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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.
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November 16, 2015
08:35 EDTMRKMerck to present Phase 2 hep C therapy data at The Liver Meeting
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07:24 EDTMRKSalomon to hold a conference
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06:33 EDTPFEPfizer, Allergan deal brings focus on U.S. tax-inversion deals, Reuters says
Pfizer's (PFE) takeover bid for Allergan (AGN) has refocused financial markets over a potential move by the U.S. Treasury Department against tax-inversion deals, Reuters reported Friday. The outlook for such a move remained unclear on Friday, the report says. Reference Link
05:37 EDTMWStocks with implied volatility below IV index mean; MW WTW
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November 15, 2015
18:13 EDTPFEAllergan, Pfizer targeting late November merger deal, FT says
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15:19 EDTMRKMerck reports integrated analysis of six trials of elbasvir/grazoprevir
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15:15 EDTMRKMerck reports Phase 3 data on elbasvir/grazoprevir in patients injecting drugs
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November 13, 2015
13:57 EDTPFEAppeals court vacates decision invalidating Medicines Co. Angiomax patents
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11:12 EDTPFEPiper sees Pfizer profiting from Allergan deal, worth $50/share even without one
An acquisition of Allergan (AGN) by Pfizer (PFE) would increase the latter company's profits in 2016-2017 and lift its earnings by a large amount by 2019, wrote research firm Piper Jaffray in a note to investors today. WHAT'S NEW: By 2019, an acquisition of Allergan would increase Pfizer's earnings per share by 13%-16%, estimated Piper analyst Richard Purkiss. The deal would be profitable for Pfizer as early as 2016, the analyst believes. Excluding any acquisition, Pfizer is worth over $50 per share, well above analysts' average price target of $40, Purkiss believes. He kept a $52 price target and Overweight rating on Pfizer. WHAT'S NOTABLE: Yesterday dealReporter, noting that an acquisition of Allergan by Pfizer would be "a giant inversion deal," asserted that the U.S. Treasury could look to take steps to limit or discourage those types of transactions. On November 6, research firm Bernstein said that Allergan's strong results, coupled with the weakness of drug stocks, could cause Allergan to be reluctant to sell itself to Pfizer in the near-term. As a result, the firm thinks that the odds of a deal getting done may be lower than many believe. It kept a $385 price target and Outperform rating on Allergan. PRICE ACTION: In late morning trading, Pfizer rose fractionally to $33.47 and Allergan added 1.3% to $303.87.
08:02 EDTMRKMerck: DMC recommends anacetrapib study continue with no changes
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06:54 EDTPFEPiper sees Pfizer worth over $50/share on standalone basis
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05:29 EDTMWStocks with implied volatility below IV index mean; MW WTW
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November 12, 2015
17:02 EDTMRKMerck Animal Health to Acquire Harrisvaccines
Merck Animal Health and Harrisvaccines announced the companies have entered into an agreement under which Merck Animal Health will acquire Harrisvaccines, a privately-held company that develops, manufactures and sells vaccines for food production and companion animals. The terms of the agreement were not disclosed. The companies expect the transaction to close in the fourth quarter of 2015.
15:32 EDTWINWindstream director buys 30,780 shares
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13:45 EDTPFEPfizer, Allergan talks could set off further Treasury action, dealReporter says
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11:50 EDTMRKMerck issues statement regarding CUBICIN patent litigation
Merck issued the following statement regarding the decision of the U.S. Court of Appeals for the Federal Circuit: "The decision validated the patent for CUBICIN that expires on June 15, 2016, but invalidated four patents with expiration dates in 2019 and 2020. The company is reviewing the decision and is considering its next steps, which may include seeking further review at the Federal Circuit or Supreme Court."
10:50 EDTMWOptions with increasing implied volatility
Options with increasing implied volatility: FTK MW NLNK MNK GOGO LULU RAD FL
November 11, 2015
10:32 EDTMWOptions with increasing implied volatility
Options with increasing implied volatility: STRP MW FTK RPTP MNK CVC GMCR ATML NUS BHI
08:06 EDTGALTGalectin Therapeutics presents research on development of GR-MD-02
Galectin Therapeutics announces that preclinical research from a study led by Stefanie Linch, Ph.D. in the laboratory of tumor immunology expert William L. Redmond, Ph.D. of the Providence Cancer Center's Earle A. Chiles Research Institute was presented at the Society for Immunotherapy of Cancer's 30th Anniversary Annual Meeting. The meeting was held November 4-8 in National Harbor, Maryland. The studies presented were conducted by the Institute in collaboration with Galectin Therapeutics. The study found that GR-MD-02 boosts the frequency and persistence of antigen-specific T cells in non-tumor bearing mice. Additionally, GR-MD-02 in combination with anti-OX40, a monoclonal antibody in clinical development that activates the immune system, improved survival in mammary carcinoma models, and in a prostate cancer model. The combination also reduced lung metastases in the mammary carcinoma model. Within the tumor, an increase in the number of CD8 and CD4 tumor-infiltrating lymphocytes was observed. The combination treatment also reduced functional tumor vasculature in the model.
07:56 EDTPFEBoston Biotech Conferences to hold a conference
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