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July 29, 2014
06:43 EDTSTJSt. Jude Medical initiated with a Neutral at Sterne Agee
Target $74.
News For STJ From The Last 14 Days
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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
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07:22 EDTSTJCardiovascular Research Foundation to hold a conference
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October 8, 2015
16:39 EDTSTJSt. Jude Medical completes acquisition of Thoratec
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October 7, 2015
16:29 EDTSTJThoratec shareholders approve acquisition of company by St. Jude Medical
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October 5, 2015
15:15 EDTSTJStudy finds potential stroke risk with prosthetic heart valves
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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
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October 2, 2015
17:33 EDTSTJSt. Jude Medical receives FDA warning letter specific to Atlanta facility
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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.

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