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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
Check below for free stories on MYL;ABT;VRX;AGN;MDT;COV;PFE;AZN the last two weeks.
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September 8, 2014
07:03 EDTMYLMylan annoucnes court grants summary judgment in favor of company
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07:02 EDTAZNAstraZeneca announces availability of Bydureon pen 2mg
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September 5, 2014
11:47 EDTCOVOptions with increasing implied volatility
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10:11 EDTMYLGilead slips after VP discusses low-cost Sovaldi for 80 countries
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10:05 EDTVRX, AGN, MYLOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Actavis (ACT) initiated with a Buy at ISI Group... Akamai (AKAM) initiated with a Buy at UBS... Alexion (ALXN) initiated with a Buy at SunTrust... Allegion (ALLE) initiated with a Buy at Buckingham... Allergan (AGN) initiated with a Buy at ISI Group... Aviat Networks (AVNW) initiated with a Neutral at H.C. Wainwright... Celgene (CELG) initiated with a Buy at SunTrust... EZCORP (EZPW) initiated with a Hold at Jefferies... Eaton (ETN) initiated with a Neutral at Buckingham... Emerson (EMR) initiated with a Neutral at Buckingham... HMS Holdings (HMSY) initiated with an Overweight at Stephens... Incyte (INCY) initiated with a Buy at SunTrust... Ingersoll-Rand (IR) initiated with a Neutral at Buckingham... Insmed (INSM) initiated with an Outperform at Cowen... Intercept (ICPT) initiated with an Outperform at Cowen... Johnson & Johnson (JNJ) initiated with an Outperform at BMO Capital... Lennox (LII) initiated with a Neutral at Buckingham... Mylan (MYL) initiated with a Hold at ISI Group... Orion Engineered Carbons (OEC) initiated with a Buy at Goldman... Parker-Hannifin (PH) initiated with a Buy at Buckingham... Pentair (PNR) initiated with a Neutral at Buckingham... Pharmacyclics (PCYC) initiated with a Neutral at SunTrust... Rockwell Automation (ROK) initiated with a Neutral at Buckingham... Sabre (SABR) initiated with an Outperform at Oppenheimer... Santander Consumer (SC) initiated with a Buy at Jefferies... Springleaf (LEAF) initiated with a Buy at Jefferies... Susser Petroleum (SUSP) initiated with a Neutral at Credit Suisse... Teva (TEVA) initiated with a Buy at ISI Group... Valeant (VRX) initiated with a Buy at ISI Group... WESCO (WCC) initiated with a Neutral at Buckingham... Watsco (WSO) initiated with a Neutral at Buckingham... Weyerhaeuser (WY) initiated with a Neutral at JPMorgan... World Acceptance (WRLD) initiated with a Hold at Jefferies.
07:33 EDTMYLMylan launches generic Boniva injection
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06:11 EDTMDTMedtronic Linq device being underappreciated, says Citigroup
Citigroup believes the Street is underestimating the near-term potential of Medtronic's recently released Reveal Linq insertable cardiac monitor. Citi thinks the combination of the U.S. Corevalve rollout and Linq contribution will drive sales to the high end of the company's 3%-5% guidance. The firm raised its price target for shares to $74 from $73 and keeps a Buy rating on the stock.
05:46 EDTABTDexCom competition closer after Abbott approval, says Piper Jaffray
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September 4, 2014
19:12 EDTAGNAllergan provides update on requests from Pershing regarding special meeting
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17:17 EDTAGNAllergan initiated with a Buy at ISI Group
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17:17 EDTMYLMylan initiated with a Hold at ISI Group
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17:16 EDTVRXValeant initiated with a Buy at ISI Group
Target $159.
17:15 EDTAZNAstraZeneca granted orphan status for EFGR non-small cell lung cancer treatment
The FDA posted on its website that AstraZeneca has been granted orphan status for its treatment of epidermal growth factor receptor, or EFGR, mutation-positive non-small cell lung cancer. Reference Link
16:05 EDTPFEPfizer granted orphan status for sickle cell disease drug
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09:44 EDTAGN, VRXValeant, Ackman deliver another 2.8% consent vote to Allergan, CNBC reports
Valeant (VRX) and Bill Ackman delivered another 2.8% consent vote to Allergan, bringing its total vote to call a special meeting to 33.8%, CNBC's David Faber reports, citing sources. A special meeting has been set for December 18, Faber added.
07:23 EDTAZN, PFEAstraZeneca called for inversion clamp down as part of defense, WSJ says
Amid its defense against an unsolicited takeover bid from rival Pfizer (PFE), AstraZeneca (AZN) hired advisers with close ties to the Obama administration, who made calls to senior administration officials urging a clamp down on tax inversions, said The Wall Street Journal, citing people familiar with the previously undisclosed calls. Reference Link
September 3, 2014
11:30 EDTPFEPfizer has conference call hosted by Bernstein
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09:32 EDTABTAbbott receives CE Mark for FreeStyle Libre
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07:10 EDTMDTMedtronic announces CE Mark for CoreValve Evolut R System
Medtronic announced CE Mark for the 23 mm CoreValve Evolut R System for transcatheter aortic valve implantation, or TAVI. The novel, self-expanding valve and 14FR equivalent delivery system offers new capabilities that advance valve performance and deliverability during the procedure, while providing the option to recapture and reposition the valve during deployment phase, if needed.The novel system consisting of the CoreValve Evolut R transcatheter aortic valve and the EnVeo(TM) R Delivery Catheter System is designed for first-time positioning accuracy and also offers a new InLine Sheath that significantly reduces the profile to the lowest on the market; a smaller profile size is believed to minimize the risk of major vascular complications. The new valve is anatomically designed to increase conformability at the annulus for optimal annular fit and sealing, while maintaining supra-annular valve position for improved hemodynamic performance.
05:44 EDTAZNTeva announces positive judgement in patent case against AstraZeneca
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