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Stock Market & Financial Investment News

News Breaks
May 19, 2014
16:27 EDTLOCK, TXN, AZN, CPB, MU, ITMN, BRCM, NVDA, T, PFE, DTVOn The Fly: Closing Wrap
Stocks on Wall Street were higher following a trading day marked by light volume, a quiet economic calendar and two headline making M&A announcements. The averages began the day slightly below the flat line, but within minutes the Nasdaq and S&P 500 made it into positive ground. The Dow followed by the end of the morning, but the averages moved in a narrow range from there. Despite the range-bound trading, the market internals pointed to a pretty broad based move higher, with advancers ahead of declining stocks by almost 2 to 1. ECONOMIC EVENTS: In the U.S., no major domestic economic data was reported. COMPANY NEWS: AT&T (T) shares slid 36c, or 0.98%, to $36.38 after the company confirmed over the weekend that it has agreed to acquire DirecTV (DTV) for $95.00 per share, including $28.50 per share in cash and $66.50 per share in AT&T stock. After the announcement, analysts at Raymond James upgraded AT&T to Buy from Market Perform, noting that they do not expect another buyer to emerge for DirecTV. Meanwhile, DirecTV shares were downgraded to Equal Weight from Overweight at Evercore and to Hold from Buy at Wunderlich. Shares of DirecTV fell $1.53, or 1.77%, to $84.65 after the deal, which has been widely speculated about in the media in recent weeks, was confirmed... Also over the weekend, Pfizer (PFE) raised its bid for AstraZeneca (AZN), but the U.K. drugmaker again rejected this "final" takeover proposal. Shares of Pfizer rose 16c, or 0.55%, to $29.28 after the rejection, while shares of AstraZeneca trading in New York dropped $9.64, or 12.01%, to $70.64. MAJOR MOVERS: Among the notable gainers was InterMune (ITMN), which gained $4.61, or 13.44%, to $38.92 after reporting results from a study evaluating pirfenidone and having its shares upgraded to Outperform at Leerink. Also higher was NVIDIA (NVDA), which rose 58c, or 3.23%, to $18.54 after it was one of several semiconductor stock, along with Micron (MU), Texas Instruments (TXN), and Broadcom (BRCM), that were upgraded to Outperform from Sector Perform by RBC Capital in a note to investors earlier today. Among the noteworthy losers was LifeLock (LOCK), which fell $2.28, or 17.57%, to $10.70 after disclosing that the company is going to temporarily suspend its Wallet mobile application since it is not fully compliant with applicable payment card industry security standards. Also lower were shares of Campbell Soup (CPB), which dropped $1.06, or 2.35%, to $44.06 after the company reported mixed third quarter results and lowered its fiscal 2014 outlook. INDEXES: The Dow was up 20.55, or 0.12%, to 16,511.86, the Nasdaq was up 35.23, or 0.86%, to 4,125.81, and the S&P 500 was up 7.22, or 0.38%, to 1,885.08.
News For T;DTV;PFE;AZN;NVDA;MU;TXN;BRCM;CPB;LOCK;ITMN From The Last 14 Days
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February 24, 2015
10:43 EDTMUMicron drop on Apple speculation presents buying opportunity, says Stifel
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09:46 EDTMUMicron falls sharply, levels to watch
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09:46 EDTMUMicron's May guidance looks increasingly challenged, says Cleveland Research
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08:07 EDTPFEPfizer announces Trumenba studies met primary objectives
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07:20 EDTCPBAmerican Petroleum Institute to hold a conference
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07:19 EDTBRCMSusquehanna to hold a summit
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February 23, 2015
12:53 EDTAZNAnalysts debate potential for competing Salix takeover bid
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12:28 EDTTGoogle reaches deal with wireless carriers, acquires Softcard tech, Re/code says
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10:38 EDTMUMicron management to meet with Pacific Crest
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09:59 EDTDTVOn 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.
07:55 EDTAZNJefferies says other bidders may emerge for Salix
Jefferies says it could envision other bidders emerging for Salix (SLXP) and points out recent media reports have suggested Shire (SHPG) and Endo (ENDP) have considered making a bid for the company. It lists AstraZeneca (AZN) and Takeda as others who could have possible interest in Salix. The firm believes Valeant (VRX) could afford to pay more for Salix should other bidders emerge.
07:38 EDTDTV, TComcast, AT&T deals could be delayed by document access case, WSJ says
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05:33 EDTT, DTVDirecTV downgraded to Hold from Buy at Brean Capital
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February 20, 2015
13:56 EDTTAT&T VP critical of Dish auction tactics
AT&T (T) VP of Federal Regulatory Joan Marsh stated in a post to a corporate blog that FCC Auction 97 represents "hard evidence that there is significant continuing interest in licensed spectrum... It didn't matter that it was mid-band spectrum. It mattered only that it was broadband spectrum." Marsh notes that Dish (DISH) won more licenses than any other bidder though "none of that spectrum is currently supporting commercial wireless services," with her suggestion being that "auctions should be designed to ensure that licenses go to those willing to deploy networks not speculators or stockpilers...The government should continue to place a high priority on allocating new licensed bands to the wireless industry." Marsh continues her analysis of Dish, claiming the double and triple-bidding activity carried out by its two designated entities "circumvented auction activity rules, masked actual demand and distorted the auction," as they were able to win significant allocations while enjoying a 25% small business discount. In response to Dish claims that all companies use DEs, Marsh replies that "in more recent auctions... bidders like AT&T, Verizon (VZ) and T-Mobile (TMUS) had no DE relationships, participated directly and paid full price for their licenses." Reference Link
10:33 EDTPFEBattleground update: AbbVie named top global pick at Jefferies
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10:31 EDTPFEPfizer announces FDA acceptance of NDA for Rapamune
Pfizer announced that the FDA has accepted for priority review a supplemental New Drug Application for RAPAMUNE for the treatment of lymphangioleiomyomatosis, a rare, progressive lung disease in women of childbearing age that is often fatal. With the Priority Review designation for the sNDA, Pfizer anticipates a decision in June of 2015 based on the anticipated Prescription Drug User Fee Act action date. The sNDA is based on results from the Multicenter International Lymphangioleiomyomatosis Efficacy and Safety of Sirolimus Trial. The MILES Trial included 89 LAM patients with moderate lung impairment who were randomized to receive RAPAMUNE or placebo for 12 months, followed by a 12 month observation period. In the trial, those treated with RAPAMUNE for one year experienced stabilization of lung function as measured by forced expiratory volume in one second.
10:01 EDTDTVOn The Fly: Analyst Downgrade Summary
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07:40 EDTDTVDirecTV downgraded to Neutral from Buy at Buckingham
Buckingham downgraded DirecTV (DTV) to Neutral based on lack of sufficient upside from the AT&T (T) transaction and views risk/reward as balanced at current levels. Price target lowered to $92 from $95.
07:23 EDTPFE, AZNAbbVie replaces Pfizer as top global pharma pick at Jefferies
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07:08 EDTAZNAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
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