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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 29, 2014
07:01 EDTPFEPfizer reports Q2 adjusted EPS 58c, consensus 57c
Reports Q2 revenue $12.8B, consensus $12.46B.
July 28, 2014
15:47 EDTPFENotable companies reporting before tomorrow's open
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13:12 EDTPFEEarnings Preview: Pfizer looks for earnings boost from Lyrica, Xalkori
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10:02 EDTPFEOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AcelRx (ACRX) downgraded to Hold from Buy at Canaccord... Anglo American (AAUKY) downgraded to Neutral from Buy at UBS... Aon plc (AON) downgraded to Hold from Buy at Sandler ONeill... Cabot Oil & Gas (COG) downgraded at Oppenheimer... Cisco (CSCO) downgraded to Sector Perform from Outperform at Pacific Crest... Coeur Mining (CDE) downgraded to Market Perform from Outperform at Raymond James... DSW (DSW) downgraded at Sterne Agee... DuPont Fabros (DFT) downgraded to Neutral from Buy at Citigroup... El Paso Electric (EE) downgraded to Hold from Buy at Jefferies... Enphase Energy (ENPH) downgraded to Hold from Buy at Deutsche Bank... GlaxoSmithKline (GSK) downgraded to Neutral from Buy at BofA/Merrill... Horizon Technology (HRZN) downgraded to Hold from Buy at Wunderlich... Lear (LEA) downgraded to Hold from Buy at Deutsche Bank... Life Time Fitness (LTM) downgraded at Wedbush... Monster Beverage (MNST) downgraded to Neutral from Buy at UBS... NRG Energy (NRG) downgraded to Buy from Conviction Buy at Goldman... PG&E (PCG) downgraded to Sell from Neutral at Goldman... Pfizer (PFE) downgraded at BMO Capital... Post Properties (PPS) downgraded to Neutral from Buy at Citigroup... Publicis (PUBGY) downgraded to Sell from Neutral at Citigroup... Selmer Scientific (SMLR) downgraded to Hold from Buy at Aegis... TransCanada (TRP) downgraded to Neutral from Outperform at Credit Suisse... Travelers (TRV) downgraded to Hold from Buy at Sandler O'Neill... Zurich Insurance (ZURVY) downgraded to Underperform from Market Perform at Bernstein.
08:43 EDTPFEPfizer downgraded at BMO Capital
As noted earlier, BMO Capital downgraded Pfizer to Market Perform from Outperform. As reasons for the downgrade, the firm cited what it sees as the weakening of the company's mature franchises and significant loss of exclusivity headwinds in 2015. Target to $31 from $34.
06:36 EDTPFEPfizer downgraded to Market Perform from Outperform at BMO Capital
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05:55 EDTPFEStocks with implied volatility movement; IGT PFE
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July 25, 2014
13:13 EDTQCOR, MNKEinhorn bought Lam Research shares, sold Rite Aid last quarter
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12:18 EDTQCOR, MNKGreenlight discloses short positions in Safeway, Questcor, Bloomberg says
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10:02 EDTQCOROn The Fly: Analyst Downgrade Summary
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07:29 EDTPFEEMA recommends indication for Ecalta to treat invasive candidiasis
The Committee for Medicinal Products for Human Use adopted a positive opinion recommending a variation to the terms of the marketing authorization for the medicinal product Ecalta, offered by Pfizer. The CHMP adopted a change to an indication as follows: "Treatment of invasive candidiasis in adult patients."
06:22 EDTQCORQuestcor downgraded to Perform from Outperform at Oppenheimer
July 24, 2014
09:10 EDTQCORQuestcor expects insurance coverage for Acthar to remain favorable, consistent
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09:10 EDTQCORQuestcor reports Q2 H.P. Acthar gel sales up 39% to $188.5M
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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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