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February 19, 2014
09:10 EDTCHTP, SIG, MFRM, SCTY, CG, TS, ZLC, OCR, UCTT, DVN, ACT, X, SM, SUNE, GRMNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Garmin (GRMN), up 12%... Carlyle Group (CG), up 6.5%... Ultra Clean (UCTT), up 18%... SunEdison (SUNE), up 3%. ALSO HIGHER: Zales (ZLC), up 40% after Signet Jewelers (SIG) to acquire the company for $21.00 per share cash. Signet Jewelers is up 11.6% after the news... Chelsea Therapeutics (CHTP), up 33.5% after Northera granted FDA accelerated approval... Actavis (ACT), up 1.4% after reiterating standalone FY14 adjusted EPS view, shares upgraded at Goldman... Devon Energy (DVN), up 1.8% after earnings, announcing sale of Canadian conventional assets to Canadian Natural Resources (CNQ). DOWN AFTER EARNINGS: Mattress Firm (MFRM), down 10%... Omnicare (OCR), down 4.3%. ALSO LOWER: U.S. Steel (X), down 4.4%, Tenaris down 5.4% after U.S. excludes South Korea from steel tubing tariffs... SolarCity (SCTY), down 1.4% following downgrade at RW Baird... SM Energy (SM), down 11% after earnings, downgrades at Tudor Pickering and KeyBanc.
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May 12, 2015
07:06 EDTSUNESunEdison signs agreement with County of Alameda for 3MW solar system
SunEdison (SUNE) announced that is has signed an agreement with the County of Alameda, Calif. to install 3 megawatts, or MW, DC of solar systems as part of the second phase of the Regional Renewable Energy Procurement Program, or R-REP. In the first phase of R-REP, SunEdison was awarded more than 18 MW DC of solar projects with 9 different Bay Area public agencies, including 11 MW with Alameda County. In this second phase of the R-REP, SunEdison was awarded all of the projects on which it bid. SunEdison expects to add these projects to the Call Right Projects List for TerraForm Power (TERP),
May 11, 2015
16:20 EDTSUNESunEdison to review strategic alternatives
SunEdison announced that it is reviewing strategic alternatives to more effectively align the Company structure as a sponsor in a long term asset ownership platform, through its TerraForm platform. The most efficient and commonly utilized structure by sponsors of yield vehicles is the general partnership structure in a master limited partnership. The company is considering a range of alternatives that will drive greater value and enable the efficient return of capital to shareholders, while maximizing its growth opportunities. The company's board authorized this strategic review. SunEdison expects to conclude its strategic review before the end of the year. However, no specific timetable has been set, and there can be no assurance that any transaction will take place. Likewise, no decision has been made on the timing or terms of any such transaction if one were to occur.
16:07 EDTSUNESunEdison files to sell $750M of convertible senior notes
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12:51 EDTACTOn The Fly: Top stock stories at midday
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09:21 EDTACTOn The Fly: Pre-market Movers
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09:02 EDTCGComcast names Michael Cavanagh as CFO
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09:00 EDTACTActavis says committed to utilizing FCF to accelerate debt repayment
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08:57 EDTACTActavis says 'doing exceptionally well' on cost synergy capture
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08:52 EDTACTActavis sets 'aspirational' FY17 EPS target of $25
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08:50 EDTSMSM Energy to hold a conference call
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08:48 EDTACTActavis sees sNDA submission for low dosage Linzess in 2016
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06:40 EDTACTActavis sees Eluxadoline, Cariprazine PDUFAs in Q2
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06:37 EDTACTActavis sees 2015 EPS $17.00-$18.50, consensus $17.70
Sees 2015 pro forma revenue $22M-$22.5B, consensus $21.47B. Sees 2015 total net revenue $20.5B-$21B.
06:35 EDTACTActavis reports Q1 EPS $4.30, consensus $3.94
Reports Q1 revenue $4.23B., consensus $4.03B. Reports adjusted EBITDA of $1.78B compared to $860M last year. Results include the contribution from Allergan businesses for the period following the close on March 17.
May 10, 2015
19:25 EDTACTCourt rejects claim that drugmakers misled opiate patients, Bloomberg says
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May 8, 2015
16:48 EDTSUNESunEdison in settlement agreement with Wacker Chemie
On May 7, SunEdison and Wacker Chemie entered into a Settlement and Release Agreement. The Settlement Agreement resolved the disagreement between the parties regarding two long-term polysilicon supply agreements entered into by the company and Wacker in 2010 and the subsequent settlement agreement entered into by the parties in August of 2012. As previously disclosed, this dispute had been the subject of an arbitration proceeding at the Swiss Chambers’ Arbitration Institution .The Settlement Agreement resolves this dispute and provides for the mutual request by the Company and Wacker to the SCAI for the termination of the arbitration. The parties filed this request for termination and entry of an award on agreed terms also on May 7. Pursuant to the Settlement Agreement, Wacker will retain certain deposits previously paid by the Company under the Agreements in the amount of EUR 24,080,582.40. In addition, the company will pay to Wacker a total of EUR 76,762,724.96 in installments over 2015. Neither party has admitted to any wrongdoing or liability with respect to any of the claims related to the Agreements, and Wacker and the company have fully released each other from any further obligations under the Agreements.
13:11 EDTACTEarnings Watch: Actavis to report quarterly results after Allergan acquisition
Actavis (ACT) is scheduled to report first quarter earnings before the market open on Monday, May 11 with a conference call scheduled for 8:00 am ET. Actavis, a specialty pharmaceutical company, develops, manufactures, markets, and distributes generic, branded generic, branded, biosimilar, and over-the-counter pharmaceutical products. EXPECTATIONS: Analysts are looking for earnings per share of $3.94 on revenue of $4.04B, according to First Call. The consensus range for EPS is $3.81-$4.06 on revenue of $3.79B-$4.22B. LAST QUARTER: Actavis reported fourth quarter EPS of $3.91, compared to consensus estimates of $3.67, on revenue of $4.01B against estimates of $3.84B. Actavis CEO Brent Saunders commented on the quarter: "In our North American Brands business, six of our top ten brand products saw double-digit growth, including our strongest performers Namenda franchise, Linzess, Estrace Cream, Teflaro and Bystolic. In our North American Generics business, strong results were driven by continued performance of our generic versions of Lidoderm and Concerta, and fourth quarter launches of generic versions of Intuniv and Celebrex. We continue to invest in expanding our brand and generic portfolios, with nine new product and line extension launches planned in 2015, and industry-leading expansion of our generic pipeline, with 44 Abbreviated New Drug Applications submitted in 2014." NEWS: On March 17, Actavis announced that it had completed the acquisition of Allergan (AGN) in a cash and equity transaction valued at approximately $70.5B. The combination creates one of the world’s top 10 pharmaceutical companies by sales revenue, with combined annual pro forma revenues of more than $23B anticipated in 2015. STREET RESEARCH: On April 8, Leerink analyst Jason Gerberry raised his price target for Actavis shares by $20 to $348 to account for the closing of the Allergan acquisition. Gerberry said he thinks the deal will result in higher overall company gross margins in 2015. He raised his revenue and earnings estimates for Actavis ahead of the company's Q1 results and reiterated an Outperform rating on the stock. PRICE ACTION: Actavis shares are up almost 3% since the company's last earnings report on February 18, and are trading up 2.4% in midday trading ahead of Monday's earnings release.
10:01 EDTACTOn The Fly: Analyst Initiation Summary
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08:47 EDTACTLeerink's specialty pharma/generics analyst has analyst/industry conference call
Specialty Pharmaceuticals/Generics Analyst Gerberry discuss the future of dry eye treatment and the data and outlook for pipeline agents Shire's Lifitegrast and Eleven Biotherapeutics' EBI-005 and expectations for Actavis' Restasis use, assuming future approval of one or more pipeline agents, on an Analyst/Industry conference call to be held on May 12 at 10:30 am.
06:13 EDTACTActavis initiated with a Buy at Mizuho
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