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Stock Market & Financial Investment News

News Breaks
July 10, 2014
06:56 EDTSLXPSalix price target raised to $192 from $126 at Piper Jaffray
Piper Jaffray raised its price target for Salix Pharmaceuticals shares to $192 to reflect the Cosmo merger and contribution from Xifaxan in diarrhea-predominant irritable bowel syndrome. Piper sees low FDA risk given the IBS data and reiterates an Overweight rating on the stock.
News For SLXP From The Last 14 Days
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November 7, 2014
12:20 EDTSLXPOn The Fly: Midday Wrap
Stocks on Wall Street opened in relatively quiet fashion and trading has remained that way throughout the morning. The highly anticipated nonfarm payrolls report showed fewer than expected jobs were added last month, but the figures from the prior two months were also upwardly revised. The market has moved in a narrow range and for the most part has remained near the flat line, with the S&P and Dow little changed and the Nasdaq lagging near noon. ECONOMIC EVENTS: In the U.S., nonfarm payrolls rose 214K in October, which was below the consensus estimate for 235K jobs to have been added. However, back revisions boosted September's job gain to 256K from the 248K previously reported, while August's prior 180K reading was pushed up to 203K. The unemployment rate slid to 5.8% from 5.9%, its lowest level since July 2008. Later this afternoon, the Federal Reserve Board’s report on consumer credit growth in September is expected, with total credit projected to grow $16B. COMPANY NEWS: Shares of Disney (DIS) led all decliners on the Dow, as the stock fell 2.5% after the company reported earnings and revenue for its fourth quarter that were nearly in-line with consensus estimates. Along with its report, the company confirmed 2015's Star Wars movie will be entitled "The Force Awakens" and announced plans for another sequel in the "Toy Story" franchise. MAJOR MOVERS: Among the notable gainers was ChannelAdvisor (ECOM), which rose 46% after delivering generally in-line Q3 results, giving better than expected fiscal year revenue guidance and announcing the acquisition of U.K. based E-Tale Holdings. Also higher were shares of Sears Holdings (SHLD), which jumped 26% after the company disclosed it is actively exploring a REIT transaction involving 200-300 owned properties through a rights offering to shareholders. Among the noteworthy losers was Salix (SLXP), which plunged 36% and was downgraded by at least four firms after the company reported worse than expected Q3 results, gave lower than expected guidance and announced its CFO had resigned amid the company revising its view of the current inventory levels for its drugs. Also lower were shares of Intercept Pharmaceuticals (ICPT), which fell 33% after results from the FLINT trial evaluating obeticholic acid, or OCA, for the treatment of nonalcoholic steatohepatitis, or NASH, were published in The Lancet. Oppenheimer said it believes that data disclosed last night was in-line with previous data from Intercept, but that a Bloomberg story "cherry picked" negative aspects of the data, contributing to the share decline. INDEXES: Near midday, the Dow was virtually unchanged at 17,555.12, the Nasdaq was down 13.72, or 0.3%, to 4,624.75, and the S&P 500 was up 0.42, or 0.02%, to 2,031.63.
10:00 EDTSLXPOn The Fly: Analyst Downgrade Summary
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09:16 EDTSLXPOn The Fly: Pre-market Movers
HIGHER: Sears (SHLD), up 22.5% after reporting Q3 same-store sales were flat with prior year, saying company is actively exploring a REIT transaction involving 200-300 owned properties through a rights offering... Gap (GPS), up 2.9% after reporting October same-store sales fell 3%, giving Q3 EPS guidance that beat estimates... Zynga (ZNGA), up 9%, upgraded at Needham following the company's Q3 earnings report... King Digital (KING), up 8.6% after Q3 results top expectations, company announces $150M share repurchase program... ChannelAdvisor (ECOM), up 30% after earnings, guidance, announcing acquisition of U.K. based E-Tale Holdings... Rockwell Medical (RMTI), up 25% after FDA committee recommends Triferic to treat iron loss in certain patients with chronic kidney disease... Repros Therapeutics (RPRX), up 23% following meeting with FDA regarding Androxal NDA filing. LOWER: Salix (SLXP), down 35%, downgraded at Mizuho, Stifel and William Blair after the company reported worse than expected Q3 earnings, gave lower than expected guidance and announced its CFO had resigned... Intercept (ICPT), down 19% after FLINT trial results published... CTI BioPharma (CTIC), down 20% after filing convertible preferred stock offering... Transocean (RIG), down 5% after delaying its Q3 earnings release and conference call, stating the company expects Q3 to include a non-cash charge of $1.97B for impairment of goodwill... General Mills (GIS), down 4% after lowering FY15 outlook. DOWN AFTER EARNINGS: Abercrombie & Fitch (ANF), down 12.6%... Ubiquiti Networks (UBNT), down 17%... Arista Networks (ANET), down 10.5%... First Solar (FSLR), down 6%... Magnum Hunter (MHR), down 2%.
08:35 EDTSLXPSalix price target lowered to $117 from $192 at Canaccord
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08:29 EDTSLXPSalix downgraded to Neutral from Buy at Roth Capital
Note this is the fourth downgrade of the day.
07:59 EDTSLXPSalix volatility elevated into accounting revision
Salix November and December call option implied volatility of 58 compares to its 26-week average of 47 according to Track Data, suggesting large near term price movement after announcing an accounting revision that showed sales of its drugs not as strong as Wall Street's expectations.
07:44 EDTSLXPSalix pullback in shares overdone, says Leerink
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07:18 EDTSLXPSalix product franchise can still create value, says Piper Jaffray
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07:14 EDTSLXPSalix sell-off overdone, says Brean Capital
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07:06 EDTSLXPSalix downgraded to Market Perform from Outperform at William Blair
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06:10 EDTSLXPSalix downgraded to Hold from Buy at Stifel
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06:08 EDTSLXPSalix downgraded to Neutral from Buy at Mizuho
Mizuho downgraded Salix to Neutral with an $88 price target citing a lack of visibility into inventory issues following the company's Q3 results.
November 6, 2014
18:39 EDTSLXPOn The Fly: After Hours Movers
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16:21 EDTSLXPSalix appoints Timothy Creech as acting CFO
Salix Pharmaceuticals announced the appointment of Timothy J. Creech as Acting CFO of the company, effective immediately. He succeeds Adam C. Derbyshire, who resigned his position at the company. Creech, who joined the company in 2007, has most recently been serving as the company’s SVP, finance and administrative services. The company has retained Korn Ferry to assist the company in identifying an individual to serve as the company’s CFO in a permanent capacity.
16:19 EDTSLXPSalix sees FY14 EPS about $5.20, consensus $6.17
Sees FY14 revenue approximately $1.4B, consensus $1.59B.
16:18 EDTSLXPSalix sees Q4 EPS about $1.16, consensus $1.95
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16:16 EDTSLXPSalix reports Q3 EPS $1.53, consensus $1.55
Reports Q3 revenue $354.72M, consensus $392.36M.
15:27 EDTSLXPNotable companies reporting after market close
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15:13 EDTSLXPAmerican Association for Study of Liver Diseases to hold a meeting
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10:05 EDTSLXPActavis talks to buy Salix put on hold, Bloomberg says
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