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April 4, 2014
12:09 EDTHALO, PBPB, AMTD, GRUB, SNX, ETFC, MYLOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite the government reporting that employers added 192K jobs in March and hired more in January and February than previously thought. The Nasdaq, which has been leading the equity indexes higher since the beginning of the year, is today's leader to the downside. While the Dow and S&P were down fractionally near noon, the Nasdaq was down about 2%. ECONOMIC EVENTS: In the U.S., the Department of Labor's monthly jobs report showed nonfarm payrolls increased 192K in March, versus the consensus forecast for 200K job additions. Notably, February's job gain was revised up to 197K from the prior estimate of 175K and January war revised up to 144K from 129K. The unemployment rate in March was steady at 6.7%. COMPANY NEWS: Shares of drugmaker Mylan (MYL) were up by a double-digit percentage in pre-market trading following a Financial Times report of the company's desire to buy Swedish rival Meda. Subsequent to the story being published, Meda confirmed it had been in talks with Mylan but rejected the company's takeover offer. Despite the rejection, Mylan shares remained up about 4% near midday... Four new stocks made their debuts on the New York Stock Exchange and Nasdaq this morning, highlighted by the initial public offering of food delivery service GrubHub (GRUB). GrubHub, which had priced its offering of 7.41M shares at $26.00, opened for trade at $40.00 per share. MAJOR MOVERS: Among the notable gainers was SYNNEX (SNX), which rallied 22% after the company’s first quarter results and second quarter outlook topped analysts’ consensus estimates. Also higher were shares of sandwich shop owner Potbelly (PBPB), which rose almost 6% after its stock was upgraded to Outperform at William Blair. Among the noteworthy losers was Halozyme (HALO), which dropped 29% after an independent committee recommended it temporarily halt patient enrollment and dosing of a Phase 2 trial evaluating a drug in patients with pancreatic cancer. Also lower for a second straight day were shares of brokerage firms E-Trade (ETFC) and TD Ameritrade (AMTD) amid concerns that regulators will look to eliminate one of the companies' more profitable businesses amid a growing furor over high-frequency trading sparked by Michael Lewis' new book "Flash Boys." INDEXES: Near midday, the Dow was down 34.07, or 0.21%, to 16,538.48, the Nasdaq was down 85.13, or 2.01%, to 4,152.61, and the S&P 500 was down 9.66, or 0.51%, to 1,879.11.
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October 2, 2015
10:02 EDTAMTDHigh option volume stocks
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September 30, 2015
14:58 EDTMYLMylan volatility at 52-week high
Mylan October weekly put option implied volatility is at 70, October is at 57, November is at 54; compared to its 52-week range of 26 to 58, suggesting large price movement.
11:06 EDTMYLStocks with call strike movement; FSLR MYL
First Solar (FSLR) January 50 call option implied volatility decreased 5% to 47, Mylan (MYL) January 47 call option implied volatility increased 4% to 48 according to IVolatility.
September 29, 2015
16:09 EDTGRUBPelham reports 5.2% passive stake in GrubHub
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12:35 EDTMYLPerrigo shareholders pressure company to explore sale, Reuters says
Certain Perrigo (PRGO) shareholders have requested that company explore a sale, hoping for an alternative to Mylan's (MYL) approximately $25B hostile bid, Reuters reports, citing people familiar with the matter. The pressure represents a challenge to Perrigo's defense strategy, the report says. Some of the company's shareholders view Novartis (NVS), Sanofi (SNY), Procter & Gamble (PG), and Colgate-Palmolive (CL) as potential suitors, the report says. Reference Link
September 28, 2015
19:11 EDTSNXOn The Fly: After Hours Movers
HIGHER: Yahoo (YHOO), up 3.3% after the board authorized Yahoo to continue to pursue the Aabaco spin-off plan... Cheniere Energy (LNG), up 0.67% after Carl Icahn raised his stake in the company to 11.43%... Republic Airways (RJET), up 7.4% after the company was upgraded to Buy from Hold at Deutsche Bank... Exelon (EXC) and Pepco (POM), higher by 1% and 2.4%, respectively, after the DC Mayor's office released a statement confirming discussions of a settlement agreement with the companies. LOWER AFTER EARNINGS: SYNNEX (SNX), down 2.7% after the company reported Q3 results, gave Q4 guidance, and raised its quarterly dividend. ALSO LOWER: Zosano (ZSAN), down 52.5% after it discontinued development of its Daily ZP-PTH treatment for severe osteoporosis and terminated a collaboration agreement with Eli Lilly (LLY)... OvaScience (OVAS), down 15.9% after the company announced it doesn't expect to meet its previous 2015 goal of 1,000 Augment treatment cycles.
16:29 EDTSNXSYNNEX raises quarterly dividend to 20c from 12c per share
The dividend will be payable on October 30 to stockholders of record as of the close of business on October 16.
16:27 EDTSNXSYNNEX sees Q4 adjusted EPS $1.74-$1.79, consensus $1.78
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16:26 EDTSNXSYNNEX reports Q3 adjusted EPS $1.47, consensus $1.43
Reports Q3 revenue $3.33B, consensus $3.38B.
15:00 EDTSNXNotable companies reporting after market close
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10:00 EDTAMTDOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Aratana Therapeutics (PETX) downgraded to Hold from Buy at Craig-Hallum... Astoria Financial (AF) downgraded to Neutral from Buy at Guggenheim... Cosan (CZZ) downgraded to Neutral from Buy at BofA/Merrill... Cummins (CMI) downgraded to Hold from Buy at BB&T... DSW (DSW) downgraded to Neutral from Buy at B. Riley... Fibrocell Science (FCSC) downgraded to Neutral from Outperform at Wedbush... Galapagos NV (GLPG) downgraded to Neutral from Outperform at Credit Suisse... Heritage Commerce (HTBK) downgraded to Hold from Buy at Sandler O'Neill... International Flavors (IFF) downgraded to Equal Weight from Overweight at Barclays... MINDBODY (MB) downgraded to Equal Weight from Overweight at Morgan Stanley... MercadoLibre (MELI) downgraded to Sell from Neutral at Citi... Navistar (NAV) downgraded to Neutral from Accumulate at Global Hunter... Premiere Global (PGI) downgraded to Equal Weight from Overweight at Stephens... Qorvo (QRVO) downgraded to Sector Weight from Overweight at Pacific Crest... Snyder's-Lance (LNCE) downgraded to Hold from Buy at BB&T... Stryker (SYK) downgraded on M&A sentiment shift at Needham... TD Ameritrade (AMTD) downgraded to Market Perform from Outperform at Wells Fargo... Telecom Argentina (TEO) downgraded to Sell from Neutral at Goldman... Varian Medical (VAR) downgraded to Sell from Neutral at Goldman... Verastem (VSTM) downgraded to Neutral from Buy at Roth Capital... Vodacom (VDMCY) downgraded to Hold from Buy at Deutsche Bank.
07:31 EDTMYLMylan launches generic Invega tablets
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07:27 EDTMYLFDA and the Parental Drug Association to co-host a conference
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05:36 EDTAMTDTD Ameritrade downgraded to Market Perform from Outperform at Wells Fargo
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September 25, 2015
13:51 EDTMYLBMO's pharma predictions for rest of year include take on Mylan, Perrigo
BMO Capital analyst David Maris rolled out his rest of year predictions for the Specialty Pharmaceuticals space. Among them is his belief that Mylan (MYL) will be unsuccessful in acquiring Perrigo (PRGO). Perrigo will either be acquired by another company or make an acquisition itself, Maris tells investors in a research note. His other predictions include Jazz Pharmaceuticals (JAZZ) proving to be a good buying opportunity amidst the current negative sentiment and ZS Pharma (ZSPH) offering upside following the recent pullback given the potential for a near-term buyout and prospects for its "best in class drug for hyperkalemia" winning approval in 2016.
07:08 EDTSNXSYNNEX price target raised to $97 from $90 at Brean Capital
Brean Capital raised its price target on SYNNEX to $97 from $90 to reflect its best in breed status. The firm cited expectations for both a revenue and OM benefit in Q2, its demand opportunity for products and its ability to continue with beat and raise quarters. Brean Capital reiterated its Buy rating on SYNNEX shares.
September 24, 2015
15:24 EDTMYLMylan says Perrigo lawsuit 'without merit'
Mylan (MYL) believes that the Perrigo (PRGO) suit filed in Israel is entirely without merit and that Mylan's offer in Israel is valid and proper in all respects. With that said, Perrigo's efforts are entirely futile, as all Perrigo shareholders-institutional and retail, including those in Israel-have always been free to switch their holdings at any time from the Tel Aviv Stock Exchange to the New York Stock Exchange, through a simple, fully automated, well-established system by notifying their broker. As a result, shareholders can participate fully in Mylan's compelling offer without regard to any lawsuits in Israel or any other frustrating actions pursued by Perrigo in Israel. Further, as Mylan has previously stated publicly, it has been its intent and desire to list Mylan's shares on the TASE to maintain liquidity in Israel for the convenience of those shareholders in Israel who prefer to trade on the TASE, and Mylan is already well-advanced in the process of submitting its application to the TASE and the Israel Securities Authority, and is committed to continuing to work closely with these parties to complete this process.
14:17 EDTMYLAppeals court affirms Shire Vyvanse patents valid until 2023
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September 23, 2015
08:24 EDTMYLWeakness in drug stocks creates buying opportunities, says RBC Capital
After Hillary Clinton unveiled a plan to lower drug prices, RBC Capital does not expect the plan to be passed by Congress. The firm adds that the plan is positive for generic drug makers and could pressure the FDA to more quickly approve generic drug applications. RBC identifies Insys Therapeutics (IINSY), Endo (ENDP), and Sagent Pharma (SGNT) as three stocks it likes that have suffered "disproportionate selloffs over the last two days." The firm identifies Sagent, Emdo and Mylan (MYL) as three companies with high generic exposure that have sold off.
06:16 EDTMYLMylan countersues Perrigo, cites tender offer 'misstatements,' Reuters reports
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