New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
November 30, 2012
06:31 EDTSTJSt. Jude Medical upgraded to Buy from Neutral at Mizuho
News For STJ From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 13, 2015
10:41 EDTSTJSt. Jude rises after HeartWare trial delayed by adverse event reports
The shares of St. Jude Medical (STJ) are rising after the company's competitor, HeartWare (HTWR), announced that it was probing "reported adverse events" experienced by certain patients who participated in a clinical trial of the company's MVAD heart pump. HeartWare added that it might not re-initiate the trial, which had been paused since September 9, in November as it previously expected. WHAT'S NEW: Citing "reported adverse events" in patients who participated in a trial of its MVAD pump, HeartWare announced today that it may not re-initiate enrollment for the trial in November as previously planned. However, HeartWare said that the adverse events are typically seen in other trials of similar devices. On September 9, the company had paused the trial of its MVAD pump to address an issue with the manufacturing of the device's controller. The company said it remains confident in its MVAD pump. St. Jude's HeartMate III device, developed by Thoratec, was slated to compete with HeartWare's MVAD. The latter product is significantly smaller than St. Jude's offering, facilitating its implantation. ANALYST REACTION: Oppenheimer analyst Steven Lichtman downgraded HeartWare to Perform from Outperform based on today's news. The news places an overhang on HeartWare's stock, since St. Jude is making progress with HeartWare III, Lichtman stated. Leerink Swann analyst Danielle Antalffy cut her price target on HeartWare to $63 from $85, but noted that she expects the company to restart the trial within the next year and kept an Overweight rating on the shares. Meanwhile, Piper Jaffray analyst Brooks West cut his price target for HeartWare shares to $48 from $86 after the disclosure and said the stock is likely to re-rate on the MVAD news. He views the risk/reward at current share levels as favorable, however, saying the stock is trading below fair value even when assigning zero value to MVAD. West reiterates an Overweight rating on HeartWare. PRICE ACTION: In morning trading, St. Jude advanced 2.4% to $66.95 and HeartWare tumbled 16.7% to $36.66.
08:33 EDTSTJHeartWare downgraded to Perform from Outperform at Oppenheimer
Subscribe for More Information
October 12, 2015
16:17 EDTSTJOn The Fly: Top stock stories for Monday
Stocks opened in quiet fashion and drifted throughout the session as the participation rate was lower due to the Columbus Day holiday. Oil prices suffered a nearly 5% loss as reports said OPEC would not be reducing production. Though the week had a quiet first day on the earnings front, newsflow will certainly pick up in that regard as the week progresses and investors get reports from some of the country's largest companies, beginning with a number of banking giants in the next few days. ECONOMIC EVENTS: In the U.S., no major data was reported and the bond market was closed for Columbus Day. In China, the Shanghai composite index gained more than 3% after the PBOC expanded a pilot program that boosts banks' lending abilities. China's foreign direct investment rose 7.1% from a year earlier in September, the Ministry of Commerce said in a statement issued after markets closed for trading. COMPANY NEWS: Dell confirmed this morning that it has struck a $67B deal to acquire EMC (EMC) while maintaining VMware (VMW), which is majority owned by EMC, as a publicly-traded company. EMC shareholders will receive $24.05 per share in cash in addition to tracking stock linked to a portion of EMC's economic interest in the VMware business. Dell said the deal equates to a consideration of $33.15 per EMC share. EMC rose 49c, or 1.76%, to $28.36 after the announcement, while VMware shares sunk $6.37, or 8.1%, to $72.28... Shares of Eli Lilly (LLY) dropped $6.69, or 7.77%, to $79.45 after the company announced that it was halting development of the anti-cholesterol drug evacetrapib. The shares of Merck (MRK), which is developing a drug in the same class of CETP inhibitors, also fell 24c, or 0.47%, to $50.71... Anheuser-Busch InBev (BUD) noted recent speculation and confirmed that it has made an improved cash offer of GBP 43.50 per share to the board of SABMiller (SBMRY) to combine the two companies. Under the rules of U.K. takeover law, Anheuser-Busch has until 5 pm on Wednesday to make a formal offer for SABMiller before it must walk away from any deal for a period of six months. MAJOR MOVERS: Among the notable gainers was St. Jude Medical (STJ), which advanced $1.41, or 2.2%, to $65.39 after receiving CE Mark approval for its HeartMate 3 cardiac assist device. Also higher was MiMedx (MDXG), which gained 44c, or 4.68%, to $9.84 after winning dismissal of a legal complaint filed by an executive at competing biomaterials firm Organogenesis. Additionally, recent IPO Pure Storage (PSTG) rose 8.8% to $18.06 after news of Dell's EMC acquisition. Among the noteworthy losers was Twitter (TWTR), which fell $2.11, or 6.84%, to $28.74 following media reports that new CEO Jack Dorsey will conduct layoffs and halt headquarters expansion plans. Also lower were Etsy (ETSY) shares, which declined $1.55, or 11.18%, to $12.31 after being initiated with a Sell rating by research firm Monness Crespi on competitive pressure from Amazon (AMZN) as well as upcoming lock-up expirations. Separately, LINN Energy (LINE) lost 14.58% to $2.87 after FBR Capital downgraded the Master Limited Partnership to a sell-equivalent rating, saying it does not see any residual value unless commodity prices "improve meaningfully." INDEXES: The Dow rose 47.37, or 0.28%, to 17,131.86, the Nasdaq gained 8.17, or 0.17%, to 4,838.64, and the S&P 500 advanced 2.57, or 0.13%, to 2,017.46.
08:01 EDTSTJSt. Jude Medical announces CE Mark Approval for HeartMate 3 LVAS
Subscribe for More Information
07:22 EDTSTJCardiovascular Research Foundation to hold a conference
Subscribe for More Information
October 8, 2015
16:39 EDTSTJSt. Jude Medical completes acquisition of Thoratec
Subscribe for More Information
October 7, 2015
16:29 EDTSTJThoratec shareholders approve acquisition of company by St. Jude Medical
Subscribe for More Information
October 5, 2015
15:15 EDTSTJStudy finds potential stroke risk with prosthetic heart valves
Subscribe for More Information
10:52 EDTSTJAnalysts downplay potential impact of St. Jude FDA warning letter
Shares of St. Jude Medical (STJ), a developer, manufacturer and distributor of cardiovascular medical devices, are slightly higher in morning trading after analysts said that the company's receipt of a U.S. Food and Drug Administration warning letter for its Atlanta facility "doesn't look that bad." WHAT'S NEW: On Friday afternoon, St. Jude Medical disclosed in a regulatory filing that it received a warning letter from the FDA, which related to "observed non-conformities" at its Atlanta facility, where it manufactures the CardioMEMS HF system. St. Jude said that the FDA had from June 8-26 inspected the company's Atlanta facility and that various devices of the company manufactured at its Atlanta plant were found to be "adulterated." The FDA also said certain of the company's manufacturing, packing, storage and installation practices "are not in conformity" to the current goods and manufacturing practice requirements. St. Jude said it would continue to manufacture and ship the product from the Atlanta facility and does not expect customer orders to be impacted. WHAT'S NOTABLE: In January 2013, the FDA sent St. Jude Medical a warning letter detailing concerns regarding processes at the company's Sylmar, California facility; the letter did not raise any safety concerns about St. Jude Medical products. The company later detailed efforts to correct problems found during the inspection at the plant, which makes heart defibrillator leads. ANALYST REACTION: Deutsche Bank analyst Kristen Stewart kept a Hold rating on the stock and said that the warning letter "doesn't seem that bad" because St. Jude does not expect any impact on its ability to fulfill or ship customer orders and does not expect a material financial impact relating to the matter. Stewart noted that the FDA "seems satisfied" with the remediation made and has not expressed concerns about the need for a product recall or stop shipment. Similarly, Piper Jaffray analyst Brooks West believes the warning letter will not have a commercial impact on the company, and that the cost of alleviating the FDA's observations "are limited." West has an Overweight rating and $84 price target on the stock. PRICE ACTION: St. Jude Medical is up 0.2% to $63.94 in morning trading. ANOTHER TO WATCH: Thoratec (THOR), which agreed in late July to be acquired by St. Jude Medical, is essentially flat at $63.45.
06:21 EDTSTJSt. Jude Medical warning letter doesn't look that bad, says Deutsche Bank
Subscribe for More Information
October 2, 2015
17:33 EDTSTJSt. Jude Medical receives FDA warning letter specific to Atlanta facility
Subscribe for More Information
September 30, 2015
18:07 EDTSTJS&P announces changes to the S&P 400, 500 indices
S&P 500 constituent Joy Global (JOY) will replace Thoratec (THOR) in the S&P MidCap 400, and Verisk Analytics (VRSK) will replace Joy Global in the S&P 500 after the close of trading on Wednesday, October 7. S&P 500 constituent St. Jude Medical (STJ) is acquiring Thoratec in a deal expected to be completed on or about that date, pending final approvals. Joy Global has a market capitalization more representative of the mid-cap market space.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use