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Stock Market & Financial Investment News

News Breaks
July 16, 2014
10:36 EDTMYL, ABT, VRX, AGN, MDT, COV, PFE, AZNTreasury calls on Congress to halt inversion deals
Congress should "shut down" tax inversion deals, Treasury Secretary Jack Lew wrote in a letter to key members of Congress. Tax inversion deals have been embraced in recent months by a number of drug companies looking to lower their tax bills. WHAT'S NEW: In a letter to leaders of Congressional committees that deal with tax legislation, Lew said legislation to shut down tax inversion deal should be enacted immediately and made retroactive to May 2014. The Obama administration seeks to take comprehensive action to reform and simplify the U.S. tax system, but as it works to do that Congress should crack down on this loophole, Lew said. BACKGROUND: Tax inversions refer to an acquisition of one company, usually officially based in a country in Europe or elsewhere, by a U.S. company, following which the acquiring company becomes domiciled in the same country as the company that it bought. The switch has the potential to significantly lower the acquiring company's tax rate. ANALYST REACTION: In a note to investors earlier today, BMO Capital analyst David Maris wrote that anti-inversion rhetoric from the Obama administration may cause the environment for inversion deals to become "quite chilly." Although Congress is unlikely to act on this issue soon, the risk of legislation could make some companies think twice about paying high premiums for competitors they are acquiring in inversion deals, the analyst warned. Investors should be especially cautious about deals that are pending or have been recently announced, such as Mylan's (MYL) acquisition of Abbott’s (ABT) established products business announced on Monday, Maris wrote. Lew's letter will also hinder Valeant's (VRX) efforts to acquire Allergan (AGN), as the Treasury Secretary's statement will bolster Allergan's argument that Valeant's tax assumptions could be overly positive, according to the analyst. Maris has Outperform ratings on all the stocks mentioned except for Mylan, on which he has an Underperform rating. Another high-profile proposed deal in the pharmaceutical space that involved a potential inversion was Pfizer's (PFE) failed attempt to acquire AstraZeneca (AZN). Additionally, Medtronic (MDT) recently agreed to acquire Ireland's Covidien (COV). PRICE ACTION: In early trading, Mylan was little changed at $52.20, Abbott was fractionally higher to $41.25, Valeant was little changed at $120, Allergan traded fractionally lower at $164.30, Medtronic fell 1.7% to $62.48 and Covidien dropped 2% to $88.67.
News For MYL;ABT;VRX;AGN;MDT;COV;PFE;AZN From The Last 14 Days
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October 20, 2014
07:20 EDTMYL, MDTInternational Continence Society to hold annual meeting
ICS Annual Meeting 2014 is being held in Rio de Janeiro, Brazil on October 20-24.
07:19 EDTAZNIBC Life Sciences to hold a conference
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07:16 EDTAGNAmerican Academy of Ophthalmology to hold annual meeting
AAO Annual Meeting 2014 is being held in Chicago on October 18-21.
07:15 EDTPFEAmerican Academy of Child & Adolescent Psychiatry to hold annual meeting
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07:14 EDTAZNEuropean College of Neuropsychopharmacology to hold a conference
27th ECNP Congress is being held in Berlin, Germany on October 18-21.
07:12 EDTPFE, MDT, COVCongress of Neurological Surgeons to hold annual meeting
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07:11 EDTPFEAmerican Society for Reproductive Medicine to hold annual meeting
2014 Annual Meeting of ASRM is being held in Honolulu on October 18-22.
07:10 EDTPFEAmerican Society of Human Genetics to hold annual meeting
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07:06 EDTVRXValeant raises FY15 outlook cash EPS $10.00 from $9.90
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07:05 EDTVRXValeant raises Q4 cash EPS $2.45-$2.55 from $2.35-$2.45
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07:03 EDTVRXValeant reports Q3 cash EPS $2.11, Q3 GAAP EPS 81c
Reports Q3 revenue revenue $2.1B; Reports Q3 total same store sales organic growth 19%. Bausch + Lomb organic growth was 12%. Q3 GAAP Operating Cash Flow $619 million, an increase of 207%; Adjusted Operating Cash Flow $771 million, an increase of 89%
06:28 EDTAGNAllergan price target raised to $210 from $190 at Citigroup
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October 17, 2014
16:41 EDTPFEPfizer confirms FDA labeling approval for EMBEDA capsules
Pfizer announced that the FDA has approved an updated label for EMBEDA extended-release capsules, for oral use to include abuse-deterrence studies. The updated label states that EMBEDA has properties that are expected to reduce abuse via the oral and intranasal routes when crushed. However, abuse of EMBEDA by these routes is still possible. The updated label also includes data from a human abuse potential study of intravenous, or IV, morphine and naltrexone to simulate crushed EMBEDA. However, it is unknown whether the results with simulated crushed EMBEDA predict a reduction in abuse by the IV route until additional postmarketing data are available. EMBEDA is indicated for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. Pfizer expects EMBEDA will be available in the U.S. in early 2015.
16:30 EDTPFEFDA approves new labeling from Embeda extended-release capsules
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12:35 EDTCOVCovidien puts active on wide price movement
Covidien October 82, December 70 and January 75 puts are active on total put volume of 8K contracts (1K calls). November put option implied volatility is at 60, January is at 40, April is at 42; compared to its 26-week average of 25 according to Track Data. Active put volume suggests traders taking positions for large price movement.
10:51 EDTCOVOptions with increasing implied volatility
Options with increasing implied volatility: COV DISH HLT QEP GREK BKW BYI LLY DTV TIBX
09:47 EDTVRX, AGNValeant will not raise Allergan bid ahead of record date, CNBC reports
Valeant (VRX) will not raise its hostile takeover bid for Allergan (AGN) ahead of the record date for the vote, CNBC's David Faber reports. Allergan (AGN) is not currently in takeover talks with Actavis (ACT), Faber added.
09:45 EDTAGNAllergan not in deal talks with Actavis, CNBC reports
09:43 EDTVRX, AGNValeant not going to raise Allergan bid ahead of meeting, CNBC reports
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08:02 EDTCOVCovidien granted preliminary injunction against Ethicon's Harmonic ACE+7
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