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Stock Market & Financial Investment News

News Breaks
July 16, 2014
07:59 EDTPFE, MDT, PRGO, VRX, AGN, ABBV, SHPG, ABT, MYL, AZN, COVTreasury Secretary urges Congress to take action on tax inversions
Treasury Secretary Jack Lew, in a letter to Senate Finance Committee Chairman Ron Wyden and others, urged Congress to take action to address the "urgent issue" of tax inversions, which Lew said "function to hollow out the U.S. corporate income tax base." Lew noted that President Obama proposes to ensure that companies cannot change their tax domicile without a change in control of the company. According to Lew, several senators have "put companies on notice that any transaction that takes place after early May will not have the desired effect of lowering future U.S. tax liabilities." Tax inversions are a particularly significant issue in the pharmaceutical industry. Companies that have recently proposed transactions that involve an inversion component or have been linked to potential transactions include Pfizer (PFE), AstraZeneca (AZN), Mylan (MYL), Abbott (ABT), Shire (SHPG), AbbVie (ABBV), Allergan (AGN), Valeant (VRX), Perrigo (PRGO), Medtronic (MDT) and Covidien (COV). Reference Link
News For PFE;AZN;MYL;ABT;SHPG;ABBV;AGN;VRX;PRGO;MDT;COV From The Last 14 Days
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July 16, 2014
08:16 EDTAGN, MYL, ABT, VRXLew's letter could bring 'chilly' tax inversion environment, says BMO Capital
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08:01 EDTAZNAlexion names former AstraZeneca CEO David Brennan to board
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07:59 EDTABBV, COV, AZN, MDT, AGN, MYL, PRGO, SHPG, ABT, PFE, VRXTreasury Secretary urges Congress to take action on tax inversions
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07:49 EDTABTAbbott reports Q2 Nutrition sales $1.73B; Reports Q2 Diagnostics sales $1.19B
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07:47 EDTABTAbbott says it's on track for sales growth acceleration in 2H14
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07:46 EDTABTAbbott raises FY14 ongoing EPS to $2.19-$2.29 from $2.16-$2.26, consensus $2.19
07:46 EDTABTAbbott reports Q2 ongoing EPS 54c, consenus 51c
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07:18 EDTMDTScoliosis Research Society to hold annual meeting
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07:04 EDTPFEPfizer says primary endpoint met in Phase 3 study of BeneFIX
Pfizer announced the positive results of a Phase 3 study comparing a prophylaxis regimen of BeneFIX Coagulation Factor IX 100 IU/kg once-weekly to on-demand treatment in people with moderately severe to severe hemophilia B. The top-line results of the study showed that the primary study endpoint was met and hemophilia B patients taking once-weekly BeneFIX showed a statistically significant reduction in the annualized bleeding rate relative to on-demand treatment with BeneFIX. In the study, the median ABR value, a commonly used measure of efficacy for prophylaxis regimens in hemophilia, was 2.0 for the prophylaxis regimen, compared to 33.6 for the on-demand regimen, representing a 94% decrease in bleeding rates. The mean ABR value was 3.6 for the prophylaxis period, compared to 32.9 for the on-demand treatment, which represents a reduction of 89%. Study results also showed that prophylaxis treatment significantly reduced both spontaneous and traumatic ABR compared to on-demand treatment with BeneFIX. In addition to meeting the primary endpoint, the secondary study endpoints showed that none of the 1,254 prophylaxis infusions administered during the study were associated with a less than expected therapeutic effect occurrence, which was defined as a spontaneous bleed occurring within 48 hours of a prophylaxis infusion. These results are preliminary, top-line data and are subject to additional analyses. Complete results from this study will be submitted for presentation at upcoming medical congresses and submitted for publication in a peer-reviewed journal.
05:53 EDTSHPGStocks with implied volatility below IV index mean; LO SHPG
Stocks with implied volatility below IV index mean; Lorillard (LO) 21, Shire (SHPG) 31 according to iVolatility.
05:47 EDTSHPGStocks with implied volatility movement; SHPG XLP
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July 15, 2014
15:19 EDTABTNotable companies reporting before tomorrow's open
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14:40 EDTMYL, ABTEarnings Preview: Abbott targets continued gains in emerging markets
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11:17 EDTMYLStocks with call strike movement; KORS MYL
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11:13 EDTAGN, ABT, PRGOPerrigo retreats after analyst sees limited potential buyers
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10:37 EDTSHPGOptions with decreasing implied volatility
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07:48 EDTPRGOPerrigo could be acquired, says RBC Capital
After Globes suggested that Perrigo has hired an investment bank to sell the company. RBC Capital thinks the company has several attributes that could appeal to potential acquirers, including its ability to serve as an inversion vehicle. However, the firm believes that Perrigo could also acquire another company instead. RBC Capital keeps a $160 price target and Outperform rating on the shares.
07:35 EDTPRGOPerrigo potential buyers list could be limited, says Jefferies
After Globes reported that Perrigo retained an investment bank to assist with a potential merger, Jefferies says the list of potential buyers could be limited since the store brand business is fundamentally a high volume, lower margin model. The firm notes U.S. companies that currently do not have large over-the-counter divisions include Bristol-Myers (BMY), Eli Lilly (LLY) and Merck (MRK). Jefferies views the merger speculation surrounding Perrigo as not surprising given the company's strong long-term fundamentals and attractive Irish domicile. It has a Buy rating on the stock with a $160 price target.
06:15 EDTMYL, ABTAbbott unit sale to Mylan 'a wash,' says Citigroup
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06:04 EDTSHPGStocks with implied volatility below IV index mean; BBBY SHPG
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