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Stock Market & Financial Investment News

News Breaks
April 28, 2014
04:55 EDTSI, SI, SI, THOR, THOR, THOR, STJ, STJ, STJ, ATRC, ATRC, ATRC, CADX, CADX, CADX, COV, COV, COV, CRY, CRY, CRY, EW, EW, EW, HTWR, HTWR, HTWR, ISRG, ISRG, ISRG, MDT, MDT, MDT, MYGN, MYGN, MYGN, RTIX, RTIX, RTIX, WTKWY, WTKWY, WTKWYAmerican Association for Thoracic Surgery to hold annual meeting
94th Annual Meeting of AATS is being held in Toronto on April 26-30.
News For SI;RTIX;MYGN;MDT;ISRG;HTWR;EW;CRY;COV;CADX;ATRC;STJ;THOR;WTKWY From The Last 14 Days
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August 7, 2014
07:42 EDTTHORThoratec price target lowered to $28 from $39 at Canaccord
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07:31 EDTTHORThoratec long-term opportunity remains intact, says Leerink
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06:42 EDTCOV, MDTObama to look to limit inversion deals, Politico says
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06:25 EDTTHORThoratec downgraded to Neutral from Outperform at Credit Suisse
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05:37 EDTHTWR, THORThoratec downgraded to Neutral from Buy at Goldman
Goldman Sachs downgraded Thoratec to Neutral citing the weaker LVAD market and limited visibility following the company's Q2 results. The firm lowered its price target for shares to $28 from $38. Goldman keeps a Sell rating on peer HeartWare (HTWR) and lowered its price target on the name to $73 from $75.
August 6, 2014
18:54 EDTTHOROn The Fly: After Hours Movers
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16:35 EDTTHORThoratec down 19.7% after reporting Q2 miss, lowers FY14 guidance
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16:30 EDTTHORThoratec announces $30M accelerated share repurchase
Thoratec said that it has entered into a $30M Accelerated Share Repurchase, or ASR, agreement. The ASR will begin in the coming days and complete execution during Q3, and is being conducted under the $200M share repurchase authorization approved by the board in December 2013.
16:28 EDTTHORThoratec announces start of HeartMate PHP CE Mark trial
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16:27 EDTTHORThoratec lowers FY14 EPS view to $1.25-$1.35 from $1.72-$1.82, consensus $1.75
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16:23 EDTTHORThoratec reports Q2 EPS 43c, consensus 43c
Reports Q2 revenue $118.1M, consensus $128.27M.
16:00 EDTTHORThoratec trading halted, pending news
13:42 EDTCOV, MDTMedtronic says approval for Covidien deal 'progressing'
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13:39 EDTCOV, MDTMedtronic CEO says Covidien deal should close end of year, early next
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13:38 EDTMDT, COVMedtronic CEO says 'progressing' in Covidien deal approval process
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12:59 EDTCOV, MDTCovidien drops as Treasury explores ways to stymie inversions
Shares of medical device and drug maker Covidien (COV) are falling after multiple media outlets reported that the Treasury Department is looking into ways of curtailing tax inversion deals. Covidien has agreed to be acquired by Medtronic (MDT) in a tax inversion deal. BACKGROUND: Tax inversions refer to an acquisition of one company, usually officially based in a country in Europe or elsewhere, by a U.S. company, following which the acquiring company becomes domiciled in the same country as the company that it bought. The switch has the potential to significantly lower the acquiring company's tax rate. WHAT'S NEW: The Treasury Department is looking at options that would enable the Obama administration to curtail inversion deals without authorization from Congress, multiple media outlets reported last night and today. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that he believes that Medtronic would buy Covidien even if the transaction cannot be done as an inversion. At a conference in June, Medtronic CFO Gary Ellis said that his company would "do the deal whether it's an inversion or not inversion," Biegelsen stated. If no inversion is possible, Medtronic would respond by using less of its stock and more debt to fund the transaction, the analyst believes. Such a change would actually cause Medtronic's cash earnings per share to be higher in the first and second year after the deal than under the current structure, the analyst indicated. He kept an Outperform rating on Medtronic. PRICE ACTION: In early afternoon trading, Covidien dropped 2% to $84.50 and Medtronic fell 1% to $61.50. Meanwhile, drug maker Shire (SHPG), which has agreed to merge with its peer AbbVie (ABBV) in a tax inversion deal, is falling 4% to $236.
12:20 EDTCOV, MDTMedtronic remains committed to Covidien deal, says Wells Fargo
Following recent conversations with the company, Wells Fargo believes Medtronic (MDT) remains committed to the acquisition Covidien (COV), even if the deal can't be structured as an inversion. The firm notes that at its conference in June, Medtronic CFO Gary Ellis stated that "from Medtronic's perspective, we would do the deal whether it's an inversion or not inversion." Wells adds, however, that Medtronic would likely try to renegotiate the terms of the deal if an inversion is not possible.
06:41 EDTMDT, COVObama administration may restrict inversion tax benefits, NY Times says
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06:23 EDTEWMitsubishi UFJ to hold a conference
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06:21 EDTMDTPiper Jaffray to hold a summit
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