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Stock Market & Financial Investment News

News Breaks
December 4, 2012
05:55 EDTNVS, NVS, PFE, PFE, JNJ, JNJ, RHHBY, RHHBY, VOD, VOD, WBMD, WBMD, DB, DB, SNY, SNY, AZN, AZN, MRK, MRK, GSK, GSK, AGEN, AGENFinancial Times to hold a conference
Global Pharmaceutical & Biotechnology Conference 2012 is being held in London on December 4-5.
News For NVS;GSK;MRK;AZN;SNY;DB;WBMD;VOD;RHHBY;JNJ;PFE;AGEN From The Last 14 Days
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July 15, 2015
10:01 EDTVODOn The Fly: Analyst Downgrade Summary
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08:35 EDTDBCNBC to hold a conference
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08:04 EDTPFEPfizer treatment of CIDP granted FDA orphan status
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07:58 EDTNVSAnalysts break down impact of $7.2B Receptos buyout
After Celgene (CELG) announced last night that the company has agreed to acquire Receptos (RCPT) for $232 per share in cash, or a total of about $7.2B net of cash acquired, research firms have chimed in with their opinions on how the proposed deal may impact others in the biotech space. Receptos key asset is Ozanimod, which is being studied in Phase III trials for relapsing multiple sclerosis and ulcerative colitis. DERIVATIVE CALLS: Piper Jaffray analyst Edward Tenthoff told investors that he views Celgene's deal for Receptos as good for Arena Pharmaceuticals (ARNA). The analyst notes that Arena's APD334 is already showing dose-dependent decreases in circulating lymphocyte counts and that the company will initiate Phase II studies in ulcerative colitis and Crohn's disease this year. Tenthoff reiterates an Overweight rating and $7.50 price target on Arena, which has a market capitalization around $1B and closed yesterday up 8c to $4.47. In its own note to investors this morning, Nomura said Celgene's deal could put downward pressure on Biogen's (BIIB) long-term multiple sclerosis estimates. Nomura's M. Ian Somaiya contended that one-year Phase II efficacy data for Ozanimod looked as good as Novartis’s (NVS) Gilenya and Biogen's Tecfidera’s Phase III at year 2. Somaiya also wondered if rival Gilead (GILD) could be "looking for something bigger" than Receptos for its own deal, telling investors that the firm views Incyte (INCY) as Gilead's most likely takeout target. Incyte's shares closed up $4.46 at $117.46 yesterday, giving the company a market cap of about $20B. RIVAL BID?: Wedbush analyst Liana Moussatos believes another bidder may seek to acquire Receptos, noting that she previously estimated Receptos could be valued at $348 per share, or about $10.9B, in a buyout. Moussatos noted that Celgene said it expects annual peak sales for Ozanimod to reach about $4B-$6B for RMS and UC, making its acquisition price of $7.2BN only a bit more than about 1X peak sales without accounting for other possible indications or the rest of its pipeline. Moussatos told investors she sees "plenty" of potential upside to justify a rival bidder stepping in and reiterated the firm's Outperform rating on Receptos shares. PRICE ACTION: In pre-market trading, Receptos rose 10% to $228.61 while Gilead gained 1.4% to about $119 per share.
06:11 EDTVODVodafone downgraded to Neutral from Buy at Goldman
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05:57 EDTGSKGlaxoSmithKline, Francis Crick Institute to collaborate on range of new drugs
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July 14, 2015
17:46 EDTVODVodafone downgraded to Neutral from Buy at Goldman
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16:24 EDTJNJOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street opened in relatively quiet fashion following the market's last three days of gains. With headwinds such as the Greek debt crisis and the Iran nuclear deal out of the way for the time being, investors are able to turn their attention more fully to the earnings season. Reports from JPMorgan (JPM), Wells Fargo (WFC) and Johnson & Johnson (JNJ) were mostly in-line with expectations, if not better than hoped, in several dimensions. The averages began to drift higher, with the Dow surpassing the 18,000 level again and the Nasdaq rising back above 5,100. ECONOMIC EVENTS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. If autos and gas are removed from the data, the core reading slipped 0.2%, versus expectations for it to be up 0.4%. The import price index fell 0.1% last month, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in May, matching the consensus expectation. In Europe, BOE Governor Mark Carney told U.K. officials that “the point at which interest rates may begin to rise is moving closer.” Additionally, Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Shares of Twitter (TWTR) spiked as high as $38.82 late this morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal. Twitter, which has been the frequent subject of takeover speculation, closed up 93c, or 2.6%, at $36.71. The Securities and Exchange Commission will need to add this latest apparent hoax to the list of others it is investigating, including a filing made two months ago by "PTG Capital Partners" purporting to outline its offer to acquire Avon Products (AVP)... JPMorgan (JPM) reported quarterly earnings before the open, beating on both the top and bottom line. Banking peer Wells Fargo (WFC) also reported its results this morning, with earnings in-line with consensus estimates and revenue somewhat below expectations. Shares of both banks rose about 1% following their reports. Dow member Johnson & Johnson (JNJ) slipped about 0.5% to $99.78 despite reporting better than expected earnings, posting revenue that was in-line with expectations and raising its fiscal year adjusted profit forecast. MAJOR MOVERS: Among the notable gainers was Micron (MU), which rose $2.00, or 11.36%, to $19.61 following a Wall Street Journal report last night that claims China's Tsinghua offered to acquire the company for $23B, or $21 per share. Also higher were shares of WPX Energy (WPX), which advanced 71c, or 6.38%, to $11.83 after announcing an agreement to buy RKI Exploration & Production for $2.35B plus the assumption of $400M in debt. Among the noteworthy losers was Vince Holding (VNCE), which fell $2.24, or 18.73%, to $9.72 after announcing last night that its CEO Jill Granoff has resigned. In the wake of that news, William Blair downgraded the stock today to Market Perform from Outperform. Also lower was Spirit Airlines (SAVE), which dropped $4.73, or 7.44%, to $58.81 after cutting both quarterly and yearly guidance last night, which was followed by a downgrade of the stock at Citi this morning. INDEXES: The Dow advanced 75.90, or 0.42%, to 18,053.58, the Nasdaq rose 33.38, or 0.66%, to 5,104.89, and the S&P 500 gained 9.35, or 0.45%, to 2,108.95.
12:28 EDTJNJOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday despite data showing that retail sales unexpectedly fell last month. With a nuclear pact agreed to by Iran and the Greek debt crisis pushed to the back burner for the time being, earnings are set to take center stage, beginning with the reports this morning from two of the country's biggest banks and a bluechip healthcare conglomerate. With stocks working on their fourth consecutive day in positive territory, the Dow has pushed back above the 18,000 level. ECONOMIC EVENTS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus expectations for growth of 0.3%. If autos and gas are removed from the data, the core reading was down 0.2%, versus expectations for it to be up 0.4%. The import price index fell 0.1% last month, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in May, matching the consensus expectation. In Europe, Bank of England Governor Mark Carney told U.K. officials that “the point at which interest rates may begin to rise is moving closer.” Additionally, Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions on the Islamic Republic by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Twitter (TWTR) shares spiked late in the morning after a questionable takeover report appeared on a website that attempted to mimic Bloomberg. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service is a fake, while a Twitter spokesperson also denied the report of an alleged deal in a statement to Reuters... The nation's largest bank, JPMorgan (JPM), earned $1.54 per share in earnings in the second quarter of the year, which was up from the same period of last year and above the $1.44 per share consensus estimate. Peer Wells Fargo (WFC) reported quarterly earnings that were in-line with expectations on a revenue that, like JPMorgan, was a bit below the consensus forecast. Shares of each of the banks rose about 1% near noon following their reports... Dow member Johnson & Johnson (JNJ), however, slipped about 1% after reporting better than expected earnings, revenue that was in-line with expectations and raising its fiscal year adjusted profit forecast. MAJOR MOVERS: Among the notable gainers was Micron (MU), which jumped 11% after The Wall Street Journal reported last night that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share. Also higher was Matrix Service (MTRX), which gained 18% after the Oil & Gas industry service provider issued guidance for its revenue and earnings in fiscal 2016. Among the noteworthy losers was Vince Holding (VNCE), which sunk 19% after the fashion brand owner announced the resignation of its CEO, which follows the resignation of its CFO less than a month ago. Also lower was Navient (NAVI), which fell 10% after the company lowered its outlook to reflect marketplace conditions for private loan portfolio purchases and its cost of funds. INDEXES: Near midday, the Dow was up 60.30, or 0.34%, to 18,037.98, the Nasdaq was up 34.68, or 0.68%, to 5,106.20, and the S&P 500 was up 8.21, or 0.39%, to 2,107.81.
10:22 EDTPFEEuropean Commission says Pfizer offers concessions for Hospira deal, Reuters say
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09:45 EDTJNJJohnson & Johnson says Remicade market share in mid-single digits in Europe
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09:37 EDTJNJJohnson & Johnson says acquisitions a priority, but divestitures still an option
09:33 EDTJNJJohnson & Johnson sees FY15 adjusted EPS $6.70--$6.80 on constant currency
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09:31 EDTJNJJohnson & Johnson backs FY15 reported sales $75B-$76B, consensus $70.56B
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09:30 EDTJNJJohnson & Johnson says consumer business seeing slower volumes in China
The company adds that it will not hesitate to divest businesses or assets that does not meet its profitability criteria. Anticipates at least one major product launch in each of the next three years in Vision Care business. Backs FY15 net interest expense $450M-$550M. Raises FY15 net other income to $2.2B-$2.3B from $2B-$2.1B. Comments taken from Q2 earnings conference call.
07:50 EDTJNJJohnson & Johnson reports Q2 Worldwide Consumer sales $3.5B
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07:49 EDTJNJJohnson & Johnson raises FY15 adjusted EPS to $6.10-$6.20 from $6.04-$6.19
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07:47 EDTJNJJohnson & Johnson reports Q2 Domestic sales down 2.4% to $8.91B
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07:46 EDTJNJJohnson & Johnson reports Q2 adjusted EPS $1.71, consensus $1.67
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06:04 EDTRHHBYRoche says atezolizumab met primary endpoint in IMvigor 210 trial
Roche announced that in the IMvigor 210 study, the investigational cancer immunotherapy atezolizumab shrank tumors -- objective response rate, ORR, the primary end point of this Phase II study -- in people with locally advanced or metastatic urothelial bladder cancer who had progressed on initial treatment. High amounts of PD-L1 expression by a person’s cancer correlated with increased response to the medicine. Adverse events were consistent with what has been previously observed for atezolizumab. Sandra Horning, M.D., chief medical officer and head of Global Product Development, said, “We plan to present results at an upcoming medical meeting and will discuss next steps with health authorities to bring a new treatment option to patients as soon as possible.” Last year, the U.S. FDA granted Breakthrough Therapy Designation for atezolizumab in people whose metastatic bladder cancer expressed PD-L1. This designation is designed to expedite the development and review of medicines intended to treat serious diseases. In addition to the IMvigor 210 study, Roche has an ongoing randomised Phase III study, IMvigor 211, comparing atezolizumab with standard-of-care chemotherapy in people who have relapsed UBC, and a planned Phase III study, IMvigor 010, that will evaluate atezolizumab compared with observation in people with early-stage muscle-invasive bladder cancer who are selected for PD-L1 expression and are at risk for recurrence.
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