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Stock Market & Financial Investment News

News Breaks
February 8, 2013
07:13 EDTTHORThoratec downgraded to Market Perform from Outperform at Northland Securities
Northland downgraded Thoratec following the CMS's announcement to initiate a National Coverage Decision analysis for VAD therapy. The firm believes there is now significant uncertainty regarding VADs and margins. Price target is $35.
News For THOR From The Last 14 Days
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July 22, 2015
12:32 EDTTHOROn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as slides in a number of big name tech stocks following their earnings reports dominated the news flow and largely dictated the market's direction. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.4% to 222.8 in May, as expected. Existing home sales rose 3.2% to a 5.49M rate in June, better than the 0.9% increase that was expected. In Europe, the European Central Bank reportedly raised the cap on Greece's Emergency Liquidity Assistance by EUR900M to EUR90.4B, according to Bloomberg. COMPANY NEWS: The tech sector has been weak, headlined of course by a 5% pullback in shares of Apple (AAPL) after iPhone shipments in the just completed quarter and the company's sales forecast for the new quarter missed estimates. Adding to the negative tone in tech stocks, and contributing further to the decline in the Nasdaq, was the 3% drop seen in Microsoft (MSFT) shares after its quarterly report as well as Yahoo's (YHOO) 1% decline after its revenue outlook missed the consensus forecast... Shares of Boeing (BA) and Coca-Cola (KO) fared better than Dow peer Apple after each reported better than expected sales and profits, though neither stock was moving far from where they closed yesterday's trading. MAJOR MOVERS: Among the notable gainers was Thoratec (THOR), which rose 10% after the company agreed to be acquired by St. Jude Medical (STJ) for $3.4 billion in cash, or $63.50 per share. St. Jude shares advanced fractionally after the deal, which had been foreshadowed by media reports yesterday, was announced. Also higher following their earnings reports were Intuitive Surgical (ISRG), which gained 10%, Chipotle Mexican Grill (CMG), which advanced 8% and Whirlpool (WHR), which was up 6%. Among the noteworthy losers were a number of suppliers to Apple that declined in tandem with the tech giant after it reported a sequential drop in iPhone sales. Skyworks Solutions (SWKS), Cirrus Logic (CRUS), Qorvo (QRVO) and NXP Semiconductors (NXPI) were among the many semiconductor stocks that slid following Apple's report. Also sharply lower was antibody-based therapeutics maker XOMA (XOMA), which plunged more than 73% and was downgraded to Neutral at Piper Jaffray after a Phase III trial of its gevokizumab drug in patients with Behcet's disease uveitis did not meet its primary endpoint. INDEXES: Near midday, the Dow was down 82.22, or 0.46%, to 17,837.07, the Nasdaq was down 42.68, or 0.82%, to 5,165.44, and the S&P 500 was down 6.93, or 0.33%, to 2,112.28.
10:15 EDTTHORThoratec downgraded to Market Perform from Outperform at Northland
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10:10 EDTTHORHigh option volume stocks
High option volume stocks: HNT THOR QRVO CYTR CBRL MAS CHKP TUP NXPI VEDL
09:07 EDTTHOROn The Fly: Pre-market Movers
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07:07 EDTTHORThoratec reports Q2 preliminary revenue $128M-$129M, consensus $115.48M
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07:02 EDTTHORSt. Jude Medical sees Thoratec deal accretive to adjusted EPS in 2016
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07:02 EDTTHORSt. Jude Medical to acquire Thoratec for $63.50 per share, deal valued at $3.4B
St. Jude Medical (STJ) and Thoratec (THOR) announced that the Boards of Directors of both companies have unanimously approved a definitive agreement under which St. Jude Medical will acquire all of the outstanding shares of Thoratec for $63.50 per share in a cash transaction valued at approximately $3.4B, net of cash acquired. The all-cash transaction represents a premium of 40.1 percent compared to $45.34, Thoratec's volume-weighted average trading price for the 30 trading day period ending July 17, 2015, and a 35.4 percent premium to the closing price on Thoratec's last unaffected trading date on July 17, 2015 of $46.89. The transaction is expected to be completed in the fourth quarter of 2015. Under the terms of the merger agreement, Thoratec shareholders will receive $63.50 in cash, without interest, for each share of Thoratec common stock they own. The transaction is conditioned upon, among other things, Thoratec shareholder approval, regulatory approvals and other customary closing conditions. The transaction is not conditioned on financing. St. Jude Medical intends to fund the transaction through proceeds from additional bank term loan debt and senior unsecured notes. St. Jude Medical is committed to maintaining a strong investment grade rating. The merger agreement includes a “go-shop” period, during which Thoratec will actively solicit alternative proposals from third parties for the next 30 days continuing through August 20, 2015. The merger agreement provides for Thoratec to pay a termination fee of approximately $30 million to St. Jude Medical if Thoratec terminates the merger agreement in connection with a superior proposal that arose during the go-shop period and a termination fee of approximately $111 million if Thoratec terminates the merger agreement in connection with a superior proposal that arose following the go-shop period. There can be no assurance that this process will result in a superior proposal. Thoratec does not intend to disclose developments with respect to the solicitation process unless and until its Board of Directors has made a decision with respect to any potential superior proposal. This transaction is expected to be accretive to adjusted earnings per share in 2016. St. Jude Medical also expects the combined company to capture revenue and technology synergies following the completion of this transaction. This acquisition positions St. Jude Medical to enter new markets totaling more than $1 billion that are expected to grow approximately 10 percent annually, benefitting St. Jude Medical’s sales growth profile beginning in 2016. Bank of America Merrill Lynch is acting as financial advisor to St. Jude Medical and has also provided fully committed financing. Gibson, Dunn & Crutcher LLP is serving as legal counsel to St. Jude Medical. Guggenheim Securities is acting as financial advisor to Thoratec, and Latham & Watkins LLP is serving as legal counsel. Centerview Partners provided a fairness opinion to the Board of Directors of Thoratec in connection with the transaction.
07:00 EDTTHORSt. Jude Medical to acquire Thoratec for $63.50 per share, deal valued at $3.4B
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July 21, 2015
16:28 EDTTHOROn The Fly: Top stock stories for Tuesday
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15:08 EDTTHORThoratec reaches all-time high after report of St. Jude takeover
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14:52 EDTTHORThoratec could possibly get $65-$70 per share in takeover, says Northland
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13:56 EDTTHORSt. Jude Medical bid for Thoratec makes strategic sense, says JPMorgan
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12:40 EDTTHORSt. Jude in talks to acquire Thoratec, Bloomberg reports
St. Jude Medical (STJ) is in talks to acquire Thoratec (THOR), Bloomberg reports, citing people familiar with the situation. Talks are ongoing and could still fall apart as no deal has been reached, Bloomberg adds. Thoratec shares spiked early in today's session, but a catalyst for the move was unclear before the Bloomberg report. Shares of the medical device maker focused on advanced heart failure patients are up $9.52 to $58.33 in midday trading. Its close competitor HeartWare (HTWR) is now up $5.53 to $84.70. Shares of St. Jude are up 4 to $76.61. Reference Link
12:33 EDTTHORThoratec jumps after Bloomberg report of St. Jude buyout talks
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12:29 EDTTHORSt. Jude Medical in talks to acquire Thoratec, Bloomberg reports
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12:21 EDTTHOROn The Fly: Top stock stories at midday
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10:20 EDTTHORCatalyst behind Thoratec spike higher unclear
The catalyst behind the spike higher in shares of Thoratec (THOR) is unclear to traders and investors. The medical device maker focused on advanced heart failure patients rose as high $62.05 in early trading and its shares remain up 11%, or $5.48, to $54.29. Some vague takeover chatter surfaced, with St. Jude Medical (STJ) as the speculated buyer, but buyout rumors are often the "go-to" reason when stocks spike. Often the moves on rumors are less substantial than Thoratec's spike today. The company's close competitor HeartWare (HTWR) is not seeing any unusual trading thus far today, falling 36c to $78.81 in early trading.
10:14 EDTTHORHigh option volume stocks:
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10:12 EDTTHORThoratec calls active on sharp rally
Thoratec August 55 and 65 calls are active on 260 contracts (50 puts). August call option implied volatility is at 55, September is at 50; compared to its 52-week range of 24 to 51. Active calls suggests traders taking positions for price movement.
09:58 EDTTHORThoratec jumps 14% to $55.82 in early trading
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