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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 23, 2014
10:16 EDTPGHigh option volume stocks: R TROW PG FTI UNIS
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08:53 EDTPGProcter & Gamble says accelerating some FY15 savings into FY14
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07:04 EDTPGProcter & Gamble sees FY14 core EPS up 3%-5%, consensus $4.22
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07:02 EDTPGProcter & Gamble reports Q3 EPS $1.04, consensus $1.02
Reports Q3 revenue $20.56B, consensus $20.68B.
April 22, 2014
15:32 EDTPGNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Procter & Gamble (PG), consensus $1.02; Boeing (BA), consensus $1.56; Biogen Idec (BIIB), consensus $2.56; Dow Chemical (DOW), consensus 71c; EMC Corporation (EMC), consensus 35c; Thermo Fisher (TMO), consensus $1.40; Praxair (PX), consensus $1.51; General Dynamics (GD), consensus $1.64; Johnson Controls (JCI), consensus 65c; Norfolk Southern (NSC), consensus $1.15; Reynolds American (RAI), consensus 74c; Delta Air Lines (DAL), consensus 29c; Northrop Grumman (NOC), consensus $2.15; Air Products & Chemicals (APD), consensus $1.35; TD Ameritrade (AMTD), consensus 34c; Ingersoll-Rand (IR), consensus 26c; Dr Pepper Snapple (DPS), consensus 59c; Polaris Industries (PII), consensus $1.16; Ryder System (R), consensus 87c.
10:00 EDTTEVAOn The Fly: Analyst Initiation Summary
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07:42 EDTTEVATeva initiated with a Buy at Jefferies
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April 21, 2014
09:21 EDTTEVAOn The Fly: Pre-Market Movers
HIGHER: Sarepta (SRPT), up 54% after announcing plans to to submit NDA for Eteplirsen by year end 2014. Shares of Prosnesa (RNA), another drugmaker working on a competing DMD drug, are up more than 12%... AstraZeneca (AZN), up 6% after the Sunday Times says that Pfizer (PFE) is considering a takeover bid for the company. Pfizer is up 1.2% following the report... Newmont Mining (NEM), up 8% after WSJ says the company and Barrick Gold (ABX) could resume merger talks as soon as today... Cbeyond (CBEY), up 39% after agreeing to be acquired for about $323M by Birch Communications... Momenta Pharma (MNTA), up 10.5% after the Supreme Court rejected Teva's (TEVA) bid to delay generic Copaxone... Nu Skin (NUS), up 5% after saying its China division will resume corporate-hosted business meetings... Micron (MU), up 4% after price target raised at Drexel Hamilton... DOWN AFTER EARNINGS: Acacia Research (ACTG), down 6%... athenahealth (ATHN), down 5.6%.
08:18 EDTTEVAMomenta Pharma rises after high court rejects Copaxone delay bid
Shares of Momenta Pharmaceuticals (MNTA) are higher in pre-market trading after the Supreme Court denied Teva's (TEVA) request to delay the launch of generic forms of its relapsing-remitting multiple sclerosis product, Copaxone. WHAT'S NEW: Teva confirmed on April 19 that the Chief Justice of the United States denied the company's application for an injunction seeking to prevent the launch of a generic version of Copaxone. Teva will continue pursuing its appeal in the Supreme Court and defending its intellectual property for Copaxone, the company said. WHAT'S NOTABLE: Momenta has developed a generic version of Copaxone in partnership with Novartis' (NVS) Sandoz unit. Mylan, which is preparing to launch a generic version of Copaxone as well, said after the ruling: "We are pleased with the Chief Justice's decision, and we look forward to introducing the first generic Copaxone treatment for multiple sclerosis patients in the U.S. at market formation. Mylan remains eligible to receive approval from the U.S. FDA on May 25, 2014." PRICE ACTION: In pre-market trading, Momenta shares are up over 12% to $12.46, while Mylan shares are up more than 3% to $48.48. Teva shares trading in New York are down about 1.7% to $50 in pre-market trading.
06:29 EDTPGProcter & Gamble plans to launch new high-end razor, WSJ reports
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April 19, 2014
18:50 EDTTEVAMylan says Teva denied injunction seeking to prevent launch of generic Copaxone
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18:32 EDTTEVASupreme Court denies Teva stay in generic Copaxone case
Teva Pharmaceutical Industries announced that while the Chief Justice of the United States found that Teva had demonstrated “a fair prospect of success on the merits” in its appeal of a decision from the United States Court of Appeals for the Federal Circuit that invalidated the claim of U.S. Patent 5,800,808, he denied the company’s application to stay the Federal Circuit's decision due to the potential for the company to recover patent infringement damages. The ‘808 patent expires on September 1, 2015 and claims a process for manufacturing the active ingredient of Teva’s relapsing-remitting multiple sclerosis, RRMS, product, Copaxone 20mg/mL. Teva will continue pursuing its appeal in the Supreme Court and defending its intellectual property for Copaxone. Teva previously prevailed in the District Court, which upheld the validity of nine Copaxone patents, including the ‘808 patent. A ruling last year by the Court of Appeals for the Federal Circuit upheld some of the COPAXONE patents that expire in May, while invalidating the ‘808 patent that is the subject of Teva’s now-granted certiorari petition. Any purported generic version of Copaxone would be required to obtain the approval of the FDA prior to being made available to the public. The inability to fully characterize the active ingredients of the product leads many experts to believe that the only way to ensure the safety, efficacy and immunogenicity of any purported generic version of Copaxone would be through full-scale, placebo-controlled clinical trials with measured clinical endpoints in RRMS patients. The company is confident Copaxone will remain a proprietary, global market leading product for the reduction in the frequency of relapses in RRMS patients over the product’s lifecycle, given the strength of its intellectual property rights.
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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