Today - Friday, November 27, 2015
- Toshiba (OTCPK:TOSYY) is considering selling part of its semiconductor business to raise financing in response to a drawn-out accounting scandal, WSJ reports.
- The company is weighing the sale of a stake in the chip arm via a stock-market listing or a transaction with another firm.
- Previously: Toshiba reveals $1.3B in impairment charges, further shaking investor trust (Nov. 13 2015)
- Hgihpower International (NASDAQ:HPJ) says it received a non-binding investment proposal from Anshan Co-Operation offering $101.7M in exchange for controlling interest in three subsidiaries.
- The proposal involves the purchase of newly issued shares of Shenzhen Highpower Technology Co., Springpower Technology Co. and Icon Energy System, the three subsidiaries in the People's Republic of China wholly-owned by HPJ.
- Monday is the FDA's PDUFA date for its review of Repros Therapeutics' (NASDAQ:RPRX) New Drug Application (NDA) for lead product candidate Androxal (enclomiphene citrate) for the treatment of men with low testosterone due to secondary hypogonadism, a condition caused by insufficient stimulation of the testes by the pituitary gland.
- The agency canceled November 3rd's Ad Comm meeting stating that outside expert advice was no longer needed, a good sign.
- Previously: PDUFA goal date is November 30 for Repros' enclomiphene citrate (April 15)
8:20 AM| 8:20 AM | Comment!
- Target (NYSE:TGT) reports a "successful" start to its Black Friday weekend, including "unprecedented" results on its website and a strong turnout in stores on Thanksgiving Day.
- TGT says top selling Black Friday items so far include Apple iPads, gaming consoles including Nintendo Wii U, TVs, Beats Solo 2 headphones... and stuffed teddy bears.
- TheStreet.com reports findings generally consistent with TGT's commentary, based on 10 visits to Target stores on Long Island yesterday, but that crowd sizes at TGT's openings were not quite as large as those seen at competitors J.C. Penney (NYSE:JCP) and Best Buy (NYSE:BBY).
- Micro cap KaloBios (NASDAQ:KBIO) is up 80% premarket on increased volume. The stock rocketed from a low of $0.44 on November 16 to a high of $45.82 five days later after an investor group led by Martin Shkreli bought 70% of the outstanding shares. Shares retraced almost 60% to $18.40 before rallying again.
- Previously: Martin Shkrelli new chief of KaloBios; up to $13M in funding committed (Nov. 20)
- Previously: KaloBios -47% as it says it's shutting down (Nov. 13)
- Rio Tinto (NYSE:RIO) says it plans to spend $US1.9B (A$2.6B) on a redesigned expansion of a major bauxite project in Australia's Queensland state, confirming a project that has been expected for three straight years but deferred by the Rio board.
- Rio, already the world’s biggest supplier of bauxite into China, aims to capture an expected surge in demand by developing its Amrun project, the biggest investment approved by the company's board this year.
- Rio says Amrun, formerly known as South of Embley, would open in 2019 and initially churn out 22.8M metric tons/year of bauxite.
7:38 AM| 7:38 AM | Comment!
- Lannett (NYSE:LCI) finalizes its $1.23B acquisition of Kremers Urban Pharmaceuticals from Brussels, Belgium-based UCB S.A.
- The company expects to provide updated fiscal 2016 guidance in mid-December. The combined firm generated pro forma revenues of more than $800M for the 12-month period ending June 30, 2015.
- Previously: Lannett to buy Kremers Urban Pharmaceuticals for $1.23B; shares up 16% premarket (Sept. 2)
7:25 AMMesoblast's mesenchymal stem cell product receives favorable reimbursement in Japan; market launch set for early 2016
- Regenerative medicine firm Mesoblast (NASDAQ:MESO) announces that Japan's National Health Service has established reimbursement for its TEMCELL (MSC-100-IV) mesenchymal stem cell product for the treatment of acute graft versus host disease (aGVHD) after an allogeneic bone marrow transplant (BMT). Market launch will commence in February by licensee JCR Pharmaceuticals.
- The approved dosing regimen is eight doses of 2M cells/kg delivered as an IV infusion. For patients with persistent symptoms beyond four weeks, an additional 2M cells/kg may be administered each week for four more weeks.
- The reimbursement is 868,680 yen or $7,079 per bag of 72M cells. The average adult is expected to receive 16 to 24 bags so the total reimbursement will be about 13.9M to 20.8M yen or $113,000 to $170,000.
- According to the CDC, there are ~30K allogeneic BMTs performed each year worldwide, 8,900 in the U.S. Half will develop aGVHD.
- The company expects to complete enrollment in its U.S.-based 60-subject Phase 3 study assessing MSC-100-IV (remestemcel-L) in pediatric patients this quarter. Top-line results should be available in Q3 2016. If successful, a Biologics License Application (BLA) will be filed by the end of 2016.
- China plunged 5.5% overnight on probes of the country's two largest brokerages for securities violations. Hong Kong fell 1.9%, and the Nikkei 0.3%.
- Europe however is little-changed, and are U.S. stock index futures.
- The 10-year Treasury yield is down two basis points to 2.21%, gold is off $5 per ounce to $1,065, and oil is lower by $0.95 per barrel to $42.09.
- ETFs: SPY, QQQ, DIA, SH, SSO, SDS, VOO, IVV, UPRO, PSQ, SPXU, TQQQ, SPXL, RSP, SPXS, QID, SQQQ, QLD, DOG, DXD, RWL, UDOW, EPS, SDOW, DDM, VFINX, BXUB, QQEW, QQQE, SPLX, SFLA, BXUC, QQXT, SPUU, LLSP, UDPIX, OTPIX, RYARX
- German pilots union Vereinigung Cockpit is confident it can come to a deal that will allow it to take part in a round table discussions organized by Lufthansa (OTCQX:DLAKY) management to defuse tensions over job and growth prospects.
- Lufthansa asked unions representing the pilots, cabin crew and ground staff to the meeting on Dec. 2 but the pilots' union initially said it was unlikely to take part in the talks because of legal concerns.
- "Since then, management has approached us to overcome these legal hurdles," VC said in an internal document seen by Reuters.
- Related: Lufthansa cabin crew union calls off strike (Nov. 25 2015)
- Related: Lufthansa hopes to resume operations after longest-ever strike (Nov. 13 2015)
- Toyota (NYSE:TM) outsold Volkswagen (OTCQX:VLKAY) for the fourth straight month in October to remain the world's top-selling automaker after sales at the German company slumped following its diesel emissions scandal.
- Toyota's group vehicle sales totaled 8.35M from January to October, more than the 8.26M vehicles delivered by Volkswagen during the same period. Toyota has now continuously outsold its arch-rival on a year-to-date basis since July.
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