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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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September 19, 2014
16:00 EDTPFEOptions Update; September 19, 2014
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10:07 EDTPFEHigh option volume stocks
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September 17, 2014
18:29 EDTWWEOn The Fly: After Hours Movers
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16:20 EDTWWEWWE and FOX Sports Latin America announce partnership
WWE and FOX Sports Latin America announced a five-year multi-channel agreement that will make WWE programming available in 56M homes on various FOX Sports and FOX Premium platforms across all of Latin America, including Mexico, Brazil, Argentina, Colombia and Venezuela. The partnership will offer more than 480 hours of original WWE content per year.
07:43 EDTPFEBofA/Merrill to hold a conference
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September 16, 2014
11:51 EDTPFEOECD looks to close tax loopholes with new proposals
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07:30 EDTMNKCRT Capital to hold a conference
2nd Annual Investor Conference to be held in Greenwich, CT on September 16.
07:19 EDTPFECompanies' share buybacks at fasttest clip since 2007, WSJ reports
Companies are buying back their own shares at its fastest pace since the financial crisis to fuel a stock rally, reports the Wall Street Journal. According to Birinyi Associates, companies have bought back $338.3B of stock in 1H14, the most since 2007. Citing an analysis by Barclays, companies with the largest buyback programs by dollar value have outperformed the broader market by 20% since 2008. Reference Link
September 15, 2014
09:25 EDTPFEJPMorgan biotech analysts hold an analyst/industry conference call
Analysts assess Pfizer's M&A options on an Analyst/Industry conference call to be held on September 15 at 10 am.
07:27 EDTPFEIBC Life Sciences to hold a conference
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07:27 EDTPFEPfizer acquisition could drive shares higher, says JPMorgan
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September 14, 2014
13:32 EDTPFEPfizer shares look cheap, Barron's says
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September 12, 2014
10:48 EDTWWEWWE tape library sale report 'inaccurate,' Wrestle Zone reports
The Wrap's report last night that Warner Bros. Studios is in talks to acquire the entire WWE (WWE) tape library in "inaccurate," Wrestle Zone reports, citing sources close to the situation. Reference Link
10:32 EDTPFEPfizer CEO says company still open to inversion deal, FT says
Pfizer (PFE) CEO Ian Read said U.S. rhetoric against tax inversions has been "political theater" ahead of midterm elections and made clear that his company is still open to a potential tax-saving acquisition, according to Financial Times, which added Read's comment about not being “held hostage” over price would likely be read as a signal the company might look elsewhere after being rebuffed by AstraZeneca (AZN). The Fly notes that Bloomberg previously reported, citing people familiar with the matter, that Pfizer is looking at targets other than AstraZeneca, including Actavis (ACT). Shares of Actavis trading in New York are up 2% this morning. Reference Link
09:55 EDTWWEWWE, Ten Sports expand partnership in India
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September 8, 2014
07:15 EDTPFEIBC Life Sciences to hold a conference
10th Annual Cell Line Development & Engineering Conference to be held in Berkeley, California on September 8-10.

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