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Stock Market & Financial Investment News

News For GSK;TEVA;NVS;GNK;JNJ;ACT;PFE;BMY;MYL From The Last 14 Days
Check below for free stories on GSK;TEVA;NVS;GNK;JNJ;ACT;PFE;BMY;MYL the last two weeks.
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April 4, 2014
12:00 EDTGNKGenco Shipping rises 37.9%
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11:24 EDTGNKGenco Shipping downgraded to Sell from Hold at Maxim
Maxim downgraded Genco following the reorganization plan that provides warrants in the new company to existing shareholders.
10:45 EDTTEVA, MYLMylan rises despite Meda rejecting takeover offer
Mylan (MYL) shares are higher this morning following a Financial Times report of its desire to buy Swedish rival Meda. Subsequent to the story being published, Meda confirmed it had been in talks with Mylan but rejected the company's takeover offer. WHAT'S NEW: The Financial Times reported that Mylan was considering buying Meda, a Swedish drugmaker, in a deal that would create a $23B+ pharmaceuticals business. Mylan reportedly hired advisers to put a deal together for Meda, and though the value of a deal was not noted, sources said Mylan was likely to pay a "significant" premium to Meda's market value, which was $4.5B at the end of trading on Thursday. Mylan's market value currently stands at $18.5B. A combination of the drugmakers would create a company with annual revenues of around $9B, the FT said, noting that would be half the size of generic drug rival Teva (TEVA). WHAT'S NOTABLE: Meda's board of directors confirmed that it was contacted by Mylan regarding a proposal to merge the companies, but the board decided to reject the proposal. Meda said all discussions between the company and Mylan have been terminated "without further actions." ANALYST REACTION: Citigroup upgraded Mylan to Buy from Neutral and raised its price target on the stock to $61 from $52 this morning. The firm cited potential operational and tax benefits from an acquisition of Meda, stating that in addition to expanding Mylan's geographic presence, the deal would increase its presence in specialty, OTC and branded generics. OTHER NEWS: Mylan sued Celgene (CELG) to block that company's efforts to keep generic versions of Revlimid and Thalomid off the market, Reuters reported. PRICE ACTION: Mylan shares are up $2.98, or 5.98%, to $52.84 in mid-morning trading.
10:42 EDTGNKHigh option volume stocks: FENG GNK JRJC DLLR SPN
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10:03 EDTGNKGenco Shipping in restructuring support agreement with certain lenders
Genco Shipping & Trading disclosed in a regulatory filing last night that the company and certain subsidiaries entered into a restructuring support agreement with certain lenders. The support agreement provides, subject to its terms and conditions, among other things, that the supporting creditors agree to timely vote to accept the proposed plan of reorganization contemplated by the agreement, support approval of the disclosure statement in respect of the plan and the cash collateral order contemplated, neither join in nor support any objection to the disclosure, the cash collateral order, the solicitation procedures, or the plan, or otherwise commence any proceeding to oppose or alter any of the terms of the plan or any other document filed by Genco in connection with its confirmation, and use commercially reasonable efforts to support, consent, and take other actions in connection with the company’s restructuring and the Chapter 11 case. The plan would entail, among other things, a $100.0M rights offering for 8.7% of the pro forma equity in reorganized Genco, subject to dilution by the New Genco Warrants and the MIP Warrants. Eligible 2007 Facility lenders will have the right to participate in up to 80% of the rights offering, which portion will be backstopped by supporting 2007 Facility lenders, and eligible holders of Convertible Notes will have the right to participate in up to 20% of the rights offering, which portion will be backstopped by the supporting noteholders.
10:02 EDTMYLOn The Fly: Analyst Upgrade Summary
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10:00 EDTGNKGenco Shipping rises 77.8%
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09:36 EDTGNKActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TSLA MU GNK AMZN FB GILD MA NFLX
09:13 EDTMYLOn The Fly: Pre-market Movers
HIGHER: Mylan (MYL), up 6.8% after report of desire to buy Swedish rival Meda, which confirmed it had been in talks with Mylan but rejected the company's takeover offer. Shares of Mylan were also upgraded to Buy this morning at Citigroup... Mercury Systems (MRCY), up 8.8% after Reuters said Boeing (BA) is considering a takeover bid of the supplier..Micron (MU), up 3% after reporting earnings and revenue that topped expectations... Align (ALGN), up 6% after winning patent case against ClearCorrect... GameStop (GME), up 2.8% following upgrade at BofA Merrill Lynch... Potbelly (PBPB), up 4.6% after upgrade at William Blair.... SYNNEX (SNX), up 18.5% after earnings report. LOWER: CarMax (KMX), down 3.3% after reporting earnings and revenue that fell below expectations... Halozyme (HALO), down 33% after announcing temporary halt of Phase 2 trial enrollment for PEGPH20... Ocean Power (OPTT), down 15% after 3.8M share Spot Secondary priced at $3.10.
09:07 EDTMYLMylan off highs, shares still up 5% after Meda ends takeover talks
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09:06 EDTMYLMeda ends talks with Mylan, rejects takeover proposal
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09:02 EDTMYLMeda says 'decided to reject' proposal from Mylan
09:00 EDTMYLMylan rises 10.7%
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08:46 EDTMYLMylan upgraded to Buy from Neutral at Citigroup
Citigroup upgraded Mylan to Buy citing potential operational and tax benefits from an acquisition of Swedish-based Meda. Mylan is in preliminary talks to acquire Meda, according to the Financial Times. Citi raised its price target for shares to $61 from $52.
08:39 EDTMYLMylan upgraded to Buy from Neutral at Citigroup
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07:45 EDTMYLMylan volatility expected to move on looking at buying Swedish drug maker Meda
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06:49 EDTMYLMylan sues Celgene for blocking Thalomid, Revlimid generics, Reuters says
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06:44 EDTMYLMeda chairman says firm had preliminary discussions with Mylan, Reuters says
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06:29 EDTGSKGlaxoSmithKline cuts China employees amid probe, WSJ reports
According to a source, as it deals with a bribery probe in Beijing, GlaxoSmithKline is cutting employees in China, the Wall Street Journal reports. It is unclear how many of Glaxo's 7,000 employees in China have been let go. Reference Link
06:08 EDTMYLMylan eyes takeover of Swedish rival Meda, FT reports
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