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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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July 24, 2014
09:10 EDTQCORQuestcor reports Q2 adjusted EPS $1.85, consensus $1.74
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July 23, 2014
10:02 EDTMNKOn The Fly: Analyst Initiation Summary
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08:10 EDTMNKDeutsche Bank hosts an analyst Specialty Pharma/Industry conference call
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July 22, 2014
16:18 EDTPFEPuma Biotech now responsible for R&D expenses associated with legacy trials
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16:09 EDTMNKMallinckrodt initiated with a Buy at Deutsche Bank
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July 21, 2014
07:36 EDTMNK, QCORMallinckrodt price target raised to $95 from $85 at Jefferies
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July 17, 2014
11:12 EDTQCOROptions with decreasing implied volatility
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10:00 EDTMNKOn The Fly: Analyst Initiation Summary
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08:08 EDTPFEBristol-Myers, Pfizer announce enrollment in Phase IV EMANATE trial for Eliquis
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July 16, 2014
16:13 EDTMNK, QCORMallinckrodt initiated with an Outperform, $100 target at Oppenheimer
Oppenheimer believes Mallinckrodt's (MNK) acquisition of Questcor (QCOR) provides sustainable high-growth revenue potential. It believes the company bought Acthar at an attractive valuation. Opco started shares of Mallinckrodt with an Outperform rating and $100 price target.
16:09 EDTMNKMallinckrodt initiated with an Outperform at Oppenheimer
Target $100.
10:36 EDTPFETreasury calls on Congress to halt inversion deals
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10:35 EDTQCOROptions with decreasing implied volatility
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09:27 EDTPFEPfizer to acquire InnoPharma for upfront cash payment of $225M
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07:59 EDTPFETreasury Secretary urges Congress to take action on tax inversions
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07:04 EDTPFEPfizer says primary endpoint met in Phase 3 study of BeneFIX
Pfizer announced the positive results of a Phase 3 study comparing a prophylaxis regimen of BeneFIX Coagulation Factor IX 100 IU/kg once-weekly to on-demand treatment in people with moderately severe to severe hemophilia B. The top-line results of the study showed that the primary study endpoint was met and hemophilia B patients taking once-weekly BeneFIX showed a statistically significant reduction in the annualized bleeding rate relative to on-demand treatment with BeneFIX. In the study, the median ABR value, a commonly used measure of efficacy for prophylaxis regimens in hemophilia, was 2.0 for the prophylaxis regimen, compared to 33.6 for the on-demand regimen, representing a 94% decrease in bleeding rates. The mean ABR value was 3.6 for the prophylaxis period, compared to 32.9 for the on-demand treatment, which represents a reduction of 89%. Study results also showed that prophylaxis treatment significantly reduced both spontaneous and traumatic ABR compared to on-demand treatment with BeneFIX. In addition to meeting the primary endpoint, the secondary study endpoints showed that none of the 1,254 prophylaxis infusions administered during the study were associated with a less than expected therapeutic effect occurrence, which was defined as a spontaneous bleed occurring within 48 hours of a prophylaxis infusion. These results are preliminary, top-line data and are subject to additional analyses. Complete results from this study will be submitted for presentation at upcoming medical congresses and submitted for publication in a peer-reviewed journal.
July 14, 2014
15:09 EDTQCOR, MNKQuestcor rises after S-4 effective, interest from other suitors disclosed
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07:04 EDTQCOR, MNKMallinckrodt and Questcor update transaction
Mallinckrodt (MNK) and Questcor (QCOR) announced that the registration statement on Form S-4 filed with the SEC by Mallinckrodt on May 16 and amended on July 11 which includes a joint proxy statement of Mallinckrodt and Questcor that also constitutes a prospectus of Mallinckrodt, was declared effective on July 11. The companies have also each scheduled shareholder meetings on August 14 for shareholders of record on July 9 to consider (i) in the case of Mallinckrodt, its proposal to issue its ordinary shares in connection with its proposed acquisition of Questcor and (ii) in the case of Questcor, approval of the merger agreement with Mallinckrodt and related matters. The transaction is currently expected to be completed in August.
July 11, 2014
09:09 EDTQCOROn The Fly: Pre-market Movers
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06:39 EDTQCOR, MNKQuestcor reports Acthar adverse effects data, NY Times says
The number of patients who reported an adverse effect last year while taking Questcor's (QCOR) Acthar drug amounted to almost 5% of prescriptions dispensed, the company stated in a regulatory filing released yesterday, according to The New York Times. The filing marked the first time that the company has disclosed any difficulties experienced by Acthar patients, the newspaper added. Questcor has agreed to be bought by Mallinckrodt (MNK). Reference Link
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