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Stock Market & Financial Investment News

News Breaks
December 10, 2013
08:27 EDTTEVA, PGTeva says finding permanent CEO a 'high priority' for FY14
Teva (TEVA) says FY14 looks to continue growth in OTC and generic business and is fully committed to joint venture with Proctor & Gamble (PG). Says ongoing cost reduction program includes approximately $2B in annual cost savings by the end of 2017 compared to the 2012 cost base. Teva estimates that $1B, or 50% of the $2B annual cost savings, will be realized by the end of 2014 and 70% by the end of 2015. The majority of the savings are expected to come from the reduction in the company's cost of goods procurement and people. Expect to reinvest FY14 accumulated savings in "high potential programs." Says FY14 strategy is to "build a more sustainable company." The company's interim CEO, Eyal Desheh, says permanent CEO is a "high priority" for the board, and says the board is "operating expeditiously" to find a permanent CEO. Says gross margin, assuming no generic competition for Copaxone, should be approximately 59% of sales. Teva's tax rate for 2014 is projected to be 20%-21% in the generic Copaxone scenario and 19%-20% in the exclusive Copaxone scenario. Comments made during the company's conference call announcing updated FY14 data.
News For TEVA;PG From The Last 14 Days
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April 17, 2014
08:38 EDTTEVATeva settles patent ligitigation with Pfizer on Celebrex
Teva (TEVA) announced that its subsidiary Teva Pharmaceuticals USA, Inc. has entered into a settlement with Pfizer (PFE) related to Teva’s generic version of Celebrex 50, 100, 200 and 400 mg capsules in the United States. Under the terms of the settlement, Teva may launch its generic versions in December 2014 or earlier under certain circumstances. Teva has received tentative approval from the U.S. Food and Drug Administration for all strengths and believes that it is first-to-file on at least the 100, 200 and 400 mg capsules. Sales of Celebrex were $2.2B in the U.S. according to IMS data as of December, 2013.
April 16, 2014
10:00 EDTTEVAOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: A10 Networks (ATEN) initiated with a Buy at BofA/Merrill... Actavis (ACT) initiated with a Buy at Sterne Agee... Allergan (AGN) initiated with a Buy at Sterne Agee... Autohome (ATHM) initiated with a Neutral at Credit Suisse... BitAuto (BITA) initiated with an Outperform at Credit Suisse... Centene (CNC) initiated with a Neutral at UBS... Endo International (ENDP) initiated with a Buy at Sterne Agee... FS Investment (FSIC) initiated with an Overweight at Evercore... Hertz (HTZ) initiated with a Buy at Gabelli... Hilton (HLT) initiated with a Hold at Jefferies... Hospira (HSP) initiated with a Neutral at Sterne Agee... ImmunoGen (IMGN) initiated with a Buy at Canaccord... Impax (IPXL) initiated with a Neutral at Sterne Agee... Imperva (IMPV) assumed with a Neutral at Wedbush... Ingredion (INGR) initiated with an Outperform at Credit Suisse... Laredo Petroleum (LPI) initiated with an Outperform at RW Baird... Lpath (LPTN) initiated with a Buy at Canaccord... MediWound (MDWD) initiated with an Outperform at Oppenheimer... Medivation (MDVN) initiated with a Hold at Canaccord... NPS Pharmaceuticals (NPSP) assumed with a Buy at Canaccord... Nimble Storage (NMBL) initiated with a Market Perform at Raymond James... Regeneron (REGN) initiated with a Buy at Canaccord... Salix (SLXP) initiated with a Buy at Sterne Agee... Sibanye Gold (SBGL) initiated with an Outperform at Imperial Capital... Teva (TEVA) initiated with a Neutral at Sterne Agee... Wipro (WIT) assumed with a Hold at Jefferies.
07:00 EDTTEVATeva initiated with a Neutral at Sterne Agee
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April 15, 2014
12:26 EDTTEVATeva announces launch of generic Lunesta tablets in U.S.
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05:25 EDTPGHPC sector upgraded to Neutral from Cautious at Goldman
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April 10, 2014
06:04 EDTPGYahoo hires Bobbi Brown to be editor-in-chief of beauty site, Re/code reports
Yahoo (YHOO) has hired Bobbi Brown, the creator of Bobbi Brown Cosmetics (EL), to be the editor-in-chief of its beauty site, Re/code reports, noting that several of Yahoo's big advertisers -- L'Oreal (LRLCY), Procter & Gamble (PG) and Unilever (UN, UL) -- are competitive with Bobbi Brown Cosmetics. Reference Link
April 9, 2014
12:18 EDTPGOn The Fly: Midday Wrap
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09:03 EDTPGMars agrees to buy part of Proctor & Gamble for $2.9B
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April 8, 2014
08:46 EDTTEVATeva announces first approval, launch of generic Lovaza capsules in the U.S.
Teva (TEVA) announces the approval of the generic equivalent to Lovaza in the United States. Teva believes it is first-to-file and thus far is the only company to receive an approval from FDA. Teva plans to commence shipping immediately. Lovaza Capsules, marketed by GlaxoSmithKline (GSK), had annual sales of approximately $1.1B in the United States, according to IMS data as of December 2013.
April 7, 2014
14:09 EDTTEVASun Pharmaceutical agrees to acquire generic drugmaker Ranbaxy
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07:04 EDTPGProcter & Gamble increases quarterly dividend 7% to 64.36c per share
The Procter & Gamble Company announced that its Board of Directors declared an increase in the quarterly dividend from 60.15c to 64.36c per share on its Common Stock and on the Series A and Series B ESOP Convertible Class A Preferred Stock of the company, payable on or after May 15, to Common Stock shareholders of record at the close of business on April 25, and to Series A and Series B Preferred Stock shareholders of record at the start of business on April 25. This represents a 7% increase compared to the prior quarterly dividend.
April 4, 2014
10:45 EDTTEVAMylan rises despite Meda rejecting takeover offer
Mylan (MYL) shares are higher this morning following a Financial Times report of its desire to buy Swedish rival Meda. Subsequent to the story being published, Meda confirmed it had been in talks with Mylan but rejected the company's takeover offer. WHAT'S NEW: The Financial Times reported that Mylan was considering buying Meda, a Swedish drugmaker, in a deal that would create a $23B+ pharmaceuticals business. Mylan reportedly hired advisers to put a deal together for Meda, and though the value of a deal was not noted, sources said Mylan was likely to pay a "significant" premium to Meda's market value, which was $4.5B at the end of trading on Thursday. Mylan's market value currently stands at $18.5B. A combination of the drugmakers would create a company with annual revenues of around $9B, the FT said, noting that would be half the size of generic drug rival Teva (TEVA). WHAT'S NOTABLE: Meda's board of directors confirmed that it was contacted by Mylan regarding a proposal to merge the companies, but the board decided to reject the proposal. Meda said all discussions between the company and Mylan have been terminated "without further actions." ANALYST REACTION: Citigroup upgraded Mylan to Buy from Neutral and raised its price target on the stock to $61 from $52 this morning. The firm cited potential operational and tax benefits from an acquisition of Meda, stating that in addition to expanding Mylan's geographic presence, the deal would increase its presence in specialty, OTC and branded generics. OTHER NEWS: Mylan sued Celgene (CELG) to block that company's efforts to keep generic versions of Revlimid and Thalomid off the market, Reuters reported. PRICE ACTION: Mylan shares are up $2.98, or 5.98%, to $52.84 in mid-morning trading.

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