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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 14, 2014
07:12 EDTCOV, MDTCovidien downgraded to Neutral from Overweight at Piper Jaffray
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06:54 EDTMYLWhiting Petroleum volatility expected to move on acquisition of Kodiak Oil & Gas
Whiting Petroleum (WLL) option implied volatility is expected to move on the acquisition of Kodiak Oil & Gas (KOG) in an all-stock transaction valued at $6B. Overall option implied volatility of 31 is at its 26-week average according to Track Data, suggesting non-directional price movement.
06:33 EDTABT, MYLAbbott to sell developed markets generics pharmaceuticals business to Mylan
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06:33 EDTMYL, ABTMylan to acquire Abbott assets in all-stock transaction valued at about $5.3B
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06:31 EDTMYL, ABTAbbott to sell developed markets generics pharmaceuticals business to Mylan
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06:31 EDTCOVCovidien downgraded to Neutral from Overweight at Piper Jaffray
06:03 EDTSHPGStocks with implied volatility below IV index mean; BBBY SHPG
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05:27 EDTSHPG, ABBVShire receives revised proposal from AbbVie of GPB 53.20 per share
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July 13, 2014
20:22 EDTABT, MYLMylan near buying Europe-based drug portfolio from Abbott, Reuters says
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17:10 EDTABBV, SHPGShire said to seek bid of near 53 pounds per share from AbbVie, Reuters says
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July 11, 2014
16:48 EDTVRX, AGNAllergan comments on Pershing Square’s definitive proxy solicitation
Allergan (AGN) provided the following comment in response to the definitive proxy solicitation filed by Pershing Square Capital Management in connection with Pershing Square’s request to call a Special Meeting of Stockholders. At the Special Meeting, if called, Allergan stockholders would be asked to remove a majority of the company’s existing directors in connection with Valeant Pharmaceuticals' (VRX) unsolicited exchange offer to acquire all outstanding common shares of Allergan for 0.83 shares of Valeant common stock and $72.00 in cash, or subject to proration, an amount of cash or a number of Valeant common shares with the implied value set forth in the exchange offer. Under the current Board’s leadership, which includes individuals with significantly more industry experience than Pershing Square’s recommended nominees, Allergan continues to execute on its plan to drive near- and long-term organic growth, enhance its growth prospects and continue generating significant value for all of Allergan’s stockholders. We believe Pershing Square’s attempt to replace a majority of the Allergan Board is a further effort to support Valeant in its bid to acquire Allergan at a grossly inadequate price that substantially undervalues the company and creates significant risks and uncertainties for Allergan stockholders. Valeant has repeatedly failed to address the serious concerns raised by Allergan and important members of the investment community about Valeant’s anemic organic growth driven by unsustainable price increases, among other fundamental business model issues. Allergan has a track record of consistently acting in the best interests of its stockholders and the Board remains confident in the company’s ability to create significantly more value than Valeant’s proposal.
16:46 EDTSHPG, ABBVStocks end week lower on European, Fed concerns
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14:13 EDTABBV, SHPGShire, AbbVie didn't commit to further talks, Dow reports
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13:58 EDTSHPG, ABBVShire confirms meeting with AbbVie representatives
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11:54 EDTABBV, AGN, SHPGAbbVie, Shire in active takeover talks, Bloomberg reports
AbbVie (ABBV) and Shire (SHPG) are in active talks about a potential merger after AbbVie raised its takeover offer for a fourth time, Bloomberg reports, citing people with knowledge of the matter. The talks are in the early stage and may not lead to an agreement, sources told Bloomberg. Shares of Shire are up 5%, or $12.04, to $250.65 following the report.
11:34 EDTSHPG, ABBVShire jumps 5% after Bloomberg report on talks with AbbVie
11:33 EDTSHPG, ABBVShire, AbbVie held talks after latest raised takeover offer, Bloomberg says
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10:00 EDTPRGOOn The Fly: Analyst Downgrade Summary
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09:15 EDTPRGOPerrigo downgraded to Equal Weight from Overweight at Morgan Stanley
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06:29 EDTABBVAbbVie encourages largest Shire shareholders to pursue talks, Bloomberg says
Shire (SHPG) is hearing from its largest shareholders who are encouraging the company to come to the table and work out an agreement with AbbVie (ABBV), according to Bloomberg, citing three people familiar with the matter. AbbVie is targeting Shire in a $51.1B takeover offer. Reference Link
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