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News Breaks
February 26, 2013
11:49 EDTMELI, TSLA, SODA, SPPI, MDRXOptions with decreasing implied volatility: SPPI TSLA MDRX SODA MELI
News For SPPI;TSLA;MDRX;SODA;MELI From The Last 14 Days
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February 23, 2015
13:40 EDTSPPIAnalysts clash on Spectrum outlook after patent suit setback
Two research firms had divergent views on Spectrum Pharmaceuticals (SPPI) after a judge ruled that a drug which could compete with the company's Fusilev treatment does not infringe on the company's intellectual property. BACKGROUND: Late Friday, a federal judge ruled that Novartis' (NVS) levoleucovorin, a generic version of Spectrum's Fusilev, does not infringe on Spectrum's intellectual property. Fusilev is indicated after high-dose methotrexate therapy in osteosarcoma, a type of cancer that starts in the bones. It is also used to treat patients with advanced metastatic colorectal cancer. BEARISH TAKE: Roth Capital analyst Joseph Pantginis downgraded Spectrum to Neutral from Buy following the ruling, as he believes the risk to the company's revenue has risen. The company is meaningfully less likely to become profitable again, wrote Pantginis, noting that Fusilev accounted for about 50% of the company's product revenue. According to the analyst, Spectrum is becoming increasingly focused on developing its earlier stage drugs, and he expects those drugs to grow slowly. Pantginis slashed his price target on the shares to $7 from $15. BULLISH TAKE: In a note to investors earlier today, Reni Benjamin, an analyst at research firm H.C. Wainwright, wrote that the stock's plunge after the judge's ruling "creates a table-pounding buying opportunity," noting that Fusilev has been granted exclusivity as a colorectal treatment until 2018. Benjamin does not expect the company's revenue from Fusilev to decline at all until 2018, as a citizen's petition submitted by Spectrum to the FDA, along with an appeal the company is mounting to Friday's ruling, and the difficulty that Novartis will have launching its version of the drug while the appeal is ongoing, will help prevent Spectrum's revenue from dropping. Also likely to protect Spectrum's revenue are the strong relationships that the company has developed with hospitals and community doctors, the analyst stated. He kept a $15 price target and Buy rating on the shares. PRICE ACTION: In mid-afternoon trading, Spectrum tumbled $1.44, or 19.3% to $6.02.
12:37 EDTSODASodaStream not a likely target of PepsiCo, NY Times says
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12:21 EDTSPPIOn The Fly: Midday Wrap
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10:55 EDTTSLAStocks with call strike movement; TSLA DAL
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10:08 EDTSPPIHigh option volume stocks
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09:59 EDTSPPIOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Antofagasta (ANFGY) downgraded to Sell from Neutral at Goldman... Arch Coal (ACI) downgraded to Sell from Buy at Argus... BHP Billiton (BHP) downgraded to Equal Weight from Overweight at Morgan Stanley... Beazer Homes (BZH) downgraded to Neutral from Buy at Compass Point... Boeing (BA) downgraded to Sell from Neutral at Goldman... Century Communities (CCS) downgraded to Neutral from Overweight at JPMorgan... CyberArk (CYBR) downgraded to Underweight from Neutral at JPMorgan... DirecTV (DTV) downgraded to Hold from Buy at Brean Capital... Enerplus (ERF) downgraded to Hold from Buy at Desjardins... Fiserv (FISV) downgraded to Neutral from Buy at Monness Crespi... GP Strategies (GPX) downgraded to Neutral from Buy at B. Riley... Interactive Brokers (IBKR) downgraded to Market Perform at Keefe Bruyette... MRC Global (MRC) downgraded at BB&T... Precision Castparts (PCP) downgraded to Neutral from Buy at Goldman... Quest Diagnostics (DGX) downgraded at BofA/Merrill... Rio Tinto (RIO) downgraded to Equal Weight from Overweight at Morgan Stanley... Roth Capital downgraded Spectrum (SPPI) on court case loss... Royal Dutch Shell (RDS.A) downgraded to Sector Perform from Outperform at Howard Weil... Ryland Group (RYL) downgraded to Neutral from Buy at Compass Point... Salix (SLXP) downgraded to Market Perform from Outperform at Leerink... Standard Pacific (SPF) downgraded to Neutral from Buy at Compass Point... Superior Energy (SPN) downgraded to Neutral from Outperform at Credit Suisse... Transocean (RIG) downgraded to Negative from Neutral at Susquehanna... Vale (VALE) downgraded to Equal Weight from Overweight at Morgan Stanley.
09:39 EDTTSLAActive equity options trading on open
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09:25 EDTSPPIOn The Fly: Pre-market Movers
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08:56 EDTTSLATesla long-term focus likely to 'lose luster' with investors, says BofA/Merrill
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08:44 EDTSPPIRoth Capital downgraded Spectrum on court case loss
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07:16 EDTSPPISpectrum pullback a 'table-pounding' buying opportunity, says H.C. Wainwright
H.C. Wainwright calls the sell-off in shares of Spectrum Pharmaceuticals (SPPI) after a District Court in Nevada ruled that the levoleucovorin formulation used by Sandoz does not infringe the company's Fusilev intellectual property as a "table-pounding" buying opportunity. The firm reminds investors that Fusilev is still protected by orphan drug exclusivity until 2018 as a treatment for patients with colorectal cancer. It keeps a Buy rating on Spectrum with a $15 price target.
07:14 EDTSPPISpectrum says plans to appeal patent suit loss to Novartis unit
Spectrum Pharmaceuticals (SPPI) confirmed in a regulatory filing that on February 20, the U.S. District Court for the District of Nevada ordered that judgment be entered in favor of defendant Sandoz in the matter entitled Spectrum Pharmaceuticals, Inc. et al v. Sandoz Inc. "Spectrum Pharmaceuticals Inc. intends to appeal this decision and the ultimate outcome of this litigation remains uncertain," the company stated. Sandoz is the generic pharmaceuticals division of Novartis (NVS).
06:08 EDTSPPISpectrum downgraded to Neutral from Buy at Roth Capital
February 20, 2015
17:48 EDTSPPISpectrum awards 2014 cash performance awards to C-level executives
On February 18, the compensation committee of the board of Spectrum Pharmaceuticals determined that the company materially accomplished substantially all major goals established at the outset of 2014. Based on an assessment of the company’s performance, the committee determined cash performance awards for its CEO, Rajesh Shrotriya, who got a salary increase of 5.0% and a $900,000 cash bonus; its COO, Joseph Turgeon, who got a 4.5% raise and a $330,000 bonus; its CFO, Kurt A. Gustafson, who got a 4.4% raise and a $225,000 bonus; and its Chief Medical Officer, Lee F. Allen, who got a 3.4% raise and a $270,000 bonus. The Fly notes that Spectrum's stock is down 30% in after-hours trading after a Bloomberg report that the company had its Fusilev patent ruled invalid by a Nevada court.
16:37 EDTSPPISpectrum down 34% after Fusilev patent reportedly ruled invalid
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16:36 EDTSPPISpectrum Fusilev patent ruled invalid by court, Bloomberg reports
16:03 EDTTSLAOptions Update; February 20, 2015
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11:51 EDTSODASodastream weekly volatility elevated at 106 into Q4 and outlook
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09:38 EDTTSLAActive equity options trading on open
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06:41 EDTTSLAApple pushing for 2020 production of its electric car, Bloomberg says
Apple (AAPL) is pushing to begin production of its electric vehicle as soon as 2020, reports Bloomberg, citing people with knowledge of the matter. Bloomberg notes that the move could put Apple into direct competition with Tesla (TSLA) and General Motors (GM), both of which are targeting a 2017 release for next-generation electric vehicles. Apple may still cancel the project if it becomes unhappy with progress, the sources said, though its vehicle team is already 200-people strong. Reference Link
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