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Stock Market & Financial Investment News

News Breaks
June 20, 2014
HIGHER: Shire (SHPG), up 16% after disclosing it rejected a takeover offer from AbbVie (ABBV). Bloomberg reported that AbbVie may increase its takeover offer following the rejection. Shares of AbbVie are also up 2% following the news... CarMax (KMX), up 16% after Q1 earnings beat analyst's consensus... Family Dollar (FDO), up 2.4% after Carl Icahn sent a letter to CEO urging an immediate sale. LOWER: Oracle (ORCL), down 5% after downgraded at Citigroup following the company's Q4 earnings results... Darden (DRI), down 4% after reporting Q4 earnings... Merrimack Pharmaceuticals (MACK), down 11% after announcing that it has reached an agreement with Sanofi (SNY) to regain worldwide rights to develop and commercialize MM-121... Smith & Wesson (SWHC), down 8% after guidance for Q1, FY15 miss expectations... Targa Resources Partners (NGLS), down 9.3% after downgraded at Wunderlich following news that the company's takeover talks with Energy Transfer Equity (ETE) ended without a deal. Targa Resources (TRGP), the parent of Targa Resources Partners, is down 9% after the news.. Owens Corning (OC), down 6% after cutting FY14 adjusted EBIT view... Hercules Offshore (HERO), down 6.8% after downgraded at Iberia... AK Steel (AKS), down 4.5% after giving Q2 EPS guidance.
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September 22, 2015
07:53 EDTMACKMerrimack MM-398 drug likely to be approved, says Oppenheimer
Noting that the PDUFA date for Merrimack's MM-298 drug is October 24, Oppenheimer expects the drug to be approved as a pancreatic cancer treatment. The firm says that the European Society for Medical Oncology recently endorsed the drug as "the best option" for second-line patients. The firm thinks the endorsement is "highly positive" and bodes well for the drug's chances of being approved i n the U.S. The firm reiterates an Outperform rating on the shares.
07:43 EDTSNYDrug stocks could be hurt by focus on pricing, says Oppenheimer
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07:37 EDTKMXCarMax reports Q2 EPS 82c, consensus 76c
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07:02 EDTDRIDarden raises FY16 adjusted EPS to $3.15-$3.30 from $3.05-$3.20, consensus $3.13
The company's expectation for combined U.S. same-restaurant sales growth, on a 52-week basis, for fiscal 2016 remains unchanged at 2.0% to 2.5%. This does not include the impact of any fiscal 2016 real estate transactions and related capital structure activities.
07:02 EDTDRIDarden reports Q1 Olive Garden sales up 3.4% to $944.6M
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07:01 EDTDRIDarden reports Q1 same-restaurant sales up 3.4%
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07:01 EDTDRIDarden reports Q1 adjusted EPS 68c, consensus 58c
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06:59 EDTDRIDarden volatility flat into Q1 and outlook
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06:19 EDTSNY, ABBVClinton to roll out plan to rein in prescription drug costs, USA Today reports
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September 21, 2015
16:53 EDTABBVOn The Fly: Top stock stories for Monday
Stocks on Wall Street began the session in positive territory and remained there for most of the morning. The Nasdaq was the first index to show signs of weakness after Hillary Clinton pledged to address the high cost of specialty drugs, sinking multiple biotech stocks. The averages later recovered from their afternoon lows, with both the Dow and S&P posting gains and the Nasdaq narrowly finishing in the green after Monday's drug pricing debate. ECONOMIC EVENTS: In the U.S., existing home sales fell 4.8% to a 5.31M rate in August, versus expectations for them to be down 1.6% to a rate of 5.5M. Over the weekend, three Federal Reserve officials, namely San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker, all argued that an interest-rate increase is still warranted this year. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and promising to lay out a plan tomorrow to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly 4.4% following the attention paid to Turing's drug and Clinton's response... Shares of Volkswagen (VLKAY) trading in New York dropped 17.1% to $30.10 after the EPA and California Air Resources Board detected manipulations that violate U.S. environmental standards while testing certain Volkswagen diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal. Shares of Tesla Motors (TSLA) were volatile following the Journal's report, but closed the day up 1.37% at $264.20. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which surged 12.65%, to $8.19 after agreeing to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B. Also higher was Starwood Waypoint (SWAY), which gained $2.89, or 12.70%, to $25.64 after announcing a stock-for-stock merger agreement with Colony American Homes. Additionally, Pandora (P) rose 8.17% to $21.31 after receiving an interim opinion from the Register of Copyrights regarding the company's agreements with Merlin and Naxos. Among the noteworthy losers was GoPro (GPRO), which fell $2.88, or 8.19%, to $32.27 after Barron's contended that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE), and others pressure the company's "one-hit wonder" products. Also lower was Mallinckrodt (MNK), which lost $8.23, or 10.02%, to $73.87 after ANI Pharma (ANIP) announced plans to acquire two new drug applications from Merck (MRK) that could compete with Acthar, Mallinckrodt's largest product. Separately, D.R. Horton (DHI) dipped 2.91% after the August U.S. existing home sales report showed a 4.8% drop for the month. Note also that Lennar (LEN) slipped 0.27% after its quarterly earnings report beat analyst estimates. INDEXES: The Dow rose 125.61, or 0.77%, to 16,510.19, the Nasdaq added 1.73, or 0.04%, to 4,828.96, and the S&P 500 gained 8.94, or 0.46%, to 1,966.97.
14:57 EDTDRI, KMXNotable companies reporting before tomorrow's open
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14:28 EDTSNYTuring CEO says will not change Daraprim price despite criticism
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14:04 EDTABBVClinton vow to end drug price gouging sinks biotechs
Biotech stocks have declined across the board in afternoon trading following a tweet by Presidential candidate Hillary Clinton criticizing the "outrageous" prices of specialty drugs. TURING STEPS UP PRICING: Clinton's tweet directly referenced Turing Pharmaceuticals' Daraprim treatment for toxoplasmosis, which recently had its price hiked from just $13.50 per pill to $750 after the privately-held company acquired the drug from Impax Laboratories (IPXL). Importantly, Daraprim was first approved by the FDA in 1953 and its patents have long since expired. No generic versions of the drug currently exist, perhaps in part due to Turing executive chairman Martin Shkreli's strategy of tightly controlling distribution, according to a New York Post article on the issue. In a Bloomberg TV interview this morning, Shkreli claimed that the drug remains underpriced compared to what he called its peers in the rare disease space. However, note that a World Health Organization analysis from 2013 reported that over 190,000 cases of toxoplasmosis occur globally every year and Daraprim continues to be listed on the organization's list of essential medicines for a basic health-care system. INDUSTRY CRITICISM: Turing's Daraprim pricing prompted a response from the Infectious Diseases Society of America and the HIV Medicine Association, which criticized the "unjustifiable" new cost of the drug and urged a "rational" pricing strategy. The news surrounding Daraprim also comes on the heels of Presidential candidate Bernie Sanders issuing a letter in August to Valeant (VRX) and Hospira (HSP), in which he requested information on the "enormous" price increases of two drugs Valeant acquired earlier in the year. REPUBLICAN CONGRESS: In a research note released this afternoon, RBC Capital analyst Michael Yee reminded investors that Republicans still control Congress, offering a sobering reminder that campaign trail promises often fall by the wayside once the candidate steps into office. Yee explained that, though drug pricing debates during next year's election will probably generate headline risk for the biotech space, the Republican-controlled Congress is unlikely to sign into law any material changes on the issue. BIOTECH STOCK ACTION: Hillary Clinton's promise to "lay out a plan" tomorrow to tackle "price gouging" in the specialty drug market sent numerous biotech stocks plunging. Aerie Pharmaceuticals (AERI) has crashed 12.6% at time of writing, while Retrophin (RTRX), Ultragenyx (RARE), and PTC Therapeutics (PTCT) are down 14.7%, 13.4%, and 11%, respectively. Biotech giants AbbVie (ABBV), Gilead (GILD), Bristol-Myers Squibb (BMY) and Biogen (BIIB) have also slipped in intraday trading, while the NASDAQ Biotechnology index is down roughly 4%.
13:17 EDTABBVRBC reminds biotech investors that Republicans still control Congress
RBC Capital analyst Michael Yee notes that biotech indices are under pressure after Hillary Clinton tweeted about an upcoming plan to fight specialty drug pricing. The news follows a Wall Street Journal story about a private company dramatically increasing the price of their drug and another confirmed progressive multifocal leukoencephalopathy case for Biogen (BIIB), Yee tells investors in an intraday research note. Next year's election is likely to turn up the noise around drug pricing, creating headline risk for the biotech space, the analyst cautions. However, he reminds investors that Republicans control Congress, making it unlikely that "anything material" will get signed into law. Biotech names moving lower in today's trading include Biogen, AbbVie (ABBV), Gilead (GILD), Alkermes (ALKS), BioMarin (BMRN), Amicus (FOLD) and PTC Therapeutics (PTCT).
11:24 EDTSNYHillary Clinton vows to take on 'outrageous' specialty drug pricing
Hillary Clinton, on the heels of a Wall Street Journal report detailing Turing Pharmaceuticals' price hike to $750 from $13.50 per pill of a drug called Daraprim which treats a life-threatening parasitic infection, vowed to lay out a plan tomorrow to take on what she calls "price gouging" of specialty drugs. The presidential nominee stated in a tweet, "Price gouging like this in the specialty drug market is outrageous. Tomorrow I'll lay out a plan to take it on." The iShares Nasdaq Biotechnology Index (IBB) moved lower following Clinton's tweet.
10:00 EDTSHPGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AerCap (AER) upgraded to Buy from Neutral at BofA/Merrill... Allstate (ALL) upgraded to Buy from Hold at Sandler O'Neill... Central Pacific (CPF) upgraded to Buy from Hold at Sandler ONeill... Cesca Therapeutics (KOOL) upgraded to Buy from Neutral at H.C. Wainwright... CyberArk (CYBR) upgraded to Buy from Hold at Deutsche Bank... DENTSPLY (XRAY) upgraded to Outperform from Market Perform at William Blair... DeVry (DV) upgraded to Outperform from Market Perform at Barrington... Douglas Emmett (DEI) upgraded to Buy from Neutral at Mizuho... Fly Leasing (FLY) upgraded to Neutral from Underperform at BofA/Merrill... Goldman Sachs (GS) upgraded to Outperform from Perform at Oppenheimer... Integra LifeSciences (IART) upgraded to Buy from Neutral at BofA/Merrill... Invesco (IVZ) upgraded to Overweight from Equal Weight at Morgan Stanley... LTC Properties (LTC) upgraded to Buy from Neutral at Mizuho... Molson Coors (TAP) upgraded to Buy from Hold at Societe Generale... Nokia (NOK) upgraded to Buy ahead of Samsung arbitration at Deutsche Bank... PayPal (PYPL) upgraded to Buy from Hold at Stifel... Shire (SHPG) upgraded to Overweight from Equal Weight at Barclays... Sirona Dental (SIRO) upgraded to Outperform from Market Perform at William Blair... Sonic (SONC) upgraded to Buy from Neutral at Longbow... Sun Life Financial (SLF) upgraded to Buy from Neutral at BofA/Merrill... Taylor Morrison (TMHC) upgraded to Buy from Hold at Deutsche Bank... Telecom Argentina (TEO) upgraded to Neutral from Underperform at BofA/Merrill... Vascular Biogenics (VBLT) upgraded to Outperform from Market Perform at JMP Securities... Yamana Gold (AUY) upgraded to Outperform from Neutral at Credit Suisse... lululemon (LULU) upgraded to Overweight from Equal Weight at Morgan Stanley.
09:14 EDTKMXCarMax announces new multi-year team deal with Minnesota Golden Gophers
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08:37 EDTDRIDarden EPS likely to ecceed expectations, says Wells Fargo
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06:56 EDTSHPGShire upgraded to Overweight from Equal Weight at Barclays
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05:09 EDTSHPGShire receives European approval for INTUNIV as ADHD treatment
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