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Stock Market & Financial Investment News

News Breaks
February 28, 2013
16:08 EDTSLXPSalix sees Q1 non-GAAP EPS 63c, consensus 69c
Sees Q1 revenue $200M, consensus $206.14M.
News For SLXP From The Last 14 Days
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September 25, 2014
08:34 EDTSLXPValeant strength not solely due to Q3 update, says UBS
UBS said it does not believe Valeant's (VRX) 7% advance yesterday was solely attributable to the company's Q3 update, but that news reports that Actavis (ACT) may be competing with Allergan (AGN) to buy Salix (SLXP) may have led some investors to see Allergan as more vulnerable to Valeant. UBS won't rule out Allergan having alternative options, but the firm also believes Valeant has additional M&A ideas if a deal with Allergan does not work out. UBS maintains its Buy rating and $155 price target on Valeant.
September 24, 2014
09:11 EDTSLXPSalix up after CNBC reports merger talks with Actavis
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09:02 EDTSLXPAllergan pursuit of Salix continues to be slowed, CNBC's Faber says
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09:02 EDTSLXPActavis, Salix in early merger talks, CNBC's Faber reports
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September 23, 2014
12:28 EDTSLXPSalix climbs after reports say Allergan discussing takeover
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12:11 EDTSLXPOn The Fly: Midday Wrap
Stocks on Wall Street were mixed and little changed at midday, amid new rules from the Obama administration on tax inversions and manufacturing data from around the globe. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for a rise of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. The Richmond Fed manufacturing index for September rose to 14, beating expectations for it to have dropped two points to 10. In China, HSBC's flash manufacturing Purchasing Managers' Index rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady at the 52.5 seen in August. COMPANY NEWS: Shares of several companies, including a number in the pharmaceutical industry, are lower in early trading after the Treasury Department announced new regulations yesterday night that aim to make it tougher for U.S. companies to lower their tax burdens via mergers with foreign companies, otherwise known as "inversions." Among the stocks that moved lower after the new rules were announced was Astrazeneca (AZN), which had previously been a target of Pfizer (PFE) and fell about 4% near midday. Also lower were shares of both Shire (SHPG), which fell 2%, and Abbvie (ABBV), which dropped 1.6%, as the two have previously agreed to merge in a tax inversion deal. Medtronic (MDT) and Covidien (COV), which similarly agreed to an inversion merger, were down 3.3% and 2.7%, respectively. MAJOR MOVERS: Among the notable gainers was Salix Pharmaceuticals (SLXP), which rose more than 5% after The Wall Street Journal reported that Allergan (AGN) is in advanced talks on a deal to buy the company. Shares of Allergan were also up nearly 3% near midday, as the Journal also reported that Allergan rejected a recent buyout offer from Actavis (ACT). Among the noteworthy losers was Ascena Retail (ASNA), which dropped 16% after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower following its own earnings report was auto retailer CarMax (KMX), which fell over 9%. INDEXES: Near midday, the Dow was down 32.91, or 0.19%, to 17,139.77, the Nasdaq was up 2.90, or 0.06%, to 4,530.59, and the S&P 500 was down 2.29, or 0.11%, to 1,992.00.
10:54 EDTSLXPStocks, analysts react to Treasury inversion crackdown
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10:23 EDTSLXPHigh option volume stocks
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09:17 EDTSLXPSalix, Allergan just started talks over price, CNBC reports
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09:13 EDTSLXPOn The Fly: Pre-market Movers
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08:38 EDTSLXPPershing threatens suit against Allergan if no vote held on Salix deal, WSJ says
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08:31 EDTSLXPSalix takeout price could be $200 per share, says Leerink
Leerink estimates a takeout valuation for Salix (SLXP) of $200 per share, but says it would start recommending investors take profits above $185. The firm believes a potential deal with Allergan (AGN) would likely include an above-average break-up fee. Leerink thinks a competitive bid could surface, and points out Actavis (ACT) has more overlapping cost structure with Salix than Allergan. Shares of Salix are up 9% to $173.48 in pre-market trading after Wall Street Journal reported the company is in merger talks with Allergan.
07:07 EDTSLXPSalix price target raised to $181 from $154 at Cantor
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06:28 EDTSLXPTreasury rules may put Mylan deal at risk, says BMO Capital
BMO Capital believes Treasury's new inversion rules may put the tax benefits of Mylan's (MYL) planned acquisition of Abbott's (ABT) established products business at risk. BMO also thinks the rules impact Salix's (SLXP) pending deal for Cosmo Pharmaceuticals, which it feels may help make a deal with Allergan (AGN) more likely.
September 22, 2014
19:08 EDTSLXPSalix up nearly 10% after hours following WSJ report of possible takeover
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19:03 EDTSLXPAllergan rejected buyout bid from Actavis, in advanced talks for Salix, WSJ says
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08:09 EDTSLXPPar Pharmaceutical in settlement deal with Salix
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September 19, 2014
07:54 EDTSLXPSalix price target raised to $192 from $161 at Canaccord
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September 18, 2014
13:44 EDTSLXPSalix announces FDA sNDA resubmission for XIFAXAN complete
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07:31 EDTSLXPSalix secures additional intellectual property relating to Rifaximin
Salix Pharmaceuticals announced that Cipla granted Salix exclusive rights under certain patent applications in the “Rifaximin Complexes” patent family controlled by Cipla. The grant is on a worldwide basis, excluding the countries of Asia and Africa. Additionally, Salix and Cipla have expanded the scope of their 2009 exclusive license agreement whereby Cipla granted Salix exclusive rights in the U.S., Canada and Mexico under certain patent rights covering amorphous rifaximin. By means of this amendment to the 2009 agreement, the rights already licensed to Salix in the U.S., Canada and Mexico are expanded to include certain patent rights in the European Union, Japan, Australia, New Zealand and South Korea. Salix is required to make an up-front payment and, upon achievement, additional regulatory milestone payments to Cipla in respect of the new license agreement regarding the “Rifaximin Complexes” patent rights. Salix also will pay royalties on net sales of products covered by the “Rifaximin Complexes” patents licensed to Salix
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