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Stock Market & Financial Investment News

News Breaks
June 20, 2014
16:20 EDTETE, FLML, ORCL, NGLS, ABBV, TRGP, DRI, SHPGOn The Fly: Closing Wrap
Stocks on Wall Street had a quiet open and remained that way throughout the session. The averages moved in a narrow range but drifted mostly in positive territory, allowing the Dow and S&P 500 to close the week at all-time highs. The Nasdaq also notched a gain, despite being weighed on by shares of Oracle (ORCL), which slid after reporting earnings below Wall Street estimates. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Shares of enterprise software provider Oracle sunk $1.69, or 3.98%, to $40.82 after the company’s fourth quarter results trailed analysts’ consensus estimates. Citigroup downgraded Oracle to Neutral from Buy citing weak license growth and "relatively aggressive" Q1 targets following the company's Q4 results... Shire (SHPG) shares trading in New York rose $31.18, or 16.26%, to $222.89 after the company confirmed it rejected a takeover offer from AbbVie (ABBV). Abbvie, which has tried unsuccessfully three times to strike a deal to buy the Ireland-based drugmaker, is considering raising its offer for Shire a fourth time, according to Bloomberg, citing two people with knowledge of the matter. MAJOR MOVERS: Among the notable gainers was car retailer CarMax (KMX), which surged $7.47, or 16.5%, to $52.75 after the company reported first quarter results that beat expectations. Also higher were shares of Flamel Technologies (FLML), which rose $2.40, or 18.79%, to $15.17 after the FDA changed its drug shortage website and now lists Flamel's Bloxiverz as the "first and only" approved neostigmine. Analysts at Summer Street believe the change could be a "hugely significant" milestone for Flamel and may mean that the FDA could be taking action to remove unapproved neostigmines offered by other companies. Among the noteworthy losers was Targa Resources Partners (NGLS), which fell $11.44, or 14.03%, to $70.11 after announcing last night that its takeover talks with Energy Transfer Equity (ETE) ended without a deal and the stock was downgraded at Wunderlich following the news. Shares of Targa Resources Partners and its parent, Targa Resources (TRGP), had spiked late in yesterday's session after Bloomberg reported that Energy Transfer was near a deal to buy them. Also lower was restaurant operator Darden (DRI), which dropped $1.94, or 3.92%, to $47.58 after stating that same-store sales at its Olive Garden restaurants had declined 3.5% last quarter and reporting earnings that disappointed. INDEXES: The Dow rose 25.62, or 0.15%, to 16,947.08, the Nasdaq advanced 8.71, or 0.2%, to 4,368.04, and the S&P 500 gained 3.39, or 0.17%, to 1,962.87.
News For ORCL;SHPG;ABBV;FLML;DRI;NGLS;ETE;TRGP From The Last 14 Days
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January 28, 2016
13:05 EDTABBVAbbVie volatility elevated into Q4 and outlook
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10:05 EDTSHPGHigh option volume stocks
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07:12 EDTABBVAbbVie intiates enrollment in Phase 3 clinical program for Elagolix
AbbVie (ABBV), in cooperation with Neurocrine Biosciences (NBIX), announced the initiation of the first of two planned Phase 3 clinical studies evaluating the safety and efficacy of Elagolix alone or in combination with add-back therapy compared to placebo. These studies are designed to assess the change in menstrual blood loss utilizing the alkaline hematin method, comparing baseline to month six of treatment. Additional secondary efficacy endpoints are being evaluated; including assessing changes in fibroid volume, monthly blood loss and hemoglobin levels. Bone mineral density will also be assessed.
05:54 EDTABBVStocks with implied volatility movement; EMR ABBV
Stocks with implied volatility movement; Emerson (EMR) 38, AbbVie (ABBV) 42 according to iVolatility.
05:37 EDTABBVAbbVie announces venetoclax granted Breakthrough Therapy Designation by FDA
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January 27, 2016
14:21 EDTETEEnergy Transfer plans to keep Williams takeover terms, Bloomberg reports
Energy Transfer Equity LP (ETE) plans to keep unchanged the terms of its Williams Cos. (WMB) acquisition, Bloomberg reports, citing people familiar with the matter. To cover some of the deal costs, Energy Transfer intends to make lower than expected quarterly distributions, a source told the news agency. Reference Link
13:18 EDTETEEnergy Transfer to keep terms of Williams takeover, Bloomberg says
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12:19 EDTABBVPiper Jaffray biopharma analyst holds an analyst/industry conference call
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11:07 EDTABBVGilead sinks as Attorney General probes pricing strategy
Shares of drugmaker Gilead (GILD) are underperforming after Massachusetts Attorney General Maura Healey warned that her office may bring an unfair commercial conduct complaint against it related to the pricing for its Hepatitis C virus treatments Sovaldi and Harvoni. UNFAIR PRICING: Healey, in a letter addressed to Gilead CEO John Martin dated January 22 that has just been made public, said that her office is considering whether Gilead's pricing strategy for Sovaldi and Harvoni may constitute an "unfair trade practice" in violation of Massachusetts law. "Because Gilead's drugs offer a cure for a serious and life-threatening infectious disease, pricing the treatment in a manner that effectively allows HCV to continue spreading through vulnerable populations, as opposed to eradicating the disease altogether, results in massive public harm," Healey stated in her letter to Martin. Healey, who urged Gilead to adjust its pricing strategy, noted that the company has invoked the high cost and risk associated with research and development as a justification for its prices, but she said that Gilead quickly recouped its outlay to acquire Pharmasset by selling "$12.4B worth of HCV medication in the first year alone" after its deal. The AG, who said that Sovaldi costs $1,000 per pill in the U.S. but only $10 per pill in Egypt and about $4 per pill in India, contends that American taxpayers "have been footing the bill for Gilead's record profits." FREQUENT TARGET: The pricing of Gilead's hep C treatments have been the focus of significant criticism and political rhetoric in the past. In December, Senate Finance Committee Ranking Member Ron Wyden and senior committee member Chuck Grassley released the results of an 18-month investigation into the pricing and marketing of Sovaldi and Harvoni. The company "pursued a marketing strategy and final wholesale price of Sovaldi - $1,000 per pill, or $84,000 for a single course of treatment - that it believed would maximize revenue," and "fostering broad, affordable access was not a key consideration in the process of setting the wholesale prices," the senators wrote. Members of the Affordable Drug Pricing Task Force, who held a press conference last November to announce "meaningful action" to combat the "skyrocketing" costs of pharmaceuticals, specifically took aim at Sovaldi. During her campaigning efforts, presidential candidate Hillary Clinton has repeatedly decried the "outrageous" prices of specialty drugs. OTHERS TO WATCH: AbbVie (ABBV), Merck (MRK) and Johnson & Johnson (JNJ) also market or are at work on therapies for hepatitis C. PRICE ACTION: In morning trading, Gilead slid 2% to $90.35.
10:23 EDTETEOptions with decreasing implied volatility
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January 25, 2016
16:00 EDTETEOptions Update; January 25, 2016
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15:15 EDTNGLSCenter Coast Capital reports 5.8% passive stake in Targa Resources Partners
09:52 EDTNGLSTarga Resources Partners upgraded to Buy from Accumulate at Tudor Pickering
09:48 EDTNGLSUBS to hold a bus tour
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07:02 EDTSHPGShire resubmits NDA for lifitegrast to FDA
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January 22, 2016
09:20 EDTSHPGShire completes acquisition of Dyax for $5.9B
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06:33 EDTORCLApple got $1B from Google to maintain search bar on iPhone, Bloomberg says
Google (GOOG) paid Apple (AAPL) $1B in 2014 to keep its search bar on the iPhone, Bloomberg reports, citing a transcript of court proceedings from Oracle's (ORCL) copyright suit against Google. Google has a pact with Apple that gives the iPHone maker a percentage of the revenue Google brings in through the Apple device, the report says, citing an attorney for Oracle at the hearing. Reference Link
06:13 EDTORCLOracle lawyer: Google's Android brings in $31B in revenue, Bloomberg says
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05:43 EDTORCLOracle Utilities selected by CLK Enerji to modernize billing systems
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05:13 EDTETEStocks with implied volatility movement; SNDK ETE
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