Posts for Ticker ‘BAX’

Today’s Best Market Rumors (10/1/2009) (GE)(NKE)(BAC)(CSCO)

newspaperUpdated throughout the day.

Update: RADVision (RVSN) is trading down over 33% on rumors that the Cisco (CSCO) buyout of Tandberg will cost it nearly 40% of its revenue.  (Morgan Keegan)

Update:  Friday’s unemployment numbers will be bogus  (RealClearMarkets)

GE (GE) may or may not be talking to Comcast (CMCSA) about buying all or part of NBC Universal. Time Warner (TWX) was also identified as a potential bidder. (FT)

Inside candidates at Bank of America (BAC) may be out of luck if they hope to get the job of departing CEO Ken Lewis. Larry Fink, the head of Blackrock (BLK), and former Merrill Lynch President Greg Fleming may be in the running.  (NYPost)

Hershey (HSY) will not make a bid for Cadbury (CBY)  (WSJ)

Baxter International (BAX) may be the next buyout target in pharma.  (The Deal).

Collins Stewart analyst Sandeep Aggarwal thinks a number of private internet companies will go public or be bought including Digg, Twitter, Facebook, LinkedIn, Glam, Zillow, eHarmony, and Yelp  (Barron’s)

AOL’s (TWX) advertising business is losing money on an EBITDA basis.  (Clusterstock)

CIT (CIT) is about to offer a massive debt exchange offer to its bondholders. (NYTimes)

Disgraced football player and dog fight lover Michael Vick may be re-signing with Nike (NKE)  (CNBC)  Update: Nike denies the rumor.

Douglas A. McIntyre

Posted on: October 1, 2009 – 9:13 am in Rumors, , , , , , , , , , ,

Biotech & BioHealth Business Daily (PFE, MRK, BAX, BDSI, SPPI, GNBT, AVII, CEGE, BBH, GILD, LLY, SNY, BMY, OSIP)

Here are some of today’s top stories affecting key drug and biotech stocks, accompanied with links through to more detailed information and analysis at BioHealthInvestor.com:

New short-interest data suggest traders are now increasing their directional bets against biotech stocks. Pfizer Inc. (NYSE: PFE) and Merck & Co. (NYSE: MRK) are in the top 10 of all large-cap stocks with the greatest increase in the number of shares shorted.

Eli Lilly has the FDA’s OK to market its Effient blood thinner, but the black-box warning on its label is so strong that it’s hard to believe it can dent the market share of the Sanofi Aventis (NYSE: SNY)/ Bristol Myers Inc. (NYSE: BMY) drug Plavix.

OSI Pharmaceuticals Inc. (Nasdaq: OSIP) announced new data from its Phase III Saturn study of Tarceva, and it’s likely an incremental positive for the cancer drug over rival Eli Lilly & Co.’s (NYSE: LLY) drug Altima.

-The 24/7 Wall St. Team

Posted on: July 13, 2009 – 10:25 am in Biotech, Drug companies, Medical, , , , , , , , , , , , , ,

Top Early Bird Analyst Upgrades & Downgrades (BIDU, BAX, CCL, IBM, LDK, MSFT, SPWRA)

money-stack-imageThese are the top big analyst calls from Wall Street we have seen very early this Friday morning with over two and a half hours until the market opens:

Baidu (BIDU) Started as Underweight with $244 target at HSBC.
Baxter (BAX) Started as Buy at BofA/Merrill Lynch.
Carnival (CCL) Raised to Outperform at Wachovia.
Hershey (HSY) was named as a Top Pick at Citigroup.
IBM (IBM) Started as Outperform at Cowen.
LDK Solar (LDK) Cut to Neutral at UBS.
Microsoft (MSFT) Added to Goldman Sachs Conviction Buy List.
SunPower Corp. (SPWRA) Raised to Buy at UBS.

Jon C. Ogg
June 19, 2009

Posted on: June 19, 2009 – 6:02 am in Analyst Calls, , , , , , ,

More Problems With Heparin, More Problems For Baxter (BAX)?

Baxter (NYSE: BAX) is probably retaining more lawyers. So far nineteen people have died from tainted Heparin, a blood-thinner. BAX is one of the largest marketers of the drug.

According to The Wall Street Journal, France, Italy and Denmark recalled the drug yesterday. The trouble is more wide-spread than previously thought.

The ingredients which cause the health problems appear to be made in China.

The question is why Baxter did not have closer look at a medicine used in heart surgery and dialysis.

Douglas A. McIntyre

Posted on: March 26, 2008 – 5:35 am in Pharmaceuticals,

Biotech Movers & Shakers (FOLD, BAX, CYTK, DSCO, HALO, IMCL, SGEN)

Amicus Therapeutics (NASDAQ: FOLD) had a late afternoon surge, up 7% to $10.73. The 52 week range is $9.00 to $18.22.

Baxter International (NYSE: BAX)—contaminant in recalled Heparin identified by the FDA today. Shares rose slightly to $58.18 in response to board approved $2 billion stock buyback program. maybe it’s a major drug stock, but this has been a pending issue for some time.

Cytokinetics Inc. (NASDAQ: CYTK) up almost 10% to $3.38 today; annual report filed last week.

Discovery Laboratories Inc. (NASDAQ: DSCO) up over 10% today to $2.38 on a late afternoon rise on no new news.

Halozyme Therapeutics, Inc. (NASDAQ: HALO) up 23% today to $6.06 on heavy late afternoon trading volume and no news. Halozyme dipped earlier this week due to downgrades.

ImClone Systems (NASDAQ: IMCL) showed little response to upgrades in anticipation to cancer clinical trial data. Shares inched up $0.20 to $43.30.

Seattle Genetics Inc. (NASDAQ: SGEN) upgraded by RBC Capital Markets and noted for strong research platform. Up 4% to $8.70. The 52-week range is $7.20 to $3.44.

Rachel Lopez
March 19, 2008

Posted on: March 19, 2008 – 3:56 pm in Biotech, , , , , , ,

Media Digest 2/19/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Toshiba will drop its HD DVD format.

Reuters reports that Blll Gates said Microsoft (MSFT) will target web search with or without Yahoo! (YHOO)

Reuters writes that RIM (RIMM) has sued Motorola (MOT) over patent issues.

Reuters writes that Exxon (XOM) is willing to enter talks with Venezuela but will continue its fight to be paid for assets.

The Wall Street Journal writes that Credit Suisse (CS) has cut the value of its asset-backed securities by $2.85 billion.

The Wall Street Journal reports that Ambac (ABK) will try to raise $2 billion.

The Wall Street Journal writes that a rival of Baxter (BAX) has started to supply a drug to replace heparin which has been tainted by supply quality problems in China.

The Wall Street Journal reports that problems in the auction-rate securities market may lead to higher financing costs for some institutions.

The Wall Street Journal reports that Martha Steward (MSO) will buy certain assets from Emeril.

The Wall Street Journal writes that Taiwan Semiconductor (TSM) will begin to build chips designed by Sun (JAVA).

The Wall Street Journal writes that Verizon’s (VZ) roll-out of HDTV is being delayed by a shortage of settop boxes.

The Wall Street Journal writes that banks and investment houses may have to write down as much as $15 billion in LBO debt.

The Wall Street Journal writes that big media companies want a larger part of video games based on their shows.

The New York Times writes that Wall St. is bracing for another wave of write-downs.

The New York Times writes that China inflation rose 7.1% in January, the largest increase in a decade

The New York Times writes that Delta (DAL) and Northwest (NWA) are close to closing a merger.

The FT writes that banks have quietly borrowed $50 billion from the Fed in the last few weeks.

Bloomberg writes that the second half 2007 profits at Barclays (BCS) fell 21% on write-downs.

Douglas A. McIntyre

Posted on: February 19, 2008 – 4:08 am in Press Digest, , , , , , , , , , , , , , ,

US Drugs: A “Made In China” Label (BAX)

The uproar about Heparin, a widely-used drug marketed by Baxter International (NYSE: BAX), is just beginning. As The Wall Street Journal writes "Baxter said the active ingredient for its heparin was supplied by Scientific Protein Laboratories with a manufacturing facility there and a joint-venture operation called Changzhou SPL in Changzhou, China." Tainted heparin has been blamed for four deaths and a larger number of illnesses.

The FDA claims it does not have the inspection capacity to monitor drug components made at facilities around the world and China is one of the largest supplier nations. So, what is to be done?

First and foremost, the companies which make the drugs should be required to provide their own inspections, using specific FDA guidelines, on a regular schedule. The results of these efforts should be forwarded to the FDA for approval. This would require less manpower on the agency’s part than trying to cover the world’s drug supply on its own.

The drug companies would argue that this will be costly and will squeeze margins. That is too bad. The medical community and patients should be able to assume that the pharmaceuticals which they use are safe, no questions asked. Product liability suits are probably more expensive than inspection costs.

Beyond these effort, the FDA should require that every medication, prescription or over-the-counter, carry a label if its has any components which come from facilities in China. If doctors and patients want to make medical decisions based on those labels, then let it be so, even if the treatments are not available from any other source.

Douglas A. McIntyre

Posted on: February 16, 2008 – 11:06 am in Pharmaceuticals,

Media Digest 2/152008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Citigroup says UBS (UBS) may face another $18 billion in write-downs this year.

Reuters writes that Alan Greenspan says the US is on the edge of recession.

Reuters writes that the credit crunch looms large for small business.

Reuters reports that Microsoft (MSFT) has shaken up the team that runs its online business.

The Wall Street Journal write that Citigroup (C) has barred withdrawals from a hedge fund which made a big bet on corporate loans.

The Wall Street Journal writes that Baxter Internatioal (BAX) is focusing on a plant in China for problems with its drug Heparin.

The Wall Street Journal writes that demand for grain is producing a boom for the agricultural industry.

The Wall Street Journal writes that Gannett (GCI), Hearst, New York Times (NYT) and Tribune are creating an online ad-sales network that will include more than 120 papers

The Wall St Journal writes that Gov Spitzer gave bond insurers a few days to work out their problems.

The New York Times writes that muncipalities are feeling the credit crunch.

The New York Times writes that its flagship paper will lay-off 100 people.

The New York Times writes that the market for auction-rate securities is frozen.

The FT writes that big banks have been advised to walk away from big buy-outs even if they have to pay fees to do so.

Douglas A. McIntyre

Posted on: February 15, 2008 – 4:13 am in Press Digest, , , , , ,

Baxter (BAX) Takes On Mattel’s (MAT) Mantle

Mattel (NYSE: MAT) may have feared it would wear the China "kick me" sign forever. Until Baxter (NYSE: BAX) came along.

The new poster boy for not keeping an eye on China suppliers has pulled its blood-thinning drug heparin off the market. The headline in The Wall Street Journal says it all: "China Planted Tied To Heparin". Reading the rest of the story is a waste of time, except for trial lawyers.

The Baxter debacle in China is yet another example of the fact that US companies will not invest money in policing their suppliers in the big Asian nation. The FDA was supposed to inspect the facility which makes the active ingredient in heparin. They did not. But, that hardly absolves Baxter of its own responsibility, especially because the drug is used in so many critical hospital procedures.

Earlier this week Baxter said it would stop production of the drug because of "reports of hundreds of allergic reactions and four deaths among the drug’s users." Baxter attorneys and management will now spend weeks preparing to testify in front of Congressmen who have recently been practicing on Roger Clemens. The FDA is also likely to be beaten like a red-headed mule.

The easy excuse for companies like Baxter is that th FDA is undermanned and companies need the agency’s help to keep an eye on China suppliers. Behind that is the reality. Baxter, and firms like it, allow products to be produced in China to save money. Unfortunately, that savings extends to not adequately monitoring what the Chinese do.

Baxter will now get its turn in the gauntlet

Douglas A. McIntyre

Posted on: February 14, 2008 – 5:35 am in China, ,

Media Digest 2/14/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Yahoo! (YHOO) is in talks with News Corp (NWS) about an M&A deal but analysts say it is unlikely to work.

Reuters writes that Paulson thinks the US economy will not go into recession.

Reuters writes that NY governor Spitzer says bond insurance problems could become market tsunami.

Reuters says that UBS (UBS) said 2008 would be a tough year and that it has more write-down exposure.

Reuters reports that Air France/KLM would probably make an investment in a Delta (DAL) merger with Northwest (NWA).

The Wall Street Journal writes that a plant in China is being linked to problems with Baxter’s (BAX) Heparin drug

The Wall Street Journal reports that banks are trying to get Congress to allow the federal government to take on some of the risk of their home loans.

The Wall Street Journal writes that Comcast (CMCSA) has eliminated most of the pay of founder Ralph Roberts as a reaction to shareholder pressure.

The Wall Street Journal reports that Microsoft (MSFT) will replace the head of its mobile unit.

The Wall Street Journal writes that Baidu’s (BIDU) net income was up 79%.

The Wall Street Journal reports the US government has approved the sale of Clear Channel.

The Wall Street Journal reports that OPEC may back Venezuela in a dispute with Exxon (XOM) but is unlikely to cut production.

The New York Times writes that Hewlett-Packard (HPQ) has settled a spying case with several journalists.

The New York Times writes that Google’s (GOOG) efforts to market a handset operating system is drawing competition.

The FT writes that municipalities are having problems rasing money because of the debt crisis.

The FT reports that Singapore will be the largest investor in a $6 billion fund being put together by private equity firm TGP. The fund will invest in troubled financial firms.

Douglas A. McIntyre

Posted on: February 14, 2008 – 4:19 am in Press Digest, , , , , , , , , , , ,

Baxter (BAX) Bleeds Patients Further

Heparin, made Baxter International (NYSE: BAX) is one of the most widely used blood thinners in the world.

Today’s disclosure that the U.S. Food and Drug Administration said it never inspected a Chinese facility that made the active ingredient of heparin. That makes Baxter the medical equivalent of Mattel (NYSE: MAT). Wall St. really has to ask why a company as large as Baxter cares so little about its reputation, the safety of millions of patients, and the value of it shares. By the same token, it has done trial lawyers a significant service.

According to The Wall Street Journal "on Monday, Baxter announced that it had temporarily suspended production of heparin because of about 350 reactions potentially tied to the drug, including four deaths, primarily in patients undergoing kidney dialysis and heart surgery." In recent years the drug has gained ground for the prevention of blood clots for patients who are a bed rest.

Baxter made a decision to use a facility in China instead of the US even though the big Asian country has a reputation for exporting unsafe and unregulated products.It is only fair to ask why the firm would exercise such poor judgment given the manner in which the drug is used.

It will be nice to see the Baxter management before Congressional committees in the coming weeks. Baxter staff will also be out in force at the annual tort lawyers convention in Las Vegas.

Douglas A. McIntyre

Douglas A. McIntyre

Posted on: February 13, 2008 – 6:57 pm in Pharmaceuticals,

Top 10 Pre-Market Analyst Calls (BAX, BRK/A, BRK-A, EAT, GU, HTX, INFY, ISRG, SAT, SBUX, WIT)

These are not the only impact analyst calls this Tuesday, but these are the ones 247WallSt.com is focusing on in early pre-market trading:

  • Baxter (BAX) raised to Buy from Hold at Citigroup.
  • Berkshire Hathaway (BRK-A) started as HOLD at Citigroup.
  • Brinker (EAT) downgraded to Underweight from Hold at Keybanc.
  • Gushan Environmental Energy (GU) started as Buy at Soleil.
  • Hutchison Telecom (HTX) raised to Buy from Sell at Citigroup.
  • Infosys (INFY) raised to Overweight from Equal-Weight at Lehman.
  • Intuitive Surgical (ISRG) downgraded to Market Perform from Outperform at Wachovia.
  • Satyam Computer (SAY) raised to Overweight from Underweight at Lehman.
  • Starbucks (SBUX) raised to Neutral from Sell at Banc of America.
  • Wipro (WIT) raised to Overweight from Underweight at Lehman.

Jon C. Ogg
January 8, 2008

Posted on: January 8, 2008 – 7:44 am in Analyst Calls, , , , , , , , , , ,

Pre-Market Stock News (August 16, 2007)

(AMGN) Amgen announced 12-14% layoffs and lowered guidance for 2007.
(ANX) ADVENTRX Pharma announces fast track designation granted by the FDA for CoFactor for treatment of metastatic colorectal cancer.
(AUXL) Auxilium Pharma receivef FDA clearance to resume clincal trials for XIAFLEX for the treatment of Dupuytren’s contracture.
(BAX) Baxter awarded pandemic advanced supply contract from Deptartment of Health.
(CFC) Countrywide Financial tapped an $11 Billion line of credit.
(CPHD) Cepheid entered into a 5 year agreement with Northrop Grumman for the purchase of anthrax test cartridges.
(CRM) Salesforce.com trading down 1% today after posting $0.03 EPS vs $0.01 est.
(EL) Estee Lauder $0.45 EPS vs $0.50 est.
(FCTR) First Charter to be acquired by Fifth Third Bancorp for $31.00 per share.
(FLO) Flowers Foods $0.24 EPS vs $0.23 est.
(FLR) Fluor won a contract from Toshiba International for engineering, procurement and construction-related services for two nuclear power plants.
(FTD) FTD Group $0.36 EPS vs $0.28 est.
(GGBM) GigaBeam received an order for four WiFiber links from a new partner that is establishing a metro ethernet network in Los Angeles.
(GRMN) Garmin noted as an immune growth stock in a crummy market.
(JCP) J.C.Penney $0.78 EPS vs $0.78 est.; sees Q3 $1.28 EPS vs $1.43 est.
(KFT) Kraft Foods is considering selling off its cereals unit according to WSJ.
(LMS) Lamson & Sessions enters into $27.00 merger and a $0.30 special dividend as it will become part of TNB-Thomas & Betts.
(MCO) Moody’s may be in trouble with Congress over failures to warn over CDO ratings and risk activities.
(MGPI) MGP Ingredients $0.10 EPS vs $0.14 est.
(NAPS) Napster in marketing pact with Maxfield’s MP3 player in Germany.
(NBF) Nova Biosource Fuels will acquire a biodiesel refinery in Iowa with a 10 million gallon per year capacity.
(QCOM) Qualcomm’s ex-CEO noted that the suits could cost the company over $2 Billion in revenues if all the terms stand.
(SPAR) Spartan Motors chassis unit received a $53 million subcontract order from BAE Systems.
(SUNW) Sun Micro in free download of StarOffice suite at the Google Pack site.
(TTWO) Take-Two Interactive has received a Wells Notice from the SEC.
(WFMI) Whole Foods announced it is extending its offer for Wild Oats.
(WW) Watson Wyatt $0.71 EPS vs $0.67 est.

Jon C. Ogg
August 16, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: August 16, 2007 – 7:35 am in Pre-Market Activity, , , , , , , , , , , , , , , , , , , , , , , ,