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July 3, 2014
09:03 EDTBIND, APP, PETM, RGDO, ISCA, NQ, AMGN, PCAR, LULUOn The Fly: Pre-market Movers
HIGHER: PetSmart (PETM), up 16% after activist investor Jana Partners disclosed that it has acquired a 9.9% stake and intends to have talks with PetSmartís board of directors and management regarding a review of strategic alternatives including exploring a sale... American Apparel (APP), up 9.6% after deposed CEO Dov Charney reportedly surrendered his entire stake and voting rights in the retailer to hedge fund Standard General, according to Reuters... International Speedway (ISCA), up 4% after reporting Q2 adjusted EPS and revenue that beat expectations... PACCAR (PCAR), up 4% after research reports said Daimler's (DDAIY) truck chief claimed to have been told that Volkswagen (VLKAY) wants to take over the truck maker, though a spokesman for Volkswagen told Dow Jones that there is "no truth" to the reports that it is planning an acquisition bid... lululemon (LULU), up 3.7% after The Wall Street Journal reported last night, citing people familiar with the situation, that the company's founder has been talking to private equity firms through advisers about taking the company private. LOWER: Regado Biosciences (RGDO), down 54% after announcing that the Data Safety Monitoring Board has initiated an unplanned review of data from the REGULATE-PCI trial and the stock was downgraded to Underperform from Outperform at Wedbush... NQ Mobile (NQ), down 21.5% after reporting that its auditor, PwC, has requested to expand the scope of its 2013 audit work and that the audit committee chair is stepping down from the board... BIND Therapeutics (BIND), down 13% after announcing Amgen (AMGN) will not be exercising its development option under the companies' collaborative research program.
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November 25, 2015
16:01 EDTAMGNAmgen submits Biologics License Application to FDA for ABP 501
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06:23 EDTLULUlululemon implied volatility of 61 at upper end of index mean range
November 24, 2015
08:51 EDTLULUExpress American Eagle lululemon business trends strong, says BMO Capital
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05:58 EDTLULUlululemon implied volatility of 62 at upper end of index mean range
05:42 EDTAMGNAmgen announces EU approval of Blincyto
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November 23, 2015
16:20 EDTLULUOn The Fly: Top stock stories for Monday
The buyers and sellers spent most of the day in a tug-of-war, sending the averages back and forth across the flat line. The market is coming off one of its best weeks of the year and spent the day consolidating its most recent gains. The price of crude acted much like equities, as it too moved back and forth across the flat line and was virtually unchanged in the end. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing PMI for November fell 1.5 points to 52.6, missing expectations for a 54.0 reading. Existing home sales dropped 3.4% to a 5.36M rate in October, lower than the forecast for a 5.4M rate. The Chicago Fed National Activity Index showed a reading of -0.04, versus the expected +0.05 reading. In Europe, Markit's composite services and manufacturing PMI rose to 54.4 in October from a prior reading of 53.9. That reading marks the euro-area's highest level since May 2011. COMPANY NEWS: The well-telegraphed deal to create the world's largest drugmaker was made official this morning, though shares of both of the merging companies sold off as investors continue to fret that the U.S. government may step in to block the transaction, or at least make it less lucrative due to tax code changes. Pfizer (PFE) announced it will combine with Allergan (AGN) in a stock transaction valued at $363.63 per Allergan share on November 20 in a deal with a total enterprise value of approximately $160B. However, Allergan shares declined $10.74, or 3.56%, to $301.70 following the announcement, while Pfizer dipped 86c, or 2.69%, to $31.32... Alcoa (AA) rose 38c, or 4.37%, to $9.07 after activist investor Elliott Management revealed a 6.4% stake, saying it seeks to engage in a "constructive dialogue" regarding the company's recently announced spinoff plans as well as a number of added opportunities it sees to maximize shareholder value... In other activist investor news, Carl Icahn turned up the heat on AIG (AIG) CEO Peter Hancock, saying his talks with Hancock make it "abundantly clear" that he is not willing to take the steps that Icahn has pushed for, including the suggestion that the insurer break up to shrink below the threshold for systemically important financial institutions. Icahn intends to soon commence a consent solicitation, which may include a proposal to add a new director who would agree in advance to succeed Hancock as CEO if asked by the board to do so. MAJOR MOVERS: Among the notable gainers was Tyson Foods (TSN), which rallied $4.44, or 10.17%, to $48.09 after the meat producer reported better than expected quarterly revenue and gave guidance for fiscal 2016. Also higher was lululemon (LULU), which rose another 7% to $52.77, adding to recent gains, as speculation over a possible takeover by a larger rival, such as Under Armour (UA) or Nike (NKE), persists, fueled by continued media mentions. Among the noteworthy losers was GameStop (GME), which fell $1.64, or 4.18%, to $37.62 after reporting weaker than expected Q3 results. Electronic Arts (EA) also slipped 4.75% to $68.98 after GameStop made comments about its "Star Wars Battlefront" game falling short of expectations so far, though several analysts contended the game retailer's comments should be taken with a grain of salt, cautioning that a shift to digital sales may be playing a role in that apparent softness. INDEXES: The Dow fell 31.13, or 0.17%, to 17,792.68, the Nasdaq lost 2.44, or 0.05%, to 5,102.48, and the S&P 500 slipped 2.58, or 0.12%, to 2,086.59.
14:10 EDTAMGNAmgen's PCSK9 inhibitor Repatha gets exclusive deal with CVS
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13:25 EDTLULULululemon adds to gains as takeover speculation persists
Shares of Lululemon Athletica (LULU) rose in afternoon trading as speculation over a possible takeover by a larger rival persists, fueled by continued media mentions. WHAT'S NEW: On Friday, dealReporter credited a Thursday gain for Lululemon to "unsubstantiated rumors" that Under Armour (UA is seeking to make a $62 per share takeover bid for the yoga apparel maker. DealReporter said that Under Armour may not be the best fit to acquire Lululemon based on differences in branding, marketing and culture, but said that Nike (NKE) would be a better fit to take over the apparel company, since it is in the "right position at the right time" to make such a deal work, contacts told The Fly. WHAT'S NOTABLE: Three days after dealReporter commented on the rumors, the New York Post said today that there was "plenty of chatter" that Lulu and Under Armour were in discussions over a possible deal, noting that the latter company has been "actively seeking" growth in the women's sportswear sector. The Post noted that Bloomberg Gadfly suggested that Nike should be spending $7.5B to acquire Lululemon instead of using that money for a $12B buyback. PRICE ACTION: In afternoon trading, Lululemon rallied 5% to $51.76. Over the past five days, Lululemon is up nearly 15%. Reference Link
November 22, 2015
15:03 EDTAMGNMerck reports multiple data sets from Keytruda combination studies
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November 20, 2015
09:36 EDTLULUNike, not Under Armour, should buy lululemon, dealReporter says
Lululemon (LULU) gained 3.6% yesterday, which dealReporter credits to "unsubstantiated rumors" that Under Armour (UA) was planning to make a $62 per share takeover bid. Given the differences in their branding, marketing, and culture, dealReporter said it is not sure such a deal would be a good fit, but added that it believes Nike (NKE) is in the "right position at the right time" to make such an acquisition of lululemon work, contacts tell The Fly.
November 19, 2015
16:06 EDTAMGNAmgen's Kyprolis approved for multuple myeloma by European commission
Amgen announced the European Commission granted marketing authorization for Kyprolis in combination with lenalidomide and dexamethasone for the treatment of adult patients with multiple myeloma who have received at least one prior therapy. The EC approved Kyprolis based on data from the pivotal Phase 3 ASPIRE trial. The study showed that patients treated with Kyprolis in combination with lenalidomide and dexamethasone had increased median time to progressive disease or death by 8.7 months compared to patients treated with lenalidomide and dexamethasone. Approval from the EC grants a centralized marketing authorization with unified labeling in the 28 countries that are members of the EU. Norway, Iceland and Liechtenstein, as members of the European Economic Area, will take corresponding decisions on the basis of the decision of the EC. Amgen plans to submit data from the Phase 3 ENDEAVOR trial for potential authorization of Kyprolis in combination with dexamethasone in the EU. This data also serves as the basis of the supplemental New Drug Application of Kyprolis in combination with dexamethasone for patients with relapsed multiple myeloma, which has been accepted for priority review by the FDA.
11:00 EDTLULUlululemon November calls active on renewed takeover speculation
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10:55 EDTLULURumor: lululemon strength attributed to renewed takeover speculation
The Fly, in fulfilling its mission of explaining stock movement, often comes across the many unconfirmed rumors being passed through trading desks and social media platforms. On the occasion that rumors or speculation appear on The Fly's news feed, it should be viewed not as giving credence to the conjecture, rather as simply highlighting its impact on the stock prices of the companies involved.
November 18, 2015
16:43 EDTBINDBIND Therapeutics gets $4M milestone payment from AstraZeneca
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08:02 EDTBINDBIND says AstraZeneca initiates patient dosing in AZD2811 Phase 1 trial
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06:58 EDTNQNQ Mobile enters into binding agreement to sell Beijing Tianya
NQ Mobile announced it has entered into a legally binding agreement to sell 100% of the equity interest in Beijing Tianya , which operates NQ Mobile's mobile health applications related business, to Tack Fiori International Group, a Cayman Islands company listed in Hong Kong, for an aggregate consideration of $40M. Beijing Tianya is a wholly owned subsidiary of Beijing NQ Technology Co., Ltd., NQ Mobile's consolidated affiliated entity in China. The company's board has approved both the transaction and the Agreement. The closing of the transaction is subject to the condition that Tack Fiori obtains the necessary approvals, including shareholder approval, to complete the transaction, as well as additional customary closing conditions, and the satisfaction and compliance of all relevant requirements under the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange Limited.
November 16, 2015
17:02 EDTLULUPoint72 added to lululemon position, subtracted from Netflix position
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16:05 EDTAMGNAmgen to present eight IMLYGIC abstracts
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November 13, 2015
10:50 EDTLULUOptions with increasing implied volatility
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