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Stock Market & Financial Investment News

News Breaks
June 20, 2014
16:20 EDTORCL, SHPG, ABBV, FLML, DRI, NGLS, ETE, TRGPOn 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
Check below for free stories on ORCL;SHPG;ABBV;FLML;DRI;NGLS;ETE;TRGP the last two weeks.
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August 28, 2014
14:11 EDTDRIStarboard urges Darden shareholders vote for board nominees
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August 27, 2014
17:49 EDTSHPGGSK, Shire rumored to be interested in Tekmira, Daily Mail says
GlaxoSmithKline (GSK) and Shire (SHPG) are rumored to be interested in a bid for Tekmira (TKMR), reports Daily Mail. Tekmira could be a value to potential suitors, capitalized at approximately GBP 400M and the company could cost over GBP 1B in a takeover, Daily Mail adds. Reference Link
09:53 EDTORCLOn The Fly: Analyst Initiation Summary
Bristol-Myers (BMY) initiated with a Hold at Deutsche Bank... ASML (ASML) initiated with a Hold at Stifel... Akamai (AKAM) initiated with an Outperform at RW Baird... Concur (CNQR) initiated with a Neutral at DA Davidson... CyrusOne (CONE) initiated with a Neutral at Citigroup... Eli Lilly (LLY) initiated with a Buy at Deutsche Bank... Garmin (GRMN) initiated with a Neutral at RW Baird... Merck (MRK) initiated with a Hold at Deutsche Bank... NetSuite (N) initiated with a Buy at DA Davidson... Oracle (ORCL) initiated with a Neutral at DA Davidson... Oxford Industries (OXM) initiated with a Buy at Wunderlich... Pfizer (PFE) initiated with a Buy at Deutsche Bank... ServiceNow (NOW) initiated with a Buy at DA Davidson... Workday (WDAY) initiated with a Neutral at DA Davidson... MannKind (MNKD) initiated with a Buy at Jefferies... STMicroelectronics (STM) initiated with an Underperform at Credit Suisse... Kirkland's (KIRK) initiated with an Outperform at Barrington.
August 26, 2014
17:33 EDTORCLOracle initiated with a Neutral at DA Davidson
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06:33 EDTDRIBurger King wants merger despite problems with dining combos, NY Times says
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August 22, 2014
13:49 EDTORCLOregon sues Oracle over health exchange website
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11:26 EDTORCLSalesforce.com rallies following beat and raise quarter
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August 21, 2014
15:16 EDTABBVDEA restricts painkiller drug prescriptions to curb abuse, WSJ reports
The Drug Enforcement Agency, or DEA, will reclassify hydrocodone combination painkiller drugs and place them in the category of medical substances that have the highest potential for harm in an attempt to curb the widespread abuse of the drugs, according to The Wall Street Journal. The rescheduling of the drugs will take effect in 45 days and result in people being able to obtain the drug for only 90 days without obtaining a new prescription. Major manufacturers of these drugs include Teva Pharmaceutical (TEVA), Mallinckrodt (MNK), AbbVie (ABBV), and Actavis (ACT). Reference Link
07:57 EDTABBVGilead HCV risks overblown, says Bernstein
Bernstein believes that investors are concerned about upcoming competition to Gilead's (GILD) HCV drug from AbbVie's (ABBV) HCV treatment. But Bernstein says that insurers can only prevent 16% of the U.S. population from receiving Gilead's drug, and the firm does not expect the HCV market share dynamics to change in the near-term. It keeps an Outperform rating on Gilead.
August 18, 2014
07:57 EDTSHPGCambridge Healthtech Institute to hold a summit
6th Annual Bioprocessing Summit to be held in Boston on August 18-22.
August 15, 2014
09:03 EDTDRIDarden retains Russell Reynolds for CEO search
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08:11 EDTORCLOracle checks showing signs of improvement, says FBR Capital
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August 14, 2014
18:28 EDTORCLCourt finds Rimini Street infringed Oracle copyrights, stole IP
On August 14, the U.S. District Court in Las Vegas entered an order granting Oracle's motion for partial summary judgment in its case against Rimini Street, and its CEO, Seth Ravin. Oracle moved for summary judgment on Rimini's counterclaims for defamation and unfair competition. In those counterclaims, Rimini challenged Oracle's public statements that Rimini had engaged in massive theft of Oracle's intellectual property. The Court dismissed those counterclaims finding that Oracle's statements "that Rimini had engaged in 'massive theft' of Oracle's intellectual property are true." The Court explained that "It is undisputed that Rimini engaged in theft of Oracle's intellectual property." The Court also found that Rimini Street infringed Oracle's copyrights. In February, the Court found that Rimini Street infringed Oracle's PeopleSoft copyrights and that Oracle had proved prima facie copyright infringement as to its JD Edwards and Siebel copyrights. The Court ruled that Rimini Street also infringed Oracle Database copyrights. The Court found that Rimini Street had downloaded 25 copies of Oracle's Database software and possessed over 200 copies of this software even though Rimini's downloading, possession, and use of this software all was unlicensed. The Court ordered the parties to submit a pre-trial order within sixty days.
17:16 EDTSHPGPaulson & Co gives quarterly update on stakes
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