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Stock Market & Financial Investment News

News For VVUS;JNJ;AZN;PFE From The Last 14 Days
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February 5, 2016
09:37 EDTJNJActive equity options trading on open
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February 4, 2016
12:44 EDTAZNOn The Fly: Top stock stories at midday
Stocks on Wall Street had an up and down morning, with the Dow swinging by triple digits in either direction. The market opened lower as oil prices lost their early gains, but as oil began to move higher so did stocks. When oil prices met resistance near the $34 a barrel level it began to pare its gains, once again taking stocks with it. The averages are now back in the green as investors await tomorrow's monthly jobs report. ECONOMIC EVENTS: In the U.S., the Labor Department said that productivity fell at an annual rate of 3% in the fourth quarter, marking the biggest quarterly decline in nearly two years and worse than the expected decline of 2%. Labor costs rose 4.5% in the fourth quarter, versus expectations for an increase of 4.3%. Initial jobless claims rose to 285,000 in the week ended January 30, versus expectations for 277,000 first-time claims. Factory orders declined 2.9% in December, versus expectations for them to be down 2.8% for the month. In Europe, the European Commission lowered its 2016 economic growth forecast for the 19-nation single currency area to 1.7% from the 1.8% expansion the commission had forecast in November. The Bank of England also cut its economic growth forecasts, saying it now expects Britain's economy to grow 2.2% this year and 2.3% next year, which is down from the 2.5% growth for 2016 and 2.6% in 2017 that it previously predicted. Additionally, the BoE maintained its bank rate and held the size of its asset purchase program steady. COMPANY NEWS: Shares of GoPro (GPRO) sunk to an all-time low after the action camera maker reported fourth quarter revenue that fell $60M short of expectations and guided toward sales in the new quarter that were even further below the consensus forecast. GoPro, which also guided to losses in the first quarter and named a new CFO, fell as low as $9.01 earlier in the session before cutting its losses to be down about 8% near noon... Sumner Redstone stepped down as Executive Chairman of both CBS (CBS) and Viacom (VIA, VIAB), being replaced by the CEOs of the companies in both cases. CBS shares were up 1% after Leslie Moonves was named the next Chair of its board, while Class A shares of Viacom were up about 1.5% after Philippe Dauman was selected to succeed Redstone... ConocoPhillips (COP) fell nearly 7% after the oil and gas explorer reported a worse than expected quarterly loss and slashed its dividend to 25c from 74c per share. CEO Ryan Lance said the decision to reduce the dividend was a "difficult one," but that the company believes it is prudent to plan for lower commodity prices for a longer period of time. MAJOR MOVERS: Among the notable gainers was Hersha Hospitality (HT), which rallied 14% after it announced that it signed agreements with Cindat to form a joint venture for seven of the company's hotels in Manhattan for $571.4M. Also higher was VirnetX (VHC), which gained 53% after it was awarded $625.6M in a verdict against Apple (AAPL) for infringing four VirnetX patents. In addition, GrubHub (GRUB) and ProtoLabs (PRLB) were up 15% and 12%, respectively, after reporting quarterly earnings. Among the noteworthy losers were Ralph Lauren (RL), Kohl's (KSS), and AstraZeneca (AZN), which were down 17%, 19%, and 7%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was up 70.02, or 0.43%, to 16,406.68, the Nasdaq was up 6.50, or 0.14%, to 4,510.74, and the S&P 500 was up 3.90, or 0.2%, to 1,916.43.
10:01 EDTPFEActive puts: SPY QQQ EEM PFE
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06:35 EDTAZNAstraZeneca CEO: Will only do immediately accretive acquisitions, Reuters says
AstraZeneca CEO said that the company will only do more acquisitions if they are immediately accretive, Reuters reports, citing comments from CEO Pascal Soriot to reporters. Soriot added that the company's MYSTIC lung cancer combination study is moving rapidly, the report says. Reference Link
06:27 EDTAZNAstraZeneca sees FY16 core EPS down low to mid single-digit percentage
Sees FY16 total revenue down low to mid single-digit percentage. The company said the guidance "incorporates the dilutive effects arising from the Acerta Pharma and ZS Pharma transactions announced in 2015." It added, "The guidance also assumes the loss of exclusivity for Crestor in the US from May 2016. Externalisation Revenue is expected to be ahead of that in FY 2015, including an increasing element of recurring income arising from prior agreements. This is in line with the Company's long-term business model." AstraZeneca said core R&D costs are expected to be at a similar level to FY15. The company said it is also committed to materially reducing Core SG&A costs in FY16.
06:26 EDTAZNAstraZeneca reports Q4 core EPS 94c, consensus 94c
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February 3, 2016
16:00 EDTPFEOptions Update; February 3, 2016
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14:48 EDTAZNNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Philip Morris (PM), consensus 81c... AstraZeneca (AZN), consensus 88c... Occidental Petroleum (OXY), consensus (12c)... ConocoPhillips (COP), consensus (65c)... Cigna (CI), consensus $1.80... Intercontinental Exchange (ICE), consensus $3.01... Boston Scientific (BSX), consensus 25c... Charter Communications (CHTR), consensus (12c)... Ralph Lauren (RL), consensus $2.13... Dunkin' Brands (DNKN), consensus 50c... GrubHub (GRUB), consensus 14c... Level 3 (LVLT), consensus 53c... AmerisourceBergen (ABC), consensus $1.25... Cummins (CMI), consensus $2.11.
11:25 EDTAZNAstraZeneca management to meet with Jefferies
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08:21 EDTPFEAxovant Sciences has negative read through from Pfizer decision, says Chardan
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07:38 EDTPFEAxovant Sciences weakness a buying opportunity, says Baird
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06:13 EDTPFEPfizer insists Allergan deal won't be thwarted by U.S. politicians, FT says
Pfizer (PFE) has insisted that its $160B acquisition of Allergan (AGN) will not be stifled by political opposition, amid criticism that the deal will cost the U.S. Treasury billions of dollars in future tax revenues, the Financial Times reports. Pfizer CEO Ian Read also reiterated his intention to postpone until 2018 a decision on whether to break of the combined entity into two or three smaller companies, but has said that he would be open to offers for its generics unit, the report says. Mylan (MYL) has been connected to a potential acquisition of Pfizer's generic drugs business after it failed in its attempt to buy Perrigo (PRGO) last year, the report says. Reference Link
February 2, 2016
12:03 EDTPFEOn The Fly: Top stock stories at midday
Wall Street began the session in negative territory and the averages have remained there throughout the day as oil once again weighs on stocks. The price of oil has slid another 4%, giving the commodity a roughly 10% loss over the past two trading sessions. The market's late day rally yesterday gave hope for a decoupling between equities and oil prices, but that appears to be a one day reprieve as the stocks are back in lock-step with crude prices. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet. In Europe, statistics agency Eurostat reported that unemployment across the eurozone decreased by 49,000 to a total of 16.75M in December dropping the unemployment rate to its lowest since September 2011 at 10.4%. In central bank news, the Reserve Bank of Australia and Reserve Bank of India both held their benchmark interest rates steady, as expected. COMPANY NEWS: Class A shares of Alphabet (GOOGL) advanced 5% in the wake of its report of better than expected quarterly earnings and revenue, pushing Google's parent company to overtake Apple (AAPL) as the world's most valuable publicly-traded company in the process... Exxon Mobil (XOM) reported better than expected revenue and profits in the fourth quarter, but its shares slid 2.5% amid the renewed weakness in oil prices. Shares of fellow oil major BP (BP) plunged 8% in New York trading after reporting a steep quarterly loss, largely due to $2.6B in charges related to impairments of Upstream assets as well as restructuring... Pfizer (PFE) reported better than expected fourth quarter results, but forecast 2016 revenue and earnings below analysts' estimates, pushing its shares down fractionally. MAJOR MOVERS: Among the notable gainers was Syngenta (SYT), which rallied 4.5% after Bloomberg reported that ChemChina was close to a deal to buy the company for nearly $43B. Also higher were Mattel (MAT), Michael Kors (KORS), and Fabrinet (FN), which gained 12%, 22%, and 12.5%, respectively, after reporting quarterly earnings. Among the noteworthy losers was Twitter (TWTR), which fell 8% after it was downgraded to Sell at Stifel and following a report claimed that tweets on the service are down 50% from their peak. Also lower were AGCO (AGCO), Harris (HRS), and Pitney Bowes (PBI), which were down 10%, 9.5%, and 11%, respectively, after reporting quarterly earnings. In addition, Ford (F) and General Motors (GM) lost 4% and 3.6%, respectively, after reporting U.S. sales for the month of January. INDEXES: Near midday, the Dow was down 239.86, or 1.46%, to 16,209.32, the Nasdaq was down 64.83, or 1.4%, to 4,555.54, and the S&P 500 was down 27.87, or 1.44%, to 1,911.51.
11:10 EDTPFEPiper says buy Axovant on today's Pfizer-related selloff
Piper Jaffray analyst Charles Duncan calls the pullback in shares of Axovant Sciences (AXON) after Pfizer (PFE) announced the discontinuation of its 5-HT6 antagonist program in Alzheimer's a buying opportunity. Axovant's RVT-101 has "clear differences" to Pfizer's program on potency, clinical trial design and patient enrollment criteria, Duncan tells investors in an intraday research note. The analyst views clinical read-through between the two programs as minimal and does not believe the probability of RVT-101 success is compromised by Pfizer's news. He reiterates an Overweight rating on Axovant with a $23 price target. The stock Is down 27%, or $4.51, to $12.14 in late morning trading.
10:59 EDTPFEPfizer CEO confident Allergan deal can close in second half
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09:46 EDTPFEIntercept rumored to draw interest from many suitors, Daily Mail says
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08:53 EDTJNJPiper Jaffray biopharma analyst holds an analyst/industry conference call
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08:49 EDTPFEAxovant tumbles after Pfizer halts Alzheimer's study
Shares of clinical-stage drug company Axovant Sciences (AXON) are tumbling in pre-market trading after it came to light that a larger competitor halted its own study of a potential Alzheimer's disease treatment since the drug did not appear to have its intended effect in a clinical study. WHAT'S NEW: According to a post to the U.S. National Institutes of Health's ClinicalTrials.gov, Pfizer terminated its Phase 2 study evaluating the safety and efficacy of PF-05212377 in subjects with Alzheimer's disease with existing neuropsychiatric symptoms on donepezil. "The study was terminated October 23, 2015 as pre-specified, interim analysis futility criteria were met. The termination was not due to safety concerns," the site, which was last updated on January 29, stated. WHAT'S NOTABLE: Axovant's own experimental Alzheimer's therapy, RVT-101, is an orally administered, potent antagonist of the 5-hydroxytryptamine 6 serotonin receptors in the brain, which is a similar mechanism of action to Pfizer's drug candidate. RVT-101 is currently in Phase 3 trials. PRICE ACTION: In pre-market trading, Axovant shares fell $2.68, or 16%, to about $14 per share.
08:47 EDTJNJAduro Biotech shares undervalued, says Roth Capital
After Aduro (ADRO) received a $22.4M payment from Johnson & Johnson (JNJ), Roth Capital says that Aduro's valuation does not adequately reflect its opportunities. The firm thinks the company has several "broad business development opportunities." It keeps a $68 price target and Buy rating on the shares.
08:36 EDTPFEPiper Jaffray biopharma analyst holds an analyst/industry conference call
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