A vast 'forest lab' in Britain is being pumped full of carbon dioxide in a bid to determine just how effective trees are at absorbing greenhouse gases when exposed to the predicted levels of 2050. Matthew Stock reports. Subscribe: http://smarturl.it/reuterssubscribe More updates and breaking news: http://smarturl.it/BreakingNews Reuters tells the world's stories like no one else. As the largest international multimedia news provider, Reuters provides coverage around the globe and across topics including business, financial, national, and international news. For over 160 years, Reuters has maintained its reputation for speed, accuracy, and impact while providing exclusives, incisive commentary and forward-looking analysis. http://reuters.com/ https://www.facebook.com/Reuters https://plus.google.com/u/0/s/reuters https://twitter.com/Reuters
Activist investor Carl Icahn disclosed a ???large position??? in Allergan (AGN) Tuesday morning.
Carl Icahn appears to be a big fan of Brent Saunders. After Icahn was instrumental in placing his favorite CEO at the top of Forest Labs before it was acquired by Actavis several years ago - a deal which made then Forest Labs investor Carl Icahn hundreds of millions in profit - the billionaire investor is now doubling down on Saunders, and moments ago the billionaire investor announced that he has acquired a "large position" in Allergan, and confirms he is "very supportive of CEO Brent Saunders." Does this mean that Allergan, whose stock recently tumbled after the Pfizer deal was terminated due to Congressional intervention, is once again back in play? From the release: May 31, 2016 We have recently acquired a large position in Allergan and are very supportive of CEO Brent Saunders. We were instrumental in bringing Brent on board as the new CEO of Forest Labs a few years ago and worked cooperatively and constructively with him to help increase value for all Forest shareholders. Less than a year later Forest was acquired by Actavis (which subsequently merged with Allergan) resulting in massive gains for Forest shareholders. While we at that time disposed of our position in Forest, we still have always maintained great respect for Brent. We have every confidence in Brent’s ability to enhance value for all Allergan shareholders. AGN stock is loving it.
Pfizer has an enterprise value of $221 billion. Allergan has an enterprise value of $160 billion. The two companies combined would have a joint EV of nearly $400 billion and a market cap of well over $300 billion. That would make a potential merger between the two the largest M&A deal in history, while a "mere takeover" of Allergan by Pfizer would still rank it as the fourth largest deal in history and the largest deal in a year that is shaping up as a record for M&A. And, according to the WSJ, such a deal may be just a few months if not weeks away. To wit: Drug makers Pfizer Inc. and Allergan PLC are considering combining, in what would be a blockbuster merger capping off a torrid stretch for health care and other takeovers. Pfizer recently approached Allergan about a deal, according to people familiar with the matter, with one of them adding that the process is early and may not yield an agreement. Other details of the talks are unclear. Allergan currently has a market capitalization of $112.5 billion, meaning that a deal for the company could be the biggest announced takeover in a year that is already on pace to be the busiest ever for mergers and acquisitions. Granted, this won't be the first time the two pharmaceutical behemoths have been said to consider merging, although it would be the first time for Allegan in its current iteration which is a combination of Forest Labs, Watson, Warner Chilcott, Actavis and, of course Alergan; furthermore this time may be also different when one considers the recent last gasp surge in deal announcements, which is nothing more than an attempt by companies to lock in their near all time high stock prices as a merger currency, while debt is still debt. Will the deal pass regulatory scrutiny? If enough palms are greased, sure. More complex would be the whole tax-avoidance issue: "A tie-up with Allergan could also be a way for New York-based Pfizer to lower its corporate tax rate. Allergan is based in Dublin, which has a significantly lower tax rate than the U.S." What is more interesting will be whether the Fed will observe what would be the mother of all mergers, and finally grasp the magnitude of the mother of all equity bubbles that it has blown. Alas, the answer will once again be a resounding now, even when this debt-funded deal leads to the CEOs becoming richer than their wildest dreams, and leads to the prompt pink slipping of several tens of thousands of workers on both sides. Simply because when the bubble is this big, there is no more stopping it. Finally, for those interested, here is a list of all the largest M&A deals to date courtesy of CityAM:
Allergan's (AGN) supplemental new drug application seeking approval for a single-dose regimen of its antibiotic Dalvance is under review in the U.S.
Shares of Freeport-McMoRan Inc. (FCX) surged 9.97% on the announcement that two of Icahn's nominees will join Freeport's board.
Allergan plc (AGN) expects revenues to cross $8 billion in the second half of 2015 and achieve double-digit top-line growth post Teva deal.
Allergan (AGN) acquires central nervous system focused company, Naurex, to boost mental disorder portfolio.
Earlier today we observed that in a world in which central banks have implicitly banned risk with their actions over the past 7 years, hedging long exposure is meaningless (and when central banks do lose control, a few shorts will have zero impact when the market is simply shut down and all trades or liquidations are promptly banned) and as a result hedge funds are set to underperform the S&P500 for the 7th year in a row. Yet riding on the laurels of a business model that is no longer relevant, many still are fascinated to analyze and over-analyze the holdings of hedge funds at any given time: just observe the frenzy that surrounds 13-F release day 45 days after the end of any given quarter (especially when it comes to central bank 13-F filings, such as those by the Swiss National Bank). So for all those who need validation that they are part of a big hedge fund hotel club, which implicitly means there are few if any incremental fast money buyers left, and wish to know the top hedge fund holdings, here is a list of the 50 stocks which according to Goldman "matter the most" to hedge funds, the stocks which appear among the largest 10 holdings of hedge funds. There are few surprises in this list which traditionally sees very little changes among the top 20 holdings, but what is most notable is that as of June 30, AAPL (nor FB) is no longer the most beloved stock by the hedge fund community. These have both been replaced with the latest pharmaceutical serial acquirer of companies, and a stock which has seen the activist presence of both Carl Icahn (via Forest Labs) and Bill Ackman (via Valeant), Allergan which is now the stock that has the largest number of funds with AGN as a top 10 holding. As noted above, this means that with virtually everyone in the Allergan pool, the stock will likely only go down from here, especially if hedge funds suddenly find themselves in liquidation mode and have to sell their biggest winners or most liquid holdings. What about on the other end: the 50 stocks most shorted by hedge funds? The answer is shown below, and what we find surprising is that as of June 30, DIS was the stock which Goldman estimates had the largest value of hedge fund short interest. Which perhaps explains the recent media meltdown and why two weeks ago, Disney along with other content providers, suffered a historic - and long overdue according to many - plunge. Source: Goldman
Actavis (ACT) will be reporting first quarter 2015 results on May 11.
As we look at John Boehner and what he has accomplished as speaker, or rather not accomplished, I believe he is the most "do-nothing" Speaker of the House in history. Recently he opened the 114th Congress by using more taxpayer dollars to call for the repeal of Obamacare/Affordable Care Act...again, for the 56th time! Is Boehner right? Should Obamacare/ACA be repealed? Maybe. However, in the five years the Republicans have had to work on a replacement or suggestions for the ACA, they have come up with nothing but a nine page document that neither funds healthcare nor tells how many people it would serve. Some facts Boehner should consider: Fact 1: Millions of Americans have signed up for the ACA. If repealed, millions would lose their health insurance. Any serious illness would cause many people to face bankruptcy or death because of lack of care. Fact 2: Insurance companies are for the ACA because their profits have increased substantially since it was signed into law. In addition, hospitals that were going bankrupt because people couldn't pay their bills are now becoming more financially stable. Fact 3: Many Republican governors are beginning to see the value of supporting the Medicaid Expansion and the ACA. Some facts voters should consider: Fact 1: Prior to the passage of the ACA, (December 10, 2008) Boehner bought numerous health insurance company stocks, including tens of thousands of dollars in Cardinal Health, Cigna, and Wellpoint, according to Peter Schweitzer, author of Throw Them All Out: How Politicians and Their Friends Get Rich Off Insider Stock Tips, Land Deals, and Cronyism that Would Send the Rest of Us to Prison. Boehner also purchased shares in the Big Pharm companies Amgen, Johnson & Johnson, Forest Labs, Covidien, and Pfizer." At least two of those stocks -- Cardinal Health and Wellpoint -- are up over 100 percent since Boehner's investment. Pfizer is up over 50 percent. None of the stocks is down. This "insider trading" was considered illegal, but Congress struck down that law for them. Fact 2: He has voted to repeal the ACA numerous times, tried to sue Obama when ACA was not implemented fast enough and now is threatening to sue Obama again. Fact 3: As leader of the House, he has not shown that he can lead. Boehner cannot bring his caucus together nor get any reasonable legislation passed. The Republicans continue to fight amongst themselves while the far right extremists inadvertently destroy the Party; and therefore our country's two-party democracy. Fact 4: Instead of sending a good budget to the Senate, Boehner sent a bill to secure our homeland with amendments that he knows won't pass the Senate nor be signed by Obama. Through these actions he is jeopardizing our national security. Fact 5: With Congress' approval rating at 13 percent, his legacy is being tarnished by his continual groveling to lobbyists and rich donors, his total disregard for his Ohio constituents, and disregard for the needs of the country. Fact 6: Boehner frequently golfs with lobbyists, and sleeps in a plush two-bedroom apartment rented for him by John Milne, a Beltway lobbyist. He has shown he will do anything to win an election and retain his position as speaker. Fact 7: He recently invited Israeli Prime Minister Benjamin "Bibi" Netanyahu to address Congress behind President Obama's back. Boehner's actions were out of line and could provoke a rift between Israel and America. While both Israel and the U.S. are opposed to the visit, it is still scheduled. Fact 8: Boehner continues to say: "I'm not qualified to debate the science over climate change...But, I am astute enough to understand that every proposal that has come out of this administration to deal with climate change involves hurting our economy and killing American jobs." 98% of scientist disagrees. Fact 9: A true effort put towards reversing the effects of climate change and global warming would increase jobs, decrease unemployment, and help the American economy. Building wind farms, doing research to discover new energy sources, etc. are just some of the ways jobs would be created. Fact 10: Boehner along with other Republicans continue to block funding to rebuild our infrastructure. By blocking the funding, they are actually costing Americans good paying jobs while making the US less competitive in the world market. Republicans do not like to raise taxes but, as elected officials, the Republicans need to put what's best for the country in front of their party mantra. A small gas tax would fund this project, not increase the deficit, and put millions to work. Fact 11: In Boehner's state of Ohio: • 42% of Ohio's roads are in poor or mediocre condition. • Driving on roads in need of repair costs Ohio motorists $1.685 billion per year in extra vehicle repairs and operating costs - $212 per motorist. • 9.1% of Ohio bridges are considered structurally deficient. • 15.9% of Ohio bridges are considered functionally obsolete. • 45% of Ohio's major urban highways are congested resulting in wasted time and additional fuel costs for motorists. You've now read through a series of facts. Did Ohio make the right choice when they elected Boehner? Is he really serving the people? Or, Is John Boehner really the most "do-nothing" Speaker of the House in history? As a "Speaker of the House" is he helping our country by revisiting the same issues over and over rather than moving forward? As a "Speaker of the House" is he helping the country by trying to sue a two time elected President multiple times? As a "Speaker of the House" is he helping by interfering in world affairs? As a "Speaker of the House" is he helping by holding on to old Republican ideas rather than creating progressive ones? We the people must demand more of our elected officials. We must vote for candidates that will work together and move our country forward rather than hold it back. Until then, expect more of the same from Boehner and his colleagues.
Actavis' (ACT) fourth quarter results surpassed expectations by a wide margin.
Actavis (ACT) is scheduled to report fourth-quarter 2014 results before the opening bell on Feb 18.
Actavis (ACT) to divest U.S. rights of Doryx brand to Mayne Pharma, to boost focus on core areas.
Piper upgrades Forest Labs (FRX -0.2%) to Overweight from Neutral. Price target is $67.Morgan Stanley cuts AbbVie (ABBV -3.3%) to Equalweight from Overweight.Leerink downgrades Solta Medical (SLTM) to Market Perform from Outperform.Stifel cuts Puma Biotechnology (PBYI -0.8%) to Hold from Buy.Chardan starts Rockwell Medical (RMTI +3.2%) at Buy. Price target is $22.JMP starts Chelsea Therapeutics (CHTP +5.5%) at Market Outperform. Price target is $8. Post your comment!
"According to usually knowledgeable people, AstraZeneca (AZN) has been running the numbers on a takeover bid for Forest Labs (FRX)," FT says.AZN's advisers reportedly gained preliminary board approval for a cash offer then subsequently met with top execs at FRX, although the talks "might have already stalled following a recent surge in FRX's shares," Bryce Elder says, again citing "well-informed types."Some wonder however, why FRX would have announced Project Rejuvenate if the company were planning on selling itself. "If FRX is looking to get bought, why take such a deep dive into boosting share value?" FierceBiotech's Damian Garde asks. Post your comment!
Goldman lifts its target on Forest Laboratories (FRX -0.1%) to $65 from $55.Analyst Jami Rubin is "encouraged by the rapidity and extent of [FRX's] aggressive new plan which arrives sooner and goes further than expected."Rubin lifts FY15 and FY16 EPS estimates to $2.72 and $3.21 respectively, and adjusts Goldman's model to reflect "$500M in cost savings by FY16, $400M in accelerated share repurchases, $1B in debt to be raised, [and] Saphris peak sales of $350M in FY20." Post your comment!