Top 10 News for 9/26 - 9/30: Deutsche Bank Soars on Settlement; Twitter Back in the M&A Fray; Nike 'Just Didn't Do It' in Q1

September 30, 2016 3:58 PM EDT
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1. Deutsche Bank (NYSE: DB) shares surged on Friday after Agence France-Press reported that the company is near a $5.4 billion settlement with the U.S. over mortgage bonds. Previous reports noted the DoJ was seeking $14 billion.

2. Qualcomm (Nasdaq: QCOM) shares have doubled on the year, bolstered by chatter on Thursday that the company and NXP Semiconductors NV (Nasdaq: NXPI) could be in merger talks. While thoughts on the merger are mixed, some analysts see a floor bid around $40 to $45 billion for NXP Semi. For more color, click here.

3. Pfizer Inc. (NYSE: PFE) announced that, after an extensive evaluation, the company’s Board of Directors and Executive Leadership Team have determined the company is best positioned to maximize future shareholder value creation in its current structure and will not pursue splitting Pfizer Innovative Health and Pfizer Essential Health into two, separate publicly traded companies at this time.

4. Twitter (NYSE: TWTR) was active earlier this week amid more M&A speculation, this time involving Disney (NYSE: DIS). Disney was said to be working with a financial adviser to evaluate a possible bid for Twitter, noting that Twitter has started a sales process. For more color, click here.

5. Chemtura Corporation (NYSE: CHMT) announced that it has entered into a definitive agreement pursuant to which LANXESS AG will acquire Chemtura in a transaction valued at approximately $2.5 billion. Under the terms of the agreement, Chemtura shareholders will receive $33.50 per share in cash for each outstanding share of common stock held, which represents an 18.9% premium to the stock’s closing share price of $28.18 on September 23, 2016. The respective boards of both companies have unanimously approved the transaction.

6. Galectin Therapeutics Inc. (Nasdaq: GALT) announced topline results from NASH-FX, its Phase 2a clinical trial evaluating the efficacy, safety, and tolerability of GR-MD-02 in 30 nonalcoholic steatohepatitis (NASH) patients with advanced fibrosis. This exploratory, single site, short-treatment (four months of therapy), randomized study did not meet its primary biomarker endpoint as measured by LiverMultiScan (LMS, Perspectum Diagnostics), a magnetic resonance imaging test that evaluates inflammation and fibrosis.

7. Rice Energy Inc. (NYSE: RICE) announced it has entered into a purchase and sale agreement to acquire Vantage Energy, LLC and Vantage Energy II, LLC, for approximately $2.7 billion, including the assumption of debt.

8. Intra-Cellular Therapies, Inc. (Nasdaq: ITCI) announced top-line results from the second Phase 3 clinical trial (Study ‘302) of ITI-007, an oral, first-in-class investigational medicine for the treatment of schizophrenia. In this trial, neither dose of ITI-007 separated from placebo on the primary endpoint, change from baseline on the Positive and Negative Syndrome Scale (PANSS) total score, in the pre-defined patient population.

9. Nike (NYSE: NKE) reported Q1 EPS of $0.73, $0.17 better than the analyst estimate of $0.56. Revenue for the quarter came in at $9.06 billion versus the consensus estimate of $8.87 billion. Greater China revenue rose 21%, ex. FX, and North America revenue rose 6%. Futures orders rose 7%,, est. up 8%.

10. Cognizant (Nasdaq: CTSH) was hit Friday after the company said it was conducting an internal investigation. The company disclosed the following in a U.S. SEC filing: "The Company is conducting an internal investigation into whether certain payments relating to facilities in India were made improperly and in possible violation of the U.S. Foreign Corrupt Practices Act and other applicable laws. The investigation is being conducted under the oversight of the Audit Committee, with the assistance of outside counsel, and is currently focused on a small number of Company-owned facilities. The Company has voluntarily notified the United States Department of Justice and United States Securities and Exchange Commission and is cooperating fully with both agencies. The internal investigation is in its early stages, and the Company is not able to predict what, if any, action may be taken by the DOJ, SEC or any governmental authority in connection with the investigation or the effect of the matter on the Company’s results of operations, cash flows or financial position."

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