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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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March 23, 2015
08:06 EDTPFEPfizer, Eli Lilly to resume Phase 3 chronic pain program for Tanezumab
Pfizer (PFE) and Eli Lilly and Company (LLY) announced that they are preparing to resume the Phase 3 clinical program for tanezumab. As a result, Pfizer expects to receive a $200M upfront payment from Lilly in accordance with their collaboration agreement. This announcement follows a decision by the U.S. FDA to lift the partial clinical hold on the tanezumab development program after a review of a robust body of nonclinical data characterizing the sympathetic nervous system response to tanezumab. The data were submitted to the FDA in February. In the prior clinical studies of more than 11,000 patients, tanezumab demonstrated clinically meaningful efficacy vs. placebo and other select commonly used pain medicines. A partial clinical hold has been in place for tanezumab and all other anti-nerve growth factor antibodies since December 2012 due to adverse changes in the sympathetic nervous system of mature animals. Studies in terminal cancer pain were allowed to proceed.
08:05 EDTPFEPfizer, Eli Lilly to resume Phase 3 chronic pain program for Tanezumab
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07:36 EDTPFEPfizer should rise 'significantly' over next two years, says Jefferies
Jefferies analyst Jeffrey Holford told investors this morning that he expects shares of Pfizer (PFE) to appreciate "significantly" over the next two years. A survey of U.S. oncologists indicated the company's Ibrance drug will be used in 50% of first line hormonal therapy within one year, with off-label use in all lines of therapy including adjuvant, Holford noted. He thinks peak sales of the drug could top $13B, which is well above consensus. In addition, the analyst views Pfizer's Global Established Pharmaceutical business as being underappreciated by the market. Potential value creating options for the pharmaceutical giant include spinning off its GEP unit by 2017 and accretive acquisitions, with possible takeover targets being Shire (SHPG), Actavis (ACT), AstraZeneca (AZN) and GlaxoSmithKline (GSK), in the eyes of Holford. He added the stock to the firm's Franchise Picks list, which encompasses its best ideas. He also raised his price target for Pfizer to $45 from $42. The stock closed Friday up 10c to $34.25.
07:17 EDTMRKAmerican Academy of Dermatology to hold annual meeting
73rd Annual Meeting of AAD is being held in San Francisco on March 20-24.
March 20, 2015
13:03 EDTPFEPfizer says oral tofacitinib meets primary endpoint in Phase 3 trials
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11:30 EDTPGTIPGT, Inc. management to meet with SunTrust
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07:55 EDTPFEAstraZeneca seen as potential target again if oncology drugs lag, Bloomberg says
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07:41 EDTMRK, PFEAmerican Academy of Dermatology to hold annual meeting
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March 19, 2015
11:00 EDTPFEPfizer participates in a conference call with Bernstein
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March 18, 2015
17:14 EDTGALTGalectin submitted request for SPA with clinical protocol for GR-MD-02 trial
"I am pleased with our many accomplishments during 2014 as we continue to advance programs with GR-MD-02 for the treatment of nonalcoholic steatohepatitis, NASH, with advanced fibrosis. We completed a successful Phase 1 clinical trial and announced final data in January 2015 that were supportive of our plans to begin a Phase 2 program with GR-MD-02 in advanced fatty liver disease, or NASH with fibrosis and cirrhosis," said Peter G. Traber, M.D., president, CEO and chief medical officer of Galectin Therapeutics. "As announced last month, we submitted the Phase 2 clinical trial protocol to the U.S. Food and Drug Administration, FDA, to evaluate the safety and efficacy of GR-MD-02 for the treatment of liver fibrosis and resultant portal hypertension in patients with NASH cirrhosis, the primary endpoint being to determine the change in the hepatic venous pressure gradient, HVPG, as compared with placebo. The FDA has indicated that HVPG may serve as a surrogate primary endpoint for NASH cirrhosis. We submitted a request for a Special Protocol Assessment with the clinical protocol for this trial. Additionally, we are planning to conduct a separate, shorter Phase 2 trial in NASH patients with advanced fibrosis. We expect to begin enrolling patients in both trials during the second quarter of 2015."
17:09 EDTPFEPfizer CAPiTA published in New England Journal of Medicine
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17:08 EDTGALTGalectin Therapeutics reports FY14 EPS (78c), consensus (77c)
As of December 31, the company had $29.1M of non-restricted cash and cash equivalents available to fund future operations. In January and February of 2015, the company received $4.1M in net proceeds from the issuance of common shares through its At-the-Market stock issuance program. The company believes that cash on hand of $29.7M as of March 13, is sufficient to fund its operations and research and development activities through September 30, 2016.
March 17, 2015
10:13 EDTMWOptions with decreasing implied volatility
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10:05 EDTUPSUPS management to meet with Oppenheimer
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10:02 EDTWINHigh option volume stocks
High option volume stocks: NGL ARCO ENR OIL SNI ESPR CYH WIN CRZO DISH
09:34 EDTWINActive equity options trading on open
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March 16, 2015
17:13 EDTGALTGalectin Therapeutics files form to delay 10-K
Galectin Therapeutics is unable to file, without unreasonable effort or expense, its Annual Report on Form 10-K for the period ended December 31. Because the company was previously a smaller reporting company, this is the first time the company must obtain an audit of its internal control over financial reporting. As a result, additional time is needed for the company to provide its independent auditors with information necessary to complete the audit of the company’s internal control over financial reporting. The company anticipates that its Form 10-K will be filed within the prescribed extension period in accordance with Rule 12b-25(b).
15:33 EDTMRKMerck says study shows VYTORIN reduced CV events more than simvastatin alone
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08:03 EDTFTRFrontier Communications unit announces alliance with DistiNow
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06:40 EDTPFEPCSK9 studies show potential improvement in heart health, WSJ says
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