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Stock Market & Financial Investment News

News Breaks
July 16, 2014
05:53 EDTLO, SHPGStocks with implied volatility below IV index mean; LO SHPG
Stocks with implied volatility below IV index mean; Lorillard (LO) 21, Shire (SHPG) 31 according to iVolatility.
News For SHPG;LO From The Last 14 Days
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April 23, 2015
09:20 EDTSHPGCelgene patent latest to be challenged by Hayman Capital's Bass
The Coalition For Affordable Drugs, a group linked to Hayman Capital's Kyle Bass, has requested an Inter Partes Review of Claims 110 of U.S. Patent No. 6,045,501 held by Celgene (CELG), according to a USPTO filing. The 501 patent claims methods for delivering a drug, including a teratogenic drug, to a patient while preventing the exposure of a fetus or other contraindicated individuals to the drug. The patent is related to the company's Revlimid drug. BACKGROUND: Previously, the same coalition requested an Inter Partes Review of patents held by Pharmacyclics (PCYC), Acorda Therapeutics (ACOR), Shire (SHPG) and Jazz Pharmaceuticals (JAZZ). On January 7, Reuters reported that Bass planned to take "around 15 pharmaceutical companies with a combined market capitalization of $450B" into an Inter Partes Review for extending patents in questionable ways, citing a presentation made by Bass in Oslo. PRICE ACTION: Shares of Celgene are down 0.5% to $114.92 in pre-market trading.
April 22, 2015
07:07 EDTSHPGEuropean Association for the Study of the Liver to hold annual meeting
50th Annual Meeting of EASL will be held in Vienna, Austria on April 22-26.
April 20, 2015
15:16 EDTLOGreenlight starts new GM long position, rolls Lorillard short bet to Reynolds
David Einhorn's Greenlight Capital hedge fund said in its latest quarterly letter to investors that it had established new long positions in General Motors (GM), Chicago Bridge & Iron (CBI) and AerCap Holdings (AER) last quarter. WHAT'S NEW: Greenlight believes GM should benefit from low gas prices, low raw material costs, and its decision to launch share buybacks, Greenlight stated. GM has an excellent chance of beating 2015 EPS expectations, added the firm. Einhorn's group said they found the valuation of Chicago Bridge and Iron, an engineering and construction company with significant exposure to energy, attractive following the stock's decline. Although energy prices may stay low for some time, the company has a significant backlog that should support its earnings for several years, Greenlight stated. Additionally, the market is overestimating how much of the cost overruns for two nuclear energy projects with be shouldered by the company, Greenlight contended. AerCap, the largest publicly traded aircraft leasing company, bought AIG's (AIG) aircraft leasing business last year at a bargain price, Greenlight stated. The combined business will benefit from AerCap's low tax rate, as well as efficiencies, the hedge fund believes. WHAT'S NOTABLE: Greenlight exited its short position in Lorillard (LO). Greenlight noted that it has rolled its short bet on Lorillard into a fresh position in Reynolds American (RAI), since it still believes that the FDA is gearing up to do "something major" in terms of regulation of menthol cigarettes, but is moving "slowly and deliberately" because it anticipates an extremely aggressive industry response. The firm also exited two other short positions because the companies agreed to takeovers: Safeway (SWY) and Freescale Semiconductor (FSL), which has agreed to sell itself to NXP Semicondictors (NXPI).
14:32 EDTSHPGPharmacyclics patent for Imbruvica challenged by Hayman Capital's Bass
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14:16 EDTLOEinhorn lists AerCap, CBI, GM as new longs, Bloomberg reports
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April 17, 2015
13:23 EDTLOLorillard reports Q1 adjusted EPS 82c, consensus 77c
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12:23 EDTLOLorillard reports total retail market share of cigarettes for Q1 at 15.5%
Total Lorillard retail market share of cigarettes for the first quarter was a record 15.5%, increasing 0.3 share point compared to the corresponding period of 2014.
12:20 EDTLOLorillard to pay $1.133B in April under State Settlement Agreements
In April, the company paid, or will pay, $1.133B under the State Settlement Agreements, primarily based on 2014 volume. Included in the payment is $93M deposited in an interest-bearing escrow account in accordance with procedures established in the MSA pending resolution of a claim by the company and the other Original Participating Manufacturers that they are entitled to reduce their MSA payments based on a loss of market share to non-participating manufacturers. The previously-announced combination with Reynolds American (RAI) remains subject to regulatory approval and the additional customary closing conditions contained in the merger agreement. Although no assurance can be given if and when the transaction will be completed because it remains subject to regulatory approval and additional customary closing conditions, the transaction is expected to close in the first half of 2015.
10:43 EDTLOOptions with increasing implied volatility: PNK FOSL ARCP LO
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07:13 EDTLOReynolds American confident Lorillard, Imperial deals will close by mid-2015
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06:36 EDTLOTeenagers' use of e-cigarettes tripled last year, NY Times says
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April 15, 2015
08:01 EDTLOU.S. traditional cigarette Q1 outlook strong, says Wells Fargo
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April 14, 2015
12:36 EDTLOTobacco companies file suit against FDA over labeling guidance, Reuters says
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12:19 EDTLOTobacco companies file suit against FDA over labeling guidance, Reuters says
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April 13, 2015
07:20 EDTSHPGShire price target raised to $288 from $267 at JPMorgan
JPMorgan raised its price target for Shire to $288 after lifting its estimates for Lifitegrast in dry eye following the FDA's Priority Review designation. The firm believes the FDA is very likely to approve the application in October of this year, without waiting for the third Phase III study late 2015. It upped its 2020 Lifitegrast forecasts by $600M to $900M and reiterates an Overweight rating on Shire.

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