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Stock Market & Financial Investment News

News Breaks
June 17, 2014
11:18 EDTNUAN, SRPT, IGT, YPF, SBGI, TLM, WMB, APC, MDTOptions with increasing implied volatility
Options with increasing implied volatility: NUAN SRPT IGT YPF SBGI TLM WMB APC MDT
News For NUAN;SRPT;IGT;YPF;SBGI;TLM;WMB;APC;MDT From The Last 14 Days
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August 8, 2014
10:18 EDTAPCRumor: Anadarko moves up on renewed takeover chatter
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07:01 EDTMDTHarvard professor says Treasury can reduce inversion incentives, NY Times says
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August 7, 2014
10:51 EDTIGTOptions with increasing implied volatility
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09:31 EDTMDTMedtronic receives FDA approval for Attain Performa quadripolar lead
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08:58 EDTMDTMedtronic receives request of additional info from FTC for Covidien acquisition
On August 6, 2014, in connection with the FTC review of the pending acquisition by Medtronic (MDT) of Covidien (COV), which will result in both Medtronic and Covidien becoming wholly owned subsidiaries of Medtronic, Medtronic received a request for additional information and documentary material from the FTC. Issuance of the second request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 until 30 days after Medtronic and Covidien have substantially complied with the second request, unless the waiting period is extended voluntarily by the parties or terminated earlier by the FTC. Medtronic and Covidien intend to cooperate fully with the FTC and continue to expect the Transaction to be completed in the fourth calendar quarter of 2014 or early 2015.
08:26 EDTMDTMedtronic risk/reward attractive, says Morgan Stanley
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07:46 EDTNUANNuance August volatility elevated into Q3 and outlook
Nuance August call option implied volatility is at 67, September is at 42, January is at 34; compared to its 26-week average of 38 according to Track Data, suggesting large near term price movement into the expected release of Q3 on August 11.
07:38 EDTSRPTSarepta reports Q2 EPS (61c), consensus (76c)
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06:42 EDTMDTObama to look to limit inversion deals, Politico says
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August 6, 2014
13:42 EDTMDTMedtronic says approval for Covidien deal 'progressing'
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13:39 EDTMDTMedtronic CEO says Covidien deal should close end of year, early next
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13:38 EDTMDTMedtronic CEO says 'progressing' in Covidien deal approval process
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12:59 EDTMDTCovidien drops as Treasury explores ways to stymie inversions
Shares of medical device and drug maker Covidien (COV) are falling after multiple media outlets reported that the Treasury Department is looking into ways of curtailing tax inversion deals. Covidien has agreed to be acquired by Medtronic (MDT) in a tax inversion deal. 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. WHAT'S NEW: The Treasury Department is looking at options that would enable the Obama administration to curtail inversion deals without authorization from Congress, multiple media outlets reported last night and today. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that he believes that Medtronic would buy Covidien even if the transaction cannot be done as an inversion. At a conference in June, Medtronic CFO Gary Ellis said that his company would "do the deal whether it's an inversion or not inversion," Biegelsen stated. If no inversion is possible, Medtronic would respond by using less of its stock and more debt to fund the transaction, the analyst believes. Such a change would actually cause Medtronic's cash earnings per share to be higher in the first and second year after the deal than under the current structure, the analyst indicated. He kept an Outperform rating on Medtronic. PRICE ACTION: In early afternoon trading, Covidien dropped 2% to $84.50 and Medtronic fell 1% to $61.50. Meanwhile, drug maker Shire (SHPG), which has agreed to merge with its peer AbbVie (ABBV) in a tax inversion deal, is falling 4% to $236.
12:20 EDTMDTMedtronic remains committed to Covidien deal, says Wells Fargo
Following recent conversations with the company, Wells Fargo believes Medtronic (MDT) remains committed to the acquisition Covidien (COV), even if the deal can't be structured as an inversion. The firm notes that at its conference in June, Medtronic CFO Gary Ellis stated that "from Medtronic's perspective, we would do the deal whether it's an inversion or not inversion." Wells adds, however, that Medtronic would likely try to renegotiate the terms of the deal if an inversion is not possible.
07:37 EDTSBGISinclair Broadcast sees 2014 CapEx $73.0M
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07:36 EDTSBGISinclair Broadcast sees Q3 cont-op net broadcast revenues up 34.3%-35.2%
Q2 net broadcast revenues were $404.2M. Sees Q3 CapEx $26.5M. Sees Q3 effective tax rate 36.2%.
07:34 EDTSBGISinclair Broadcast reports Q2 EPS 42c, consensus 36c
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07:32 EDTSBGISinclair Broadcast increases quarterly dividend 10% to 16.5c per share
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06:41 EDTMDTObama administration may restrict inversion tax benefits, NY Times says
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06:21 EDTMDTPiper Jaffray to hold a summit
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