Gapping up
M&A related: URS +7.1% and ACM +6.3% (AECOM to acquire URS for $56.31/share in cash and stock; ACM reaffirms target FY14 EPS; ACM expects the combination to be accretive to its GAAP earnings per share and more than 25% accretive to its cash earnings per share in FY15), MYL +5.6% and ABT +2.3% (Mylan Labs confirms plans to purchase Abbott's non-U.S. developed markets specialty and branded generics business in an all-stock transaction; immediately and significantly accretive to earnings, with opportunity to accelerate target of at least $6.00 in adjusted diluted EPS in 2018 ), SHPG +1.6% (Shire plc announced that it requested and has received a further revised proposal from AbbVie (ABBV); revised proposal comprises GBP 24.44 in cash and 0.8960 shares of new ABBV per SHPG share), GTIV +1.1% (Kindred Healthcare increases all-cash tender offer for Gentiva to $16.00 Per Share), LO +0.6% and RAI +0.4% (Smoking related lawsuits are leveling off which may help LO/ RAI merger, according to reports; Barron's profiles positive view on RAI and LO; RAI upgraded to Outperform at RBC Capital Mkts), KOG +0.8% / WLL +0.4% (Kodiak Oil & Gas to be acquired by Whiting Petroleum; transaction valued at $6 bln; KOG shareholders will receive .177 of a share of WLL in exchange for each share of KOG they hold representing $13.90/share).
Select telecom names showing strength: PT +4.4%, ERIC +2.3%, VOD +1%, ORAN +1% (Positive Barron's mention).
Other news: PGNX +15.8% (FDA Office of Drug Evaluation III Approves Salix's Request that the FDA Approve the RELISTOR Subcutaneous Injection sNDA for the Treatment of Opioid-induced Constipation in Patients with Chronic Non-cancer Pain), EXEL +15.3% (Exelixis announces positive top-line results for Phase 3 Pivotal Trial of Cobimetinib in combination with Vemurafenib in patients with BRAF V600 mutation-positive advanced melanoma), CREG +12.7% (announces $50 mln Standby Equity Distribution Agreement to fund business growth), PRAN +10.3% (still checking), RDC +6.9% (still checking, following NE news), PSTI +6.4% (still checking), AUMN +6.2% ( announce it restarted mining at its Velardena Properties on July 1, 2014), TESO +4.4% (announces $100 mln normal course issuer bid), KNDI +3.9% (China will mandate 30% electric car usage by 2016, according to reports), OHRP +1.9% (Visium Asset Management discloses 5.2% passive stake in 13G filing), KOG +1.9% (Kodiak Oil & Gas to be acquired by Whiting Petroleum (WLL); transaction valued at $6 bln; KOG shareholders will receive .177 of a share of WLL in exchange for each share of KOG they hold representing $13.90/share), IGT +1.2% (agrees to install its Advantage 9.1 System Suite along with sbX Media Manager at Northern Quest Resort & Casino), NE +1.1% (approves spin-off of Paragon Offshore; sets July 23 record date and August 1 distribution date), AAPL +1.1% ( upgraded to Overweight from Equal Weight at Barclays; tgt raised to $110 from $95; Apple has denied location data China security risk reports, according to reports; also may hire new ad agency, according to reports), C +0.9% ( announces Comprehensive Settlement with Residential Mortgage-Backed Securities Working Group -- Citigroup will pay a total of $4.5 billion in cash and provide $2.5 billion in consumer relief), CRMB +0.8% (entered into an Asset Purchase Agreement through which Lemonis Fischer Acquisition Company will acquire the Crumbs' business ), AMZN +0.8% (to charge 1 cent for delivery in France following ban on free shipping, according to reports ), GOOG +0.6% (YouTube plans to increase premium content, according to reports), BA +0.6% (positive Barron's mention), TRMB +0.6% (acquires the Omega Group to expand its public safety solutions; financial terms were not disclosed), AA +0.2% (files for $5 bln mixed securities shelf offering; announces a 10-year, $1.1 bln agreement with Pratt & Whitney, a division of UTX, for jet engine components)
Analyst comments: ICPT +2.6% ( initiated with a Buy at Deutsche Bank; tgt $395), EAT +1.5% (upgraded to Overweight from Neutral at JP Morgan), STX +0.4% ( tgt raised to $74 from $64 at Deutsche Bank),
Select telecom names showing strength: PT +4.4%, ERIC +2.3%, VOD +1%, ORAN +1% (Positive Barron's mention).
Other news: PGNX +15.8% (FDA Office of Drug Evaluation III Approves Salix's Request that the FDA Approve the RELISTOR Subcutaneous Injection sNDA for the Treatment of Opioid-induced Constipation in Patients with Chronic Non-cancer Pain), EXEL +15.3% (Exelixis announces positive top-line results for Phase 3 Pivotal Trial of Cobimetinib in combination with Vemurafenib in patients with BRAF V600 mutation-positive advanced melanoma), CREG +12.7% (announces $50 mln Standby Equity Distribution Agreement to fund business growth), PRAN +10.3% (still checking), RDC +6.9% (still checking, following NE news), PSTI +6.4% (still checking), AUMN +6.2% ( announce it restarted mining at its Velardena Properties on July 1, 2014), TESO +4.4% (announces $100 mln normal course issuer bid), KNDI +3.9% (China will mandate 30% electric car usage by 2016, according to reports), OHRP +1.9% (Visium Asset Management discloses 5.2% passive stake in 13G filing), KOG +1.9% (Kodiak Oil & Gas to be acquired by Whiting Petroleum (WLL); transaction valued at $6 bln; KOG shareholders will receive .177 of a share of WLL in exchange for each share of KOG they hold representing $13.90/share), IGT +1.2% (agrees to install its Advantage 9.1 System Suite along with sbX Media Manager at Northern Quest Resort & Casino), NE +1.1% (approves spin-off of Paragon Offshore; sets July 23 record date and August 1 distribution date), AAPL +1.1% ( upgraded to Overweight from Equal Weight at Barclays; tgt raised to $110 from $95; Apple has denied location data China security risk reports, according to reports; also may hire new ad agency, according to reports), C +0.9% ( announces Comprehensive Settlement with Residential Mortgage-Backed Securities Working Group -- Citigroup will pay a total of $4.5 billion in cash and provide $2.5 billion in consumer relief), CRMB +0.8% (entered into an Asset Purchase Agreement through which Lemonis Fischer Acquisition Company will acquire the Crumbs' business ), AMZN +0.8% (to charge 1 cent for delivery in France following ban on free shipping, according to reports ), GOOG +0.6% (YouTube plans to increase premium content, according to reports), BA +0.6% (positive Barron's mention), TRMB +0.6% (acquires the Omega Group to expand its public safety solutions; financial terms were not disclosed), AA +0.2% (files for $5 bln mixed securities shelf offering; announces a 10-year, $1.1 bln agreement with Pratt & Whitney, a division of UTX, for jet engine components)
Analyst comments: ICPT +2.6% ( initiated with a Buy at Deutsche Bank; tgt $395), EAT +1.5% (upgraded to Overweight from Neutral at JP Morgan), STX +0.4% ( tgt raised to $74 from $64 at Deutsche Bank),