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Stock Market & Financial Investment News

News Breaks
July 30, 2014
17:12 EDTPWE, GNW, EW, GRMN, AMGN, TWTR, GT, HSPOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory following a better than expected GDP growth estimate for the second quarter, but were unable to hold their initial gains. The averages reversed early in the session and eventually crossed into negative territory, as investors chose to wait for the Fed’s rate decision and to listen to the accompanying statements. The Fed kept rates the same, said inflation was tracking towards their goals, and continued to reduce their planned purchases of bonds, which was all generally in keeping with expectations. The market initially revived, but then settled back into the range it was in before the Fed's release and limped into the close. ECONOMIC EVENTS: The Commerce Department estimated that U.S. Gross Domestic Product grew at a seasonally adjusted annual rate of 4.0% in the second quarter, easily beating expectations for a growth rate of 3.0%. ADP reported private payrolls climbed 218K in July, which was a bit below the 238K forecast. The Federal Reserve wrapped up its two-day Federal Open Market Committee meeting and, as expected, decided to reduce its monthly asset purchases by $10B next month. The Fed will buy $10B of mortgage-backed securities in August, down from $15B in July, and will buy $15B of longer-term Treasury securities next month, down from $20B previously. The committee reaffirmed its view that highly accommodative monetary policies are still appropriate and maintained its 0% to 0.25% target range for the federal funds rate. Additionally, the leaders of the G-7 issued a joint statement that they "remain ready to further intensify the costs" to Russia if it does not change its course regarding Ukraine. COMPANY NEWS: Shares of Twitter (TWTR) surged $7.71, or 19.98%, to $46.30 after the social network operator's second quarter results beat analysts' consensus estimates and it raised its fiscal year 2014 revenue and adjusted EBITDA forecasts. Following last night's report, Bank of America Merrill Lynch upgraded Twitter to Buy from Neutral, while the stock was also upgraded at FBN Securities, UBS and Cowen. MAJOR MOVERS: Among the notable gainers following their earnings reports were Edwards Lifesciences (EW), which gained $8.44, or 10.0%, to $92.88, Hospira (HSP), which rose $4.31, or 8.3%, to $56.21, and Amgen (AMGN), which advanced $6.70, or 5.43%, to $130.01. Among the notable gainers following their earnings reports were Genworth Financial (GNW), which fell $2.28, or 14.02%, to $13.98, Goodyear Tire (GT), which declined $2.14, or 7.76%, to $25.45, and Garmin (GRMN), which dropped $3.17, or 5.51%, to $54.41. Also lower was Penn West Petroleum (PWE), which fell $1.30, or 14.21%, to $7.85 after it announced that the Audit Committee of the company's Board of Directors is conducting a voluntary, internal review of certain of the company's accounting practices. INDEXES: The Dow dropped 31.75, or 0.19%, to 16,880.36, the Nasdaq gained 20.20, or 0.45%, to 4,462.90, and the S&P 500 added 0.12, or 0.01%, to 1,970.07.
News For TWTR;EW;HSP;AMGN;GNW;GT;GRMN;PWE From The Last 14 Days
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July 27, 2015
09:14 EDTTWTRFacebook price target raised to $110 from $94 at Cowen
Cowen analyst John Blackledge raised his price target for Facebook (FB) to $110 ahead of the social media giant's Q2 results on July 29. Investor sentiment has grown more positive recently given Facebook's "explosive" video growth and the opening of the Instagram platform to advertisers, Blackledge tells investors in a research note previewing the Q2 results this week for Internet names. He keeps an Outperform rating on the stock. Blackledge also keeps Outperform ratings on LinkedIn (LNKD) and IAC (IACI) as well as a Market Perform rating on Twitter (TWTR). Those three companies are also reporting Q2 results this week.
07:35 EDTTWTRTwitter volatility increasing into Q2 and outlook
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06:23 EDTTWTRInstagram's mobile ad revenues to reach $2.81B in 2017, eMarketer says
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05:58 EDTTWTRStocks with implied volatility above IV index mean; TWTR LNKD
Stocks with implied volatility above IV index mean; Twitter (TWTR) 70, LinkedIn (LNKD) 62 according to iVolatility.
July 26, 2015
20:20 EDTTWTRTwitter's Adam Bain could step in as permanent CEO, NY Post says
Following interim Twitter CEO Jack Dorsey's IPO filing for Square, Twitter president of global revenue and partnerships Adam Bain may be tapped for the role of permanent CEO, reports the New York Post, citing sources. Board member David Rosenblatt could also be a "wild card" contender, added the sources. Reference Link
July 24, 2015
16:13 EDTTWTRJack Dorsey's Square files IPO confidentially for U.S. IPO, Bloomberg says
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15:00 EDTAMGNBroader label for PCSK9 drug positive for Regeneron, Amgen, says Deutsche Bank
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12:44 EDTAMGNAmgen announces FDA approval of expanded Kyprolis indication
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12:27 EDTAMGNFDA approves expanded use of Kyprolis in multiple myeloma patients
The FDA announced that on July 24 the administration approved carfilzomib, or Kyprolis, marketed by Onyx Pharmaceuticals, an Amgen (AMGN) subsidiary, in combination with lenalidomide and dexamethasone for the treatment of patients with relapsed multiple myeloma who have received one to three prior lines of therapy. The revised labeling includes new Warnings and Precautions for VTE, cardiac toxicities, acute renal failure, pulmonary toxicities, and hypertension. The increased safety risks, including mortality, for elderly patients is described. Detailed safety information in the prescribing information was also updated for use of carfilzomib monotherapy. Reference Link
11:22 EDTTWTRTwitter volatility elevated into Q2 and outlook
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05:53 EDTTWTRStocks with implied volatility above IV index mean; AMZN TWTR
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July 23, 2015
20:01 EDTTWTRTwitter announces event targeting
Twitter announced, on its blog, that the company is instituting event-based advertisement targeting. The company stated that event targeting utilizes three tools, an event calendar, event insights, and event activation. The company stated, "With event targeting, you can activate around live moments, quickly and easily. We’ll help you discover and plan for these moments, learn more about the participating audiences through valuable insights, and with one click, create a campaign that delivers the right message to just the right users as the event unfolds." Event targeting is now available to all Twitter advertisers globally. Reference Link
09:10 EDTAMGNAmgen submits NDA for Kyprolis in relapsed multiple myeloma
Amgen submitted a supplemental New Drug Application to the FDA for Kyprolis for Injection to seek an expanded indication for the treatment of patients with a form of blood cancer, relapsed multiple myeloma, who have received at least one prior therapy. Kyprolis currently has accelerated approval in the U.S. for the treatment of patients with relapsed multiple myeloma as a monotherapy. The sNDA is based on data from the global Phase 3 ENDEAVOR trial in which relapsed multiple myeloma patients treated with Kyprolis and dexamethasone lived twice as long without their disease worsening, demonstrating statistically and clinically significant superiority over Velcade.
07:50 EDTTWTRBrean Capital cuts Twitter target to $47 on near-term risks
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July 22, 2015
07:41 EDTTWTRTwitter blocked by Turkey following recent terror attack, AP reports
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06:12 EDTTWTRHerbalife requests user information from Twitter, Reuters reports
Herbalife (HLF) has filed a petition seeking information from Twitter (TWTR) to find an anonymous user who posted defamatory tweets against Herbalife, Reuters reports. Herbalife wants Twitter to provide IP addresses as well as account details of the user so that the company can pursue legal action, the report says. Reference Link
05:21 EDTGNWGenworth enters into talks with AXA to sell lifestyle protection business
Genworth Financial (GNW) announces it has entered into exclusive negotiations with AXA S.A. (AXAHY) after receiving an irrevocable offer to purchase its lifestyle protection insurance business. The company expects to accept the offer and execute an associated purchase agreement upon completion of the French works council consultation process. The sale price is expected to be approximately $510M and the company will record an after-tax loss of approximately $310M in Q2 related to the expected sale and pension settlement costs. Net proceeds from the transaction, net of pension settlement costs and transaction related expenses, are estimated to be approximately $400M. Genworth plans to use these proceeds to advance compliance with the Private Mortgage Insurer Eligibility Requirements and to reduce debt levels. The sale is expected to close by the end of 2015 and is subject to other customary conditions, including requisite regulatory approvals.
July 21, 2015
12:47 EDTAMGNPiper confident in Regeneron approval by Friday
After Amgen's (AMGN) Repatha received marketing authorization in Europe, making it the first of the anti-PCSK9 antibody to be approved worldwide, Piper Jaffray analyst Edward Tenthoff expressed confidence that Regeneron (REGN) and Sanofi's (SNY) anti-PCSK9 antibody Praluent will be approved by Friday's FDA action date. Tenthoff believes Praluent will eventually be a blockbuster drug, but anticipates the launch to be slow. He keeps a Neutral rating on Regeneron with a $484 price target.
11:49 EDTAMGNNovartis may sell Amgen's cancer drug as soon as September, Bloomberg says
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07:12 EDTAMGNAmgen's Repatha granted marketing authorization by EC
Amgen announced that the European Commission, or EC, has granted marketing authorization for Repatha, or evolocumab, the first proprotein convertase subtilisin/kexin type 9, or PCSK9, inhibitor to be approved in the world, for the treatment of patients with uncontrolled cholesterol who require additional intensive low-density lipoprotein cholesterol reduction. Repatha is a human monoclonal antibody that inhibits PCSK9, a protein that reduces the liver's ability to remove LDL-C, or "bad" cholesterol, from the blood.
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