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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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December 8, 2014
17:30 EDTMRKMerck shares lower after reports of judge decision in Cubist/Hospira case
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16:24 EDTMRKOn The Fly: Closing Wrap
Stocks on Wall Street were lower amid another drop in crude oil prices, which tumbled to five-year lows. The market opened slightly lower following weaker than expected data from China and Japan, with nothing of note on the domestic calendar to get buyers involved in the day’s activity. Near noon, the averages gained downside momentum and though the market pared its losses several times, it was never able to gain any steam to pull the indexes back into the green. ECONOMIC EVENTS: In the U.S., no major economic data was released. In Asia, Chinese exports rose 4.7% from a year earlier in November, which missed the consensus estimate for an 8% increase. Chinese imports fell 6.7% from the prior year last month, compared with projections for a 3.8% increase. Additionally, Japan's revised third quarter gross domestic product estimate showed the economy shrank more than initially thought, with growth contracting an annualized 1.9%. COMPANY NEWS: Shares of Cubist Pharmaceuticals (CBST) surged $26.24, or 35.29%, to $100.60 after Merck (MRK) agreed to acquire the maker of next-generation antibiotics for $102 per share in cash, or $8.4B and the assumption of $1.1B in debt. A number of other antibiotic makers also climbed, including Tetraphase (TTPH), which rose $2.45, or 8.82%, to $30.24, and Cempra (CEMP), which advanced $1.64, or 11.37%, to $16.06, while shares of Merck finished fractionally higher, adding 39c, or 0.63%, to $61.88 following the deal announcement. MAJOR MOVERS: Among the notable gainers following their presentations at the American Society of Hematology, or ASH, annual meeting were Calithera Biosciences (CALA), which gained $2.38, or 22.52%, to $12.95, and Acceleron Pharma (XLRN), which jumped $5.11, or 13.6%, to $42.67. Among the noteworthy losers was McDonald's (MCD), which fell $3.70, or 3.84%, to $92.61 after the Dow member reported a 2.2% decline in global same-restaurant sales in November. Additionally, the fast-food giant warned that its fourth quarter results would be hurt by its sales pressures, supplier issues in China and a stronger U.S. dollar. Also lower were shares of Liquidity Services (LQDT), which plunged $2.77, or 27.0%, to $7.49 after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with surplus merchandise. INDEXES: The Dow fell 106.31, or 0.59%, to 17,852.48, the Nasdaq dropped 40.06, or 0.84%, to 4,740.69, and the S&P 500 slipped 15.06, or 0.73%, to 2,060.31.
16:24 EDTMRKAmgen initiates new combination trial for talimogene laherparepvec with KEYTRUDA
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13:32 EDTPFEPfizer, Bristol-Myers announce results of human study on Eliquis
Bristol-Myers Squibb Company (BMY) and Pfizer (PFE) announced results of the first human study evaluating the reversal of the anticoagulant effect of Eliquis by 4-factor prothrombin complex concentrates in healthy subjects. The study results demonstrated that both PCCs, Sanquin’s Cofact and CSL Behring’s Beriplex P/N reversed the steady-state pharmacodynamic effects of Eliquis in several coagulation assessments, including endogenous thrombin potential. The full data will be presented today during the Antithrombotic Therapy: Anticoagulant Therapy session at the 56th annual meeting of the American Society of Hematology in San Francisco, CA. The study was an open label, randomized, placebo-controlled, three-period crossover study in 15 healthy, adult subjects. Within each period, subjects received Eliquis 10 mg twice daily. On day four, three hours after Eliquis administration, subjects received a 30-minute infusion of 4-factor PCCs, either 50 IU/kg Cofact or Beriplex P/N, or an equivalent volume of saline solution. The effect of Cofact and Beriplex P/N on the pharmacodynamics of Eliquis was based upon changes in endogenous thrombin potential, a measure of thrombin-mediated coagulation. Treatment periods were separated by an 11-day washout, after which the alternate treatment was administered. In this study, no serious adverse events, bleeding-related events or signs of thrombosis were reported with Eliquis administration with or without PCC treatment. Overall, these data demonstrate that Cofact and Beriplex P/N reversed the steady-state pharmacodynamic effects of Eliquis as measured by ETP and support further evaluation of PCCs in the management of patients treated with Eliquis who require reversal of its anticoagulant effect.
13:12 EDTMRKMerck paid full price but made good deal for Cubist, says UBS
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12:40 EDTMRKOn The Fly: Midday Wrap
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12:25 EDTMRKAntibiotic makers rise after Merck agrees to buy Cubist
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09:03 EDTCTLCenturyLink awarded task order from Department of Homeland Security
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08:30 EDTMRKMerck says deals with Cubist includes $250M break-up fee clause
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08:21 EDTMRKMerck says looked at all risks, including patent litgation, before Cubist deal
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08:11 EDTUPSUPS management to meet with UBS
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08:11 EDTMRKCubist volatility elevated into Merck acquiring for $8.4B in cash
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08:08 EDTMRKMerck says about $9.5B of debt to be issued related to Cubist deal
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08:06 EDTFTRFrontier Communications now sees FY14 CapEx $575M-$600M
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08:03 EDTPFEPfizer announces agreement with Spark Therapeutics to develop SPK-FIX
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07:35 EDTMRKAdvaxis reports FDA acceptance of IND application for ADXS-PSA combination trial
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07:23 EDTFTRUBS to hold a conference
42nd Annual Global Media & Communications Conference is being held in New York on December 8-10 with webcasted company presentations to begin on December 8 at 8 am; not all presentations may be webcasted. Webcast Link
07:13 EDTMRKMerck to host conference call
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07:01 EDTMRKMerck to acquire Cubist for $102 per share in cash, or $9.5B
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07:00 EDTMRKMerck to acquire Cubist for $102 per share in cash
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