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Stock Market & Financial Investment News

News Breaks
January 10, 2014
05:13 EDTSHPG, VPHMShire extends tender offer for ViroPharma
Shire (SHPG) announces that it has extended the expiration of its previously announced tender offer by a wholly owned subsidiary of Shire for all of the outstanding common shares of ViroPharma Incorporated (VPHM) until midnight, New York City time, on Thursday, January 23. The tender offer had previously been scheduled to expire at midnight, New York City time, on Thursday, January 9. All of the other terms and conditions of the tender offer remain unchanged. As of midnight on January 9, approximately 51.57M common shares of ViroPharma had been validly tendered and not withdrawn pursuant to the tender offer, representing approximately 78% of the outstanding common shares of ViroPharma.
News For SHPG;VPHM From The Last 14 Days
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October 15, 2014
17:17 EDTSHPGAbbVie, Shire both look like buys no matter what, Barron's says
AbbVie (ABBV) and Shire (SHPG) both offer great value and are buys even without a merger, Barron's argues in its 'Barron's Take' column. Reference Link
16:37 EDTSHPGOn The Fly: Closing Wrap
The market opened sharply lower amid sliding oil prices, worse than expected economic data, and the potential for a major M&A deal to fall apart due to tax inversion rule changes. The Dow fell more than 350 points within the first 30 minutes of trading, but then bounced back to move above its opening level. The volatility did not end there, however, as the market swung several more times during the session. The S&P 500's drop wiped out its gains for the year at one point, but a late day rally significantly cut the losses for the major averages. ECONOMIC EVENTS: In the U.S., retail sales, which were expected to be down 0.1% in September, actually fell 0.3% in the month and slipped 0.2% excluding autos. The Producer Price Index for final demand decreased a seasonally adjusted 0.1% in September from the prior month, marking the first decline in the measure in over a year. The core PPI reading, which excludes food and energy, was unchanged, versus expectations for a 0.1% rise. New York's Empire State manufacturing index fell 21.4 points to 6.2 in October, severely missing the expectation for a narrower pullback to a reading of 20. Business inventories rose 0.2% in August, versus expectations for an increase of 0.4%. In China, the consumer price index climbed 1.6% in September from a year earlier, which was below the consensus projection for 1.7% inflation and down from 2% inflation in August. China's PPI plunged 1.8% year-over-year in September, which was more than the 1.6% slide expected and an acceleration of the 1.2% year-on-year decline in August. COMPANY NEWS: Shares of Shire (SHPG) plunged $74.08, or 30.29%, to $170.49 after AbbVie's (ABBV) board last night stated that it was reconsidering its recommendation that the company's shareholders back a takeover of Irish drugmaker in light of the potential impact of tax rule changes on the deal. During the day, Bloomberg reported that people familiar with the matter say AbbVie is close to abandoning its $51B takeover bid, while Shire announced that it has agreed to waive the requirement for three business days' notice for AbbVie's board to meet to consider its offer. In contrast, AbbVie ended the session up 50c, or 0.92%, at $54.63... Wal-Mart (WMT) held its annual meeting, during which it lowered its fiscal year 2015 net sales growth forecast to 2%-3%, citing a tougher sales environment than it anticipated a year ago. The company indicated in February that it expected net sales growth to be at the low end of its guidance provided last October of 3%-5%. The world's largest retailer also cut its planned retail square foot growth expectations, due to a moderation of large format store growth and accelerated e-commerce investments. Following the outlook revisions, Wal-Mart closed down $2.78, or 3.57%, to $75.20. MAJOR MOVERS: Among the notable gainers was Penford Corporation (PENX), which jumped $7.60, or 69.15%, to $18.59 after the company agreed to be acquired by Ingredion (INGR) for $340M, or $19.00 in cash per share. Also higher was Southwestern Energy (SWN), which rose $2.59, or 7.82%, to $35.69 after it was among a number of oil and gas exploration and production names upgraded by analysts at Bank of America Merrill Lynch. Among the noteworthy losers was Nu Skin (NUS), which dropped $4.47, or 9.13%, to $44.50 after the company disclosed new debt arrangements that come with certain restrictions, including restrictions on the payment of dividends. Also lower were shares of Covidien (COV), which fell $6.50, or 7.04%, to $85.86 in the wake of the news for Shire and AbbVie, which investors may have read as jeopardizing Covidien's deal to be bought by Medtronic (MDT). Note that on October 3 Medtronic announced that it intends to use approximately $16B in external financing to complete the acquisition of Covidien and said the strategic benefits of the transaction "remain compelling" despite the additional expense of the new financing. INDEXES: The Dow dropped 173.45, or 1.06%, to 16,141.74, the Nasdaq slipped 11.85, or 0.28%, to 4,215.32, and the S&P 500 fell 15.21, or 0.81%, to 1,862.49.
15:00 EDTSHPGShire-Allergan, AbbVie-Pfizer deals possible if merger scrapped, Bloomberg says
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13:45 EDTSHPGShire waives notice requirement for AbbVie board meeting
Shire (SHPG) announces that, in order to "allow the period of uncertainty for its shareholders, employees and other stakeholders to be reduced," it has agreed to waive the requirement for three business days' notice for AbbVie's (ABBV) board to meet to consider its recommendation of the offer for Shire.
13:19 EDTSHPGAbbVie close to dropping takeover bid for Shire, Bloomberg reports
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12:59 EDTSHPGShire at lows down 33% after Bloomberg says AbbVie close to dropping bid
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12:58 EDTSHPGAbbVie close to dropping takeover bid for Shire, Bloomberg reports
12:36 EDTSHPGOn The Fly: Midday Wrap
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10:48 EDTSHPGShire tanks with AbbVie calling board meeting over merger
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10:02 EDTSHPGOn The Fly: Analyst Upgrade Summary
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09:20 EDTSHPGOn The Fly: Pre-market Movers
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09:11 EDTSHPGShire upgraded to Buy from Fair Value at CRT Capital
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07:30 EDTSHPGAbbVie review of Shire deal an 'unwelcome surprise,' says Jefferies
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06:58 EDTSHPGAbbVie volatility elevated into reconsidering Shire merger
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06:55 EDTSHPGShire volatility elevated into AbbVie reconsidering merger recommendation
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05:34 EDTSHPGShire says AbbVie should proceed with recommended offer
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October 14, 2014
19:50 EDTSHPGShire down nearly 6% following AbbVie reconsidering merger recommendation
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19:48 EDTSHPGAbbVie board reconsidering recommendation to holders to accept Shire merger
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19:46 EDTSHPGAbbVie board reconsidering recommendation to holders to accept Shire merger
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October 9, 2014
05:22 EDTSHPGShire provides regulatory update on SHP 465
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