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Stock Market & Financial Investment News

News Breaks
January 13, 2014
06:35 EDTREGNRegeneron to sequence DNA to find out more about diseases, NY Times says
Regeneron will sequence DNA from about 100,000 volunteers, in an effort to find genetic variations linked to different diseases, according to The New York Times. The research may provide clues that will help develop new drugs, the newspaper added. Reference Link
News For REGN From The Last 14 Days
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December 23, 2014
16:22 EDTREGNOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory and the opening move put the Dow over 18,000 for the first time. The Nasdaq, however, quickly gave up its gains and moved into the red, where the tech-heavy index remained for the rest of the trading day. Oil prices saw a bit of a rebound but still remain just slightly above their lows from the recent sell-off. The volume was light and is expected to be even lighter tomorrow, as the market will close early ahead of the Christmas holiday. ECONOMIC EVENTS: In the U.S., the Commerce Department sharply revised up its estimate of third quarter GDP growth to 5% from a previous annual rate of 3.9%. Durable goods orders fell 0.7% in November, missing expectations for them to have grown 3%. The FHFA home price index rose 0.6% in October to 215.4, beating expectations for the index to have risen 0.3%. The University of Michigan consumer sentiment index final reading for December came in at 93.6, which was roughly in-line with the consensus forecast. The Richmond Fed manufacturing index for December had a reading of 7, as expected. New home sales fell 1.6% to a 438K rate in November, versus the consensus expectation for them to have been up 0.4% to 460K rate. Personal income increased 0.4% in November, matching the consensus forecast, while consumer spending grew 0.6% during the month, which was just above the 0.5% growth forecast. COMPANY NEWS: Shares of a number of biotechnology companies, including Celgene (CELG), Alexion (ALXN), Regeneron (REGN), Biogen Idec (BIIB) and Gilead (GILD), were among the worst performers on the S&P 500 as the whole space appeared to have a delayed reaction to yesterday's Express Scripts (ESRX) decision to purchase AbbVie's (ABBV) lower cost HCV drug for most of the patients the PBM serves. Piper Jaffray said it views the recent pullback in the biotech space as "healthy," but feels its "misguided" since the drug discounting done by AbbVie is not new. Piper says the "pricing/rebate dynamic existed well before yesterday" and that determining how the news from Express Scripts will impact the broader industry is difficult. Nonetheless, Piper feels the sector pullback is "healthy" given the outperformance of the group... Sony (SNE) announced that it will allow certain theaters to release "The Interview" on Christmas Day despite recent threats and reports indicated that Sony will also release the comedy simultaneously on video-on-demand. MAJOR MOVERS: Among the notable gainers was NQ Mobile (NQ), which gained $1.22, or 35.26%, to $4.68 after authorizing the repurchase up to $80M of its shares. Also higher was Chesapeake Energy (CHK), which rose $1.87, or 10.15%, to $20.29 after closing its previously announced asset sale to Southwestern Energy (SWN) for net proceeds of $4.975B and authorizing a $1B common stock repurchase program. Among the noteworthy losers was Achillion (ACHN), which fell $3.65, or 23.56%, to $11.84 amid the broader weakness in biotech and following a downgrade of the stock at RW Baird. INDEXES: The Dow advanced 64.73, or 0.36%, to 18,024.17, the Nasdaq fell 16.00, or 0.33%, to 4,765.42, and the S&P 500 added 3.63, or 0.17%, to 2,082.17.
12:41 EDTREGNOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq lagging but the Dow above the 18,000 level for the first time. After an upward revision to the government's estimate of third quarter GDP growth fueled a higher open for all three major averages, the Dow and S&P soon found a level and began to drift, though the Nasdaq struggled and moved into the red soon after the opening bell. The averages have been in a holding pattern since the opening hour, with volume remaining light during this holiday shortened week. ECONOMIC EVENTS: In the U.S., the Commerce Department sharply revised up its estimate of third quarter GDP growth to 5% from a previous annual rate of 3.9%. Durable goods orders fell 0.7% in November, missing expectations for them to have grown 3%. The FHFA home price index rose 0.6% in October to 215.4, beating expectations for the index to have risen 0.3%. The University of Michigan consumer sentiment index final reading for December came in at 93.6, which was roughly in-line with the consensus forecast. The Richmond Fed manufacturing index for December had a reading of 7, as expected. New home sales fell 1.6% to a 438K rate in November, versus the consensus expectation for them to have been up 0.4% to 460K rate. Personal income increased 0.4% in November, matching the consensus forecast, while consumer spending grew 0.6% during the month, which was just above the 0.5% growth forecast. COMPANY NEWS: Shares of Keurig Green Mountain declined nearly 2% after the coffee machine maker recalled about 7.2M MINI Plus brewers in the U.S. and Canada after receiving reports of hot liquid escaping from the units during use. MAJOR MOVERS: Among the notable gainers was Vanda Pharmaceuticals (VNDA), which jumped more than 15% after the company announced a drug licensing settlement with Novartis (NVS) that research firm JMP Securities said was more favorable to Vanda than investors had expected. Also higher was NQ Mobile (NQ), which gained 27% after its board of directors authorized a share repurchase program under which the company may repurchase up to $80M of its shares. Among the noteworthy losers was Achillion (ACHN), which fell 21% after RW Baird downgraded the stock to Neutral and said the top-line anti-viral data the company reported yesterday fell short of expectations. Also lower were a number of other biotechnology companies, including Celgene (CELG), Regeneron (REGN), Biogen Idec (BIIB) and Gilead (GILD), as the whole space appears to be having a delayed reaction to yesterday's Express Scripts (ESRX) decision to purchase AbbVie's (ABBV) lower cost HCV drug for most of the patients the PBM serves. INDEXES: Near midday, the Dow was up 75.04, or 0.42%, to 18,034.48, the Nasdaq was down13.18, or 0.28%, to 4,768.24, and the S&P 500 was up 4.48, or 0.22%, to 2,083.02.

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