significant' disruption for dermatology business in short-term
Valeant said that in the "very short term," disruption in its dermatology business will be "significant." The negative impact on dermatology will be primarily felt in Q4, Valeant noted. By Q1, the company expects to be regaining momentum with its new access program and it believes, at the latest, the dermatology business will be performing as it has historically by the second half of next year. Comments made by Valeant CEO J. Michael Pearson on the company's business update conference call.
08:12 EDTVRXValeant says working to quantify impact of near-term issues on Q4 results
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08:10 EDTVRXValeant says negative press having 'modest' impact on Canadian business
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08:07 EDTVRXValeant says plans new access program within 90 days
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07:12 EDTMYLMylan 'confident' in successful completion of tender offer for Perrigo
Mylan (MYL) reminds Perrigo (PRGO) shareholders that if the greater than 50% acceptance condition is not satisfied by November 13, 2015 at 8:00 AM ET, its offer will lapse and there will be no subsequent offer period. Mylan encourages Perrigo shareholders to tender by the close of business on Thursday, November 12, 2015 to avoid losing the opportunity to realize the benefits of its compelling offer. If the tender is successful, Perrigo shareholders whose tenders are received by 8:00 AM ET Friday are expected to receive their consideration by Wednesday, November 18, 2015.
06:38 EDTVRXValeant issues rebuttals to claims made by Citron, others
Ahead of the company's conference call this morning, Valeant Pharmaceuticals (VRX) issued rebuttals to claims made by Citron Research and others. To Citron's claim that if the company had not taken price increases, it would have missed the Q1 Street consensus earnings estimate by 9.22%, Valeant stated, "Acquisitions at the time of guidance and price increases were included in our initial and subsequent guidance...the actual price increases achieved are much less than the gross increases taken." Valeant added that it did not make a stock offer to Salix, as Citron claimed. The stock closed yesterday up $3.59 to $85.36. Citron yesterday turned its focus towards Mallinckrodt (MNK), tweeting that the stock has more downside than Valeant at current levels. Reference Link
06:05 EDTMYLPerrigo CFO: Mylan's proposed deal 'a bad deal,' WSJ reports
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