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Stock Market & Financial Investment News

News Breaks
March 31, 2014
12:18 EDTMYL, NDZ, MNTA, PRAN, MU, TEVA, TOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday in the last trading day of the first quarter of the year. The disappointing Chicago purchasing managers' report was offset by dovish comments from Fed Chief Yellen, who said the the central bank’s "extraordinary" aid will last for "some time.” ECONOMIC EVENTS: In the U.S., the Chicago PMI business barometer index came in at 55.9, versus the consensus forecast for a 59.0 reading. In Europe, the annual inflation rate across the 18-country eurozone fell for the third consecutive month, slipping to 0.5% in March, compared to analysts' consensus forecast for a milder drop to 0.6%. COMPANY NEWS: Shares of AT&T (T) advanced early in the session after the company's board of directors authorized the repurchase of up to 300M shares, or about 6% of its common shares outstanding. The company also noted it has 125M shares left under its buyback authorization that was issued in March of last year, but the stock had given up much of its early advance to be up fractionally near noon. MAJOR MOVERS: Among the notable gainers was Canada's Nordion (NDZ), which jumped 11% after the company agreed to be acquired by Sterigenics for $11.75 per share in cash shortly after Canada's government lifted its 25% limit on foreign investment in the company. Also higher following analyst commentary was Micron (MU), which rose nearly 8% amid notes in its defense from Stifel and Pacific Crest, as well as broad-based strength in technology stocks that have recently pulled back. Among the noteworthy losers were Momenta Pharmaceuticals (MNTA), which dropped 15%, and Mylan (MYL), which slipped over 1%, after the Supreme Court agreed to hear an appeal by Teva (TEVA) of a court ruling that would enable generic versions of its multiple sclerosis drug, Copaxone, to be sold in May. Also lower were shares of Prana Biotechnology (PRAN), which plunged over 70% after its clinical study of a drug being tested as a treatment of Alzheimer's Disease did not hit its primary endpoint. INDEXES: Near midday, the Dow was up 118.43, or 0.73%, to 16,441.49, the Nasdaq was up 52.48, or 1.26%, to 4,208.23, and the S&P 500 was up 14.56, or 0.78%, to 1,872.18.
News For T;PRAN;NDZ;TEVA;MNTA;MYL;MU From The Last 14 Days
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January 22, 2015
09:01 EDTTAT&T says enters into $9.2B credit agreement
AT&T said in a filing that on January 21, AT&T entered into a $9.155B credit agreement containing a (i) $6.286B term loan facility and a (ii) $2.869B term loan facility, with certain investment and commercial banks and Mizuho Bank, Ltd., as administrative agent. AT&T also entered into a $2B 18-month credit agreement with Mizuho as initial lender and agent. In the event advances are made under either agreement, those advances would be used for general corporate purposes, including acquisition related payments. Amounts borrowed under the Tranche A Facility will be due and payable on the third anniversary of funding. Amounts borrowed under the Tranche B Facility will be subject to amortization from the third anniversary of funding, with twenty-five percent of the aggregate principal amount thereof being payable prior to the fifth anniversary thereof, and all remaining principal amount due and payable on such fifth anniversary. Amounts borrowed under the 18-Month Credit Agreement will be due and payable on the date that is 18 months after the funding.
05:47 EDTTStocks with implied volatility movement; BSX T
Stocks with implied volatility movement; Boston Scientific (BSX) 49, AT&T (T) 20 according to iVolatility.
05:24 EDTTAT&T, Smiths Group extend relationship for six more years
Smiths Group has refreshed its ongoing relationship with AT&T for six more years. Valued at more than $100M, the agreement brings all of Smiths Group's communications services under one roof. The company can now securely connect its 23,000 employees across 450 offices in more than 50 countries.
January 21, 2015
17:50 EDTMUSanDisk reverses in after hours to down 6% after guidance
SanDisk peer Micron is trading down over 1% in the after hours.
16:28 EDTTGoogle to launch phone service with Sprint, T-Mobile, The Information says
Google (GOOG, GOOGL) is expected to reach deals to buy wholesale access to Sprint (S) and T-Mobile’s (TMUS) voice and data networks in order to sell mobile phone plans directly to customers, according to The Information, citing three people with knowledge of the plans. Google, which may put itself into competition with carrier leaders Verizon (VZ) and AT&T (T) with the new service, "seems likely" to launch the offering this year, according to the report. Reference Link
13:25 EDTTEarnings Preview: Verizon sees promotional offers pressuring Q4 results
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12:24 EDTTOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, as details of a reported bond buying program planned by the ECB offset weakness in the Dow after IBM's (IBM) earnings report. ECONOMIC EVENTS: In the U.S., housing starts rose 4.4% in December to a 1.89M rate, versus expectations for an increase of 1.2%, while building permits fell 1.9% to a rate of 1.03M, versus expectations of an increase of 0.8%. The Bank of Canada lowered its target for the overnight rate by one-quarter of one percentage point to 0.75% in response to the recent sharp drop in oil prices, which it said will be negative for growth and underlying inflation in Canada. Reports indicated that a proposal from the European Central Bank’s executive board is calling for it to begin making bond purchases of about EUR 50B per month and continue that easing program for at least one year. In Asia, the Bank of Japan refrained from expanding its stimulus program, although it expanded and extended its loan programs aimed at boosting bank lending. Also, the BoJ cut next fiscal year's CPI forecast to 1.0% from the 1.7% it had projected three months ago. COMPANY NEWS: Last night, IBM reported better than expected Q4 earnings, though its revenue and FY15 profit outlook trailed estimates, sending the stock down over 3% this morning. Citigroup cut its price target for IBM shares to $170 from $180 after reducing its sales and earnings estimates following the tech giant's Q4 results. Citi reiterated a Neutral rating on IBM, saying it wants to see stability in fundamentals and free cash flow growth before getting more positive on the name. Meanwhile, Jefferies said IBM's cash flow guidance for 2015 is "very weak" and that the company has yet to reach a bottom. The firm continues to believe the risk/reward for shares is skewed negatively and it kept an Underperform on IBM with a $130 price target following the company's Q4 results... Netflix (NFLX) jumped 17% to trade near $409 per share after the company reported stronger than expected fourth quarter results and a number of research firms raised their price targets for the stock while pointing out the company's global subscriber growth had exceeded expectations. Bucking the trend, FBR Capital analyst Barton Crockett said Netflix's EPS would only have been in-line with the consensus outlook if non-operating items were excluded. He said he is less impressed with Netflix following its report and trimmed his price target on the stock to $400 from $425 while keeping a Neutral rating on the shares. MAJOR MOVERS: Among the notable gainers following their earnings reports were Northern Trust (NTRS), which rose 6%, and U.S. Bancorp (USB), which gained 3.5%. Among the noteworthy losers was Eldorado Gold (EGO), which dropped 19% after the company reported on its 2014 gold production, gave guidance on production in 2015, and its shares were downgraded at Credit Suisse, TD Securities and Canccord. Also lower was Acacia Research (ACTG), which fell more than 14% after a court granted a motion finding no infringement of certain method claims asserted by the company's Adaptix subsidiary against Apple(AAPL), Verizon (VZ), AT&T (T), and HTC. INDEXES: Near midday, the Dow was up 42.03, or 0.24%, to 17,557.26, the Nasdaq was up 27.36, or 0.59%, to 4,682.21, and the S&P 500 was up 12.25, or 0.61%, to 2,034.80.
10:29 EDTTAcacia Research down almost 13% after patent ruling
Earlier today, Acacia Research (ACTG) announced its CEO and President Matt Vella will discuss the January 20th, 2015 ruling received by Adaptix, , a subsidiary of Acacia Research, relating to patent cases pending in the District Court for the Northern District of California. The Court’s ruling granted a motion finding no infringement of certain method claims asserted by Adaptix against Apple(AAPL), Verizon (VZ), AT&T (T), and HTC. Shares of Acacia Research are lower by almost 13% to $13.90 in morning trading.
08:38 EDTMNTA, TEVAMomenta announces Supreme Court decision to remand generic Copaxone back to CAFC
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08:31 EDTTAT&T CEO says net neutrality may end up in Supreme Court, CNBC says
AT&T (T) Chairman and CEO Randall Stephenson believes the net neutrality debate may have to be settled by the Supreme Court, reports CNBC, citing a CNBC interview on Wednesday from the World Economic Forum in Davos. Stephenson stated, "We need a neutral Internet... I think everyone agrees with that. Where everyone is getting stuck now is going beyond that." Stephenson also stated the neutrality debate will not affect his company's decision to bid $49B for DirecTV (DTV), though he believes a quick decision from the FCC could quicken Comcast's (CMCSA, CMCSK) $45B negotiations for Time Warner Cable (TWC). Reference Link
January 20, 2015
14:37 EDTMYL, TEVATeva generic competition to Copaxone pushed out by ruling, says BMO Capital
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12:56 EDTMYL, TEVAMylan says continues to believe '808 patent is 'invalid'
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11:29 EDTTEVATeva says Supreme Court reverses circuit court judgment on Copaxone 20 mg/mL
Teva Pharmaceutical announced the U.S. Supreme Court’s decision in Teva Pharmaceuticals USA, Inc. et al. Petitioners v. Sandoz Inc. et al. that reversed the Federal Circuit Court’s judgment of invalidity of Teva’s ‘808 patent for COPAXONE 20 mg/mL. The Supreme Court remanded the case to the Federal Circuit for further review in light of the applicable standard the Supreme Court laid out for appellate review of claim construction. A ruling last year by the U.S. Court of Appeals for the Federal Circuit upheld four Teva patents that expired in May 2014, while invalidating the ‘808 patent that is set to expire on September 1, 2015. “We are encouraged by the U.S. Supreme Court’s Decision and look forward to the Federal Circuit’s review. We will continue to explore all available avenues to protect our intellectual property for COPAXONE 20mg/mL,” said Erez Vigodman, President and CEO of Teva. “There is currently no FDA-approved follow-on version of Teva’s COPAXONE. We are encouraged by the FDA’s willingness to date to have dialogue regarding the complexities of COPAXONE 20 mg/mL and the potential limitations and other unknowns of purported follow-on versions,” added Rob Koremans, MD, President and CEO of Global Specialty Medicines at Teva.
10:45 EDTTEVATeva spikes, retraces, after win in Copaxone patent case
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10:40 EDTTEVA, MYL, MNTAMomenta Pharma sinks after Supreme Court rules on Copaxone
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10:35 EDTTEVATeva rises after patent ruling upheld by Supreme Court
The Supreme Court upheld a lower court ruling related to generic versions of Teva's Copaxone drug. In the ruling, the court wrote that "When reviewing a district court’s resolution of subsidiary factual matters made in the course of its construction of a patent claim, the Federal Circuit must apply a “clear error,” not a de novo, standard of review." Teva shares are up 1.5% to $58.58 in early trading after the ruling. Reference Link
08:25 EDTMUMicron upgraded to Positive at Susquehanna
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06:47 EDTMUMicron upgraded to Positive from Neutral at Susquehanna
06:24 EDTTT-Mobile warns of unsustainable costs against cellphone giants, Re/code says
T-Mobile (TMUS) owner Deutsche Telekom (DTEGY) claims Verizon (VZ) and AT&T's (T) wealth makes true competition difficult, reports Re/code, citing statements made at Germany's DLD conference. Deutsche Telekom CEO Tim Hoettges stated the dominance of AT&T and Verizon allowed them to make huge bids at the latest midband spectrum auction to further their market lead. Hoettges also stated he was "intrigued" by last year's unsuccessful merger talks with Sprint (S), and warned that T-Mobile's $4B-$5B investment requirements per year are unsustainable. Reference Link
January 18, 2015
13:45 EDTTGoogle in talks to acquire mobile-pay platform Softcard, WSJ says
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