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Stock Market & Financial Investment News

News For PFE;ACT;JNJ;NVS;TEVA;MYL;GNK;BMY;GSK From The Last 14 Days
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April 24, 2015
16:31 EDTTEVA, MYLStocks finish week higher following strong tech earnings
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12:12 EDTMYLPerrigo rejects new Mylan offer, says lower than previous proposal
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12:10 EDTMYLPerrigo rejects Mylan takeover offer
12:02 EDTTEVA, MYLPerrigo plans to reject Mylan new offer, Bloomberg reports
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11:29 EDTMYLPerrigo could reject Mylan bid as early as today, Bloomberg reports
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09:55 EDTMYLMylan offer for Perrigo currently valued near $222 per share
Shares of Mylan (MYL) are little change in morning trading at $74. At 2.2 Mylan shares plus $60 cash, Mylan's formal offer to acquire Perrigo for $60 cash and 2.2 Mylan shares per Perrigo share equates to about $222 per Perrigo share, using Mylan's current share price. Perrigo shares are down about 1% to $199.15 in early trading after Mylan made its offer formal under Irish takeover law via a Rule 2.5 announcement.
09:49 EDTMYLMylan says 'steadfast' in offer to acquire Perrigo
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09:48 EDTMYLMylan offers $60 cash, 2.2 Mylan shares for each Perrigo share in buyout offer
Mylan (MYL) issued a Rule 2.4 announcement under the Irish Takeover Rules stating that it had made a non-binding proposal to acquire Perrigo (PRGO) for $205 in a combination of cash and Mylan stock for each Perrigo share. The Rule 2.4 announcement followed the delivery of that proposal to Perrigo's Chairman on April 6. Mylan issued a Rule 2.5 announcement setting forth its legally-binding commitment to commence an offer for the entire issued and to be issued share capital of Perrigo. Under the terms of the offer announced today, Perrigo shareholders will receive $60 in cash and 2.2 Mylan ordinary shares for each Perrigo ordinary share. Mylan expects the combination will result in at least $800M of annual pre-tax operational synergies by the end of year four following the consummation of the offer. The transaction is expected to be immediately accretive to EPS on a fully-synergized basis and it is anticipated that substantial free cash flows will drive rapid deleveraging and enhanced reinvestment into the business, with the combined company expected to maintain its investment grade credit profile. "The synergy estimate was prepared using a sound process and was independently reported on by the Irish firm of PricewaterhouseCoopers and Goldman Sachs International in accordance with the requirements of the Irish Takeover Rules," Mylan said.
09:46 EDTMYLMylan to start formal offer to buy Perrigo for $60 cash, 2.2 Mylan shares
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09:27 EDTACTActavis' Dalvance shows positive Phase 3 results for skin infections
Actavis announced positive top-line results for study DUR001-303, a phase 3 study comparing a single 1500 mg dose of Dalvance with the same total dose given as two-doses one week apart, for the treatment of acute bacterial skin and skin structure infections caused by susceptible Gram-positive bacteria, including methicillin resistant Staphylococcus aureus. Preliminary top-line data demonstrated the 1500 mg single-dose of Dalvance achieved its primary endpoint of non-inferiority to the two-dose regimen at 48-72 hours after initiation of therapy. Actavis plans to file a supplemental New Drug Application with these data in Q3.
08:09 EDTBMYBristol-Myers May weekly volatility elevated into Q1 and outlook
Bristol-Myers May weekly call option implied volatility is at 27, May is at 21, June is at 22, September is at 22; compared to its 26-week average of 22 according to Track Data, suggesting large near term price movement into the expected release of Q1 results on April 28.
07:47 EDTBMYBristol-Myers receives positive CHMP opinion in EU for Opdivo
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07:24 EDTMYL, TEVAMylan price target raised to $82 from $65 at Deutsche Bank
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07:11 EDTGSKAgenus: GSK's RTS,S vaccine showed statistically significant results in study
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07:09 EDTACTCipher Pharmaceuticals announces Markman hearing in Absorica patent suit
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05:53 EDTMYLStocks with implied volatility movement; SFUL MYL
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April 23, 2015
14:20 EDTJNJEarnings Watch: Google up close to 8.5% since last earnings report
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14:03 EDTTEVAActive Biotech AB, Teva enroll first patient in Phase 2 study of Laquinimod
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12:32 EDTTEVA, MYLTeva working with FTC on path toward Mylan deal approval, CT Financial News says
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11:02 EDTJNJJohnson & Johnson increases dividend by 7.1% to 75c
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10:02 EDTJNJAbbVie says communication with Johnson & Johnson has been 'very positive'
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09:52 EDTNVSEli Lilly sees at least $200M in savings from Novartis Animal Health acquisition
09:01 EDTTEVATeva presents data comparing early treatment with Copaxone to delayed start
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08:16 EDTACTActavis launches Avycaz anti-infective in U.S.
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07:59 EDTMYLMylan launches generic sofosbuvir tablets in India
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07:16 EDTMYL, TEVAMylan the safest bet in generic drug company takeover battle, says Bernstein
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05:25 EDTNVSNovartis backs FY15 revenue guidance of growth in mid-single digits
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05:22 EDTNVSNovartis reports Q1 Core EPS $1.33, consensus $1.10
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April 22, 2015
16:00 EDTMYLOptions Update; April 22, 2015
iPath S&P 500 VIX Short-Term Futures down 22c to 21.30. Option volume leaders: AAPL TSLA TWTR MCD FB PBR AMZN KMI MYL C according to Track Data.
12:04 EDTTEVA, MYLTeva may need to raise Mylan bid above $90 per share, analysts say
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09:56 EDTMYL, TEVAMylan planning firmer offer for Perrigo, CNBC's Faber reports
Mylan (MYL) is planning to announce a firmer takeover offer for Perrigo (PRGO) that will include financing commitments and ticking fees, CNBC's David Faber reports, citing people familiar with the matter. It is unclear if the offer will include a higher buyout price of $205 per share, Faber added.
09:44 EDTTEVA, MYLSources: Mylan planning new offer for Perrigo, CNBC's Faber says
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09:08 EDTMYL, TEVATeva price target raised to $75 from $64 at Argus
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08:43 EDTTEVA, MYLHostile bids carry low success rates, says Leerink
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08:42 EDTTEVA, MYLMylan likely to seek higher offer from Teva, says Bernstein
after Teva (TEVA) offered to buy Mylan (MYL) for $82 per share, Bernstein expects Mylan to seek an offer closer to $90. The firm also expects Mylan to seek shared management and perhaps some protection for its employees. Bernstein expects Teva to attempt to convince Mylan shareholders of the merits of its offer and Mylan to attempt to convince Perrigo (PRGO) shareholders of the merits of its offer and its own shareholders of the risks associated with the Teva deal. Bernstein keeps Outperform ratings on Teva and Mylan.
08:31 EDTMYL, TEVATeva files for Hart Scott Rodino notification regarding proposed Mylan purchase
Teva Pharmaceutical Industries (TEVA) announced that it has filed for premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with the U.S. Department of Justice Antitrust Division and the Federal Trade Commission regarding its proposed acquisition of Mylan N.V. (MYL). As announced on April 21, 2015, Teva proposed to acquire Mylan for $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. Tevaís proposal for Mylan implies a total equity value of approximately $43 billion and an enterprise value of approximately $50 billion. The Teva Board and management team are committed to consummating a transaction as soon as possible. The acquisition proposal would provide Teva stockholders with very attractive strategic and financial benefits and Mylan stockholders with a substantial premium and immediate value for their shares, as well as the opportunity to participate in the significant upside potential of the combined company Ė one that would transform the global generics space and leverage it to hold a unique leadership position in the pharmaceutical industry. Teva has carefully studied the regulatory aspects of a combination of Teva and Mylan, in conjunction with its advisors. Teva is confident that it would be able to structure a transaction that would not contain material impediments to closing and that it can determine and promptly implement divestitures, as necessary, to gain regulatory clearances. Teva intends to work cooperatively with antitrust authorities and expects that the proposed transaction can be completed by year-end 2015. Tevaís proposal provides Mylan stockholders with a more attractive alternative to Mylanís proposed acquisition of Perrigo Company plc (PRGO), as announced on April 8, 2015, as well as to Mylan on a standalone basis. Tevaís proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, 2015, which is the last day of trading prior to Mylanís press release regarding its unsolicited proposal for Perrigo, and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva and Mylan. Barclays and Greenhill & Co. are serving as financial advisors to Teva. Kirkland & Ellis LLP and Tulchinsky Stern Marciano Cohen Levitski & Co are serving as legal counsel to Teva, with De Brauw Blackstone Westbroek N.V. and Loyens & Loeff N.V. acting as legal advisors in the Netherlands.
07:37 EDTACTOrexigen and Takeda receive Paragraph IV certification notice
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07:27 EDTMYL, TEVAPiper sees more sense in Teva buying Perrigo than Mylan
Piper Jaffray says that while a potential acquisition of Mylan (MYL) by Teva (TEVA) would bring major cost synergies and meaningful earnings accretion, it would not significantly improve the limited visibility on long-term top-line and earnings growth for Teva. Piper sees more strategic sense in Teva acquiring Perrigo (PRGO). Such a deal would drive multiple expansion for Teva since Perrigo's Consumer Health and Nutritionals businesses can offer a "much higher level of visibility on robust long-term earnings growth" than what Mylan can offer Teva, Piper tells investors today. The firm reiterates a Neutral rating on shares of Teva.
07:14 EDTTEVA, MYLTeva Mylan deal more likely to get done than Mylan Perrigo deal,says Wells Fargo
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07:07 EDTBMYEuropean Association for the Study of the Liver to hold annual meeting
50th Annual Meeting of EASL will be held in Vienna, Austria on April 22-26.
07:00 EDTMYLPerrigo price target raised to $203 from $187 at Jefferies
Jefferies raised its price target for Perrigo (PRGO) to $203 after the company rejected Mylan's (MYL) takeover bid of $205 per share. The firm believes Perrigo "left the door wide open" for a higher, more definitive bid. It sees a 40% chance of either Mylan or another suitor acquiring Perrigo. The firm keeps a Buy rating on the stock.
06:31 EDTMYL, TEVAMylan likely to improve offer for Perrigo, says Citigroup
Citigroup believes Mylan's (MYL) board will likely reject Teva's (TEVA) initial takeover offer of $82 per share and present an improved proposal to acquire Perrigo (PRGO). Citi continues see a potential Teva-Mylan combination as more value accretive for Mylan shareholders than a potential Mylan-Perrigo combination. It keeps a Neutral rating on Mylan.
06:30 EDTTEVA, MYLMylan shareholders urge board to consider Teva offer, Reuters reports
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April 21, 2015
16:26 EDTMYL, TEVAOn The Fly: Top stock stories for Tuesday
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16:11 EDTMYLPerrigo board rejects Mylan bid, says offer undervalues company
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16:09 EDTMYLPerrigo board unanimously rejects unsolicited proposal from Mylan
14:57 EDTTEVA, MYLPerrigo puts active on Teva proposal to acquire Mylan
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14:51 EDTMYLMylan price target raised to $90 from $65 at UBS
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14:43 EDTTEVA, MYLPerrigo set to reject Mylan bid as soon as this week, Reuters says
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14:12 EDTMYLPerrigo seen rejecting Mylan bid as soon as this week, Reuters says
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13:51 EDTTEVAEarnings Watch: Amgen's Enbrel, Neulasta sales key for Q1 results
Amgen (AMGN) is scheduled to report first quarter earnings after the market close on Tuesday, April 21 with a conference call scheduled for 5:00 pm ET. Amgen, a biotechnology medicines company, engages in the discovery, development, manufacture, and marketing of human therapeutic products in the areas of supportive cancer care, inflammation, nephrology, and bone diseases. EXPECTATIONS: Analysts are looking for earnings per share of $2.10 on revenue of $4.91B, according to First Call. The consensus range for EPS is $1.91-$2.25 on revenue of $4.62B-$5.13B. LAST QUARTER: Amgen reported fourth quarter EPS of $2.16 against estimates of $2.05 on revenue of $5.33B against estimates of $5.2B. With its Q4 report, Amgen also reiterated its fiscal year EPS view of 9.05-$9.40, on revenue of of $20.8B-$21.3B. Total product sales increased 8% for Q4 versus Q4 of 2013. The increase was driven primarily by Enbrel, Neulasta, Prolia, XGEVA and Vectibix .Growth for the quarter was due primarily to higher unit demand, and to a lesser extent, price. Product sales increased 6% for the full year driven by strong performance across the portfolio. STREET RESEARCH: On March 23, Piper Jaffray said the "positive" trial data Teva (TEVA) reported for its anti-CGRP antibody in migraines is another important validation for the class of drugs that is also being worked on by Amgen, Eli Lilly (LLY), and Alder Biopharmaceuticals (ALDR). The firm said it thinks Amgen is one of the leaders in CGRP antibody space and reiterated its Overweight rating and $187 price target on Amgen shares. On March 16, RBC Capital said it believes that data presented by Amgen on its evolocumab drug for hyperlipidemia.was "very positive." The firm expects the drug to be approved in late summer. It predicts that revenue from the drug will ramp modestly and steadily, and then accelerate after positive studies of the drug's effects are released in 2017. RBC Capital estimates that worldwide revenue from the drug will peak at $2.5B+. It keeps an Outperform rating on Amgen. PRICE ACTION: Amgen shares are higher by around 6% since its last earnings report on January 27, and are up 1.25% to to $168.06 in afternoon trading ahead of Tuesday's earnings report.
13:41 EDTTEVA, MYLTeva shares should be accumulated at current levels, says Cowen
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12:33 EDTTEVA, MYLOn The Fly: Top stock stories at midday
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12:22 EDTTEVA, MYLMylan upgraded to Market Perform after Teva bid at BMO Capital
BMO Capital upgraded Mylan (MYL) to Market Perform from Underperform saying the stock is unlikely to underperform in the short term following Teva's (TEVA) hostile takeover bid of $82 per share. BMO expects Mylan shareholders will either extract a higher big from Teva, or the company will successfully defend against the takeover "with an even more compelling future." The firm raised its price target for Mylan shares to $75 from $41. It coupled the upgrade with a downgrade of Teva to Market Perform.
12:17 EDTMYL, TEVABMO Capital downgrades Teva, says Mylan deal 'neither bold nor compelling'
BMO Capital downgraded Teva (TEVA) to Market Perform from Outperform after the company bid $82, to be paid equally in cash and stock, for Mylan (MYL), as the firm views the proposed deal as "neither bold nor compelling" The firm thinks the deal is largely driven by a goal to be the largest, rather than the best, generics drugmaker and BMO believe the integration process would be hard for the companies. The firm also thinks the final outcome and price to be paid after a merger negotiation is uncertain and depends on how hard Mylan will fight. BMO simultaneously upgraded Mylan to Market Perform from Underperform after Teva came forward with its bid.
12:06 EDTMYLMylan upgraded to Market Perform from Underperform at BMO Capital
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12:05 EDTTEVATeva downgraded to Market Perform from Outperform at BMO Capital
11:57 EDTMYL, TEVAAkorn rises, Perrigo slips after Teva makes long-rumored Mylan bid
The shares of drugmaker Akorn (AKRX) are rising after Israeli pharmaceutical company Teva (TEVA) earlier today made a takeover bid for another company in the space, generic drugmaker Mylan (MYL). WHAT'S NEW: Teva announced an $82 per share takeover bid for generic drug maker Mylan earlier today. The latter company said that Teva's takeover offer is a more attractive option for it than acquiring another generic drug maker, Perrigo (PRGO). On April 8, Mylan made a $205 per share takeover offer for Perrigo. Teva's bid comes less than a week after Mylan Chairman Robert Coury said that rumors of potential interest from Teva had been "circulating for some time," but that such a combination was "without sound industrial logic or cultural fit" and would be unlikely to receive antitrust regulatory clearances. ANALYST OPINION: In a note to investors on April 15, RBC Capital analyst Randall Stanicky wrote that Perrigo may have been engaging other companies in talks after Mylan came public with its takeover offer. Stanicky said he saw no clear competing bidder for Perrigo, however, and used a $230 per share takeover while analyzing possible deals. The analyst added that Acorn is well-positioned as a derivative takeover target following Mylan's offer for Perrigo, noting Acorn's strong growth and high tax rate. In a note to investors yesterday, Citigroup said it believed a potential takeover of Mylan by Teva would have to be friendly after its legal due diligence indicated Mylan's poison pill "presents a legitimate roadblock" to a potential hostile takeover. Citi estimated an $80 per share bid for Mylan would be 25%-35% accretive from 2016 onward for Teva while a $90 per share bid would be 20%-30% accretive. The firm added that it believes it is likely that Mylan received resistance from shareholders since the announcement of its proposed acquisition of Perrigo. PRICE ACTION: In late morning trading, Akorn rose 2.2% to $55.85, Perrigo dropped 2.4% to $193.24, Mylan jumped 9.3% to $74.39, and Teva rose 2.1% to $64.64.
10:01 EDTPFEPfizer receives FDA breakthrough therapy designation for Xalkori
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10:00 EDTBMYOn The Fly: Analyst Upgrade Summary
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09:37 EDTMYLActive equity options trading on open
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09:22 EDTTEVA, MYLOn The Fly: Pre-market Movers
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09:18 EDTTEVA, MYLMylan volatility elevated into Teva proposing to acquire
Mylan (MYL) overall option implied volatility of 43 compares to its 26-week average of 31 according to Track Data, suggesting large price movement into Teva (TEVA) proposing to acquire all of the outstanding shares in a transaction valued at $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock.
09:12 EDTTEVA, MYLTeva volatility elevated into proposing to acquire Mylan
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09:01 EDTMYL, TEVAPerrigo drops after Teva calls Mylan offer more attractive alternative
Shares of Perrigo (PRGO) are moving lower after Teva (TEVA) announced a proposal to acquire Mylan (MYL) in a transaction valued at $82.00 per share, consisting of 50% cash and 50% stock. Mylan on April 8 proposed to acquire Perrigo for $205 per share. In its press release this morning, Teva said its proposal "provides Mylan stockholders with a more attractive alternative to Mylan's proposed acquisition of Perrigo." The proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, it pointed out. Teva added, "We have long respected Mylanís business, and we are confident that Mylanís Board of Directors and stockholders will agree that our proposal represents a significantly more attractive alternative for Mylan and its stockholders than Mylanís proposed acquisition of Perrigo." Citigroup analysts yesterday said they believe any potential takeover of Mylan by Teva would have to be friendly after legal due diligence indicated Mylan's poison pill "presents a legitimate roadblock" to a potential hostile takeover. In pre-market trading, Perrigo is down $2.18 to $195.56 while Mylan is up $5.46 to $73.50. Teva is up $1.66 to $64.95.
08:54 EDTTEVA, MYLPerrigo drops 2.2% to $193.74 after Teva proposes to acquire Mylan
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08:52 EDTTEVA, MYLTeva CEO says proposal compelling for both Teva, Mylan stockholders
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08:50 EDTTEVA, MYLTeva sees Mylan deal yielding non-GAAP EPS accretion in mid-teens in first year
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08:48 EDTMYL, TEVATeva expects proposed Mylan deal could be completed by year-end 2015
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08:47 EDTMYL, TEVAMylan jumps 8% to $73.50 after Teva proposes $82 per share takeover bid
08:46 EDTMYL, TEVATeva offers to acquire Mylan for $82.00 per share in cash and stock
Teva Pharmaceutical Industries (TEVA) announced a proposal to acquire all of the outstanding shares of Mylan N.V. (MYL) in a transaction valued at $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. The Teva cash and stock proposal provides Mylan stockholders with a substantial premium and immediate cash value, as well as significant potential for future value creation through participation in a financially and commercially stronger company. Tevaís proposal also provides Mylan stockholders with a more attractive alternative to Mylanís proposed acquisition of Perrigo Company plc (PRGO), as announced on April 8, 2015, as well as to Mylan on a standalone basis. Tevaís proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, 2015, which is the last day of trading prior to Mylanís press release regarding its unsolicited proposal for Perrigo, and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva and Mylan. The proposed combination of Teva and Mylan would create a leading company in the pharmaceutical industry, well positioned to transform the global generics space. The combined company would leverage its significantly more efficient and advanced infrastructure, with enhanced scale, production network, end-to-end product portfolio, commercialization capabilities and geographic reach. With this platform, the combined company would focus on complex technologies and more durable and sustainable products, in combination with robust capabilities in specialty drug development and commercialization. As a result, the combined company would have a unique and differentiated business model addressing significant trends and discontinuities prevailing today among patients and healthcare systems around the world. The combined company would also have an enhanced financial profile, creating the opportunity for rapid deleveraging and the funding of future growth Ė in generics, specialty and the intersection of the two.
08:45 EDTMYL, TEVATeva offers to acquire Mylan for $82.00 per share in cash and stock
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08:41 EDTMYL, TEVAOptions expected to be active
Options expected to be active: UA TEVA PRGO MYL UTX QCOM VMW HOG CMG IBM VZ
08:18 EDTPFEPain Therapeutics resumes responsibility for Remoxy
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08:06 EDTPFEPfizer says Phase 3 inotuzumab ozogamicin study met first primary endpoint
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06:44 EDTBMYBristol-Myers upgraded on early Opdivo success at Morgan Stanley
As previously reported, Morgan Stanley upgraded Bristol-Myers to Overweight from Equal Weight. The firm raised estimates above consensus and increased its price target on the stock to $80 from $60 following confirmation of Opdivo's survival benefits in lung cancer. Morgan Stanley expects Opdivo to be one of the top three pharma-bio launches over the next several years and notes Bristol is ahead of the competition in immuno-oncology combination drug development.
06:15 EDTBMYBristol-Myers upgraded to Overweight from Equal Weight at Morgan Stanley
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06:01 EDTMYL, TEVATeva bid for Mylan could come today, Bloomberg reports
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05:26 EDTNVSNovartis says data shows Gilenya high efficacy
Novartis announced new analysis from the Phase III FREEDOMS and FREEDOMS II. The data showed that previously-treated patients with highly-active relapsing multiple sclerosis, or RMS, who were treated with Gilenya had a six-times greater likelihood of achieving 'no evidence of disease activity' across four key measures of disease activity compared to placebo over two years. This is referred to as NEDA4 and is achieved when a patient with RMS has no relapses, no new MRI lesions, no MS-related brain shrinkage and no disability progression. This analysis was the first time patients with highly-active RMS who had been treated in the previous year with an injectable therapy were assessed using the NEDA4 definition that includes brain shrinkage. Brain shrinkage is a marker of the widespread inflammatory damage in the central nervous system and is associated with accumulated loss of function. By using this updated NEDA4 definition, physicians are able to get a more complete picture of a patient's disease and response to treatment, which is crucial to identify the optimal therapy to slow short- and long-term disease progression. This is especially important for people with highly-active RMS, who are at a greater risk of relapses and future loss of function, and may therefore require a different treatment approach.
April 20, 2015
19:54 EDTMYLMylan looks to invest $5B in Indian operations, Times of India says
Mylan is looking to invest $5B to expand operations in India's Andhra Pradesh region, reports the Times of India, citing statements by Mylan SVP, legal, Rajeev Mukundan in a meeting with the US-India Business Council delegation. Reference Link
16:22 EDTACTActavis reports CCO Charles Mayr to retire for health reasons
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14:32 EDTJNJPharmacyclics patent for Imbruvica challenged by Hayman Capital's Bass
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12:31 EDTNVSOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday after Chinaís central bank relaxed reserve requirements for its banks. The nation's own stock market struggled to overcome the cross current of other actions taken to cut down on speculative trading there, but U.S. stock markets surged at the open and had not looked back by midday. The domestic economic calendar has quiet and earnings continue to be the focal point at home, as a great number of S&P 500 companies prepare to report this week. ECONOMIC EVENTS: In the U.S., the Chicago Fed National Activity Index had a reading of -0.42, versus expectations for a +0.10 reading. A reading below zero represents economic activity below trend. In China, the People's Bank of China cut the reserve-requirement ratio, or the amount of reserves lenders need to hold, by 1 full percentage point, which was the biggest cut since the depths of the financial crisis and more than expected by economists. However, the Shanghai Composite Index still dropped 1.6%, since the reserve-requirement cut came after regulators had moved to curb speculative trading with actions taken Friday. COMPANY NEWS: Shares of Morgan Stanley (MS) advanced 1% after the bank's headline earnings excluding certain adjustments and tax benefits beat expectations. CEO James Gorman noted that the first quarter of the year was the bank's "strongest quarter in many years with improved performance across most areas of the firm." Morgan Stanley also increased its quarterly dividend to 15c per share from 10c per share. MAJOR MOVERS: Among the notable gainers was Hasbro (HAS), which gained 10% after the toymaker's sales and profits widely topped expectations in its fiscal first quarter. Also higher was Rovi (ROVI), which gained more than 10% after the company announced it has renewed its patent license and interactive program guide product agreement with Charter Communications (CHTR). Among the noteworthy losers was FARO Technologies (FARO), which dropped 25% and was downgraded by Noble Financial and Needham after the preannounced lower than expected first quarter revenue. Also lower were a number of companies that are developing CAR-T cancer therapies following the annual meeting of the American Association for Cancer Research. Mizuho analyst Peter Lawson attributed the pullback to disappointment in this weekend's solid tumor data on a small number of patients with advanced cancers who were given CAR-T therapy developed by Novartis (NVS) and the University of Pennsylvania. Shares of Kite Pharma (KITE), Juno Therapeutics (JUNO), blue bird bio (BLUE), and ZIOPHARM Oncology (ZIOP) were all lower near noon. INDEXES: Near midday, the Dow was up 236.19, or 1.32%, to 18,062.49, the Nasdaq was up 59.54, or 1.21%, to 4,991.35, and the S&P 500 was up 21.82, or 1.05%, to 2,103.00.
11:44 EDTNVSCAR-T therapy stocks fall following cancer research meeting
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11:40 EDTTEVATeva may pay $512M to settle claims of delaying generic Provigil, Reuters says
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09:20 EDTNVSLeerink biotech analyst holds an analyst/industry conference call
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08:12 EDTBMYVanda names Tom Gibbs as SVP and Chief Commercial OfficerBristol-Myers
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08:12 EDTACTActavis's BOTOX label approved by FDA for spasticity treatment
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08:02 EDTPFEMerck KGaA, Pfizer initiate Phase III study with Avelumab
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07:20 EDTGSK, NVS, BMYAmerican Association for Cancer Research to hold annual meeting
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07:18 EDTACT, NVSAmerican Academy of Neurology to hold annual meeting
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07:01 EDTGSKPernix Therapeutics obtains six months U.S. pediatric exclusivity for Treximet
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06:59 EDTJNJJohnson & Johnson added to short-term buy list at Deutsche Bank
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06:39 EDTMYL, TEVACiti believes Teva, Mylan deal would have to be friendly
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06:05 EDTPFEProvectus receives notice of allowance for PV-10 combined with other drugs
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April 17, 2015
16:31 EDTMYL, JNJ, TEVAStocks end week lower amid earnings reports, fear about Greece, China
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16:24 EDTTEVA, MYLOn The Fly: Top stock stories for Friday
Stocks on Wall Street began the session deep in negative territory and remained there throughout the day. The losses were broad based, with the S&P 500 losing 1% and the Dow and Nasdaq each sliding about 1.5%. There was little in the way of buying, as the number of declining stocks dwarfed the number of advancing stocks. Fears about Greece exiting the euro, steps taken by securities regulators in China and inflation data here at home were all pointed to as potential contributors to the down day in the market. The slide also coincided with the expiration of options, which can lead to volatility and heavy volume. ECONOMIC EVENTS: In the U.S., the headline Consumer Price Index rose 0.2% in March, versus expectations for it to be up 0.3%. The "core" rate, excluding food and energy prices, rose 0.2%, as expected. The leading economic index rose 0.2% to 121.4 in March, versus expectations for it to be up 0.3%. The University of Michigan consumer sentiment index jumped 2.9 points to 95.9 in the preliminary print for April, topping expectations for a 94.0 reading. In China, announcements by Chinese securities regulators, the Shanghai and Shenzhen stock exchanges, and related bodies raised fears of a selloff in China. The China Securities Regulatory Commission imposed sanctions to try to control margin buying of stocks with borrowed money and the Securities Association of China said it will allow fund managers to lend stocks for short selling to increase the supply of shares. In Europe, strategists reportedly said a lack of progress in negotiations between Greece and its creditors had substantially increased the risk of Greece defaulting on its debt and even exiting the euro. COMPANY NEWS: Shares of both Comcast (CMCSA) and Time Warner Cable (TWC) dropped after Bloomberg, citing sources, reported that lawyers at the Justice Departmentís antitrust division are leaning toward making a recommendation to file suit to block the companies' proposed merger. Spokespeople for Comcast and TWC reportedly told Bloomberg they see "no basis" for a lawsuit to block the transaction. Comcast ended the day down $1.25, or 2.09%, to $58.42, while Time Warner Cable shares slid $8.59, or 5.43%, to $149.61... First the Wall Street Journal, then Bloomberg, reported that Teva Pharmaceutical (TEVA) is internally discussing a potential takeover bid for Mylan (MYL). Shares of both moved higher following the reports, which Mylan responded to by stating that it is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo (PRGO). Mylan Chairman Robert Coury said that rumors of potential interest from Teva have been "circulating for some time," but that such a combination is "without sound industrial logic or cultural fit" and would be unlikely to receive antitrust regulatory clearances. Coury added that Mylan's board would "carefully consider" a bid if any party makes an "actual offer" to acquire the company. Shares of General Electric (GE) reported a loss of $1.35 per share due to large charges related to its planned exit from the majority of its GE Capital business. Adjusting for special items, GE's operating earnings per share of 31c topped the consensus forecast by 1c. Additionally, GE said it has received "strong inbound interest" in its GE Capital assets following the company's April 10 investor update. MAJOR MOVERS: Among the notable gainers following their earnings reports were Celanese (CE), which rose $9.04, or 15.55%, to $67.18, and Mattel (MAT), which advanced $1.48, or 5.84%, to $26.75. Among the noteworthy losers after their quarterly reports were SerivceNow (NOW), which fell $9.55, or 11.53%, to $73.29, and Advanced Micro Devices (AMD), which dropped 29c, or 10.28%, to $2.58. INDEXES: The Dow declined 279.47, or 1.54%, to 17,826.30, the Nasdaq fell 75.98, or 1.52%, to 4,931.81, and the S&P 500 dropped 23.81, or 1.13%, to 2,081.18.
15:37 EDTTEVA, MYLMylan options active after reports Teva weighing potential bid
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15:05 EDTTEVA, MYLTeva weighing potential bid for Mylan, WSJ reports
Teva Pharmaceutical (TEVA) is weighing a takeover bid for Mylan (MYL), according to the Wall Street Journal, citing people familiar with the matter. This comes one week after Mylan made a $28.9B acquisition offer for Perrigo (PRGO), the Journal added. Reference Link
14:54 EDTMYLPerrigo trims losses after Mylan says committed to acquisition proposal
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14:51 EDTTEVA, MYLMylan says fully committed to Perrigo bid after speculation on Teva interest
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14:48 EDTTEVA, MYLMylan says tie-up with Teva 'without sound industrial logic or cultural fit'
14:47 EDTMYLMylan says fully committed to stand-alone strategy, proposal to buy Perrigo
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14:32 EDTMYLMylan spikes higher, levels to watch
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14:31 EDTMYL, TEVAMylan jumps after reports of potential bid from Teva
Shares of Mylan (MYL) jumped in afternoon trading after The Wall Street Journal and Bloomberg separately reported that Teva (TEVA) is exploring a takeover offer for the company. Both reports, which each cited sources, said Teva is evaluating a bid internally, but that the company has not made any formal offer as of yet. WHAT'S NOTABLE: In a note to investors this morning, analysts at Cowen said the approval of a generic version of Teva's 20mg Copaxone should spur management to make a value-creating decision to acquire Mylan. The firm also believes in Teva's skill in protecting its Copaxone asset and said now is the time to pursue aggressive strategic actions. Cowen reiterated its Outperform rating and $100 price target on Teva shares. ANOTHER TO WATCH: On April 8, Mylan announced that it delivered to Perrigo's Chairman on April 6 a non-binding proposal to buy the company for $205 per share in a combination of cash and Mylan stock. RBC Capital analyst Randall Stanicky said earlier this week he believed Perrigo may be engaging other companies in talks after Mylan made its offer public. Stanicky sees no clear competing bidder for Perrigo, however, and used a $230 per share takeover while analyzing possible deals. PRICE ACTION: In afternoon trading, Mylan shares rose 5.6% to $70.58, Teva added 3.7% to $65.53 and Perrigo fell 2.5% to $193.99.
14:23 EDTMYL, TEVAMylan jumps after Dow Jones says Teva considering bid
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14:21 EDTMYL, TEVATeva weighing potential bid for Mylan, Dow Jones says
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12:56 EDTTEVA, MYLFederal Circuit upholds Mylan's patents on Perforomist inhalation solution
Mylan (MYL) announced the United States Court of Appeals for the Federal Circuit upheld the validity and infringement of all four patents asserted by Mylan Specialty, L.P. protecting its Perforomist Inhalation Solution. The Court summarily affirmed the previous decision by the district court against Teva (TEVA). Today's decision prevents Teva from receiving final approval of its ANDA from the FDA prior to expiration of U.S. Patent Nos. 6,667,344; 6,814,953; 7,348,362; and 7,462,645. Those patents cover Perforomist until they expire in June 2021.
09:41 EDTBMYBristol-Myers up after Phase III Opdivo study met endpoint, trial stopped early
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09:36 EDTBMYActive equity options trading on open
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09:08 EDTBMYBristol-Myers data should be positive, says SunTrust
SunTrust expects the AACR data for Bristol-Myers' CheckMate-069 Opdivo + Yervoy combo, a treatment for melanoma, to show a positive overall response rate and progressive free survival that exceeds its prior -0004 results. The firm notes that the data is due to be presented on April 20. It raised its 2020 Opdivo revenue estimate to $7.1B versus the Street's $6.9B and raised its price target o n he stock to $74 from $70 while keeping a Buy rating on the shares.
08:58 EDTBMYBristol-Myers jumps 4% after Opdivo study stopped early after meeting endpoint
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08:56 EDTBMYBristol-Myers says Phase III Opdivo study met endpoint, trial stopped early
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08:12 EDTTEVATeva pullback a buying opportunity, says Leerink
Leerink views yesterday's pullback in shares of Teva after generic Copaxone was approved as a buying opportunity. The firm notes Teva remains confident in its $5 earnings per share floor. Leerink views the company's outlook as "bright" and keeps an Outperform rating on the name.
08:00 EDTTEVA, MYLTeva patent loss should move management to acquire Mylan, says Cowen
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05:53 EDTMYLStocks with implied volatility movement; XLNX MYL
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April 16, 2015
16:02 EDTTEVAOptions Update; April 16, 2015
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15:40 EDTTEVA, NVS, MYLGeneric Copaxone approval a bit early but expected, says BMO Capital
BMO Capital believes FDA approval for Sandoz (NVS) and Momenta's (MNTA) generic 20mg Copaxone came slightly earlier than the market expected, but the firm added that the generic threat has been well expected. The firm added that it appears Mylanís (MYL) generic Copaxone hasn't been approved yet, leaving a "legitimate question" about why the FDA approved one generic and not the other. BMO thinks Teva's rate of conversion to the 40mg dose will help retain patients on the Copaxone franchise and it keeps an Outperform rating on Teva shares.
13:42 EDTTEVATeva shares defended at Evercore ISI
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12:37 EDTNVS, TEVAMomenta confirms Glatopa approval, to receive $10M payment
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12:35 EDTNVS, TEVASandoz receives FDA approval for Glatopa as generic competitor to Copaxone
Sandoz, a Novartis (NVS) company, announced the U.S. approval of Glatopa, the first generic version of Teva's (TEVA) Copaxone 20 mg/ml one-time-daily multiple sclerosis therapy. Glatopa, developed in collaboration with Momenta (MNTA) and produced entirely in the U.S., is indicated for the treatment of patients with relapsing forms of MS, including those who have experienced a first clinical episode and have magnetic resonance imaging features consistent with MS.
12:35 EDTTEVAFDA denies Teva attempt to block generic Copaxone
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12:16 EDTBMYEli Lilly and Bristol-Myers restructure Erbitux collaboration in N. America
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09:48 EDTJNJGenmab achieves $10M milestone in daratumumab collaboration with Janssen
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09:14 EDTGSKAdamis says albuterol HFA product study met clinical FEV1 primary endpoint
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08:59 EDTBMYGene therapy companies could benefit from increased attention, says Roth Capital
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08:15 EDTGSKGlaxoSmithKline and Theravance announce launch of Anoro in Spain
In a regulatory filing, GlaxoSmithKline (GSK) and Theravance (THRX) announced the launch of Anoro in Spain following the approval in Europe in May 2014. Anoro Ellipta is indicated as a once-daily maintenance bronchodilator treatment to relieve symptoms in adult patients with chronic obstructive pulmonary disease. Anoro Ellipta is a combination of two bronchodilators, umeclidinium, a long-acting muscarinic antagonist and vilanterol, a long-acting beta2 agonist, in a single dry powder inhaler, the Ellipta. The approved dose of UMEC/VI is 55/22mcg. UMEC/VI has been developed under the 2002 LABA collaboration agreement between Glaxo Group Limited and Theravance.
06:16 EDTTEVAFormer Teva CEO appointed to position of CEO at Ovid Therapeutics
Ovid Therapeutics, a privately held biopharmaceutical company focused on developing therapies for rare and orphan diseases of the brain, appointed Dr. Jeremy Levin as CEO. Levin has served as Chairman of Ovid since 2014 and will continue to serve in this role. Most recently, Levin served as CEO of Teva.
05:27 EDTNVSAlcon receives FDA approval of AcrySof IQ ReSTOR +2.5 Diopter IOL
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April 15, 2015
19:34 EDTTEVAVIVUS files patent infringement lawsuit against Teva
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11:53 EDTGSKGlaxoSmithKline initiated with a Sell at Societe Generale
09:08 EDTBMYOn The Fly: Pre-market Movers
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09:02 EDTMYLRBC sees Akorn as possible play on Perrigo takeover interest
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08:11 EDTJNJJohnson & Johnson valuation appears attractive, says Wells Fargo
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08:04 EDTPFEPfizer: PALOMA-3 trial for IBRANCE met primary endpoint, trial stopped early
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07:41 EDTBMY, JNJEBD Group to hold a forum
ChinaBio Partnering Forum 2015 is being held in Shanghai, China on April 15-16.
07:03 EDTBMYLexicon and Bristol-Myers select development candidate for neuropathic pain
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April 14, 2015
16:53 EDTJNJOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were mixed for the day, beginning the session in positive territory helped by better than expected earnings reports from JPMorgan (JPM), Johnson & Johnson (JNJ), and Wells Fargo (WFC). The early economic data was slightly below Wall Street expectations and became a headwind for the market. By the end of the first hour of trading the market had turned negative, and it spent the remainder of the day trading in mixed fashion. ECONOMIC EVENTS: In the U.S., retail purchases for March advanced 0.9%, bouncing up from a 0.5% decline in February. However, economists had predicted a 1.1% growth after improvements on last month's weather. The producer price index grew 0.2% for March, in line with consensus estimates. Core PPI grew 0.2% versus expectations of 0.1% growth. The International Monetary Fund's World Economic Outlook Report trimmed U.S. growth forecast to 3.1% from its previous outlook of 3.6%, while global forecast was left unchanged at 3.5%. COMPANY NEWS: Avon (AVP) surged 66c, or 8.24%, to $8.67 following a Wall Street Journal report that the company is exploring strategic alternatives, including potentially selling its North American business, though a Bloomberg report later in the day claimed the company is not conducting a formal sale process... Nokia (NOK) confirmed it is in "advanced discussions" to buy French telecom firm Alcatel-Lucent (ALU), prompting French President Francois Hollande to schedule meetings with leaders from both companies. Later in the day, the French government announced it supports the potential deal, with French Economy Minister Emmanuel Macron stating Nokia reassured officials by detailing "clear undertakings." Nokia fell 34c, or 4.1%, to $7.96 at the close, while Alcatel jumped 58c, or 13.33%, to $4.93. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which rallied 33.52%, or $17.04, to $67.87 after the Financial Times reported the company has signed a memorandum of understanding to merge with rival classifieds service Ganji.com. Also higher was PartnerRe (PRE), which advanced 8.49% to $129.25 after EXOR proposed to acquire the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. Following earnings, JPMorgan (JPM) advanced 1.56% to $63.04 after beating expectations, while Wells Fargo (WFC) fell 0.73% and Johnson & Johnson fell 0.03% after reducing its FY15 earnings guidance. Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled 7.75% after Jefferies downgraded the stock to Hold and lowered its price target to $9 from $30. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which dropped 4.18% to $100.49 and was downgraded to Hold at TD Securities following first quarter guidance that fell below expectations. INDEXES: The Dow rose 59.66, or 0.33%, to 18,036.70, the Nasdaq lost 10.96, or 0.22%%, to 4,977.29, and the S&P 500 advanced 3.41, or 0.16%, to 2,095.84.
14:48 EDTJNJZimmer, Stryker have mixed read through from J&J results, says Wells Fargo
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14:42 EDTJNJSmall spine names have positive read through from J&J results, says Wells Fargo
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12:24 EDTJNJOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday despite better than expected headline earnings from JPMorgan (JPM), Wells Fargo (WFC) and Johnson & Johnson (JNJ). The market began the session in positive territory on the heels of those solid earnings reports, but the averages were unable to hold their early gains as the retail sales figures released during the pre-market trading session missed expectations. ECONOMIC EVENTS: In the U.S., retail purchases grew 0.9% in March, rebounding from a 0.5% decline in February. However, economists were expecting a more pronounced 1.1% advance in recovery from the prior month's weather driven weakness. The producer price index rose 0.2% in March, matching expectations. The core PPI, which excludes food and energy, grew 0.2% as well, versus expectations for it to have risen 0.1%. Business Inventories grew 0.3% in February, versus expectations for them to be up 0.2%. The International Monetary Fund, in its latest World Economic Outlook Report, trimmed its U.S. growth forecast to a 3.1% pace from its prior 3.6% view, but left its global forecast intact at a 3.5% rate. COMPANY NEWS: Shares of JPMorgan advanced 1.5% after its headline earnings per share topped expectations, even before accounting for 13c per share in aftertax legal expense that the bank identified as a "significant item." Conversely, fellow large bank Wells Fargo (WFC) slid 1.5% after its own report on first quarter results, despite the fact that its earnings and revenue both topped the consensus forecast... Shares of Johnson & Johnson (JNJ) were fractionally higher at midday after its first quarter earnings and revenue beat expectations. The multinational company, however, lowered its FY15 adjusted earnings outlook, citing further negative foreign currency movements... Nokia (NOK) and Alcatel-Lucent (ALU), in response to "recent media speculation," confirmed that they are in advanced discussions with respect to a potential full combination, which would take the form of a public exchange offer by Nokia for Alcatel. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which jumped 25% after Financial Times reported the company has signed a memorandum of understanding to merge with peer Ganji.com to create one of the largest specialized online classified companies in China. Also higher was PartnerRe (PRE), which advanced nearly 9% to trade near $129.50 after Europe based investment company EXOR announced that it submitted a written proposal to acquire 100% of the common shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. EXOR said its all-cash proposal represents a 16% premium to the implied value per share of $112.53 for PartnerRe under the merger deal it has in place with AXIS Capital (AXS). Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled over 6% after Jefferies downgraded the stock to Hold and cut its price target for shares to $9 from $30 after assuming coverage of the stock. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which fell nearly 6% and was downgraded to Hold from Buy at TD Securities after the railroad operator provided first quarter guidance that came in below analysts' consensus estimates. INDEXES: Near midday, the Dow was up 53.15, or 0.3%, to 18,030.19, the Nasdaq was down 16.19, or 0.32%, to 4,972.06, and the S&P 500 was up 2.20, or 0.11%, to 2,094.63.
09:35 EDTJNJActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AMZN PBR SU NFLX ALU BIDU TSLA JNJ GE
09:17 EDTJNJJohnson & Johnson says capital allocation strategy remains the same
The company says it continues to view dividends as its first priority in returning capital to shareholders. The company said it is still looking at portfolio for potential exits.
09:16 EDTJNJJohnson & Johnson says FY15 guidance doesn't include biosimilar compeition
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09:16 EDTJNJJohnson & Johnson sees FY15 EPS constant currency $6.64-46.79
Sees FY15 adjusted EPS $6.04-6.19. The company had previously announced FY15 adjusted EPS $6.12-$6.27. FY15 EPS consensus $6.16
09:13 EDTJNJOn The Fly: Pre-market Movers.
UP AFTER EARNINGS: JPMorgan Chase (JPM), up 1%... Johnson & Johnson (JNJ), up marginally... Triangle Petroleum (TPLM), up 4.2%... Fastenal (FAST), up 5%. ALSO HIGHER: Brainstorm Cell Therapeutics (BCLI), up 13.5% after announcing that it will present NurOwn Phase 2a clinical data at the Academy of Neurology annual meeting... Builders FirstSource (BLDR), up 7.2% after being upgraded to Buy from Hold at Stifel... Solazyme (SZYM), up 7.5% after announcing a strategic agreement with Flotek (FTK)... Cleveland BioLabs (CBLI), up 6.8% after receiving funding recommendation from the Department of Defense... Nordic American Tanker (NAT), up 3.2% after raising quarterly dividend to 38c from 22c... Ocwen (OCN), up 3.8% after reporting preliminary fiscal 2014 results. DOWN AFTER EARNINGS: Wells Fargo (WFC), down just under 1%. ALSO LOWER: Norfolk Southern (NSC), down 5.8% after being downgraded to Hold from Buy at TD Securities... RXi Pharmaceuticals (RXII), down 14.3% after filing to sell $20M of common stock and warrants... Arrowhead Research (ARWR), down 4.5% after being downgraded to Hold from Buy at Jefferies.
08:57 EDTJNJJohnson & Johnson backs FY15 sales $75B-$76B
Including foreign exchange, sees reported sales $70B-$71B. Consensus is $71.16B. Backs FY15 net interest expense $450M-$550M. Raises FY15 net other income expense to $2B-$2.1B from $1.5B-$1.6B. Expects R&D tax credit will be renewed by Congress. Raises FY15 effective tax rate to 21%-22% from 20%-21%. If the tax credit is not approved, it will negatively impact the tax rate by 0.5%. Comments taken from Q1 earnings conference call.
08:03 EDTTEVATeva, Eagle announce NDA for bendamustine HCI accepted for filing
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07:50 EDTJNJJohnson & Johnson reports Q1 Worldwide Consumer sales $3.4B
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07:48 EDTJNJJohnson & Johnson cuts FY15 adjusted EPS to $6.04-$6.19 from $6.12-$6.27
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07:46 EDTJNJJohnson & Johnson reports Q1 domestic sales up 5.9% to $8.69B
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07:45 EDTJNJJohnson & Johnson reports Q1 adjusted EPS $1.56, consensus $1.54
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06:18 EDTACTActavis urges U.S. appeals court to reverse decision on Namenda, AP reports
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April 13, 2015
17:10 EDTJNJIBM establishes a Watson Health Cloud
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16:51 EDTNVSDiplomat Pharmacy to dispense Novartis' JADENU
Diplomat Pharmacy is set to distribute JADENU, a drug recently approved by the U.S. FDA to treat patients with chronic iron overload. JADENU is a new oral formulation of EXJADE for the treatment of chronic iron overload due to blood transfusions in patients age 2 and older, and chronic iron due to NTDT in patients age 10 and older.
16:37 EDTACTActavis announces availability of 52mg Liletta to prevent pregnancy
Actavis and Medicines360, a nonprofit women's health pharmaceutical company, announced that Liletta 52 mg is now available in the U.S. for use by women to prevent pregnancy for up to three years.
16:21 EDTJNJOn The Fly: Top stock stories for Monday
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15:38 EDTJNJNotable companies reporting before tomorrow's open
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15:12 EDTPFE, MYLMylan enters settlement, license agreement with Pfizer regarding Viagra
Mylan (MYL) announced that its subsidiaries Mylan Inc. and Mylan Pharmaceuticals have entered into a settlement and license agreement with Pfizer (PFE), Pfizer Limited and Pfizer Ireland Pharmaceuticals to settle patent litigation relating to Mylan's Abbreviated New Drug Application filed with the U.S. FDA for Sildenafil Citrate Tablets 25 mg, 50 mg, and 100 mg. This product is the generic version of Viagra, which is indicated to treat erectile dysfunction. Under the terms of the agreement, Mylan will be able to launch its ANDA products pursuant to a royalty-bearing license as early as December 11, 2017, or sooner under certain conditions, subject to FDA approval. All other terms and conditions of the settlement and license agreement are confidential, and the agreement itself is subject to review by the U.S. Department of Justice and the Federal Trade Commission. For the 12 months ending Dec. 31, 2014, Viagra had U.S. sales of approximately $1.3B, according to IMS Health.
15:08 EDTJNJJohnson & Johnson April 100 straddle priced for 2.2% movement into Q1
14:07 EDTJNJEarnings Watch: Johnson & Johnson shares down slightly since last earnings
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13:28 EDTJNJJohnson & Johnson April volatility elevated into Q1 and outlook
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11:12 EDTJNJJohnson & Johnson technical notes before earnings
Leading up to earnings, the shares have been trading in a narrow range largely bound by $98 at the low and $103 at the high. This trading range was preceded by a decline from the 52-week high set back in the fall of 2014. In a longer time frame, the current trading action is part of a larger potential topping process, with $95 as the midpoint. On worse than expected news, the low bound at $98 would be first important support. A breakdown below $98 would see next support at $95. A move below $95 would confirm the topping process and break the long-term uptrend. Support below $95 would be at $93.94. If results and outlook are better than expected, first resistance would be at the top of the range at $103. Next resistance would then be at $105.36. A move above that level would see $107.10, and then 52-week high and life high at $109.49 as next potential upside objectives.
10:52 EDTACTMeister says Actavis bought great companies, can continue growing
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09:27 EDTACTActavis and Medicine360 announce Liletta es available in the U.S.
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08:34 EDTACTZoetis names Actavis Executive Chairman Paul Bisaro to board
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07:56 EDTMYL, TEVAMylan, Teva, Perrigo price targets raised at JPMorgan
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06:49 EDTMYLMylan notifies Perrigo of HSR filing regarding proposed acquisition
Mylan N.V. (MYL) announced that it has provided Perrigo (PRGO) with notice of its filing of the premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with the U.S. Federal Trade Commission and the U.S. Department of Justice Antitrust Division regarding its proposed acquisition of Perrigo, as required by the HSR Act. Mylan proposed to acquire Perrigo for $205 per share in a cash-and-stock transaction on April 6.
05:21 EDTNVSNovartis to present new data that confirms high efficacy of Gilenya
Novartis announced new Gilenya analyses to be presented at the 67th American Academy of Neurology, or AAN, Annual Meeting in Washington, DC, from April 18-25, showing how Novartis is advancing methods assessing the impact of relapsing multiple sclerosis, or RMS, for patients and physicians. Data will show how adding brain shrinkage to an existing tool to assess MS disease activity will give a more precise prediction of the likelihood of future disability progression. Accurate assessment of disease activity is key to guide treatment decisions in RMS. A pooled analysis from the two-year phase III FREEDOMS and FREEDOMS II trials will further confirm Gilenya's high efficacy in previously-treated patients with highly-active RMS in achieving 'no evidence of disease activity' across four key measures: relapses, MRI lesions, brain shrinkage and disability progression. Achieving NEDA4 is especially critical for highly-active RMS patients, who are likely to lose more physical and cognitive functions over time despite being treated.
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