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Stock Market & Financial Investment News

News Breaks
March 31, 2014
12:18 EDTMNTA, PRAN, MU, TEVA, T, MYL, NDZOn 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 bankís "extraordinary" aid will last for "some time.Ē 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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April 21, 2015
09:22 EDTMYL, TEVAOn The Fly: Pre-market Movers
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09:18 EDTMYL, TEVAMylan volatility elevated into Teva proposing to acquire
Mylan (MYL) overall option implied volatility of 43 compares to its 26-week average of 31 according to Track Data, suggesting large price movement into Teva (TEVA) proposing to acquire all of the outstanding shares in a transaction valued at $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock.
09:12 EDTTEVA, MYLTeva volatility elevated into proposing to acquire Mylan
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09:01 EDTTEVA, MYLPerrigo drops after Teva calls Mylan offer more attractive alternative
Shares of Perrigo (PRGO) are moving lower after Teva (TEVA) announced a proposal to acquire Mylan (MYL) in a transaction valued at $82.00 per share, consisting of 50% cash and 50% stock. Mylan on April 8 proposed to acquire Perrigo for $205 per share. In its press release this morning, Teva said its proposal "provides Mylan stockholders with a more attractive alternative to Mylan's proposed acquisition of Perrigo." The proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, it pointed out. Teva added, "We have long respected Mylanís business, and we are confident that Mylanís Board of Directors and stockholders will agree that our proposal represents a significantly more attractive alternative for Mylan and its stockholders than Mylanís proposed acquisition of Perrigo." Citigroup analysts yesterday said they believe any potential takeover of Mylan by Teva would have to be friendly after legal due diligence indicated Mylan's poison pill "presents a legitimate roadblock" to a potential hostile takeover. In pre-market trading, Perrigo is down $2.18 to $195.56 while Mylan is up $5.46 to $73.50. Teva is up $1.66 to $64.95.
08:54 EDTTEVA, MYLPerrigo drops 2.2% to $193.74 after Teva proposes to acquire Mylan
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08:52 EDTTEVA, MYLTeva CEO says proposal compelling for both Teva, Mylan stockholders
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08:50 EDTTEVA, MYLTeva sees Mylan deal yielding non-GAAP EPS accretion in mid-teens in first year
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08:48 EDTTEVA, MYLTeva expects proposed Mylan deal could be completed by year-end 2015
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08:47 EDTMYL, TEVAMylan jumps 8% to $73.50 after Teva proposes $82 per share takeover bid
08:46 EDTTEVA, MYLTeva offers to acquire Mylan for $82.00 per share in cash and stock
Teva Pharmaceutical Industries (TEVA) announced a proposal to acquire all of the outstanding shares of Mylan N.V. (MYL) in a transaction valued at $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. The Teva cash and stock proposal provides Mylan stockholders with a substantial premium and immediate cash value, as well as significant potential for future value creation through participation in a financially and commercially stronger company. Tevaís proposal also provides Mylan stockholders with a more attractive alternative to Mylanís proposed acquisition of Perrigo Company plc (PRGO), as announced on April 8, 2015, as well as to Mylan on a standalone basis. Tevaís proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, 2015, which is the last day of trading prior to Mylanís press release regarding its unsolicited proposal for Perrigo, and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva and Mylan. The proposed combination of Teva and Mylan would create a leading company in the pharmaceutical industry, well positioned to transform the global generics space. The combined company would leverage its significantly more efficient and advanced infrastructure, with enhanced scale, production network, end-to-end product portfolio, commercialization capabilities and geographic reach. With this platform, the combined company would focus on complex technologies and more durable and sustainable products, in combination with robust capabilities in specialty drug development and commercialization. As a result, the combined company would have a unique and differentiated business model addressing significant trends and discontinuities prevailing today among patients and healthcare systems around the world. The combined company would also have an enhanced financial profile, creating the opportunity for rapid deleveraging and the funding of future growth Ė in generics, specialty and the intersection of the two.
08:45 EDTTEVA, MYLTeva offers to acquire Mylan for $82.00 per share in cash and stock
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08:41 EDTMYL, TEVAOptions expected to be active
Options expected to be active: UA TEVA PRGO MYL UTX QCOM VMW HOG CMG IBM VZ
07:57 EDTTAT&T April weekly volatility elevated into Q1 and outlook
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07:36 EDTTU.S. mobile cariers could be pressured from new data plans, WSJ says
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07:11 EDTMUMicron does not have negative read through from Lam results, says RBC Capital
RBC Capital says that Lam Research's (LRCX) beat and raise results do not increase its concern about oversupply in the memory market. RBC believes that the results indicate a market share shift, not an increase in aggregate DRAM spending. RBC says that DRAM prices are stable, and it keeps an Outperform rating on Micron (MU).
06:01 EDTTEVA, MYLTeva bid for Mylan could come today, Bloomberg reports
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April 20, 2015
19:54 EDTMYLMylan looks to invest $5B in Indian operations, Times of India says
Mylan is looking to invest $5B to expand operations in India's Andhra Pradesh region, reports the Times of India, citing statements by Mylan SVP, legal, Rajeev Mukundan in a meeting with the US-India Business Council delegation. Reference Link
11:40 EDTTEVATeva may pay $512M to settle claims of delaying generic Provigil, Reuters says
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07:18 EDTMNTAAmerican Academy of Neurology to hold annual meeting
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06:39 EDTTEVA, MYLCiti believes Teva, Mylan deal would have to be friendly
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