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Stock Market & Financial Investment News

News Breaks
April 7, 2014
12:15 EDTMNK, WWE, QCOR, VOCS, PFEOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, resuming the sell-off that began in earnest Friday. With little on the economic calendar to change the momentum and earnings season on the cusp of kicking off but not yet began, the averages declined further. The losses near noon come on top of the 1% slide in the Dow and S&P seen Friday, and the pull back of over 2.5% notched by the Nasdaq in the final day of last week. ECONOMIC EVENTS: In the U.S., a report on the growth in consumer credit in February is expected at 3:00 pm ET. COMPANY NEWS: Shares of pharmaceutical giant Pfizer (PFE) slid over 3% after the company reported over the weekend that a trial on its palbociclib drug for breast cancer achieved its primary endpoint by significantly prolonging progression-free survival, but that an initial assessment of overall survival was not statistically significant. Research firm BMO Capital thinks the data was positive but could underwhelm investors. However, the firm agrees with Pfizer that a strong PFS benefit should enable the drug to be approved by the FDA and thinks that consensus estimates for the drug's long-term sales are conservative. MAJOR MOVERS: Among the notable gainers was cloud marketing software provider Vocus (VOCS), which surged 47% after agreeing to be acquired by an affiliate of private equity firm GTCR for $18 per share, or $446.5M. Also higher was short-seller target Questcor (QCOR), which jumped 12% after the company agreed to be bought by Mallinckrodt (MNK) for about $5.6B, made up of $30.00 per share in cash and 0.897 Mallinckrodt shares for each Questcor share owned. Questcor has been a frequent target of the short-selling blog Citron Research, which claimed as recently as March 14 that Questcor was "deceiving" the FDA and investors. Mallinckrodt shares were down over 8% near midday after announcing the deal, which will result in Mallinckrodt shareholders owning approximately 50.5% and former Questcor shareholders owning about 49.5% of the new combined company's stock. Also lower was World Wrestling Entertainment (WWE), which fell 20% after announcing that WWE Network has 667,287 subscribers 42 days after launching in the U.S. and that that WrestleMania 30 grossed $10.9M. The stock was also mentioned cautiously in Barron's magazine's "The Trader" column over the weekend. INDEXES: Near midday, the Dow was down 130.88, or 0.8%, to 16,281.83, the Nasdaq was down 47.17, or 1.14%, to 4,080.55, and the S&P 500 was down 16.17, or 0.87%, to 1,848.92.
News For PFE;QCOR;MNK;VOCS;WWE From The Last 14 Days
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May 22, 2015
10:52 EDTPFEJPMorgan says Actavis shares cheap compared to peers
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May 21, 2015
07:37 EDTPFEPfizer replaces AbbVie as top global pharma pick at Jefferies
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May 20, 2015
07:46 EDTPFEDeutsche Bank positive on potential Pfizer, GSK merger
Deutsche Bank analyst Gregg Gilbert believes a large foreign deal for Pfizer (PFE) may make sense and says a buyout of GlaxoSmithKline (GSK) could be "materially" accretive to earnings while improving the company's tax situation over time. Gilbert assumes a $60 per share buyout price for GlaxoSmithKline in a research note this morning titled "Introducing 'PfizerKline'". The stock closed yesterday up 2c to $44.68. Gilbert reiterates a Buy rating on Pfizer with a $41 price target. Shares ended yesterday up 23c to $34.21.
May 19, 2015
06:55 EDTPFEGenocea could be takeover target after data, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff expects Genocea Biosciences (GNCA) will report positive Phase II GEN-003 post-immunization results late in Q2. GEN-003 is a therapeutic vaccine for genital herpes targeting Herpes Simplex Virus Type 2. Positive GEN-003 data could position Genocea as a potential acquisition target by a larger vaccine player, Tenthoff tells investors today in a research note. Large vaccine makers include Sanofi (SNY), Merck (MRK), GlaxoSmithKline (GSK), Pfizer (PFE) and Novartis (NVS). The analyst reiterates an Overweight rating on Genocea with a $14 price target. Shares of the clinical-stage vaccine developer with a $227M market capitalization closed yesterday up 83c to $10.22.
May 18, 2015
06:58 EDTPFEActavis CEO says chances of Pfizer offer are 'unlikely', Financial Times says
Actavis (ACT) CEO Brent Saunders said the chances of Pfizer (PFE) making an offer are "incredibly unlikely," reports the Financial Times. Saunders said he has heard the gossip that Actavis could become a takeover target for a larger group, but he spends "zero time thinking about it." Reference Link
May 15, 2015
09:31 EDTPFE, MNKAmerican Thoracic Society to hold a conference
ATS 2015 Conference is being held in Denver on May 15-20.
May 14, 2015
12:29 EDTPFEPfizer receives 'second request' from FTC regarding potential Hospira merger
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08:39 EDTPFETargacept, Catalyst Biosciences amend definitive merger agreement
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08:08 EDTPFEPfizer director Marc Tessier-Lavigne to step down from board
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May 13, 2015
19:17 EDTPFEHospira and FDA detect security vulnerabilities in infusion pumps
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17:19 EDTPFEPfizer, Merck KGaA to present data at ASCO for avelumab
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13:43 EDTPFEHospira shareholders approve merger with Pfizer
Hospira (HSP) announced that Hospira shareholders voted in favor of the proposal to adopt the merger agreement with Pfizer (PFE) at a special meeting of stockholders held May 13 in Denver, Colorado. On February 5, Hospira and Pfizer announced they had entered into a merger agreement under which Pfizer will acquire Hospira for $90 per share in cash for a total enterprise value of approximately $17B. The merger is subject to customary closing conditions, one of which was approval of the merger by Hospira's shareholders. Additional closing conditions to be met include obtaining regulatory approvals in several jurisdictions. Hospira and Pfizer continue to expect the merger to close in the second half of 2015.
07:31 EDTPFEHeart Rhythm Society to hold a conference
Heart Rhythm 2015 is being held in Boston on May 13-16.
May 11, 2015
17:36 EDTPFEAthersys down 10.1% after Pfizer notified that it will terminate agreement
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17:34 EDTPFEAthersys receives notification that Pfizer will terminate agreement
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16:33 EDTPFEPfizer takes minority interest in AM-Pharma, secures option to acquire company
AM-Pharma and Pfizer announced that Pfizer has acquired a minority equity interest in AM-Pharma and secured an exclusive option to acquire the remaining equity in the company. The option becomes exercisable upon completion of a Phase II trial of recAP in the treatment of Acute Kidney Injury related to sepsis. There are no drugs currently approved for this condition and the only treatment option is dialysis and supportive care. Results from the current Phase II trial for recAP are expected in the second half of 2016. Under the terms of the agreement, Pfizer has made an upfront payment of $87.5M for the minority equity interest and exclusive option, with additional potential payments of up to $512.5M upon option exercise and potential launch of any product that may result from this agreement. Other terms of the transaction were not disclosed. “Pfizer is committed to advancing the science to address the high unmet medical need in Acute Kidney Injury,” said Mikael Dolsten, M.D., Ph.D., president, Worldwide Research and Development at Pfizer. “Clinical data for recAP show the potential to uniquely address Acute Kidney Injury in the setting of sepsis, and we look forward to working with our partners at AM-Pharma as we aim to accelerate the development of recAP into a potential first-in-class treatment for patients.”

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