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Stock Market & Financial Investment News

News Breaks
November 21, 2012
10:20 EDTVVUS, ARNA, OREX, AET, RHHBY, PFE, GSKVIVUS rallies after Aetna revises obesity drug policy
In a Clinical Policy Bulletin revision dated November 20, 2012, Aetna (AET) specified criteria under which the insurer considers weight reduction medications as "medically necessary" for treatment of obesity. Aetna stated, "For members whose medical policies do not exclude weight reduction medications or services and supplies for or related to weight reduction programs, Aetna covers [the following] drugs under the medical benefit, not the pharmacy benefit." Among the medications that have been approved by the FDA for weight reduction which would be covered under its policy, Aetna listed Qsymia, marketed by VIVUS (VVUS), Belviq from Arena Pharmaceuticals (ARNA), Didrex from Pfizer's (PFE) Pharmacia unit, Roche's (RHHBY) Xenical, and GlaxoSmithKline's (GSK) Alli. Early session strength in shares of VIVUS and Arena has been attributed to Aetna's policy revision, and shares of Orexigen Therapeutics (OREX), which is developing a weight loss treatment that is being considered by the FDA for approval, have also moved higher. In early morning trading, VIVUS advanced $1.58, or 15.27%, to $11.93, Arena gained 20c, or 2.24%, to $9.13 and Orexigen added 30c, or 6.88%, to $4.66.
News For VVUS;ARNA;OREX;AET;RHHBY;PFE;GSK From The Last 14 Days
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July 15, 2014
16:34 EDTARNAArena Pharmaceuticals granted patent for Cannabinoid Receptor Modulators
Arena Pharmaceuticals announced that it was granted U.S. Patent No. 8,778,950, entitled "Cannabinoid Receptor Modulators," by the U.S. Patent and Trademark Office for APD371, an agonist of the cannabinoid receptor 2. Arena is exploring several potential indications for APD371, including chronic pain, and is currently conducting a Phase 1 single-ascending dose trial.
12:21 EDTGSKOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite better than expected quarterly reports from two of the nation's largest financial institutions. Stock futures improved during the pre-market trading session, leading to a higher open for the broader market, following better than expected earnings reports from JP Morgan (JPM) and Goldman Sachs (GS). The earnings news also came alongside another huge M&A deal, as tobacco giants Reynolds American (RAI) and Lorillard (LO) confirmed plans to merge. However, the major averages weakened throughout the morning and fell into negative ground against the backdrop of Fed Chair Janet Yellen giving testimony on Capital Hill. In the Board of Governors' Monetary Policy Report, the central bank said valuation metrics in "some sectors" appear substantially stretched, "particularly those for smaller firms in the social media and biotechnology industries." ECONOMIC EVENTS: In the U.S., retail sales increased 0.2% in June compared to the month prior, making for the weakest reading since January and missing the consensus forecast for an increase of 0.6%. The Empire State manufacturing index climbed to a four-year high of 25.6 in July, beating expectations for a reading of 16.5. Import prices rose 0.1% in June, with export prices slipping 0.4%. Business inventories grew 0.5% in May, which was just below the 0.6% consensus growth expectation. In Europe, Germany's ZEW survey missed expectations, as both its Current Situation and Expectations reading were lower than forecast. COMPANY NEWS: Shares of JPMorgan advanced nearly 4% after the bank reported a profit of $1.46 a share, which included a legal expense of 13c a share, beating analysts' consensus forecast of $1.29. The earnings report comes after CEO Jamie Dimon recently disclosed that he has throat cancer. During the company's conference call, Dimon said he was "feeling great," that doctors had found no evidence of cancer anywhere except in the location where it had originally been detected, and that his prognosis for recovery is "excellent"... Also in the large-cap bank sector, Goldman Sachs' headline earnings and revenue similarly beat expectations. The firm, which said it ranks first in worldwide announced and completed mergers and acquisitions for the year-to-date, advanced about 1% following its report... Along with JPMorgan in the Dow Jones Industrial Average, Johnson & Johnson (JNJ) reported quarterly sales and profits that beat expectations and the healthcare conglomerate raised its fiscal year EPS view to $5.85-$5.92 from $5.75-$5.85. However, its increased outlook range still fell short of the $5.90 per share consensus forecast that analysts had prior to its report... Reynolds American confirmed news that has been speculated for many weeks, announcing that it will acquire peer Lorillard in a cash-and-stock transaction currently valued at $68.88 per Lorillard share, or a total of $27.4B, including the assumption of net debt. Shares of both fell afterward, with Lorillard down 8% to trade near $61.75 at midday and Reynolds slipping 5%. MAJOR MOVERS: Among the notable gainers was small-cap pharma biotechnology research company Codexis (CDXS), which surged nearly 50% after announcing a collaboration and license agreement with GlaxoSmithKline (GSK). Among the noteworthy losers was Aaron's (AAN), which is engaged in the lease ownership and retail sale of a variety of consumer products. Its stock fell over 6% after the company lowered its second quarter outlook, citing lower than expected performance of its core business as the reason for the revision. INDEXES: Near midday, the Dow was down 33.45, or 0.2%, to 17,021.97, the Nasdaq was down 40.48, or 0.91%, to 4,399.94, and the S&P 500 was down 9.24, or 0.47%, to 1,967.86.
10:40 EDTARNAArena Pharmaceuticals receives USPTO patent for cannabinoid receptor modulators
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09:21 EDTGSKOn The Fly: Pre-market Movers
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05:37 EDTRHHBYGenentech Avastin granted priority review by FDA
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July 14, 2014
21:08 EDTGSKCodexis to host conference call
Conference call to discuss the strategic collaboration and license agreement with GSK will be held on July 15 at 8:30 am. Webcast Link
16:06 EDTGSKCodexis announces $25M collaboration, license agreement with GlaxoSmithKline
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11:20 EDTRHHBYExelixis seen as potential target for Roche, TheStreet says
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06:17 EDTGSKXinhua: China indicts two GSK foreign investigators, The Guardian reports
Prosecutors in China have indicted two foreign investigators, British national Peter Humphrey and his wife, Yu Yingzeng, linked to GlaxoSmithKline, for illegally obtaining private information on Chinese citizens, reports The Guardian. Citing state media news agency Xinhua, the case is the first indictment by Chinese prosecutors against foreigners for illegal investigation. Reference Link
July 11, 2014
11:31 EDTOREXOptions with increasing implied volatility
Options with increasing implied volatility: INO AEGR UBNT INVN WTW OREX GNC CREE SD SAN
July 10, 2014
10:02 EDTRHHBYRoche unit, Merck KGaA to develop companion test for cancer treatment
Ventana Medical Systems, a member of the Roche Group (RHHBY), announced it has entered into an agreement with Merck KGaA (MKGAY), which operates as EMD Serono in the United States and Canada, to collaborate with Merck KGaA's biopharmaceutical division on the development and commercialization of a companion diagnostic for an undisclosed target using Ventana's proprietary diagnostic assays.
08:08 EDTARNAArena Pharmaceuticals reports that Eisai increases sales force for Belviq
Arena Pharmaceuticals reported that Eisai Inc. has completed its planned increase of more than 200 new contract sales representatives in its Metabolic Business Unit, increasing the sales force for Belviq by 50% to approximately 600. Eisai expects this expansion of the sales force will enable them to increase their reach to approximately 92,000 physicians in the U.S.
07:11 EDTAETAetna, WellPoint top large-cap Managed Care picks at Jefferies
Jefferies calls Aetna (AET) and WellPoint (WLP) its favorite large-cap picks in the Managed Care space, with Health Net (HNT) its favored name in the small to mid-cap space. The firm believes the market is already expecting strong Q2 results from the sector, and it downgraded UnitedHealth (UNH) to Hold from Buy on valuation and below-peer earnings growth. Jefferies has Buy ratings on Aetna, Health Net, Molina Healthcare (MOH) and WellPoint.
06:23 EDTAETHealth insurers moving away from fee for service model, NY Times reports
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July 9, 2014
12:56 EDTAETAetna names Harold L. Paz, M.D., M.S. as Chief Medical Officer
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11:51 EDTOREXOptions with increasing implied volatility:
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06:49 EDTPFEPfizer given dismissal of U.S. investor class action before trial, Reuters says
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06:47 EDTGSKGlaxoSmithKline, Theravance announces Australia approval of Anoro Ellipta
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July 8, 2014
07:17 EDTRHHBYLeerink raises immuno-oncology market forecast to $36B
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06:39 EDTGSKChina aims to handle GSK trial 'according to law,' Reuters says
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