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Stock Market & Financial Investment News

News Breaks
June 19, 2014
11:24 EDTNUAN, SBGI, CBI, COH, COV, MJN, WAG, APAOptions with increasing implied volatility
Options with increasing implied volatility: NUAN SBGI CBI COH COV MJN WAG APA
News For NUAN;SBGI;CBI;COH;COV;MJN;WAG;APA From The Last 14 Days
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October 17, 2014
09:03 EDTWAGWalgreen venture investment head leaves after short time in post, Fortune says
Bill Wafford, who was named managing director of Walgreen’s venture capital and growth equity investment business Well Ventures just this this past January, has left the company, according to Fortune. Reference Link
08:14 EDTWAGWalgreen sued by former CFO for defamation, Reuters reports
Wade Miquelon, the former CFO of Walgreen, filed a lawsuit yesterday in state court in Chicago alleging that CEO Gregory Wasson and director Stefano Pessina, the company's biggest shareholder defamed him in news reports that blamed him for errors in its earnings forecast, Reuters reports. The Wall Street Journal reported in August that Miquelon lost his job following a $1B error in forecasting Walgreen's Medicare-related business, and later said Miquelon's error caused the company to cut its forecast in pharmacy unit earnings for the year ending August 2016. Reference Link
08:02 EDTCOVCovidien granted preliminary injunction against Ethicon's Harmonic ACE+7
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October 16, 2014
11:36 EDTCOVOptions with increasing implied volatility
Options with increasing implied volatility: UVXY NQ PVA SVXY VXX SUNE CIE COV ZU CODE
07:23 EDTAPAHart Energy to hold a conference
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06:17 EDTCOVJefferies says Medtronic 'needs to do' Covidien takeover
Jefferies says it "can't see how Medtronic walks" from the Covidien (COV) takeover given how compelling the merger is. The firm confirmed with Medtronic (MDT) that nothing has changed in the company's commitment to the deal since new financing terms were announced on October 3. In Jefferies view, "Medtronic needs to do this deal." It notes the spread on the acquisition widened significantly on the news that Abbvie (ABBV) is reconsidering its acquisition of Shire (SHPG).
October 15, 2014
16:37 EDTCOVOn The Fly: Closing Wrap
The market opened sharply lower amid sliding oil prices, worse than expected economic data, and the potential for a major M&A deal to fall apart due to tax inversion rule changes. The Dow fell more than 350 points within the first 30 minutes of trading, but then bounced back to move above its opening level. The volatility did not end there, however, as the market swung several more times during the session. The S&P 500's drop wiped out its gains for the year at one point, but a late day rally significantly cut the losses for the major averages. ECONOMIC EVENTS: In the U.S., retail sales, which were expected to be down 0.1% in September, actually fell 0.3% in the month and slipped 0.2% excluding autos. The Producer Price Index for final demand decreased a seasonally adjusted 0.1% in September from the prior month, marking the first decline in the measure in over a year. The core PPI reading, which excludes food and energy, was unchanged, versus expectations for a 0.1% rise. New York's Empire State manufacturing index fell 21.4 points to 6.2 in October, severely missing the expectation for a narrower pullback to a reading of 20. Business inventories rose 0.2% in August, versus expectations for an increase of 0.4%. In China, the consumer price index climbed 1.6% in September from a year earlier, which was below the consensus projection for 1.7% inflation and down from 2% inflation in August. China's PPI plunged 1.8% year-over-year in September, which was more than the 1.6% slide expected and an acceleration of the 1.2% year-on-year decline in August. COMPANY NEWS: Shares of Shire (SHPG) plunged $74.08, or 30.29%, to $170.49 after AbbVie's (ABBV) board last night stated that it was reconsidering its recommendation that the company's shareholders back a takeover of Irish drugmaker in light of the potential impact of tax rule changes on the deal. During the day, Bloomberg reported that people familiar with the matter say AbbVie is close to abandoning its $51B takeover bid, while Shire announced that it has agreed to waive the requirement for three business days' notice for AbbVie's board to meet to consider its offer. In contrast, AbbVie ended the session up 50c, or 0.92%, at $54.63... Wal-Mart (WMT) held its annual meeting, during which it lowered its fiscal year 2015 net sales growth forecast to 2%-3%, citing a tougher sales environment than it anticipated a year ago. The company indicated in February that it expected net sales growth to be at the low end of its guidance provided last October of 3%-5%. The world's largest retailer also cut its planned retail square foot growth expectations, due to a moderation of large format store growth and accelerated e-commerce investments. Following the outlook revisions, Wal-Mart closed down $2.78, or 3.57%, to $75.20. MAJOR MOVERS: Among the notable gainers was Penford Corporation (PENX), which jumped $7.60, or 69.15%, to $18.59 after the company agreed to be acquired by Ingredion (INGR) for $340M, or $19.00 in cash per share. Also higher was Southwestern Energy (SWN), which rose $2.59, or 7.82%, to $35.69 after it was among a number of oil and gas exploration and production names upgraded by analysts at Bank of America Merrill Lynch. Among the noteworthy losers was Nu Skin (NUS), which dropped $4.47, or 9.13%, to $44.50 after the company disclosed new debt arrangements that come with certain restrictions, including restrictions on the payment of dividends. Also lower were shares of Covidien (COV), which fell $6.50, or 7.04%, to $85.86 in the wake of the news for Shire and AbbVie, which investors may have read as jeopardizing Covidien's deal to be bought by Medtronic (MDT). Note that on October 3 Medtronic announced that it intends to use approximately $16B in external financing to complete the acquisition of Covidien and said the strategic benefits of the transaction "remain compelling" despite the additional expense of the new financing. INDEXES: The Dow dropped 173.45, or 1.06%, to 16,141.74, the Nasdaq slipped 11.85, or 0.28%, to 4,215.32, and the S&P 500 fell 15.21, or 0.81%, to 1,862.49.
15:03 EDTCOVMedtronic management affirms commitment to Covidien deal, says Deutsche Bank
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13:14 EDTNUANNuance upgraded to Buy from Hold at Standpoint Research
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10:48 EDTCOVShire tanks with AbbVie calling board meeting over merger
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08:09 EDTCBIExelon, Chicago Bridge & Iron and 8 Rivers partner for demonstration plant
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07:32 EDTCOVUBM Canon to hold a conference
PLASTEC Midwest Conference is being held in Chicago on October 15-16.
October 14, 2014
16:39 EDTAPAApache CEO says continuing to evaluate options for international assets
"As we have previously outlined, Apache is transforming into a leading North America-focused exploration and production company with an extensive resource base, strong production growth and a commitment to maximizing rate of return," CEO Steven Farris said. "We are continuing to evaluate options for our international assets and LNG projects, including the potential separation of these assets through strategic transactions or the capital markets."
16:37 EDTAPAApache announces resignation of CFO Alfonso Leon, appoints interim CFO
Apache announced that Alfonso Leon, executive vice president and CFO, has resigned to pursue other opportunities. Leon's departure is not related to any issues regarding financial disclosures, accounting or legal matters. Executive Vice President P. Anthony Lannie will serve as interim CFO as the company conducts a search for a new CFO. Prior to joining Apache as general counsel in 2003, Lannie served as president of Kinder Morgan Power Company and president of Coral Energy Canada, a subsidiary of Shell Oil Company.
08:05 EDTCBICB&I announces gasification technology award in China
CB&I announced it has been awarded a contract by Shandong Sincier Petrochemical for the license and engineering design of a gasification unit to be built near Dongying, Shandong Province, China. The unit will utilize CB&I's proprietary E-GasPlus technology for a three-train facility to produce syngas for hydrogen, fuel gas and power. This plant will have the capability of operating on coal and petroleum coke, or a combination of these fuels with a liquid or solid residue from an upstream hydrocracking unit. This will be in addition to six other process units licensed earlier by Sincier using CB&I's technology to produce octane boosting, clean gasoline blendstocks, residue upgrading and petrochemicals production.
06:03 EDTWAGWalgreen implied volatility of 27 at lower end of index mean range
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October 13, 2014
07:37 EDTCOVAmerican Society of Anesthesiologists to hold annual meeting
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07:25 EDTCOVEuropean Association of Cardiothoracic Surgery to hold annual meeting
28th EACTS Annual Meeting is being held in Milan, Italy on October 11-15.
06:41 EDTWAGWalgreens to roll out Apple Pay on October 18, MacRumors reports
Walgreens (WAG) will begin rolling out Apple Pay (AAPL) on Saturday, October 18, according to a memo obtained by MacRumors. Reference Link
06:13 EDTWAGWalgreen implied volatility of 25 at lower end of index mean range
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