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Stock Market & Financial Investment News

News Breaks
July 30, 2014
12:27 EDTTWTR, DEST, NQ, HUM, GNW, RT, REGNOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq leading and the Dow lagging, after a much better than expected reading on second quarter economic growth in the U.S. and ahead of a statement from the Federal Reserve following its latest policy meeting. With a solid earnings season and the economic data showing growth, investors are now on Fed watch, with the move in the averages potentially illustrating fear that the central bank may begin to get more hawkish. ECONOMIC EVENTS: In the U.S., the Commerce Department estimated that 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%. Payroll company ADP reported private payrolls climbed 218K in July, which was a bit below the 238K forecast. The Federal Reserve wraps up its two-day Federal Open Market Committee meeting today and the accompanying rate decision and statement is scheduled to be released at 2:00 pm ET. COMPANY NEWS: Shares of Twitter (TWTR) surged 20% higher 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 to Outperform from Sector Perform at FBN Securities, to Neutral from Sell at UBS and to Market Perform from Underperform at Cowen. MAJOR MOVERS: Among the notable gainers was NQ Mobile (NQ), which jumped 15% to trade near $8 per share after the company reported it has received a non-binding proposal from Bison Capital to acquire all of NQ's outstanding American depositary shares for $9.80 each. Also higher was Regeneron (REGN), which rose 6% after the company announced that nine new Phase 3 Odyssey trials of alirocumab in people with hypercholesterolemia met their primary efficacy endpoint. Among the noteworthy losers was Genworth Financial (GNW), which dropped 13% and was downgraded to Neutral from Outperform at Macquarie after its second quarter earnings report. Also lower following their earnings reports were Humana (HUM), which slid 5%, Ruby Tuesday (RT), which fell over 16%, and Destination Maternity (DEST), which dropped more than 19%. INDEXES: Near midday, the Dow was down 57.70, or 0.34%, to 16,854.41, the Nasdaq was up 9.01, or 0.2%, to 4,451.71, and the S&P 500 was down 3.87, or 0.2%, to 1,966.08.
News For TWTR;GNW;NQ;REGN;HUM;DEST;RT From The Last 14 Days
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September 25, 2015
09:07 EDTREGNBayer says Eylea recommended for EU approval in additional indication
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06:39 EDTHUMAPA: Big insurance firm mergers could harm mental healthcare, Reuters says
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September 24, 2015
16:40 EDTTWTRTwitter rolls out autoplay video ads for apps
Twitter announced in a blog post that "advertisers can now use the power of video to promote their mobile apps on Twitter" starting Thursday. "The Video App Card autoplays in timelines... In beta, we saw that this highly engaging format helped some advertisers nearly triple their conversion rate from app click to install," the company said. Reference Link
13:19 EDTTWTROn The Fly: Top stock stories at midday
Stocks on Wall Street were sharply lower at midday, with each of the major indexes down more than 1%. Continued weakness in Asia and a lack of clarity regarding the Fed's rate decision last week has kept buyers on the sidelines while the sellers have had their way. Lowered guidance from Dow component Caterpillar (CAT) has weighed on the market in addition to some economic data points that were below expectations. ECONOMIC EVENTS: In the U.S., initial jobless claims were 267,000, versus expectations for 272,000 first-time claims. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The Chicago Fed National Activity Index had a reading of -0.41, versus expectations of +0.24. New home sales jumped 5.7% in August to a 552,000 rate, versus expectations for a rise of 1.6% to a 515,000 rate. In Asia, Japan's stock market reopened for the first time since Friday and the Nikkei suffered a nearly 3% decline as it caught up to other global market trends in the week-to-date. The slide came despite Japanese Prime Minister Shinzo Abe unveiling new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration. Elsewhere, Norway and Taiwan both cut interest rates this morning. The Norges Bank lowered rates by 25 basis points to 0.75%, while Taiwan cut its benchmark by 12.5 basis points to 1.75% in the nation's first lowering of rates since 2009. COMPANY NEWS: A slide in shares of Caterpillar weighed on the Dow Jones Industrial Average after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Before the news was announced, research firm Axiom initiated coverage of Caterpillar with a Sell rating and $28 price target, which its shares were 5.7% closer to at midday following their swoon. Other mining and agriculture equipment makers, including Joy Global and Deere (DE), were also weaker following the Dow member's announcement. MAJOR MOVERS: Among the notable gainers was Arrowhead Research (ARWR), which rose 18% after disclosing top-line findings from the Heparc-2001 Phase 2a clinical study of ARC-520, its candidate for the treatment of chronic hepatitis B infection. Also higher was Hudson City Bancorp (HCBK), the parent company of Hudson City Savings Bank, which gained 3% after the bank, the Justice Department and CFPB reached a settlement to resolve allegations that the bank engaged in a pattern or practice of "redlining" predominantly Black and Hispanic neighborhoods in its residential mortgage lending practices. Notably, settling the allegations may pave the way for the bank to close out a proposed merger with M&T Bank (MTB). Among the noteworthy losers was Sientra (SIEN), which dropped 42% after disclosing that the U.K.'s Medicines and Healthcare products Regulatory Agency announced the suspension of the CE certificate for all medical devices made by Silimed, the company's contract manufacturer. Also lower were shares of Twitter (TWTR), which slid 4% after Citi cut its estimates below consensus and lowered its price target on the microblog service operator to $30. INDEXES: Near midday, the Dow was down 186.90, or 1.15%, to 16,092.99, the Nasdaq was down 56.64, or 1.19%, to 4,696.10, and the S&P 500 was down 20.18, or 1.04%, to 1,918.58.
10:58 EDTTWTRStocks with call strike movement; TWTR NFLX
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09:05 EDTTWTROn The Fly: Pre-market Movers
HIGHER: Arrowhead Research (ARWR), up 35% after disclosing top-line findings from the Heparc-2001 Phase 2a clinical study of ARC-520, its candidate for the treatment of chronic hepatitis B infection... Conatus Pharmaceuticals (CNAT), up 19% after the company's Phase 2 Portal Hypertension clinical trial of emricasan met its primary endpoints... Keryx Biopharmaceuticals (KERX), up 13% after announcing that the European Commission has approved Fexeric for the control of elevated serum phosphorus levels, or hyperphosphatemia, in adults with chronic kidney disease. LOWER: Caterpillar (CAT), down 5% after announcing restructuring plans, lowering revenue guidance, and having stock initiated with a Sell rating and a $28 price target at Axiom... Twitter (TWTR), down 1.5% after Citi cut estimates below consensus and lowered its price target to $30. DOWN AFTER EARNINGS: Worthington (WOR), down 12.5%... Accenture (ACN), down 3%.
08:57 EDTTWTRGoogle price target raised to $781 from $730 at Citi
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08:51 EDTTWTRCiti cuts Twitter estimates below consensus, drops target to $30
Citi analyst Mark May says his analysis indicates the consensus estimates for Twitter (TWTR) may be too high as they assume "meaningful increases" in monetization which he believes may prove difficult to realize. May cut his 2015, 2016 and 2017 earnings per share estimates for Twitter to 30c, 34c and 58c, respectively, well below the consensus estimates of 34c, 63c, and $1.03. He also cut his 2016 revenue estimate to 3% below the consensus. It will be difficult for the stock to achieve sustained multiple expansion until user growth accelerates and/or revenue growth stabilizes, May tells investors in a research note. He moved the stock to Citi's "High Risk" designation given Twitter's recent user trends and his belief that his estimates are unlikely to move up in the near-term. He keeps a Neutral rating on the name. May's top picks among U.S. Internet stocks remain Facebook (FB), (AMZN) and eBay (EBAY).
08:33 EDTREGNRegeneron and Icahn School of Medicine enter antibody research agreement
Regeneron and The Experimental Therapeutics Institute at the Icahn School of Medicine at Mount Sinai today announced that they have entered into an agreement with the goal of accelerating the discovery of fully human antibodies directed against therapeutic targets being researched by Mount Sinai investigators. Regeneron will provide the ETI with access to VelocImmune technology and potential financial support to use the company's proprietary antibody discovery platform to generate antibodies against targets of interest and explore potential therapeutic applications for human disease. ETI will undertake preclinical research, and Regeneron has an exclusive option to negotiate a license to the antibody for future clinical development and commercialization.
September 23, 2015
19:23 EDTTWTRTwitter to be available in additional languages
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08:11 EDTHUMLeerink sees less political risk for Managed Care mergers after hearings
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September 22, 2015
20:02 EDTHUMClinton vows $250 cap on monthly drug costs in blast against biotechs, insurers
Democratic presidential candidate Hillary Clinton railed against biotech companies as well as health insurers at a community health care forum in Iowa on Tuesday. Clinton began her speech by praising the Affordable Care Act, but quickly noted that she wants to strengthen it due to what she called the rising cost of prescription drugs. She explained, "Our pharmaceutical and biotechnology industries deserve credit... [But] too often, these drugs cost a fortune. Now, sometimes there is a good reason for that. Scientific breakthroughs are often the result of major investment... so it may makes sense, for a short period of time, to have to charge a lot of money for a drug. But when a drug has no competition, when there aren't any other treatments that can do what it does, pharmaceutical companies can charge astronomical fees far beyond anything that it would take to recoup their investment, and far beyond what they charge consumers anywhere else in the world outside of America." Referencing the recent criticism against Turing Pharmaceuticals, Clinton went on to say that "pharmaceutical companies that acquire an existing affordable drug that people rely on, and then turn around and charge a fortune for it, [are just betting] on the fact that desperate people will find some way to pay for it." Preemptively responding to questions of whether greater regulation will dampen investment, Clinton commented that "some people worry that my proposals will threaten innovation, but I have designed a plan that will do exactly the opposite... Under my plan, drug companies that want to keep getting federal support will have to redirect more of their profits into meaningful investments in research and development." Clinton also criticized incremental drug improvements, saying that "too often, so-called new drugs are really old drugs that have just been tweaked a little bit, but then they're marketed as breakthrough drugs and they're sold for high prices." The Democratic candidate went on to condemn advertising in the drug industry, remarking that "I also want to tackle direct to consumer advertising... Other countries ban these ads because they are so often misleading. But at the very least, we shouldn't be encouraging them with corporate write-offs... Under my plan, we will instead use that taxpayer money to fund innovation... I would also like to make sure any ads the drug industry does run are approved by the FDA." Moving more broadly onto Medicaid and health insurers, Clinton stated, "I believe Medicare should be able to negotiate for lower prices for its members... I will require drug companies to provide higher rebates for prescription drugs to low income Medicare patients, just like they have to do for Medicaid patients... I think the insurance companies need to be put on notice." Providing more concrete details of her plan, Clinton concluded, "I will cap out of pocket drug costs for working families. You won't have to pay more than $250 a month for covered medications... Particularly for people who have a chronic illness. Also under my plan, you will be able to import cheaper drugs from other countries legally. If the medicine you need costs less in Canada, you should be able to buy it from Canada or any other country that meets our safety standards... I will also make sure we have more generics on the market [by boosting funding for] the FDA's office of generic drugs."
14:52 EDTHUMAetna plans to raise Humana wages after merger, Bloomberg says
Aetna (AET) CEO Mark Bertolini plans to raise wages to $16 per hour for about 10,000 low-wage Humana (HUM) employees if the prospective merger of the two companies goes through, reports Bloomberg, citing written testimony at a U.S. Senate subcommittee hearing. "Our hope is these initiatives will help reduce employee turnover," explained Bertolini. Reference Link
14:07 EDTTWTRTwitter Sr. Director of Engineering Akash Garg leaving company
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10:45 EDTTWTRStocks with call strike movement; TWTR NFLX
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08:37 EDTHUMAetna, Anthem CEOs set to testify to Senate committee, WSJ reports
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September 21, 2015
13:38 EDTREGNRegeneron volatility increases into Clinton prescription drug plan
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11:51 EDTTWTRStocks with call strike movement; TWTR NFLX
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09:40 EDTTWTRActive equity options trading on open
Active equity options trading on open: AAPL BAC ESV BABA FB NFLX TSLA TWTR GE GPRO JPM ONVO MU
08:01 EDTREGNRegeneron announces agreement with BRDA for development of ebola treatment
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