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Stock Market & Financial Investment News

News Breaks
August 8, 2014
07:01 EDTMYL, ABT, MDT, COV, VRX, AGNHarvard professor says Treasury can reduce inversion incentives, NY Times says
Stephen Shay, a Harvard Law School professor and former deputy assistant secretary for international tax affairs at the Treasury Department, recently argued in the trade journal Tax Notes that the Treasury Department could reduce the incentives for tax inversions, according to a New York Times columnist. Treasury can do this by limiting the deductions for interest payments that an American subsidiary pays its foreign parent company, and by ensuring that profits of overseas subsidiaries will continue to be subject to American taxes, the columnist quoted Shay as saying. Robert Willens, described as an influential tax commentator by the columnist, indicated that Shay's suggestions aren't practical, but the columnist says they are both legally and politically feasible. 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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September 12, 2014
15:03 EDTMDTSt. Jude Medical pausing Portico sales, implants, says Wells Fargo
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08:02 EDTVRX, AGNPershing submits special meeting requests totaling 35% of Allergan shares
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05:09 EDTAGN, VRXAllergan comments on Pershing Square delivery of additional requests
Allergan (AGN) commented on Pershing Square Capital Management delivery of additional requests from stockholders owning 1.5% of Allerganís shares to call a Special Meeting of Stockholders. Allergan will review these requests in addition to the requests from stockholders owning 2.8% of Allerganís shares that were delivered on September 3. The company issued the following statement: Notwithstanding Pershing Square and Valeant Pharmaceuticals (VRX) efforts to change the subject, Allergan recognizes that what actually matters is value, and thatís what the company is focusing on delivering to stockholders. In that regard, Allerganís current strategic plan is expected to deliver a compounded annual growth rate of greater than 20% EPS growth, including estimated 2016 EPS at approximately $10.00. Allergan has already scheduled the Special Meeting for December 18. As such, the delivery of additional requests for the Special Meeting by Pershing Square is not a meaningful development. The lawsuit in California is seeking an order barring Valeant, Pershing Square, Ackman, and entities affiliated with them from voting shares that Allergan believes were acquired in violation of the federal securities laws, including insider trading. If Allerganís motion for a preliminary injunction is granted, it would prevent Valeant, Pershing Square, and Ackman from voting their shares at any meeting of stockholders.
September 11, 2014
13:41 EDTABTAbbott announces new $3B share repurchase program
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11:08 EDTAGNAllergan shareholders owning 35% to ask for meeting, Reuters says
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10:00 EDTMDTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Airgas (ARG) initiated with a Neutral at Northcoast... CBOE Holdings (CBOE) initiated with a Buy at Deutsche Bank... CME Group (CME) initiated with a Buy at Deutsche Bank... Colfax (CFX) initiated with a Neutral at Northcoast... Corporate Office Properties (OFC) initiated with an Overweight at Capital One... Edwards Lifesciences (EW) initiated with a Buy at Sterne Agee... Energen (EGN) initiated with a Buy at Deutsche Bank... Goodrich Petroleum (GDP) initiated with an Outperform at Cowen... GreenHunter Resources (GRH) initiated with a Hold at Stifel... GrubHub (GRUB) initiated with a Market Perform at Barrington... Illinois Tool Works (ITW) initiated with a Neutral at Northcoast... IntercontinentalExchange (ICE) initiated with a Hold at Deutsche Bank... JD.com (JD) initiated with a Buy at Brean Capital... Lincoln Electric (LECO) initiated with a Buy at Northcoast... Live Nation (LYV) initiated with a Buy at Jefferies... Medtronic (MDT) initiated with a Neutral at Sterne Agee... Midstates Petroleum (MPO) initiated with a Market Perform at Cowen... NASDAQ (NDAQ) initiated with a Hold at Deutsche Bank... Newfield Exploration (NFX) initiated with an Outperform at Iberia... Newpark Resources (NR) initiated with an Outperform at Credit Suisse... Nuverra Environmental (NES) initiated with a Buy at Stifel... Palo Alto (PANW) initiated with a Buy at Roth Capital... Petrobras (PBR) initiated with an Outperform at Cowen... RSP Permian (RSPP) initiated with a Hold at Deutsche Bank... Sensata (ST) initiated with an Equal Weight at Morgan Stanley... Stage Stores (SSI) initiated with a Neutral at Credit Suisse... Synergy Resources (SYRG) initiated with an Outperform at Cowen... TE Connectivity (TEL) initiated with an Overweight at Morgan Stanley... Twitter (TWTR) initiated with a Buy at Canaccord... Walter Investment (WAC) initiated with an Underweight at Barclays... Washington REIT (WRE) initiated with an Equalweight at Capital One... Yandex (YNDX) initiated with a Buy at Canaccord... Yara International (YARIY) initiated with a Neutral at Credit Suisse.
09:52 EDTVRX, AGNValeant to submit consent from 35% of Allergan holders, CNBC reports
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08:11 EDTMDTMedtronic Noncompliant Balloon Dilatation Catheter receives FDA clearance
Medtronic announced the FDA 510(k) clearance and launch of the NC Euphora Noncompliant Balloon Dilatation Catheter. Following drug-eluting stent implantation to reopen a narrowed artery, a noncompliant balloon is inflated with high pressure to ensure that the stent is fully apposed in order to facilitate transfer of the drug to the artery wall. Stent under-expansion has been defined as a major risk factor for both artery re-narrowing, or restenosis, and the potential formation of blood clots, known as stent thrombosis. Postdilatation with noncompliant balloons has been recommended to overcome these complications and provide optimal stent expansion after stent placement.
September 10, 2014
16:09 EDTMDTMedtronic initiated with a Neutral at Sterne Agee
Target $68.
09:32 EDTMDTMedtronic announces first U.S. implants in CoreValve Evolut R study
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07:02 EDTMYLMylan to acquire U.S. rights to Arixtra injection from Aspen
Mylan's subsidiary Mylan Ireland Limited has entered into an agreement to acquire the U.S. commercialization, marketing and intellectual property rights relating to Arixtra Injection and the authorized generic of Arixtra from Aspen Global Incorporated. Arixtra is indicated for the prophylaxis of deep vein thrombosis, which may lead to pulmonary embolism in patients undergoing hip fracture surgery. Mylan already is selling Arixtra in the U.S. through an interim distribution arrangement with Aspen and Apotex is currently selling the AG of Arixtra, which will be transitioning to Mylan Institutional by year end.
September 9, 2014
16:04 EDTAGNPershing Square reports 9.7% stake in Allergan, sends letter to board
Pershing Square Capital Management sent a letter to the board of Allergan that highlights several reasons why Allergan is extremely shareholder unfriendly and why now is the time for Allergan's management team to wake up. In the letter, Pershing Square said: "Since the bid was announced in April, 75% of Allerganís shareholders have sold all or a portion of their investment including the companyís largest shareholder, which has sold its entire position. These shareholders are sending the board a message. They would not have sold if they believed that Allergan stock was worth more than current values... We note CFO Jeff Edwards recent decision to retire from the company at age 53 for family reasons, and his replacement by an investor relations executive rather than an experienced public company CFO. The notion that Allergan should execute the largest acquisition in its history led by an investor relations executive is a frightening proposition. While we respect an executiveís need to retire from a company for family reasons, Edwards exit also calls into question the companyís forward earnings guidance which shareholders expected him to execute on when the Company presented these projections on July 21st. I had expected that at some point one or more directors would have woken up and smelled the coffee. There is still time for a subset of directors to rescue their reputations by taking over leadership of this process from David Pyott and his handpicked advisors and doing what you are paid $400,000 per year to do on behalf of the companyís owners."
06:42 EDTVRX, AGN, MYL, ABT, COVLew expects to make decision on combating inversion deals soon, NY Times reports
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September 8, 2014
17:01 EDTVRXValeant to expand Bausch + Lomb facility, will add 120 new jobs
Valeant Pharmaceuticals announced that the company hosted a ribbon cutting ceremony for the new Bausch + Lomb ULTRA contact lens manufacturing lines and solar array assembly at the company's Optics Center in Rochester, NY. The ceremony recognized the expansion and installation of the new manufacturing lines, which will produce the company's silicone hydrogel contact lens, Bausch + Lomb ULTRA. The solar array, which is currently under construction, will generate and supply electricity through the installation of 3,667 solar panels, helping to reduce the Rochester facility's carbon footprint by 800 tons of carbon dioxide emissions annually.
11:05 EDTMYL, COVOptions with increasing implied volatility
Options with increasing implied volatility: NPSP GILD VNET AVNR GTAT YHOO RHT VRTX SDRL COV MYL
10:04 EDTMYLMylan calls active on activist investor speculation
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09:57 EDTMYLRumor: Mylan moves up on activist investor speculation
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09:27 EDTMYLLeerink biotech analyst holds a luncheon meeting with a conference call
Biotech Analyst Schwartz provides an update on key trends and controversies for marketed MS therapies and discusses new data presented at ACTRIMS-ECTRIMS at a Luncheon Meeting with an Analyst/Industry conference call to be held in Boston on September 11 at 12:15 pm.
07:21 EDTAGNJazz looks more attractive for Allergan than Salix, says Wells Fargo
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07:03 EDTMYLMylan annoucnes court grants summary judgment in favor of company
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