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Stock Market & Financial Investment News

News Breaks
January 3, 2014
11:17 EDTMU, VRTXStocks with call strike movement; VRTX MU
Vertex (VRTX) April 85 call option implied volatility increased 4% to 72, Micron (MU) April 24 call option implied volatility increased 5% to 52 according to IVolatility.
News For VRTX;MU From The Last 14 Days
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March 25, 2015
08:00 EDTMUMicron shares should be bought on weakness, says Argus
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06:44 EDTMUMicron initiated with a Neutral at MKM Partners
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March 24, 2015
17:11 EDTMUPhototronics enters into supply and license agreement with Micron
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07:07 EDTMUMicron volatility increases into Q2 and outlook
Micron April weekly call option implied volatility is at 42, April is at 41, May is at 37, July is at 36; compared to its 26-week average of 39 according to Track Data, suggesting non-directional price movement into the expected release of Q2 results on April 2.
March 23, 2015
16:20 EDTVRTXOn The Fly: Closing Wrap
Stocks on Wall Street opened in relatively quiet fashion and remained that way throughout the session until a sharp selloff in the closing minutes. For most of the day the averages moved in a narrow range, as the Dow broke its streak of consecutive days with triple digit moves. Like stocks, the oil markets had a quiet session that stood out amid the recent volatility in crude prices. A late day drop prevented the major stock indexes from adding to the big gains they'd notched on Friday. ECONOMIC EVENTS: In the U.S., the Chicago Fed's national activity index fell to -0.11 in February, below expectations for a reading of 0.10. Existing home sales rose 1.2% to a 4.88M rate in February, which was below the consensus forecast for them to grow 2% to a 4.92M unit rate. COMPANY NEWS: Shares of Kansas City Southern (KSU) declined $9.21, or 7.96%, to $106.48 after the railroad operator lowered its fiscal year revenue guidance to reflect slower year-to-date carload growth primarily from the energy sector, along with a continued deterioration in the value of the Mexican peso against the U.S. dollar and lower fuel surcharge revenues driven by lower WTI prices. The revenue warning appeared to weigh on others in the rail industry as well, with Union Pacific (UNP) falling $4.67, or 3.98%, to $112.78, Norfolk Southern (NSC) dropping $3.87, or 3.5%, to $106.56 and Canadian National (CNI) sliding $1.13, or 1.65%, to $67.24. MAJOR MOVERS: Among the notable gainers was ImmunoGen (IMGN), which gained $1.25, or 16.8%, to $8.69 after Takeda (TKPYY) licensed rights to use the company's antibody drug conjugate technology. Also higher was Tenet Healthcare (THC), which rose $2.45, or 4.94%, to $52.07 after agreeing to combine its short-stay surgery and imaging center assets into a new joint venture with United Surgical Partners International. Tenet will initially own 50.1% of the joint venture and will consolidate its financial results and will have a path to full ownership of USPI over the next five years through a put/call structure, the company noted. Among the noteworthy losers was MEI Pharma (MEIP), which plunged $4.37, or 69.37%, to $1.93 and was downgraded by at least four Wall Street research firms after the combination of Pracinostat and azacitidine showed no difference in the rate of complete remission, the primary endpoint of a Phase II study, compared to azacitidine alone. Also lower were shares of Vertex (VRTX), which fell $5.21, or 3.98%, to $125.79 after reporting data from a study evaluating VX-661 in combination with ivacaftor in cystic fibrosis that JPMorgan said was generally below expectations. INDEXES: The Dow fell 11.61, or 0.06%, to 18,116.04, the Nasdaq lost 15.44, or 0.31%, to 5,010.97, and the S&P 500 dropped 3.68, or 0.17%, to 2,104.42.
12:17 EDTVRTXOn The Fly: Midday Wrap
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10:18 EDTVRTXVertex data not a surprise given recent commentary, says JPMorgan
JPMorgan said Vertex's VX-661 top-line Phase 2 data was generally below expectations but should not be too surprising given recent management commentary. The firm said its thesis remains unchanged and believes few biotechs offer a comparable level of competitive dominance and substantial earnings leverage as Vertex and reiterated its Overweight rating.
10:14 EDTVRTXVertex weakness a buying opportunity, says Piper Jaffray
Piper Jaffray said it views the Phase II study evaluating VX-661 in combination with ivacaftor in CF as too small and too short to derive meaningful conclusions and would use today's weakness following the data as a buying opportunity ahead of approval for KALYDECO + lumacaftor homozygous F508del-CFTR mutation patients, noting that the PDUFA date for the indication is July 5. The firm keeps an Overweight rating and $146 price target on Vertex shares, which are down 4.3% to $125.35 in morning trading.
09:38 EDTVRTXVertex shares defended at CRT Capital
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09:37 EDTVRTXActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AUY SLB PFE MCP CELG VRTX SHPG GILD LOGI TSLA TASR NFLX SCTY WFM
09:28 EDTVRTXOn The Fly: Pre-market Movers
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09:03 EDTVRTXLeerink analysts hold a meeting with a conference call hookup
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07:47 EDTVRTXVertex says VX-661, ivacaftor generally well tolerated in 12-week Phase 2 study
Vertex Pharmaceuticals announced data from a 12-week Phase 2 study evaluating VX-661 in combination with ivacaftor in 39 people with CF ages 18 and older who have two copies of the F508del mutation. The study evaluated two doses of VX-661 in combination with ivacaftor. The primary endpoint of the study was safety. The study showed that the combination regimen was generally well tolerated, and all patients completed 12 weeks of treatment. The most common adverse events were pulmonary exacerbation, which occurred in 38% of all patients who received VX-661 and 44% of those who received placebo, and cough, which occurred in 33% of all patients who received VX-661 and 39% of those who received placebo. Secondary endpoints evaluated the effect of the combination on lung function, and the mean within-group absolute improvement from baseline in ppFEV1 for those who received 100 mg of VX-661 in combination with ivacafto was 4.4 and 3.0 percentage points at week 4 and through 12 weeks of treatment, respectively. Consistent with prior Phase 2 studies that evaluated 4 weeks of treatment with VX-661 in combination with ivacaftor, this study showed a rapid improvement in lung function within four weeks of treatment, and after patients completed treatment, lung function returned to baseline. These safety and efficacy data, together with other data from multiple previously completed Phase 2 studies of VX-661, support Vertex’s ongoing Phase 3 program of VX-661 in combination with ivacaftor. The Phase 3 program is evaluating VX-661 in combination with ivacaftor and consists of four Phase 3 studies, including a study in people with two copies of the F508del mutation that began enrollment in February. The other three studies will enroll people with CF who have one copy of the F508del mutation and a second mutation that is either a gating mutation, residual function mutation or a mutation that results in minimal CFTR function.
March 20, 2015
14:20 EDTMUMicron volatility flat into Q2 and outlook
Micron April weekly call option implied volatility is at 39, April is at 38, May is at 37, July is at 34; compared to its 26-week average of 39 according to Track Data, suggesting non-directional price movement into the expected release of Q2 results on April 2.
March 18, 2015
11:25 EDTMUStocks with call strike movement; SWKS MU
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09:36 EDTMUActive equity options trading on open
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08:08 EDTMUSamsung postponed DRAM equipment orders, says JPMorgan
JPMorgan says its research indicates Samsung has recently postponed a "meaningful" level of DRAM equipment orders by up to two quarters. The firm views the push outs as evidence of discipline in the DRAM supply chain and a positive for Micron (MU). It believes the DRAM pricing environment should stabilize starting in Q2 and recommends buying shares of Micron at current levels. It has an Overweight rating on the name with a $40 price target.
March 17, 2015
11:16 EDTMUMicron falls, levels to watch
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08:00 EDTMUMicron FY16 EPS estimate lowered at RBC Capital
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March 16, 2015
08:24 EDTMUMicron pricing pressure to ease in 2H15, says Deutsche Bank
Deutsche Bank lowered its estimates on Micron to reflect near-term PC DRAM weakness, but the firm expects pricing pressure to ease in 2H15, driven by seasonal PC build, higher mobile content and a DDR4 upgrade cycle. The firm thinks the company will have a number of positive catalysts in 2016, and it keeps a $40 price target and Buy rating on the shares.
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