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Stock Market & Financial Investment News

News Breaks
April 7, 2014
12:15 EDTVOCS, PFE, MNK, WWE, QCOROn 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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July 30, 2015
18:13 EDTWWEOn The Fly: Top stock stories for Thursday
The market began the session in negative territory following the release of second quarter GDP data below economists' estimates. Continuing this morning's slow start, the indexes churned in negative territory for the first half of the day before turning mixed near noon. The Dow and S&P generally lagged behind the Nasdaq, with the S&P narrowly edging into positive territory by session close. ECONOMIC EVENTS: In the U.S., gross domestic product was estimated to have grown at a 2.3% annualized rate in the second quarter, though expectations were for GDP growth of 2.7%. The government also upwardly revised its estimate of first quarter GDP growth to 0.6% from a prior estimate of 0.2% contraction in the period. Initial jobless claims rose 12,000 to 267,000 in the week ended July 25, which was a bit below the expected 270,000 first-time claims. COMPANY NEWS: Facebook (FB) reported earnings and revenues last night that topped expectations, but its shares slid $1.78, or 1.84%, to $95.21 as the social network's growth in daily averages users fell a bit short of the consensus forecast and may have missed the high, "whisper" expectations for its report... Shares of Whole Foods (WFM) sunk 11.61% to $36.08 and hit a 52-week low of $35.57 during the session after the company reported weaker than expected results and provided lower than expected profit guidance. Several analysts downgraded shares of the organic foods grocer in the wake of its quarterly report and outlook. MAJOR MOVERS: Among the notable gainers was T-Mobile (TMUS), which advanced $1.82, or 4.91%, to $38.86 after handily beating analyst estimates and raising its outlook for yearly net customer additions forecast. Also higher following their earnings reports were Mondelez (MDLZ) and WWE (WWE), gaining a respective 5.03% and 17.48%. Among the noteworthy losers was Stratasys (SSYS), which fell $3.82, or 10.47%, to $32.67 after the company rescinded its fiscal year guidance, citing a lack of visibility on growth in the market. The news built on continued fears of overcapacity in the sector, leading to session losses for numerous 3D printer stocks, including an 8.94% drop for peer 3D Systems (DDD). Also lower was Qorvo (QRVO), which declined $9.99, or 14.17%, to $60.49 after its second quarter guidance significantly trailed analyst estimates, after which the stock saw price target reductions from BMO and Brean. Additionally, LinnCo (LNCO) declined $1.83, or 29.33%, to $4.41 after parent company Linn Energy (LINE) announced plans to suspend dividends and reserve roughly $450M from annualized distributions, which saw Linn also slipping 26.32% to $4.76. INDEXES: The Dow fell 5.41, or 0.03%, to 17,745.98, the Nasdaq gained 17.05, or 0.33%, to 5,128.79, and the S&P 500 advanced 0.06, or 0.00%%, to 2,108.63.
08:35 EDTWWEWWE sees Q3 adjusted OIBDA $13M-$17M
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08:34 EDTWWEWWE reports Q2 EPS 7c, consensus (2c)
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July 29, 2015
06:50 EDTPFEPfizer CEO: Company has 'sufficient courage' to pursue takeovers, FT says
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06:14 EDTMNKBellerophon expands license agreement with Mallinckrodt for INOpule development
Bellerophon (BLPH) has expanded its license agreement with INO Therapeutics, a division of Mallinckrodt (MNK), allowing Bellerophon to develop INOpulse for the treatment of three additional cardiopulmonary diseases, including chronic thromboembolic pulmonary hypertension, pulmonary hypertension associated with sarcoidosis and pulmonary hypertension associated with pulmonary edema from high altitude sickness. Bellerophon's existing license with INO Therapeutics covers the development of INOpulse for pulmonary arterial hypertension, pulmonary hypertension associated with COPD and pulmonary hypertension associated with idiopathic pulmonary fibrosis. Terms of the expanded license agreement include a 5% royalty on net sales for the three additional indications.
July 28, 2015
16:53 EDTPFEOn The Fly: Top stock stories for Tuesday
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12:31 EDTPFEOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session in positive territory but turned mixed a short time after the open. The averages gathered themselves again and began an upward drift about an hour into trading, leaving markets near session highs around noon as stocks try to break their string of five consecutive lower closes. ECONOMIC EVENTS: In the U.S., the Case Shiller 20-city home price index rose 1.1% in May to 179.03, missing a forecast for it to rise 1.7% to 180.2. Markit's services PMI for July rose to 55.2, above the expected 55.0 reading. The Richmond Fed factory index rose to 13.0 in July from an upwardly revised 7 in June. Consumer confidence fell to 90.9 in July, down from a revised 99.8 figure for last month and below the expected reading of 100. In China, the Shanghai composite index closed down 1.7%, but only after a volatile session that saw it down as much as 5.1% and up about 1% at different points in the trading day. In Europe, U.K. GDP growth in the second quarter came in at 0.7%, matching the consensus expectation. COMPANY NEWS: Earnings season continued in earnest with UPS (UPS), Ford (F), Pfizer (PFE) and Merck (MRK) each reporting better than expected quarterly profits. UPS, which said its quarterly results gave it confidence in achieving the upper end of its earnings guidance range for the fiscal year, rose more than 5%. Pfizer and Merck each raised their fiscal year earnings guidance ranges, but Pfizer advanced 1.7% following its report while Merck slid nearly 0.5%. Ford, meanwhile, gained 1.8% after backing its fiscal year pre-tax profit view and repeating that it still expects the second half of the year to be stronger than the first half. MAJOR MOVERS: Among the notable gainers was Supervalu (SVU), which jumped 19% after the company reported better than expected first quarter results and also announced that it is exploring a separation of its Save-A-Lot business into a stand-alone, publicly traded company. Also higher was GrubHub (GRUB), which gained over 5% after reporting better than expect top and bottom line results in its second quarter and issuing 2015 guidance that analysts at Stifel said "appears conservative." Among the noteworthy losers was Immunomedics (IMMU), which tumbled 34% after the company's partner, UCB, announced that two Phase 3 clinical studies for epratuzumab in Systemic Lupus Erythematosus did not meet their primary clinical efficacy endpoints in either dose in both studies. Also lower following its earnings reports was Baidu (BIDU), which fell 16.5% and was downgraded by at least four research firms. INDEXES: Near midday, the Dow was up 136.13, or 0.78%, to 17,576.72, the Nasdaq was up 36.37, or 0.72%, to 5,076.14, and the S&P 500 was up 19.42, or 0.94%, to 2,087.06.
07:20 EDTPFEBrookings Institute to hold a public meeting
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07:18 EDTPFEPfizer raises FY15 adjusted EPS view to $2.01-$2.07, consensus $2.04
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07:17 EDTPFEPfizer reports Q2 innovative products revenue $6.63B, up 8%
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07:02 EDTPFEPfizer reports Q2 EPS adjusted 56c, consensus 52c
Reports Q2 revenue $11.9B, consensus $11.42B.
July 27, 2015
18:30 EDTPFEAllergan CEO pursuing 'transformational deals,' FT says
In a Financial Times interview following the sale of its generics unit to Teva (TEVA), Allergan's (AGN) CEO Brent Saunders stated, "We’re going to contemplate transformational deals... We couldn’t before because of our capital structure and debt, but now we can." When asked about the timing of a potential deal, Saunders remarked, "We’re not going to plod along," and when asked about a hypothetical takeover by Pfizer (PFE), the CEO commented, "I spend zero time thinking about Pfizer and I am not doing anything to make us more or less attractive to them." Reference Link
17:58 EDTMNKMallinckrodt to sell CMDS business to Guerbet for $270M
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16:00 EDTPFEOptions Update; July 27, 2015
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15:03 EDTPFENotable companies reporting before tomorrow's open
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12:36 EDTPFEEarnings Watch: Pfizer shares nearly flat since last earnings report
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July 24, 2015
09:57 EDTWWEWWE confirms contract with Hulk Hogan terminated, ABC News says
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July 22, 2015
08:32 EDTPFEPfizer expands lease agreement with MIT subsidiary
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July 21, 2015
08:04 EDTPFEPfizer launches Caltrate Bone & Joint Health supplement
Pfizer Consumer Healthcare announced the launch of Caltrate Bone & Joint Health, a 3-in-1, triple action product that delivers UC-II, an exclusive form of collagen, to support healthy cartilage and promote joint flexibility, calcium and vitamin D3, to nourish strong and healthy bones, and vitamin C and minerals to support collagen production for healthy bones and skin.
July 17, 2015
08:38 EDTMNKLeerink puts 25% odds on Teva, Mylan deal within 12 months
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