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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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July 14, 2014
09:16 EDTABT, MYLOn The Fly: Pre-market Movers
HIGHER: Citigroup (C), up 3.6% after reporting better than expected Q2 results, announcing $7B settlement with DOJ and FDIC... Apple (AAPL), up 0.7% after Barclays upgrades stock to Overweight, Morgan Stanley raises Apple estimates above consensus... Shire (SHPG), up 1.6% after receiving revised proposal from AbbVie (ABBV) of GPB 53.20 per share, which it says it would be willing to recommend to Shire shareholders. AbbVie is down 2.8% after the news... Mylan (MYL), up 4% after acquiring Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in all-stock transaction valued at about $5.3B. Abbott up 1.6% after the news... Progenics (PGNX), up 13% after FDA says RELISTOR can be approved on data submitted in sNDA... Exelixis (EXEL), up 13% after announcing coBRIM Phase 3 trial met primary endpoint... URS (URS) up 8% after acquired by AECOM Technology (ACM) for $56.31 per share. AECOM shares alos up 2% after deal announcement... Whiting Petroleum (WLL), up 4.5% after agreeing to acquire Kodiak Oil & Gas (KOG) in a $6B transaction. Kodiak Oil & Gas up 3%... Kandi Technologies (KNDI), up 11% after announcing JV's sale of 4,114 EVs in Q2. LOWER: Riverbed (RVBD), down 4.5% after saying it sees its Q2 adjusted EPS at low end of 26c-28c range... Harmonic (HLIT), down 13% after reporting preliminary Q2 earnings results.. EBay (EBAY), down 0.5% after downgraded at Pacific Crest, confirming partnership plans with Sotheby's (BID).
08:55 EDTMYL, ABTMylan says does not anticipate regulatory hurdles prohibiting close of deal
08:49 EDTABT, MYLMylan says Abbott assets unlike other mature generic drug portfolios
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08:36 EDTMYL, ABTMylan accretive tax inversion deal makes sense, says UBS
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08:27 EDTMYL, ABTMylan sees Abbott transaction to be 'immediately and significantly accretive'
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08:26 EDTABT, MYLMylan sees $10B in pro forma 2014 sales after closing Abbott deal
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08:13 EDTAGN, VRXAllergan reiterates belief that Valeant model unsustainable in new presentation
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08:12 EDTMYL, ABTMylan says Abbott deal 'first in series' of planned transactions
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08:02 EDTVRX, AGNValeant submits HSR filing for proposed acquisition of Allergan
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07:28 EDTABT, MYLMylan to host conference call
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07:20 EDTMYL, ABTAbbott to host conference call
Conference call to discuss agreement to sell developed markets branded generics pharmaceuticals business to Mylan will be held on July 14 at 9:30 am. Webcast Link
07:12 EDTCOV, MDTCovidien downgraded to Neutral from Overweight at Piper Jaffray
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06:54 EDTMYLWhiting Petroleum volatility expected to move on acquisition of Kodiak Oil & Gas
Whiting Petroleum (WLL) option implied volatility is expected to move on the acquisition of Kodiak Oil & Gas (KOG) in an all-stock transaction valued at $6B. Overall option implied volatility of 31 is at its 26-week average according to Track Data, suggesting non-directional price movement.
06:33 EDTABT, MYLAbbott to sell developed markets generics pharmaceuticals business to Mylan
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06:33 EDTMYL, ABTMylan to acquire Abbott assets in all-stock transaction valued at about $5.3B
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06:31 EDTMYL, ABTAbbott to sell developed markets generics pharmaceuticals business to Mylan
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06:31 EDTCOVCovidien downgraded to Neutral from Overweight at Piper Jaffray
July 13, 2014
20:22 EDTMYL, ABTMylan near buying Europe-based drug portfolio from Abbott, Reuters says
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July 11, 2014
16:48 EDTAGN, VRXAllergan comments on Pershing Square’s definitive proxy solicitation
Allergan (AGN) provided the following comment in response to the definitive proxy solicitation filed by Pershing Square Capital Management in connection with Pershing Square’s request to call a Special Meeting of Stockholders. At the Special Meeting, if called, Allergan stockholders would be asked to remove a majority of the company’s existing directors in connection with Valeant Pharmaceuticals' (VRX) unsolicited exchange offer to acquire all outstanding common shares of Allergan for 0.83 shares of Valeant common stock and $72.00 in cash, or subject to proration, an amount of cash or a number of Valeant common shares with the implied value set forth in the exchange offer. Under the current Board’s leadership, which includes individuals with significantly more industry experience than Pershing Square’s recommended nominees, Allergan continues to execute on its plan to drive near- and long-term organic growth, enhance its growth prospects and continue generating significant value for all of Allergan’s stockholders. We believe Pershing Square’s attempt to replace a majority of the Allergan Board is a further effort to support Valeant in its bid to acquire Allergan at a grossly inadequate price that substantially undervalues the company and creates significant risks and uncertainties for Allergan stockholders. Valeant has repeatedly failed to address the serious concerns raised by Allergan and important members of the investment community about Valeant’s anemic organic growth driven by unsustainable price increases, among other fundamental business model issues. Allergan has a track record of consistently acting in the best interests of its stockholders and the Board remains confident in the company’s ability to create significantly more value than Valeant’s proposal.
11:54 EDTAGNAbbVie, Shire in active takeover talks, Bloomberg reports
AbbVie (ABBV) and Shire (SHPG) are in active talks about a potential merger after AbbVie raised its takeover offer for a fourth time, Bloomberg reports, citing people with knowledge of the matter. The talks are in the early stage and may not lead to an agreement, sources told Bloomberg. Shares of Shire are up 5%, or $12.04, to $250.65 following the report.
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