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Stock Market & Financial Investment News

News Breaks
July 29, 2014
12:13 EDTMW, MRK, WIN, GALT, UPS, FTR, PGTI, PFE, CTLOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday despite a much better than expected consumer confidence reading and better than expected earnings from two pharmaceutical giants. With the Fed currently conducting its two-day FOMC meeting, investors may be choosing to remain cautious ahead of tomorrow’s conclusion. The averages have weakened in the last hour and are now mixed, with the Nasdaq leading and the S&P 500 lagging, but all of the major averages are not far from their starting points. ECONOMIC EVENTS: In the U.S., the S&P Case Shiller home price index rose 9.34% from the prior year in May to 170.64, which was a bit below the expectation for a 9.9% year-over-year increase. The Conference Board's consumer confidence reading climbed to 90.9 in July from an upwardly revised 86.4 June figure, beating expectations for a 85.4 reading and reaching its highest level since October 2007. COMPANY NEWS: Windstream (WIN) jumped 12% and sent ripples throughout the telecom sector after announcing plans to spin off certain telecommunications network assets into an independent, publicly traded Real Estate Investment Trust, or REIT. Windstream confirmed it has received a private letter ruling from the Internal Revenue Service relating to certain tax matters regarding the tax-free nature of the spinoff and the qualification of the spunoff entity's assets as real property for REIT purposes. In addition to Windstream, shares of other companies that provide communications services gained as they were viewed as potentially being positioned to pursue similar plans, with Frontier Communications (FTR) advancing 11% and CenturyLink (CTL) rising 4%. However, Morgan Stanley cautioned that this ruling could reopen the political debate on REIT exemptions, especially if bigger companies begin to explore them, while UBS said large Telcos such as AT&T (T) and Verizon (VZ) are unlikely to consider a similar structural separation... UPS (UPS) fell 3.5% after reporting Q2 adjusted earnings per share that missed expectations and lowering its fiscal year earnings outlook, citing its plans to increase operating expenses for capacity and peak related projects to a total of $175M. “These initiatives will increase operating expense this year, but will provide financial benefits for years to come,” said UPS CFO Kurt Kuehn... Two Dow members and pharma giants, Pfizer (PFE) and Merck (MRK), both reported sales and profits that beat expectations for their second quarters. Pfizer, which backed its fiscal year adjusted EPS view but lowered its adjusted revenue view for the year, fell 0.4%, while Merck gained 1.6% near noon after its own report. MAJOR MOVERS: Among the notable gainers was windows and door supplier PGT Inc. (PGTI), which gained 28% after reporting better than expected quarterly results and agreeing to buy CGI Windows & Doors for about $111M. Among the noteworthy losers was Men's Wearhouse (MW), which fell 7% after the company gave long-term guidance during its analyst day meeting. Also lower was Galectin Therapeutics (GALT), which plunged 55% after the company posted a presentation on its website that contains a summary of the results of the second cohort of patients in the Phase 1 clinical trial for GT-020. Galectin's GR-MD-02 showed no difference from placebo across most efficacy biomarkers in the phase I study of nonalcoholic steatohepatitis, according to The Street's Adam Feuerstein. INDEXES: Near midday, the Dow was down 1.79, or 0.01%, to 16,980.80, the Nasdaq was up 8.00, or 0.18%, to 4,452.91, and the S&P 500 was down 1.91, or 0.1%, to 1,977.00.
News For WIN;CTL;FTR;MRK;PFE;UPS;MW;PGTI;GALT From The Last 14 Days
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July 27, 2015
12:36 EDTPFEEarnings Watch: Pfizer shares nearly flat since last earnings report
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08:32 EDTMRKMerck receives 'positive' CHMP opinion for Zerbaxa
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07:37 EDTMRKAeterna Zentaris starts promoting Saizen for injection in 25 U.S. territories
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July 23, 2015
11:44 EDTUPSUPS July weekly volatility elevated into Q2 and outlook
UPS July weekly call option implied volatility is at 24, August is at 19, September is at 15; compared to its 52-week range of 12 to 24, suggesting large near term price movement into the expected release of Q2 results on July 28.
11:04 EDTMRKMerck announces EMA acceptance of MAA for grazoprevir/elbasvir
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08:08 EDTUPSUPS potential acquisition of Coyote could be negative, says Bernstein
After news outlets reported that UPS was in advanced talks to buy Coyote Logistics for $1.8B, Bernstein says it is neutral on the deal. However, the firm adds that the transaction would be expensive and could derail UPS' growth if Coyote is improperly integrated. The firm keeps an Outperform rating on UPS.
July 22, 2015
13:55 EDTUPSUPS in talks to acquire Coyote Logistics for $1.8B, Bloomberg reports
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13:26 EDTUPSUPS in talks to acquire Coyote Logistics for $1.8B, Bloomberg reports
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09:03 EDTCTLCenturyLink expands global data center presence in 1H15
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08:32 EDTPFEPfizer expands lease agreement with MIT subsidiary
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07:04 EDTMRKMerck's Keytruda approved by EU for treatment of advanced melanoma in adults
Merck announced that the European Commission has approved KEYTRUDA, the company’s anti-PD-1 therapy, for the treatment of advanced melanoma in adults. The European Commission approval of pembrolizumab is based on data from three clinical studies conducted in more than 1,500 first-line and previously-treated patients with advanced melanoma. Pembrolizumab received European Commission regulatory approval based on Phase 3 data which showed it is the first and only anti-PD-1 therapy to provide a statistically superior survival benefit as a monotherapy compared to ipilimumab, the current standard of care for advanced melanoma. Today’s approval allows marketing of pembrolizumab in all 28 EU member states at the approved dose of 2 mg/kg every three weeks. The European Commission’s approval is based on data from three studies -- KEYNOTE-001, KEYNOTE-002 and KEYNOTE-006. These studies evaluated the efficacy and safety of pembrolizumab in advanced melanoma patients – across treatment lines, prognostic factors, tumor characteristics, and BRAF mutational status – and established 2 mg/kg every three weeks as the approved dose.
06:05 EDTMRKMerck, Ablynx expand immuno-oncology collaboration
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July 21, 2015
08:04 EDTPFEPfizer launches Caltrate Bone & Joint Health supplement
Pfizer Consumer Healthcare announced the launch of Caltrate Bone & Joint Health, a 3-in-1, triple action product that delivers UC-II, an exclusive form of collagen, to support healthy cartilage and promote joint flexibility, calcium and vitamin D3, to nourish strong and healthy bones, and vitamin C and minerals to support collagen production for healthy bones and skin.
July 16, 2015
16:00 EDTPFEOptions Update; July 16, 2015
iPath S&P 500 VIX Short-Term Futures down 1.17 to 16.52 Option volume leaders: NFLX AAPL BAC FB F INTC C EBAY AMZN GM JPM MU PFE BABA JD X
10:00 EDTFTROn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Arc Logistics (ARCX) upgraded to Buy from Hold at Stifel... Dean Foods (DF) upgraded to Buy from Hold at Deutsche Bank... FreightCar America (RAIL) upgraded to Neutral from Sell at UBS... Frontier Communications (FTR) upgraded to Buy from Hold at Jefferies... Google (GOOG) upgraded to Outperform from Market Perform at BMO Capital... Intel (INTC) upgraded to Buy from Hold at Needham... Medtronic (MDT) upgraded to Buy from Neutral at BTIG... Netflix (NFLX) upgraded to Buy from Neutral at Rosenblatt... New Jersey Resources (NJR) upgraded to Buy from Hold at Argus... ONEOK Partners (OKS) upgraded to Outperform from Perform at Oppenheimer... Patterson-UTI (PTEN) upgraded to Overweight from Equal Weight at Morgan Stanley... SJM Holdings (SJMHY) upgraded to Overweight from Underweight at JPMorgan... Statoil (STO) upgraded to Buy from Neutral at Citi... SunOpta (STKL) upgraded to Outperform from Sector Perform at Scotia Howard Weil... Viacom (VIAB) upgraded to Neutral from Sell at Citi... Walgreens Boots Alliance (WBA) upgraded to Outperform from Neutral at Credit Suisse... Werner (WERN) upgraded on 'compelling' valuation at Wells Fargo... Wisconsin Energy (WEC) upgraded to Outperform from Neutral at Baird... voxeljet (VJET) upgraded to Overweight from Neutral at Piper Jaffray.
07:11 EDTFTRFrontier Communications upgraded to Buy from Hold at Jefferies
Jefferies upgraded Frontier Communications to Buy saying the pending Verizon (VZ) transaction provides "ample" dividend support and may be underappreciated by the market. The firm lowered its price target for shares to $6 from $7.50 to reflect the dilutive impact of the recent financing.
July 15, 2015
09:31 EDTUPSUPS Worldwide Express Freight service expands in Latin America
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08:04 EDTPFEPfizer treatment of CIDP granted FDA orphan status
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July 14, 2015
10:36 EDTUPSUPS expands China-Europe rail service with LCL option
UPS announced that it has added a Less-than-Container Load, or LCL, option for China-to-Europe rail shipments. The service is available from Zhengzhou to Hamburg and becomes part of the UPS Preferred multimodal freight services portfolio. UPS established a Full Container Load solution for China-to-Europe in June 2014.
10:22 EDTPFEEuropean Commission says Pfizer offers concessions for Hospira deal, Reuters say
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