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Stock Market & Financial Investment News

News Breaks
April 7, 2014
12:15 EDTPFE, QCOR, MNK, VOCS, WWEOn 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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August 28, 2014
08:01 EDTPFEPfizer says FDA grants fast track designation to C-difficile vaccine candidate
Pfizer announced that the U.S. Food and Drug Administration thas granted Fast Track designation to the company’s investigational Clostridium difficile vaccine candidate PF-06425090. Currently in Phase 2 clinical development, the vaccine candidate is designed to prevent C. difficile-associated disease, which can include life-threatening diarrhea and pseudomembranous colitis. The FDA’s Fast Track approach is a process designed to facilitate the development and expedite the review of new drugs and vaccines intended to treat or prevent serious conditions and address an unmet medical need.
August 27, 2014
09:53 EDTPFEOn The Fly: Analyst Initiation Summary
Bristol-Myers (BMY) initiated with a Hold at Deutsche Bank... ASML (ASML) initiated with a Hold at Stifel... Akamai (AKAM) initiated with an Outperform at RW Baird... Concur (CNQR) initiated with a Neutral at DA Davidson... CyrusOne (CONE) initiated with a Neutral at Citigroup... Eli Lilly (LLY) initiated with a Buy at Deutsche Bank... Garmin (GRMN) initiated with a Neutral at RW Baird... Merck (MRK) initiated with a Hold at Deutsche Bank... NetSuite (N) initiated with a Buy at DA Davidson... Oracle (ORCL) initiated with a Neutral at DA Davidson... Oxford Industries (OXM) initiated with a Buy at Wunderlich... Pfizer (PFE) initiated with a Buy at Deutsche Bank... ServiceNow (NOW) initiated with a Buy at DA Davidson... Workday (WDAY) initiated with a Neutral at DA Davidson... MannKind (MNKD) initiated with a Buy at Jefferies... STMicroelectronics (STM) initiated with an Underperform at Credit Suisse... Kirkland's (KIRK) initiated with an Outperform at Barrington.
06:42 EDTPFEPfizer initiated with a Buy at Deutsche Bank
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August 26, 2014
08:01 EDTPFEPfizer, Merck to collaborate on study evaluating anti-cancer combination regimen
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August 25, 2014
10:40 EDTMNKBiotechs rise after InterMune acquired by Roche
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08:01 EDTWWE2K says WWE SuperCard exceeds 1.5M downloads in first week
2K (TTWO) announced the larger-than-life, action-packed collectible card game, WWE (WWE) SuperCard, was downloaded more than 1.5 million times during its first week of release.
06:29 EDTPFEPfizer mulls possible AstraZeneca offer options, FT says
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August 22, 2014
14:19 EDTPFEViiV Healthcare receives FDA approval for HIV-1 treatment Triumeq
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09:02 EDTMNKMallinckrodt names Furey Chief Compliance Officer
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August 21, 2014
15:16 EDTMNKDEA restricts painkiller drug prescriptions to curb abuse, WSJ reports
The Drug Enforcement Agency, or DEA, will reclassify hydrocodone combination painkiller drugs and place them in the category of medical substances that have the highest potential for harm in an attempt to curb the widespread abuse of the drugs, according to The Wall Street Journal. The rescheduling of the drugs will take effect in 45 days and result in people being able to obtain the drug for only 90 days without obtaining a new prescription. Major manufacturers of these drugs include Teva Pharmaceutical (TEVA), Mallinckrodt (MNK), AbbVie (ABBV), and Actavis (ACT). Reference Link
13:32 EDTPFEBristol-Myers, Pfizer announce approval of Eliquis for treatment of DVT, PE
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09:54 EDTPFEPotential Pfizer, AstraZeneca deal seen around year-end, Reuters says
Investors and analysts see Pfizer (PFE) making another attempt to acquire AstraZeneca (AZN) around year-end, even though talks between the two can resume on August 26 per British takeover rules, Reuters reports. Reference Link
08:02 EDTPFEPfizer initiates U.S. EAP for palbociclib.
Pfizer announced that the company has initiated a multi-center, open-label expanded access program in the U.S. for palbociclib. Through the program, palbociclib is being made available for use in combination with letrozole for post-menopausal women with hormone receptor positive human epidermal growth factor receptor 2 negative advanced breast cancer for whom letrozole is considered appropriate therapy.
07:55 EDTPFEActavis volatility expected to move on Pfizer considering new target report
Actavis (ACT) volatility is expected to move on Pfizer (PFE) considering other overseas alternatives, Bloomberg reports. Overall option implied volatility of 27 is near its 26-week average of 31 according to Track Data, suggesting decreasing price movement.
07:47 EDTPFEPfizer looking at new targets, including Actavis, Bloomberg reports
While it weighs another attempt to acquire AstraZeneca (AZN), Pfizer is considering other overseas alternatives, including Actavis (ACT), Bloomberg reports, citing people familiar with the matter. Pfizer prefers to reach a deal with AstraZeneca, and a move on another company is unlikely "anytime soon," Bloomberg adds, citing its sources. Shares of Actavis are rising 3%, or $6.65, to $230.01 in pre-market trading, while AstraZeneca is up 2% to $72.59. Reference Link
August 20, 2014
08:03 EDTPFEBristol-Myers Pfizer to present new Eliquis data
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August 19, 2014
09:21 EDTMNKMallinckrodt now a component of the S&P 500 Index
The inclusion comes following the completion of Mallinckrodt’s acquisition of Questcor Pharmaceuticals last week. In addition to increasing the market capitalization of Mallinckrodt, the combination has significantly strengthened the company’s balance sheet, cash generation and leverage position.
August 18, 2014
11:41 EDTPFECubist rises after report sparks takeover interest speculation
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08:01 EDTPFEPfizer announces submission of Palbociclib NDA to FDA
Pfizer announced it has completed the submission of a New Drug Application to the United States Food and Drug Administration for palbociclib. This NDA requests FDA approval of palbociclib, in combination with letrozole, for the treatment of postmenopausal women with estrogen receptor positive, human epidermal growth factor receptor 2 negative advanced breast cancer who have not received previous systemic treatment for their advanced disease. The submission is based on the final results of PALOMA-1, a randomized, Phase 2 trial comparing palbociclib plus letrozole versus letrozole alone in this population of patients. Palbociclib received Breakthrough Therapy designation from the FDA in April 2013, for the first-line systemic treatment of women with advanced or metastatic ER+, HER2- breast cancer. This designation was based on interim data from the PALOMA-1 trial. The FDA has a 60-day filing review period to determine whether the NDA is complete and acceptable for filing. Pfizer will communicate the Agency’s decision.
07:57 EDTPFECambridge Healthtech Institute to hold a summit
6th Annual Bioprocessing Summit to be held in Boston on August 18-22.
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