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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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October 10, 2014
10:20 EDTAGNFidelity supports potential merger between Actavis and Allergan, Reuters reports
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08:06 EDTPFEPfizer presents Staphylococcus aureus vaccine Phase 1, Phase 2 study data
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07:37 EDTVRX, AGNActavis more likely partner than Valeant if Allergan merges, says UBS
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07:35 EDTAGNAllergan price target raised to $224-$225, from $198-$199 at Wells Fargo
Wells Fargo increased its price target on Allergan after the company pre-released better-than-expected revenue and EPS, and raised its 2014-2016 EPS guidance. The firm keeps an Outperform rating on the shares.
07:16 EDTCOV, AGN, VRXAmerican Society of Plastic Surgeons to hold annual meeting
Annual Meeting of ASPS is being held in Chicago on October 10-14.
07:04 EDTCOV, MDTMedtronic announces Omar Ishrak will remain CEO of new company
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October 9, 2014
16:37 EDTCOVCovidien receives FDA 510k clearance for Nellcor Portable SpO2 system
Covidien announced FDA 510k clearance for the Nellcor Portable SpO2 Patient Monitoring System. The system is the only commercially available portable oximeter that is equipped with home care and sleep study modes and complies with IEC 60601-1-11 standards for devices used in the home health care environment.
14:21 EDTVRX, AGNAllergan in good position to be patient given raised outlook, says BMO Capital
After speaking with Allergan's (AGN) CEO and CFO, BMO Capital believes the company is increasing its intrinsic value with its raised earnings guidance and that it is in a good position to be patient given that Valeant (VRX) most recent bid represents an 8% discount to Allergan's current share price. BMO said it is reviewing its forecasts for Allergan after the guidance increase, noting that it previously valued Allergan at $230 per share on a standalone basis. The firm maintains its Outperform rating on the stock.
12:28 EDTAGN, VRXAllergan price target raised to $230 from $210 at BTIG
BTIG said it expected Allergan to beat the consensus forecast for Q3 EPS, but not by as much as it did, and the firm did not expect the company to raise its future EPS outlook yet again. BTIG feels the stock's move higher indicates Valeant (VRX) or Actavis (ACT) would need to bid above $200 if they hope to buy the company. BTIG maintains its Buy rating on Allergan and raised its price target on the stock to $230 from $210.
11:14 EDTAGN, VRXAllergan raises outlook again as Valeant pursuit continues
Drug maker Allergan (AGN) this morning preannounced stronger than expected results and again raised its fiscal year profit guidance. The beat and raise results come after The Wall Street Journal reported on Tuesday that drug maker Valeant (VRX) and hedge fund Pershing Square intend to raise their previous bid for Allergan by $15 per share to about $191. Meanwhile, also on Tuesday, Reuters said that drug maker Actavis (ACT) plans to make a new merger offer to Allergan, and sources indicated to the news service that Allergan may be willing to consider an offer from Actavis if the bid is for more than $200 per share. WHAT'S NEW: Allergan estimated that its third quarter earnings per share would come in at $1.76-$1.78, versus analysts' consensus estimate of $1.48. The drug maker had previously provided Q3 EPS guidance of $1.44-$1.47. Allergan raised its fiscal 2014 EPS guidance to $6.20-$6.25 from $5.74-$5.80. Analysts' consensus estimate was $5.81. This is the fourth time that Allergan has raised its guidance this year. Allergan said that its markets have been strong around the world, while it is gaining market share in most categories. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that, in the wake of Allergan's guidance increase, the company's price to earnings multiple could expand to 22x its estimated 2016 earnings, up from its current multiple of 19x. In addition to the raised guidance, a potential accretive acquisition by Allergan and the possibility that it will be acquired make such an increase in the multiple "quite possible," Biegelsen contended. He kept an Outperform rating on the stock. WHAT'S NOTABLE: Allergan has reportedly held advanced talks about acquiring another company in the sector, Salix (SLXP), although CNBC's David Faber on October 2 reported that the talks between the two companies about a merger had "cooled considerably." PRICE ACTION: In late morning trading, Allergan rose fractionally to $191.06 while Valeant slid 1.5% to $124.08.
10:00 EDTAGNOn The Fly: Analyst Initiation Summary
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08:50 EDTVRX, AGNAllergan shares have further upside, says Wells Fargo
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08:28 EDTABBVGilead to be challenged by AbbVie in HCV near-term, says Bernstein
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08:10 EDTAZNAstraZeneca reports Phase IIb study of benralizumab met primary endpoint
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06:49 EDTAGNAllergan cites momentum from robust growth of worldwide markets
The company also cites increases in market share in most categories, many regulatory approvals for new products in the U.S. and internationally, and targeted investments to create and grow new products and new categories. Exceptional growth in EPS from the acceleration in sales but also in leveraging of sales and marketing expenditures. The benefits from Allerganís previously announced restructuring program will be reflected in the Companyís actual results beginning in the fourth quarter of 2014 and continuing through 2015.
06:47 EDTAGNAllergan sees FY16 non-GAAP EPS $10.25
06:47 EDTAGNAllergan sees FY15 non-GAAP EPS $8.60, consensus $8.25
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06:47 EDTAGNAllergan sees FY14 non-GAAP EPS $6.20-$6.25, consensus $5.81
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06:46 EDTAGNAllergan raises Q3 EPS to $1.76-$1.78 from $1.44-$1.47, consensus $1.48
Expects Q3 product net sales to increase in excess of 17% in dollars compared to product net sales from 3Q13.
05:22 EDTSHPGShire provides regulatory update on SHP 465
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