JPMorgan
Medivation, Inc. (NASDAQ: MDVN) 66.8% LOWER; Pfizer Inc. (NYSE: PFE) and Medivation today announced results from two Phase 3 trials of the investigational drug dimebon (latrepirdine*) in patients with Alzheimer's disease. In the CONNECTION trial, dimebon did not meet its co-primary or secondary efficacy endpoints compared to placebo. Co-primary endpoints were measures of cognition and global function. The stock was also downgraded at Hapoalim and Roth Capital.
SouthWest Water Company (NASDAQ: SWWC) 48.9% HIGHER; entered into a definitive merger agreement to be acquired for approximately $275 million in cash, or $11.00 per share, by institutional investors advised by J.P. Morgan Asset Management and Water Asset Management L.L.C.
Trintech Group plc (NASDAQ: TTPA) 37.8% HIGHER; reports Q4 EPS of $0.06, compared to $0.01 in the same quarter last year. Revenue for the quarter was $7.88 million, which compares to the estimate of $7.90 million.
VisionChina Media (NASDAQ: VISN) ...
Is There a Message Here?
If you haven't done so recently, pull up a daily chart of the Dow or S&P 500 over the past 3 - 6 months. What is now clear is the two blue-chip indices have been going sideways for the past couple of weeks. Thus, it is easy to argue that we have a consolidation phase going at the current time.
However, with the recent rally now on pause and just about every analyst still looking for a pullback of 5% or so, it is interesting that we haven't seen more downside pressure. Sure, we had a scary day on Monday as everyone freaked out about the banks again. But since then, the Dow has gained about
+1.5%, the S&P is up +2.4%, and the NASDAQ is back to within spitting distance of its cycle highs.
This despite the fact that we've had some bad news ...
StreetInsider.com Morning Movers:
Kodiak Oil & Gas (NYSE: KOG) 30% LOWER; reports Q4 loss of $0.37, which may not compare to the analyst estimate of ($0.03).
CV Therapeutics, Inc. (Nasdaq: CVTX) 28% HIGHER; Gilead Sciences, Inc. (Nasdaq: GILD) and CV Therapeutics announced the signing of a definitive agreement pursuant to which Gilead will acquire CV Therapeutics for $20.00 per share in cash through a tender offer and second step merger. MORE
Steel Dynamics, Inc. (Nasdaq: STLD) 20% LOWER; lowers its Q1 EPS
guidance from a gain of $0.05-$0.10 to a loss of $0.40-$0.45, versus
the consensus of $0.10. Click here for the full report.
XOMA Ltd. (Nasdaq: XOMA) 14% LOWER; reports Q4 EPS of $0.07, which may
not compare to the analyst estimate of ($0.01). Revenues for the
quarter were $36.9 million, versus the consensus of $30.54 million. The
company will not provide ...
UPGRADES:
Morgan Stanley upgrades Blackrock (NYSE: BLK) from Equalweight to Overweight.
Barclays upgrades Steel Dynamics (Nasdaq: STLD) from Equalweight to Overweight.
Morgan Stanley upgrades Lattice Semiconductor (Nasdaq: LSCC) from Underweight ...
No Harm, No Foul?
Traders spent the first half of yesterday’s session watching the major indices break down below their recent support levels. The thinking among the chart watching crowd was that if last Thursday’s low didn’t hold, the bears would resume complete control and it would be “game on” in terms of another full-fledged retest of the lows.
At that point in time, the indices were effectively in never-never land from a chart standpoint as they were neither overbought nor oversold and there wasn’t much in the way of short-term support to look to as a possible stopping point on the way down. So, with the Dow down more than -300 points, things were not looking very good.
The problems of the day were many. Global growth concerns were growing on the back of oil prices were diving below $60. However, it turns out that the decline in oil ...
