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Stock Market & Financial Investment News

News For GSK;NVS;CBST;TEVA;JAZZ;BP;CHK From The Last 14 Days
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July 30, 2015
16:00 EDTCHKOptions Update; July 30, 2015
iPath S&P 500 VIX Short-Term Futures down 11c to 16.05. Option volume leaders: AAPL FB SPLS X TWTR BAC NFLX MU CHK BIDU WFM HPQ LNKD MDLZ XOM
10:09 EDTCHKOptions with decreasing implied volatility
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10:00 EDTBPOn The Fly: Analyst Upgrade Summary
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09:04 EDTTEVATeva says R&D update meeting will be held before year-end
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08:25 EDTTEVATeva CEO says 'too early' to provide specifics on other potential deals
08:16 EDTBPBP upgraded to Buy from Hold at Argus
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08:11 EDTTEVATeva CEO says Allergan deal financing commitment expected in next few days
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07:04 EDTTEVATeva reaffirms 2015 revenue outlook $19B-$19.4B, consensus $19.47B
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07:03 EDTTEVATeva raises 2015 EPS outlook to $5.15-$5.40 from $5.05-$5.35
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07:02 EDTTEVATeva reports Q2 EPS $1.43, consensus $1.27
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July 29, 2015
16:00 EDTCHKOptions Update; July 29, 2015
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15:52 EDTJAZZUSPTO review of Jazz patents negative but not unexpected, says BMO Capital
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15:46 EDTJAZZJazz Pharmaceuticals says USPTO moving forward with review of Xyrem patents
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14:49 EDTGSKGlaxoSmithKline probing new bribery allegations in Romania, Reuters reports
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13:04 EDTBPSaudi Arabia to lower oil production after summer, WSJ reports
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08:00 EDTGSKGlaxoSmithKline reports Q2 global pharmaceuticals revenue GBP2.98B, down 12%
Reports Q2 HIV revenue GBP559M, up 59%. Reports Q2 Pharmaceuticals revenue GBP3.54B, down 6%, and vaccines revenue GBP814M, up 11%. Consumer healthcare sales were GBP1.51B, up 51% year over year.
07:58 EDTGSKGlaxoSmithKline sees FY16 core EPS to grow in double digits
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07:57 EDTGSKGlaxoSmithKline reaffirms FY15 core EPS declining at high-teens percentage rate
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07:54 EDTTEVATeva resumed with an Overweight at Morgan Stanley
Target $85.
07:54 EDTGSKGlaxoSmithKline reports Q2 adjusted EPS 17.3p, consensus 16.78p
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07:02 EDTTEVAIgnyta announces FDA clearance of IND for RXDX-107
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06:46 EDTTEVAEagle Pharmaceuticals price target raised to $119 from $94 at Piper Jaffray
Piper Jaffray analyst David Amsellem raised his price target for Eagle Pharmaceuticals (EGRX) to $119 after analyzing the company's bendamustine products, which are enhanced forms of Teva's (TEVA) Treanda. Amsellem believes there could be "considerable upside" to his current earnings estimates for Eagle. The company's agreement with Teva provides "almost ironclad downside protection, and leaves ample room for upside," he tells investors in a research note. Further, he sees limited potential for generic entrants on Teva's forms of Treanda for the foreseeable future. Amsellem reiterates an Overweight rating on Eagle Pharmaceuticals.
05:28 EDTNVSNovartis announces equity stake in Mereo BioPharma Group
Novartis announced a swap of clinical assets for equity with Mereo BioPharma Group. The deal involves compounds in areas of unmet medical need including BPS-804, to improve bone density in brittle bone syndrome, an orphan disease; BCT-197 for acute exacerbations in COPD, and BGS-649 for obese men with hypogonadotrophic hypogonadism to normalize testosterone levels. Under the terms of the agreement, Novartis will have an equity stake in Mereo and will share in the success of the development of these compounds, including a share on milestones and royalties on future commercial sales.
July 28, 2015
16:00 EDTCHKOptions Update; July 28, 2015
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10:00 EDTTEVAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aegerion (AEGR) upgraded to Buy from Hold at Jefferies... Ameren (AEE) upgraded to Neutral from Sell at Goldman... AutoNation (AN) upgraded to Buy from Neutral at Sterne Agee CRT... Beacon Roofing (BECN) upgraded to Outperform at Baird... BlackBerry (BBRY) upgraded to Equal Weight from Underweight at Morgan Stanley... Bojangles (BOJA) upgraded to Buy from Neutral at SunTrust... Boyd Gaming (BYD) upgraded to Neutral from Underperform at BofA/Merrill... Columbus McKinnon (CMCO) upgraded to Buy from Neutral at Sidoti... Danaher (DHR) upgraded to Overweight from Equal Weight at Morgan Stanley... Emerald Oil (EOX) upgraded to Hold from Sell at Wunderlich... Haemonetics (HAE) upgraded Outperform from Market Perform at Barrington... Jefferies sees entry point for Aegerion (AEGR), upgrades to Buy... Philips (PHG) upgraded to Buy from Hold at Societe Generale... Plum Creek Timber (PCL) upgraded to Buy from Neutral at DA Davidson... Raytheon (RTN) upgraded to Buy from Neutral at BofA/Merrill... SandRidge Energy (SD) upgraded to Hold from Sell at Wunderlich... Telecom Argentina (TEO) upgraded to Outperform from Market Perform at Raymond James... Teva (TEVA) upgraded to Outperform from Market Perform at BMO Capital... Triumph Bancorp (TBK) upgraded to Buy from Hold at Evercore ISI... Waste Management (WM) upgraded on valuation, rebounding businesses at Argus... Wisconsin Energy (WEC) upgraded to Buy from Neutral at Goldman.
09:18 EDTBPOn The Fly: Pre-market Movers
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09:14 EDTTEVAMylan price target lowered to $54 from $82 at BMO Capital
BMO Capital cut its price target on Mylan (MYL) after Teva (TEVA) announced that it was abandoning its bid to buy the company. The firm expects Mylan's stock to continue to face selling pressure in the wake of the news. The firm says that investors will wonder if Mylan can buy Perrigo (PRGO) following the decline in its share price. BMO believes that Perrigo "will put up a strong fight," and it does not think that the deal would be favorable for Mylan in any event. BMO keeps a Market Perform rating on Mylan.
08:24 EDTTEVATeva deal has solid financial and strategic rationale, says Cowen
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08:19 EDTTEVATeva price target raised to $80 from $69 at Bernstein
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08:03 EDTTEVATeva price target raised to $86 from $70 at Citi
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08:02 EDTTEVATeva says EMA confirms validation of Reslizumab marketing authorization
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07:07 EDTTEVATeva price target raised to $82 from $73 at Deutsche Bank
Deutsche Bank raised its price target for Teva (TEVA) to $82 saying it likes the acquisition of Allergan's (AGN) generics business. The firm reiterates a Buy rating on the stock.
07:02 EDTTEVAMylan price target lowered to $65 from $82 at Deutsche Bank
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06:43 EDTTEVAMylan price target lowered to $54 from $82 at BMO Capital
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06:31 EDTTEVAMylan's move to Netherlands gave it leverage to resist Teva deal, WSJ says
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06:06 EDTTEVATeva upgraded to Outperform from Market Perform at BMO Capital
BMO Capital analyst David Maris upgraded Teva (TEVA) to Outperform after the company reached a deal to buy Allergan's (AGN) generics business for $40.5B and dropped its proposal to acquire Mylan (MYL). The acquisition looks "very positive" high accretion and significant cost savings, Maris tells investors in a research note. The deal is a "much better option" than Mylan and brings Teva a leading pipeline of generics, Maris writes. He raised his price target for shares of Teva to $80 from $75. The stock closed yesterday up $10.22 to $72.07.
05:57 EDTBPBP sees Q3 production to be broadly flat with Q2
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05:57 EDTBPBP reports Q2 production up 0.3% to 2,112 mboe/d
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05:56 EDTBPBP reports Q2 profit ($5.82B) vs. $3.37B last year
Reports Q2 replacement cost profit ($6.27B) vs. $3.18B last year. Reports Q2 underlying replacement cost benefit $1.31B vs. $3.64B last year. Reports Q2 underlying replacement cost profit per ordinary share of $7.17 vs. $19.71 last year. Reports Q2 replacement cost per ADS 43c vs. $1.18 last year.
05:39 EDTTEVAAllergan price target raised to $366 from $333 at UBS
UBS analyst Marc Goodman raised his price target for Allergan (AGN) to $366 saying he remains bullish on the stock after the company sold its generics business to Teva (TEVA). The sale was a surprise, but you can't blame Allergan management for selling at that price, Goodman told investors yesterday in a research note titled "An Offer They Couldn’t Refuse." He sees "significant upside potential" in shares of Allergan and keeps a Buy rating on the name. The maker of Botox closed yesterday up $18.99 to $327.20.
July 27, 2015
19:14 EDTTEVATeva could surge to $100 per share, Barron's says
Investors should expect more gains from Teva following the pharmaceutical company's acquisition of Allergan Generics (AGN) and reporting better than expected quarterly results, Barron's contends in its 'Barron's Take' column. Shares could surge to $100.00 per share, the paper adds. Reference Link
18:30 EDTTEVAAllergan CEO pursuing 'transformational deals,' FT says
In a Financial Times interview following the sale of its generics unit to Teva (TEVA), Allergan's (AGN) CEO Brent Saunders stated, "We’re going to contemplate transformational deals... We couldn’t before because of our capital structure and debt, but now we can." When asked about the timing of a potential deal, Saunders remarked, "We’re not going to plod along," and when asked about a hypothetical takeover by Pfizer (PFE), the CEO commented, "I spend zero time thinking about Pfizer and I am not doing anything to make us more or less attractive to them." Reference Link
17:36 EDTTEVAOn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory, with weakness attributed to the Chinese market suffering its worst one day loss in over eight years. The U.S. indexes remained in the negatives throughout the day as traders prepare for one of the heaviest weeks for this earnings season. ECONOMIC EVENTS: In the U.S., durable goods orders advanced 3.4% in June versus expectations for a 3.2% increase. Excluding transportation items, the core reading was up 0.8% against estimates for a 0.5% gain. In China, the Shanghai composite index fell 8.5% and the Shenzhen composite dropped 7%, with the moves generally attributed to concerns over growth and fears that the government may pull its market support. Note that Dow Jones quoted the country's top securities regulator this morning as saying China plans to increase stock purchases by the state. COMPANY NEWS: Shares of Teva (TEVA) jumped $10.15, or 16.41%, to $72.07 after the generic drugmaker dropped its pursuit of Mylan (MYL), opting instead to acquire Allergan's (AGN) global generic pharmaceuticals business for $40.5B. Allergan shares rose 6.09% for the session, and Mylan fell 14.51% to $56.37 while reiterating its commitment to pursue Perrigo (PRGO), whose shares gained 3.81% to $193.60. MAJOR MOVERS: Among the notable gainers was Wabtec (WAB), which rose $6.59, or 7.21%, to $97.93 after agreeing to buy Faiveley Transport for roughly $1.8B, noting that it expects EPS accretion in 2016. In other M&A news, Magnetek (MAG) finished the session up $17.27, or 53.55%, to $49.52 after Columbus McKinnon (CMCO) agreed to acquire the company for $50 per share, while Beacon Roofing Supply (BECN) jumped $2.62, or 8.71%%, to $32.70 after agreeing to buy Roofing Supply Group at a transaction value of about $1.1B. Also higher were shares of Xueda Education (XUE), which surged 50.63% after Xiamen Insight Investment announced a deal to purchase the company for $5.50 per American Depository Share. Xueda's positive move came in stark contrast to numerous Chinese stocks traded in New York, with Baidu (BIDU) slipping 4.16% and Alibaba (BABA) losing 2.01% after China's Shanghai composite index plunged overnight. Also lower was McGraw Hill Financial (MHFI), declining $6.01, or 5.69%, to $99.59 after agreeing to acquire SNL Financial for roughly $2.225B in cash. Additionally, GrubHub (GRUB) lost 8.37% to $30.99 following a downgrade from Cowen citing competitive concerns and market saturation. INDEXES: The Dow fell 127.94, or 0.73%, to 17,440.59, the Nasdaq lost 48.85, or 0.96%, to 5,039.78, and the S&P 500 declined 12.01, or 0.58%, to 2,067.64.
17:31 EDTGSKRadius Health hires Dr. Lorraine Fitzpatrick as Chief Medical Officer
Radius Health (RDUS) announced that it has hired Dr. Lorraine A. Fitzpatrick as Chief Medical Officer of the Company. Dr. Fitzpatrick was previously Medicine Development Leader of an international clinical development team for Denosumab at GlaxoSmithKline (GSK), responsible for clinical development, regulatory, manufacturing, commercial, operations, epidemiology, and global health outcomes. Previously, Dr. Fitzpatrick led the clinical development of novel agents to treat musculoskeletal diseases and women's health at GlaxoSmithKline. Before joining GlaxoSmithKline, Dr. Fitzpatrick was Executive Director at Amgen, Inc. where she worked in the fields of osteoporosis and oncology.
15:03 EDTBPNotable companies reporting before tomorrow's open
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14:23 EDTTEVATeva price target raised to $82 from $73 at Deutsche Bank
12:03 EDTTEVAOn The Fly: Top stock stories at midday
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12:01 EDTTEVAAllergan to use Teva deal proceeds to pursue other deals, Reuters says
Allergan (AGN) CEO Brent Saunders said it will use the $36B it receives from the sale of its generics business to Teva (TEVA) to pursue further acquisitions, Reuters reports, citing a company conference call. Saunders told investors that proceeds from the Teva deal will be used to increase the size of its existing drug businesses, expand into new therapy areas, and seek out larger deals, the report says. Reference Link
10:00 EDTCHKOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ADT Corp. (ADT) upgraded to Buy from Neutral at Citi... AGCO (AGCO) upgraded to Neutral from Sell at Goldman... Anthem (ANTM) upgraded to Buy from Neutral at Sterne Agee CRT... BNP Paribas (BNPQY) upgraded to Buy from Neutral at Goldman... Biogen (BIIB) upgraded on valuation at Bernstein... Box (BOX) upgraded to Overweight from Sector Weight at Pacific Crest... Capital One (COF) upgraded to Buy from Outperform at CLSA... Centene (CNC) upgraded to Buy from Neutral at UBS... Chesapeake (CHK) upgraded on potential sale of assets or company at SunTrust... Cigna (CI) upgraded to Buy from Neutral at Sterne Agee CRT... Deere (DE) upgraded to Neutral from Sell at Goldman... First BanCorp (FBP) upgraded to Buy from Neutral at Guggenheim... Flotek (FTK) upgraded on stronger demand at Oppenheimer... Lear (LEA) upgraded to Buy from Hold at Deutsche Bank... Methanex (MEOH) upgraded to Outperform from Sector Perform at Scotia Howard Weil... News Corp. (NWSA) upgraded to Outperform from Neutral at Macquarie... NextEra Energy Partners (NEP) upgraded to Outperform at Wells Fargo... OFG Bancorp (OFG) upgraded to Buy from Neutral at Guggenheim... PennyMac Mortgage (PMT) upgraded to Buy from Neutral at Compass Point... Pool Corp. (POOL) upgraded to Outperform from Market Perform at William Blair... Popular (BPOP) upgraded to Buy from Neutral at Guggenheim... Qualcomm (QCOM) upgraded to Overweight from Equal Weight at Morgan Stanley... Quality Systems (QSII) upgraded on valuation at RBC Capital... VF Corp. (VFC) upgraded to Buy from Neutral at Goldman... Ventas (VTR) upgraded on valuation, positive catalysts at BMO Capital... Weatherford (WFT) upgraded to Equal Weight from Underweight at Barclays... SS&C (SSNC) upgraded to Buy from Hold at Sandler O'Neill... Chemung Financial (CHMG) upgraded to Buy from Hold at Sandler O'Neill... Cameron (CAM) upgraded to Buy from Accumulate at Global Hunter.
09:21 EDTTEVAOn The Fly: Pre-market Movers
HIGHER: Magnetek (MAG), up 53.5% after Columbus McKinnon (CMCO) agrees to acquire the company... Xueda Education (XUE), up 40.6% after merging with Xiamen Insight Investment... Box (BOX), up 4.6% after being upgraded to Overweight from Sector Weight at Pacific Crest... Goodrich Petroleum (GDP), up 6.4% after announcing sale of proved reserves and a portion of Eagle Ford leasehold. NOTABLE: Teva Pharmaceutical (TEVA), up 10.7% after acquiring Allergan Generics... Allergan (AGN) is up 6.3%... Mylan (MYL), down 14% after Teva withdraws proposal to acquire the company... Perrigo (PRGO), up 3% after Teva withdraws proposal to acquire Mylan. DOWN AFTER EARNINGS: Sohu.com (SOHU), down 6%... Changyou.com (CYOU), down 10.1%. ALSO LOWER: Bellerophon (BLPH) down 63% after announcing results of BCM clinical trial... Terex (TEX), down 4% after being downgraded to Sell from Neutral at Goldman... Ultragenyx Pharmaceutical (RARE), down 3.5% after being downgraded to Equal Weight from Overweight at Morgan Stanley...
08:41 EDTTEVATeva says main markets of overlap with Allergan are U.S., U.K.
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08:32 EDTTEVATeva says healthcare industry shake-up 'just in the middle of its course'
08:27 EDTTEVATeva says intends to review options for remaining stake in Mylan
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08:23 EDTTEVATeva sees capacity to continue executing deals in 2015 and 2016
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08:03 EDTGSKNephroGenex names Jaikrishna Patel as Chief Medical Officer
NephroGenex (NRX) announced the appointment of Dr. Jaikrishna Patel to the position of Chief Medical Officer. Dr. Patel will help guide the company’s Phase 3 PIONEER program with oral Pyridorin for the treatment of diabetic nephropathy, and the development of an intravenous formulation of Pyridorin for acute kidney injury. Patel has held numerous positions of increasing responsibility at GlaxoSmithKline (GSK) and its predecessor companies, most recently serving as Vice President of Cardiovascular and Cardiovascular Metabolism, Global Regulatory Affairs.
07:51 EDTTEVAAllergan generics divestiture adds capital for deals, says Cowen
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07:43 EDTTEVAAllergan to hold a conference call
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07:40 EDTTEVATeva to hold a conference call
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07:32 EDTTEVATeva weekly volatility elevated into acquiring Allergan generics unit
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07:31 EDTCHKChesapeake upgraded on potential sale of assets or company at SunTrust
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07:24 EDTTEVAAllergan's volatility flat into Teva acquiring generic unit
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07:18 EDTTEVAMylan volatility flat into Teva canceling proposal to acquire
Mylan (MYL) July weekly call option implied volatility is at 32, August and September is at 37; compared to its 52-week range of 23 to 53, suggesting non-directional price movement into Teva (TEVA) withdrawing its proposal to acquire and entering a definite agreement to purchase Allergan's (AGN) generics unit.
06:46 EDTTEVAMylan comments on Teva agreement to acquire Allergan Generic Drug Unit
Mylan N.V. (MYL) issued the following statement regarding Teva's (TEVA) announcement of its entry into an agreement to acquire Allergan's (AGN) Generic Drug Unit and its withdrawal of its unsolicited expression of interest to acquire Mylan. Mylan Executive Chairman Robert Coury stated: "We congratulate Teva on their agreement to acquire Allergan's generics business and welcome their continued, and potentially enhanced, commitment to the generics industry. As Teva continues to move forward with their strategy, Mylan's strategic focus remains unchanged. Mylan's board and leadership team remains steadfast in its commitment to our mission, vision and strategy to provide access to quality medicine to the world's 7B people and deliver value and sustainable growth for our shareholders and other stakeholders. Our offer to acquire Perrigo continues to be the next natural step in this strategy. Combining Mylan and Perrigo will create a unique infrastructure that is able to maximize on evolving industry dynamics and capitalize on key trends. Further, the complementary cultures and strategies of these two businesses will enable us to redefine how healthcare is delivered and position our company for the future."
06:45 EDTCHKChesapeake upgraded to Buy from Neutral at SunTrust
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06:28 EDTTEVATeva to acquire Allergan Generics in transaction valued at $40.5B
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05:44 EDTTEVAAllergan confirms divestiture of global generic pharma business for $40.5.B
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05:43 EDTTEVATeva says Allergan Generics transaction to bolster pipeline, commercial reach
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05:43 EDTTEVATeva says Allergan Generics transaction to provide 'substantial' benefits
The transaction is expected to provide substantial financial benefits for Teva including highly diversified revenues and profits, and substantial cost synergies and tax savings. Teva expects Allergan Generics to contribute approximately $2.7B in EBITDA in 2016, excluding synergies. Following the completion of the acquisition, Teva is expected to have pro forma sales of approximately $26B and EBITDA of approximately $9.5B in 2016, including an estimated $11B in sales outside of the United States. Teva also believes the acquisition will be significantly accretive to non-GAAP EPS, including expected double digit non-GAAP EPS accretion in 2016 and more than 20% accretion in year two and year three following the close of the transaction. Teva expects to achieve cost synergies and tax savings of approximately $1.4 billion annually, largely achievable by the third anniversary of the closing of the transaction. Teva expects the savings to come from efficiencies in operations, G&A, manufacturing, and sales and marketing. Teva expects the acquisition to generate strong free cash flow of approximately $6.5B in 2016 and expects increasing free cash flow in subsequent years. Teva’s free cash flow will allow for rapid deleveraging and the ability to continue to pursue future acquisitions to expand Teva’s portfolio in both specialty pharmaceuticals and generics, in line with Teva’s stated strategy to grow through value-enhancing and complementary acquisitions. Teva will continue to evaluate opportunities to deliver attractive total stockholder returns on an ongoing basis.
05:40 EDTTEVATeva to acquire Allergan Generics for transaction valued at $40.5B
05:31 EDTTEVATeva reports Q2 non-GAAP operating income $1.6B
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05:31 EDTTEVATeva raises FY15 EPS to $5.15-$5.40 from $5.05-$5.35, consensus $5.23
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05:30 EDTTEVATeva reports Q2 non-GAAP EPS $1.43, consensus $1.31
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05:28 EDTTEVATeva withdraws proposal to acquire Mylan
Teva (TEVA) announced that it has withdrawn its cash and stock proposal to acquire all of the outstanding ordinary shares of Mylan (MYL) and Teva does not intend to continue to pursue a transaction with Mylan at this time. Teva’s decision to terminate the proposal to acquire Mylan follows announcement that Teva has entered into a definitive agreement with Allergan (AGN) to acquire Allergan Generics. Teva CEO Erez Vigodman commented, “We continue to believe that a combination of Teva and Mylan would have made sense for our companies, our respective stockholders and the healthcare industry as a whole. However, despite our clear commitment to consummating a transaction, and our conviction that we ultimately would have succeeded in acquiring Mylan, we believe we have an even greater opportunity to create compelling, sustainable value for Teva’s stockholders through our transaction with Allergan – and we acted quickly to seize the opportunity. Our agreement with Allergan will reinforce Teva’s strategy to create an even stronger business model in the industry and will position us well to grow the business and better serve our customers and patients.” Teva intends to review its options with respect to its ownership of approximately 4.6% of the outstanding ordinary shares of common stock of Mylan.
July 26, 2015
18:22 EDTTEVAMedia reports say Teva to buy Allergan unit as it looks beyond Mylan
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12:30 EDTTEVATeva nears deal to buy Allergan generics unit for $40.5B, Bloomberg says
Teva (TEVA) is nearing a deal to buy Allergan's (AGN) generic drug unit for roughly $40.5B and an agreement could be announced as early as Monday, reports Bloomberg, citing people familiar with the matter. Sources said Teva also plans to withdraw its bid for Mylan (MYL) as soon as Monday. Reference Link
12:17 EDTTEVATeva to cancel Mylan bid, plans offer for Allergan generics unit, Bloomberg says
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July 24, 2015
11:59 EDTTEVA, JAZZLeerink's specialty pharma/generics analyst has analyst/industry conference call
Specialty Pharmaceuticals/Generics Analyst Gerberry discusses the strengths and weaknesses of TEVA’s preliminary responses to the IPR challenge on Copaxone 40mg, the likely outcomes for the Copaxone 40mg patent challenge and the perspectives on recent updates in the Jazz Pharmaceuticals' Xyrem patent case on an Analyst/Industry conference call to be held on July 27 at 11 am.
10:56 EDTNVSNovartis announces FDA approval of Odomzo
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10:37 EDTCHKOptions with increasing implied volatility
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09:02 EDTNVSLigand says Revolade recommended by CHMP for EU approval for SAA
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07:17 EDTNVSNovartis combination therapy Tafinlar, Mekinist achieves regulatory milestones
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06:56 EDTTEVAPaulson may play key role in Teva-Mylan-Perrigo drama, CTFN says
John Paulson's hedge fund, Paulson & Co., has upped its stake in Mylan (MYL) to 4.65%, which is below the threshold that would compel it to disclose its plans to the U.S. SEC but high enough for it to obtain standing before the Dutch Enterprise Chamber, which would hear any legal challenge to the "stichting" maneuver the company is employing to avoid a takeover by Teva (TEVA), said CTFN. The takeover fight is most likely headed for court in Amsterdam after Mylan's shareholder foundation exercised an option to acquire shares and Paulson's involvement is noteworthy since he teamed with Centaurus Capital in 2007 to thwart a stichting ploy used by Stork, the report noted. Reference Link
06:09 EDTCHKChesapeake implied volatility of 107 at upper end of index
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05:04 EDTGSKAgenus reports GSK Malaria vaccine receives positive opinion from CHMP of EMA
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July 23, 2015
11:57 EDTCHKOptions with increasing put volume
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10:30 EDTCHKOptions with increasing implied volatility
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09:04 EDTTEVATeva says 'strongly disagrees' with Stichting stated analysis
Teva Pharmaceutical Industries (TEVA) issued the following statement regarding Stichting Preferred Shares Mylan’s (MYL) decision to exercise its call option: "We strongly disagree with the stated analysis of Stichting Preferred Shares Mylan and its decision to exercise its call option, which is unwarranted, relies on false assumptions, and risks depriving Mylan stockholders and other stakeholders of the value inherent in a combination of Teva and Mylan. We continue to believe that our proposed transaction offers a compelling opportunity for value-creation and many other benefits for the stockholders, customers, patients, and employees of both companies. We are well advised on Dutch law, including the ability of Mylan stockholders to challenge this action in court, and are prepared to take the necessary actions at the appropriate time."
08:48 EDTTEVAMylan, Teva lower after Stitching looks to thwart hostile deal
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08:34 EDTTEVAMylan foundation exercises call option to 'level playing field'
08:33 EDTTEVAMylan foundation says shareholders at risk of Teva takeover
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July 22, 2015
10:06 EDTTEVAAbbott CEO says supportive of Mylan pursuit of Perrigo
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10:01 EDTCHKOn The Fly: Analyst Downgrade Summary
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09:30 EDTTEVAAbbott CEO says 'pretty alligned' with Mylan so far
07:54 EDTCHKChesapeake downgraded to Neutral at Credit Suisse
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07:03 EDTNVSIgnyta names Bernard Parker as Chief Commercial Officer
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06:39 EDTBPEuro, U.S. oil and gas groups to find tough competition in Iran, WSJ says
European and U.S. oil and gas firms drawn to Iran as sanctions lessen can expect not only opportunities, but also Iranian companies offering tough competition or joint ventures, the Wall Street Journal reports. Though no Iran-based companies have the clout of firms such as Exxon Mobil (XOM) or Schlumberger (SLB), companies that can take on engineering tasks are emerging and growing in Iran, the report says. If the Iran nuclear agreement comes into effect and sanctions are lifted against Iran sometime soon, those Iranian companies will be well positioned to compete for tens of billions of dollars worth of service contracts, the report adds. Other publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
06:27 EDTBPBP faces challenges in India, Russia, WSJ reports
BP's oil and gas fields project in India with Reliance Industries, the company's first major project since the Deepwater Horizon spill in 2010, has been stalled, posing global challenges for the oil giant, the Wall Street Journal reports. In addition, political hurdles in Russia and cost-ineffective shale operations in the U.S. have also hurt BP, the report says. Reference Link
06:25 EDTCHKChesapeake downgraded to Neutral from Outperform at Credit Suisse
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05:24 EDTCHKStocks with implied volatility movement; CHK CRM
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July 21, 2015
16:01 EDTCHKOptions Update; July 21, 2015
iPath S&P 500 VIX Short-Term Futures down 13c to 16.20. Option volume leaders: AAPL BAC FB BAC MSFT NFLX AMD IBM CHK
11:49 EDTNVSNovartis may sell Amgen's cancer drug as soon as September, Bloomberg says
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10:31 EDTCHKOptions with increasing implied volatility
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10:01 EDTCHKOn The Fly: Analyst Downgrade Summary
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09:28 EDTCHKChesapeake downgraded to Hold from Buy at Simmons
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07:07 EDTCHKChesapeake to sell substantially all properties held by CHK Cleveland Tonkawa
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07:06 EDTCHKChesapeake to eliminate common dividend effective Q3
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07:05 EDTCHKChesapeake to eliminate common dividend effective Q3
05:20 EDTNVSNovartis backs FY15 revenue guidance of up mid-single digit
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05:17 EDTNVSNovartis reports Q2 core EPS $1.27, consensus $1.24
Reports Q2 revenue $12.7B, consensus $12.44B. Further strengthening of USD impacted sales by -11% and core operating income by -13%. Growth Products, an indicator of the rejuvenation of the portfolio, contributed 35% of continuing operations net sales in Q2, and were up 24%. In Pharmaceuticals, Growth Products contributed 44% of division net sales in the quarter, and sales for these products were up 38%.
July 20, 2015
10:26 EDTJAZZ, TEVALeerink's specialty pharma/generics analyst has analyst/industry conference call
Specialty Pharmaceuticals / Generics Analyst Gerberry, along with MEDACorp Specialists Michael Belliveau, PhD and Shashank Upadhye, JD, discuss the strengths and weaknesses of TEVA's preliminary responses to the IPR challenge on Copaxone 40mg, the likely outcomes for the Copaxone 40mg patent challenge and perspectives on recent updates in the JAZZ Xyrem patent case on an Analyst/Industry conference call to be held on July 22 at 2 pm.
08:25 EDTNVSNovartis management to meet with JPMorgan
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07:32 EDTNVSAlzheimer's Association to hold a conference
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06:03 EDTCHKStocks with implied volatility movement; CHK CNX
Stocks with implied volatility movement; Chesapeake (CHK) 76, CONSOL (CNX) 64 according to iVolatility.
July 17, 2015
08:38 EDTTEVA, JAZZLeerink puts 25% odds on Teva, Mylan deal within 12 months
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July 16, 2015
11:25 EDTCHKStocks with call strike movement; CHK MU
Chesapeake (CHK) October 13 call option implied volatility increased 4% to 58, Micron (MU) October 23 call option implied volatility decreased 2% to 43 according to IVolatility.
08:03 EDTGSKGlaxoSmithKline expects to ship 32M-38M flu vaccines over 2015-16 season
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