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Stock Market & Financial Investment News

News Breaks
January 11, 2013
06:11 EDTPRGOPerrigo downgraded to Sell from Neutral at Goldman
Goldman downgraded Perrigoo due to valuation and expectations for slowing growth given the delayed Mucinex launch and new baby store brand formula packaging. Price target is $110.
News For PRGO From The Last 14 Days
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July 31, 2015
16:22 EDTPRGOStocks end week higher in U.S. despite selloff in China
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July 29, 2015
07:02 EDTPRGOMylan's Perrigo acquisition receives clearance from European Commission
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July 28, 2015
09:47 EDTPRGOMylan expected to launch tender offer for Perrigo in early September, CNBC says
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09:14 EDTPRGOMylan price target lowered to $54 from $82 at BMO Capital
BMO Capital cut its price target on Mylan (MYL) after Teva (TEVA) announced that it was abandoning its bid to buy the company. The firm expects Mylan's stock to continue to face selling pressure in the wake of the news. The firm says that investors will wonder if Mylan can buy Perrigo (PRGO) following the decline in its share price. BMO believes that Perrigo "will put up a strong fight," and it does not think that the deal would be favorable for Mylan in any event. BMO keeps a Market Perform rating on Mylan.
06:43 EDTPRGOMylan price target lowered to $54 from $82 at BMO Capital
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July 27, 2015
17:36 EDTPRGOOn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory, with weakness attributed to the Chinese market suffering its worst one day loss in over eight years. The U.S. indexes remained in the negatives throughout the day as traders prepare for one of the heaviest weeks for this earnings season. ECONOMIC EVENTS: In the U.S., durable goods orders advanced 3.4% in June versus expectations for a 3.2% increase. Excluding transportation items, the core reading was up 0.8% against estimates for a 0.5% gain. In China, the Shanghai composite index fell 8.5% and the Shenzhen composite dropped 7%, with the moves generally attributed to concerns over growth and fears that the government may pull its market support. Note that Dow Jones quoted the country's top securities regulator this morning as saying China plans to increase stock purchases by the state. COMPANY NEWS: Shares of Teva (TEVA) jumped $10.15, or 16.41%, to $72.07 after the generic drugmaker dropped its pursuit of Mylan (MYL), opting instead to acquire Allergan's (AGN) global generic pharmaceuticals business for $40.5B. Allergan shares rose 6.09% for the session, and Mylan fell 14.51% to $56.37 while reiterating its commitment to pursue Perrigo (PRGO), whose shares gained 3.81% to $193.60. MAJOR MOVERS: Among the notable gainers was Wabtec (WAB), which rose $6.59, or 7.21%, to $97.93 after agreeing to buy Faiveley Transport for roughly $1.8B, noting that it expects EPS accretion in 2016. In other M&A news, Magnetek (MAG) finished the session up $17.27, or 53.55%, to $49.52 after Columbus McKinnon (CMCO) agreed to acquire the company for $50 per share, while Beacon Roofing Supply (BECN) jumped $2.62, or 8.71%%, to $32.70 after agreeing to buy Roofing Supply Group at a transaction value of about $1.1B. Also higher were shares of Xueda Education (XUE), which surged 50.63% after Xiamen Insight Investment announced a deal to purchase the company for $5.50 per American Depository Share. Xueda's positive move came in stark contrast to numerous Chinese stocks traded in New York, with Baidu (BIDU) slipping 4.16% and Alibaba (BABA) losing 2.01% after China's Shanghai composite index plunged overnight. Also lower was McGraw Hill Financial (MHFI), declining $6.01, or 5.69%, to $99.59 after agreeing to acquire SNL Financial for roughly $2.225B in cash. Additionally, GrubHub (GRUB) lost 8.37% to $30.99 following a downgrade from Cowen citing competitive concerns and market saturation. INDEXES: The Dow fell 127.94, or 0.73%, to 17,440.59, the Nasdaq lost 48.85, or 0.96%, to 5,039.78, and the S&P 500 declined 12.01, or 0.58%, to 2,067.64.
12:03 EDTPRGOOn The Fly: Top stock stories at midday
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09:21 EDTPRGOOn The Fly: Pre-market Movers
HIGHER: Magnetek (MAG), up 53.5% after Columbus McKinnon (CMCO) agrees to acquire the company... Xueda Education (XUE), up 40.6% after merging with Xiamen Insight Investment... Box (BOX), up 4.6% after being upgraded to Overweight from Sector Weight at Pacific Crest... Goodrich Petroleum (GDP), up 6.4% after announcing sale of proved reserves and a portion of Eagle Ford leasehold. NOTABLE: Teva Pharmaceutical (TEVA), up 10.7% after acquiring Allergan Generics... Allergan (AGN) is up 6.3%... Mylan (MYL), down 14% after Teva withdraws proposal to acquire the company... Perrigo (PRGO), up 3% after Teva withdraws proposal to acquire Mylan. DOWN AFTER EARNINGS: Sohu.com (SOHU), down 6%... Changyou.com (CYOU), down 10.1%. ALSO LOWER: Bellerophon (BLPH) down 63% after announcing results of BCM clinical trial... Terex (TEX), down 4% after being downgraded to Sell from Neutral at Goldman... Ultragenyx Pharmaceutical (RARE), down 3.5% after being downgraded to Equal Weight from Overweight at Morgan Stanley...
July 26, 2015
18:22 EDTPRGOMedia reports say Teva to buy Allergan unit as it looks beyond Mylan
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July 24, 2015
06:56 EDTPRGOPaulson may play key role in Teva-Mylan-Perrigo drama, CTFN says
John Paulson's hedge fund, Paulson & Co., has upped its stake in Mylan (MYL) to 4.65%, which is below the threshold that would compel it to disclose its plans to the U.S. SEC but high enough for it to obtain standing before the Dutch Enterprise Chamber, which would hear any legal challenge to the "stichting" maneuver the company is employing to avoid a takeover by Teva (TEVA), said CTFN. The takeover fight is most likely headed for court in Amsterdam after Mylan's shareholder foundation exercised an option to acquire shares and Paulson's involvement is noteworthy since he teamed with Centaurus Capital in 2007 to thwart a stichting ploy used by Stork, the report noted. Reference Link
July 23, 2015
08:48 EDTPRGOMylan, Teva lower after Stitching looks to thwart hostile deal
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08:33 EDTPRGOMylan foundation says shareholders at risk of Teva takeover
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July 22, 2015
10:06 EDTPRGOAbbott CEO says supportive of Mylan pursuit of Perrigo
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07:14 EDTPRGOPerrigo agrees to acquire Yokebe
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