Leerink Partners Cuts Price Target on Allergan (AGN) Following New U.S. Treasury Regulations

UBS Cuts Allergan (AGN) PT, Ests But Remains Above Consensus

UBS analyst, Marc Goodman, cited Allergen (NYSE: AGN) as a standalone company as one of his favorites. He thinks management said all the right things regarding capital deployment, M&A aggressiveness, cost cutting, its commitment to a R&D-driven business model, and its preparedness for this contingency (i.e., a deal break).... More

Allergan (AGN) Ratings Affirmed by Moody's Amid Scrubbed Deal with Pfizer

Moody's Investors Service confirmed the Baa3 senior unsecured rating of subsidiaries of Allergan plc (NYSE: AGN), including Actavis, Inc., Actavis Funding SCS, Allergan Inc., and Forest Laboratories, Inc. (together, "Allergan"). The confirmation follows the announcement of the termination of the proposed combination with Pfizer Inc. (rated A1 stable). The outlook is stable.

"Allergan will likely pursue acquisitions and share repurchases that will erode its significant cash balance following the divestiture of the generics business to Teva" said Jessica Gladstone, Senior Vice President with Moody's. "However, we believe this will be balanced with enough... More

Piper Jaffray Sees Value in Allergen (AGN) Post-Pfizer; PT to $311

Piper Jaffray analyst David Amsellem reiterated his Overweight rating while trimming his price target on Allergen (NYSE: AGN) to $311.00 (from $333.00) after the collapse of the Pfizer deal. The analyst sees ample room for valuation creation post--Pfizer.

"With the collapse of the merger between Allergan... More

Allergan (AGN) Affirms Termination of Pfizer (PFE) Merger; Affirms Strength as Standalone Company

Allergan plc (NYSE: AGN) announced that its merger agreement with Pfizer (NYSE: PFE) has been terminated by mutual agreement, effective . In connection with the termination of the merger agreement, Pfizer has agreed to pay Allergan $150 million for reimbursement of expenses associated with the transaction.

Allergan reiterated its compelling standalone growth profile and strategy following the announced termination of the combination of the two companies. Allergan is positioned to drive strong, sustainable growth powered by leading franchises, new potential blockbuster product launches and unmatched pipeline.

"While we... More

Pfizer (PFE) Announces Termination of Merger Agreement with Allergan (AGN)

Pfizer Inc. (NYSE: PFE) announced that the merger agreement between Pfizer and Allergan plc (NYSE: AGN) has been terminated by mutual agreement of the companies. The decision was driven by the actions announced by the U.S. Department of Treasury on April 4, 2016, which the companies concluded qualified as an Adverse Tax Law Change... More

Mizuho Securities Downgrades Allergen (AGN) to Neutral

Mizuho Securities downgraded Allergen (NYSE: AGN) from Buy to Neutral with a price target of $250.00 (from $330.00), as they now model the company as a stand-alone with the Pfizer deal in jeopardy.

Analyst Irina Koffler commented, "We now model AGN as a stand-alone... More

Deja vu for Paulson as Allergan loss hurts U.S. hedge funds

By Svea Herbst-Bayliss and Lawrence Delevingne

BOSTON/NEW YORK (Reuters) - For hedge fund titan John Paulson, history may be repeating itself.

The billionaire investor lost an estimated $258 million on Tuesday when the share price of drug company Allergan Plc (NYSE: AGN) tumbled nearly 15 percent on speculation new tax rules would scuttle its merger with Pfizer Inc. (NYSE: PFE).

Research firm Symmetric.io calculated the hypothetical loss based on publicly disclosed stock holdings as of Dec. 31, 2015.

That estimated decline comes after Paulson lost money... More

Allergan (AGN) Could Move on Valeant's (VRX) Bausch + Lomb Unit if Pfizer (PFE) Deal Fails - Analyst

BTIG issued brief commentary on Allergan (NYSE: AGN) following the U.S. Treasury's tax inversion actions on Monday night.

Analyst Timothy Chiang commented on potential routes for Allergan if its deal with Pfizer (NYSE: PFE)... More

Allergen's (AGN) Stand-Alone Price Target is $282 at Deutsche Bank

Deutsche Bank analsyt Gregg Gilbert said his stand-alone price target for Allergen (NYSE: AGN) is $282. Comments follow reports its deal with Pfizer (NYSE: PFE) could be in jeopardy given the U.S. Treasury's changes targeting tax inversions.

"Recall that we have been using a deal-driven price target... More

Notable 52-Week Highs and Lows 4/5: (TRXC) (NPTN) (O) High; (AGN) (DRYS) Low

52-Week High:TransEnterix (NYSE: TRXC) $5.25. TransEnterix shares rose 11.7 percent on Tuesday with heavy volume following a video released earlier.

NeoPhotonics (NYSE:... More

Exclusive: Pfizer leaning toward abandoning deal with Allergan - source

By Pamela Barbaglia

(Reuters) - Drugmaker Pfizer Inc (NYSE: PFE) is leaning toward abandoning its $160 billion agreement to buy Allergan Plc (NYSE: AGN) in light of the U.S. Treasury's new measures to curb such tax evading deals, a source familiar with the situation said on Tuesday.

The discussions between the two companies and their lawyers are set to continue for the remainder of Tuesday and no final decision has been made, the source said, speaking on condition of anonymity.

However,... More

UPDATE: Pfizer (PFE) Examining Ways to Save Allergan (AGN) Deal - Bloomberg

(Updated - April 5, 2016 1:58 PM EDT)

Pfizer (NYSE: PFE) is scrambling to save its merger with Allergan (NYSE: AGN), according to Bloomberg, citing people with knowledge of the matter.

Lawyers are examining how... More

Pfizer (PFE) leaning toward abandoning deal with Allergan (AGN) - Reuters

Pfizer (NYSE: PFE) leaning toward abandoning deal with Allergan (NYSE: AGN) - Reuters

Most Important Data Point Going Foward in AGN/PFE Deal Will Be Path Forward Pfizer (PFE) Chooses - RBC

RBC Capital analyst Randall Stanicky offered some more commentary on Allergan (NYSE: AGN)/Pfizer (NYSE: PFE) after a call with noted tax expert Bob Willens. Stanicky said the most important data point going forward in their view will be to see what course of action PFE chooses

Bob Willens sees... More

Unusual 11 Mid-Day Movers 4/5: (SEED) (INVT) (ICPT) Higher; (AGN) (GBSN) (DRYS) Lower

Origin Agritech Limited (Nasdaq: SEED) 43.0% HIGHER; annoucned that it and DuPont Pioneer, the advanced seed and genetics business of DuPont, entered a commercial licensing agreement to develop new seed technologies for Chinese farmers. This combined effort will contribute to the modernization of Chinas agriculture system and improved food security, which the government has set as priorities.

Inventergy Global, Inc. (Nasdaq: INVT) 34.1% HIGHER; reported the following for FY15: Revenue of $4,888,302 for the twelve months ended December 31, 2015, up 580%... More

Obama urges Congress to take action on corporate tax reform

WASHINGTON (Reuters) - U.S. President Barack Obama on Tuesday urged Congress to take action to stop U.S. companies from taking advantage of tax loopholes that allow them to avoid paying taxes.

"When companies exploit loopholes like this... it sticks the rest of us with the tab... More

President Obama to speak on inversions at 12:15PM

President Obama to speak on inversions at 12:15PM

Pfizer (PFE), Allergan (AGN) deal appears likely to be dead - CNBC's Faber

Allergan (NYSE: AGN), Pfizer (NYSE: PFE) deal appears likely to be dead, according to CNBC's David Faber.

Pre-Open Stock Movers 04/05: (VRX) (MRVL) (ICPT) Higher; (PSUN) (AGN) (NATI) Lower (more...)

Pacific Sunwear (NASDAQ: PSUN) 40% LOWER; to seek Chapter 11 bankruptcy - report

Allergan plc (NYSE: AGN) 17.4% LOWER; new efforts from the U.S. Treasury to curb inversions threatens Pfizer merger.

Valeant Pharmaceuticals (NYSE: VRX) 16.6% HIGHER; announced that the ad hoc committee of the board of directors believes that its review of various Philidor and related... More

Buy Allergen (AGN) at $220 Regardless of Deal Outcome - Leerink

Leerink Partners analyst, Jason Gerberry, weighed in on the PFE-AGN and recommends buying shares of Allergen (NYSE: AGN) at the $220 level, where they are currently trading premarket regardless of the outcome of the deal. No change to Outperform rating or $340 price target.

The US Treasury update takes direct aim at the PFE-AGN deal and includes provisions that threaten the inversion status of the deal.... More

After rally, earnings gloom takes hold on Wall Street

By Noel Randewich

(Reuters) - Wall Street fell sharply on Tuesday as investors took gains off the table following a recent rally and ahead of an upcoming quarterly reporting season that is expected to reveal sharply lower earnings.

Following a 13-percent surge over the past seven weeks, the S&P 500 declined 1.01 percent, with all 10 sectors down and a sharp drop in pharmaceutical company Allergan.

It was the S&P's first decline in six sessions, leaving the index flat for 2016.

As S&P 500 companies hand in their first-quarter reports over the next several weeks, average earnings... More

Treasury Action More than a Wrinkle for Pfizer (PFE)/Allergan (AGN) Deal - Jefferies

Jefferies analyst Jeffrey Holford said the new Treasury action looks like more than just a wrinkle for the Pfizer (NYSE: PFE)/Allergan (NYSE AGN) merger.

Holford commented, "Yesterday's Treasury action is expected to have a significant impact on the PFE/ AGN merger, potentially derailing it. Management has yet to fully evaluate the situation. Investors may hope for clarity on the separation of GEP if the deal is dead, but we are not so sure that this will be... More

New Treasury Action Could Block, or Significantly Change Pfizer (PFE)/Allergan (AGN) Deal - BMO Capital

BMO Capital analyst Alex Arfaei weighed in on Pfizer (NYSE: PFE) after the U.S. Treasury and the IRS issued temporary and proposed regulations to further reduce the benefits of and limit the number of corporate tax inversions.

"We believe that the most relevant proposal for the PFE + AGN merger is the action to 'limit inversions by disregarding foreign parent stock attributable to recent inversions or acquisitions of U.S. companies.'," the analyst said. "For the purposes of computing the ownership percentage when determining if an acquisition is treated as an... More

Allergen (AGN) Trading Below Standalone Value Following New Treasury Action - RBC

RBC Capital analyst Randall Stanicky weighed in on Allergen (NYSE: AGN) after Treasury issued aggressive new inversion regulations and proposed earnings stripping.

Stanicky said the main focus is on the regulation aimed at targeting companies that avoid section 7874 by acquiring companies over a short period of time (in this case three years) so that foreign stock related to purchases of American companies would be excluded from the ownership calculation when determining how deals would be treated for deals. He said earnings stripping is less of a surprise and has been... More

Allergan (AGN), Pfizer (PFE) Comment on U.S. Treasury Action; Won't Comment on Potential Impact

Pfizer Inc. (NYSE: PFE) and Allergan plc (NYSE: AGN) issued the following statement regarding the recently issued Department of Treasury Notice:

We are conducting a review of the U.S. Department of Treasurys actions announced today. Prior to completing the review, we wont speculate on any potential impact.

Dollar touches 17-month low vs. yen as stocks slump

By Chuck Mikolajczak

NEW YORK (Reuters) - The dollar fell on Tuesday to touch its weakest level against the yen since October 2014 and stock markets worldwide slumped as economic data out of Europe and the United States prompted a retreat from riskier assets.

The Japanese currency, often sought in times of market turmoil or economic uncertainty, strengthened. Bank of Japan Governor Haruhiko Kuroda, speaking to parliament on Tuesday, stressed his readiness to expand monetary policy, such as pushing interest rates further into negative territory.

Wall Street followed declines across Europe and Asia. The MSCI All-World Index... More

After-Hours Stock Movers 04/04: (PFE) Higher; (PSUN) (AGN) (TSLA) Lower (more...)

Pacific Sunwear (NASDAQ: PSUN) 28.5% LOWER; to seek Chapter 11 bankruptcy - report

Allergan plc (NYSE: AGN) 19.5% LOWER; new efforts from the U.S. Treasury to curb inversions threatens Pfizer deal. The Treasury and the IRS are taking action to reduce the ability of companies to avoid taxes through earnings stripping.

National Instruments (Nasdaq: NATI) 8.7% LOWER;... More

Pfizer (PFE) Conducting Review of U.S. Treasury Notice, Won't Speculate on Potential Effect - Bloomberg, Citing Spokeswoman

Pfizer (NYSE: PFE) Conducting Review of U.S. Treasury Notice, Won't Speculate on Potential Effect - Bloomberg, Citing Spokeswoman

UPDATE: Allergan (AGN) Pressured After U.S. Treasury, IRS Seek to Reduce Benefits of Inversions

(Updated - April 4, 2016 5:26 PM EDT)

Allergan (NYSE: AGN) was pressured post-market Monday after the U.S. Treasury and IRS issued temporary and proposed regulations to further reduce the benefits of and limit the number of corporate tax inversions.

The stock declined 12%.

Allergan (AGN) Slammed on New U.S. Treasury Inversion Action; Pfizer (PFE) Higher

Pending merger partners Allergan (NYSE: AGN) and Pfizer (NYSE: PFE) are trading in opposite directions following... More

Wall Street pulls back after recent rally

By Caroline Valetkevitch

(Reuters) - U.S. stocks ended weaker on Monday, pulling back from a recent rally that took them to new 2016 highs, as losses in commodity-related and industrial shares offset gains in healthcare.

The S&P materials sector fell 1 percent after copper prices touched their lowest in a month, while energy shares slipped with oil prices.

"What we're seeing is some classic bullish fatigue setting in. Oil and other commodities are all in pullback mode ... and investors are very focused on commodities because they led on the way up," said Adam... More