CardConnect Sold for $15 per share

Payments solution company #CardConnect $CCN agreed to be acquired by #FirstData $FDC for $15.00 per share in cash.

The transaction is expected to be modestly accretive to First Data’s EPS in the first full year post-closing

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CardConnect to be acquired by First Data

CardConnect CCN is a provider of payment processing and technology solutions and is one of First Data’s largest distribution partners. It processes approximately $26 billion of volume annually from about 67,000 merchant customers which are served by CardConnect’s large base of distribution partners. CCN closed at $13.65. FDC closed at $16.64.

First Data FDC will commence a tender offer to acquire all of the outstanding CardConnect common stock for a purchase price of $15.00 per share in cash. The aggregate transaction value is approximately $750 million, including repayment of CardConnect’s outstanding debt and the redemption of CardConnect’s preferred stock. First Data intends to fund the transaction with a combination of cash on hand and funds available under existing credit facilities.

First Data Corporation provides electronic commerce solutions for merchants, financial institutions, and card issuers worldwide. It operates through three segments: Global Business Solutions, Global Financial Solutions, and Network & Security Solutions. The Global Business Solutions segment offers retail point-of-sale merchant acquiring and e-commerce services; and mobile payment services and Webstore-in-a-box solutions, as well as its cloud-based Clover point-of-sale operating system. FDC has a market capitalization of $15.3 billion.

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Canada Health approves Intercept’s Ocaliva

Ocaliva represents the first new treatment option in over 20 years for PBC

PBC is a chronic liver disease that causes the small bile ducts in the liver to become inflamed

 

stockwinners.com ICPT

Intercept Pharmaceuticals $ICPT announced that Health Canada has granted a conditional approval for #Ocaliva for the treatment of primary biliary cholangitis, or PBC, when used in combination with ursodeoxycholic acid, or #UDCA, in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA.

In May 2016, the U.S. Food and Drug Administration (FDA) granted accelerated approval for Ocaliva for the treatment of primary biliary cholangitis (PBC) in combination with ursodeoxycholic acid (UDCA).

Intercept is actively pursuing reimbursement of Ocaliva with private insurance carriers and public drug plans across Canada. The firm is pursuing the same across Europe and U.S.

PBC is a chronic, or long lasting, disease that causes the small bile ducts in the liver to become inflamed, damaged and ultimately destroyed. This causes bile to remain in the liver, which damages the liver cells over time, and results in cirrhosis, or scarring of the liver. As #cirrhosis progresses, and the amount of scar tissue in the #liver increases, the liver loses its ability to function.

#Obeticholic acid (abbreviated to OCA, trade name Ocaliva), is a semi-synthetic bile acid analogue. It is used as a drug to treat primary biliary cholangitis, and is undergoing development for several other liver diseases and related disorders. Intercept Pharmaceuticals Inc. holds the worldwide rights to develop OCA outside Japan and China, where it is licensed to Dainippon Sumitomo Pharma.

Ocaliva, given orally, binds to the farnesoid X receptor (FXR), a receptor found in the nucleus of cells in the liver and intestine. #FXR is a key regulator of bile acid metabolic pathways. Ocaliva increases bile flow from the liver and suppresses bile acid production in the liver, thus reducing the exposure of the liver to toxic levels of bile acids.

STICKER SHOCK:  It has been a year since FDA approved Ocaliva but its use has been slow. The drug’s price tag–almost $70,000 a year- has many insurance companies reluctant to approve its use and physicians from prescribing the drug. A group of researchers believe that cost of the drug needs to be around $20,000 per year in order for its use to become popular with patients, physicians and insurance companies. It is doubtful that Intercept is willing to lower its price given the cost involved with developing a new drug. We expect ICPT will be taken over by a larger pharmaceutical company such as NVS, BIIB or AMGN.

COST JUSTIFICATION

“When establishing the price for Ocaliva, we considered several factors, including the benefit that Ocaliva offers to people living with PBC, which of course is an orphan disease for which there have been no new treatments in nearly 20 years,” said the company’s chief commercial and corporate affairs officer, Lisa Bright recently. “We consider the consequences of an inadequate treatment in a progressive liver disease, including . . . liver transplants and death and the savings associated with slowing disease progression.”

STOCK PRICE: ICPT closed at $115.26. Shares have a 52-week trading range of $96.63 – $177.93. Others to watch in the sector: ARWR, ASMB, FGEN.

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Web.com is For Sale

Web.com has held early stage talks with private equity groups

The takeover interest in the company comes as its sector has become crowded

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Web.com is for sale

#Web.com (WEB) is in discussions with private equity firms after drawing takeover approaches, Reuters reports, citing people familiar with the matter.

The takeover interest in the company comes as its sector has become crowded, with competitors such as Wix.com (WIX), Weebly, GoDaddy (GDDY), and Squarespace trying to gain market share, the report notes.

Web.com $WEB has held early stage talks with private equity groups in response to approaches over a possible leveraged buyout, the report says. The company is not actively soliciting bids, the report notes.

Web.com generated $710.5 million in revenue in 2016, compared to $543.5 million the year before. It reported adjusted earnings before interest, tax, depreciation and amortization in 2016 of $179.5 million, up from $155.8 million the year before.

Web.com has been trying to expand into new areas, buying local marketing services firm Yodle last year for more than $300 million.

Web.com’s top shareholder is New York-based hedge fund Okumus Fund Management, which owned 18.64 percent of the company as of March 31. In 2015, the company reached an agreement with Okumus to add two independent directors to its board.

The market for web services to small and medium size businesses remains fiercely competitive, as low barriers to entry and downward pressure on prices have weighed on the profitability of many companies in this space.

GoDaddy, Web.com competitor, has been pursuing acquisitions following its initial public offering in 2015. Private equity firms KKR & Co LP and Silver Lake Partners LP had acquired GoDaddy in 2011 for $2.25 billion before taking it public.

Last year, GoDaddy spent $1.82 billion on buying Host Europe, a company that provides similar web services, in a bid to expand its international expansion.

PRICE ACTION: WEB closed at $21.20. The stock has a 52-week trading range of $12.90 – $22.50.

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Tegna may be a takeover target

Consolidation in Media Companies is underway

Tegna recently spun off Cars.com, CareerBuilder might be next

 

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Tegna (TGNA) may be a takeover target of Nexstar (NXST), Dealreporter says.

#Tegna, formerly known as Gannett, engages in media and digital businesses in the United States.

The company operates in two segments, Media and Digital. It operates 46 television stations that produce local programming, such as news, sports, and entertainment. The company also operates Cars.com, an online destination for automotive consumers that offers information about car shopping, selling, and servicing; CareerBuilder, which provides human capital solutions. The company has a market capitalization of $5.1 billion.

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#Nexstar Media Group $NXST operates as a television broadcasting and digital media company in the United States. It focuses on the acquisition, development, and operation of television stations and interactive community Websites in medium-sized markets. The company offers free over-the-air programming to television viewing audiences. It also provides sales, programming, and other services through various local service agreements to 30 power television stations owned and/or operated by independent third parties. The company has a market capitalization of $2.7 billion.

Media companies in recent months have been looking for mergers to improve their earnings and competition from various internet based media compete for advertisers dollars. YouTube (GOOG) has recently offered a service similar to cable companies for $35 per month. YouTube will take a cut from advertising dollars that are sold on its network.

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Moody’s Downgrades Hong Kong

The announcement follows Moody’s downgrade of China’s rating to A1 from Aa3

The economic and financial linkages between Hong Kong and China are close and broad-based

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#Moody’s Investors Service has downgraded Hong Kong’s local currency and foreign currency issuer ratings to Aa2 from Aa1 and changed the outlook to stable from negative.

The announcement follows Moody’s downgrade of China’s rating to A1 from Aa3 and change in the outlook to stable from negative.

The downgrade in Hong Kong’s rating reflects Moody’s view that credit trends in China will continue to have a significant impact on Hong Kong’s credit profile due to close and tightening economic, financial and political linkages with the mainland.

Hong Kong’s local currency senior unsecured debt ratings are downgraded to Aa2 from Aa1.

The economic and financial linkages between Hong Kong and China are close and broad-based. Combined with political linkages, this means that any erosion in China’s credit profile, such as that reflected in the 24 May downgrade of China’s rating to A1 with a stable outlook, will ultimately affect Hong Kong’s credit profile and will be reflected in the Special Administrative Region’s rating.

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Changes to S&P Indexes

Standard and Poor’s is reshuffling its Indexes

Most Changes will take effect Friday June 2, 2017

stockwinners.com blog#S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600, and S&P 500 indices:

  • IHS Markit $INFO will replace TEGNA $TGNA in the S&P 500,
  • #TEGNA and Cars.com $CARS will move to S&P 400;
  • #J.C. Penney $JCP and #Time Inc. $TIME will move to S&P 600 due to reduced market capitalization;
  • #Tuesday Morning $TUES and #Hornbeck Offshore Services $HOS are kicked out of S&P 600 due to market caps.

TEGNA is spinning off Cars.com in a transaction expected to be completed prior to the open on Thursday, June 1, pending final conditions. Post the spin-off transaction, TEGNA’s market capitalization will be more representative of the mid-cap market space.

Independence Realty Trust $IRT will replace Ultratech $UTEK in the S&P SmallCap 600 effective prior to the open on Tuesday, May 30.

S&P SmallCap 600 constituent Veeco Instruments $VECO is acquiring Ultratech in a deal expected to be completed on or about that date pending final conditions.

S&P 500 constituent Yahoo! $YHOO is expected to convert to a publicly traded, non-diversified, closed-end management investment company, following the expected sale of its operational business to S&P 100 & 500 constituent Verizon Communications $VZ in mid-June. Yahoo! will therefore be ineligible for continued inclusion in the S&P 500 following the sale.

To take advantage of the expected increased liquidity surrounding the quarterly rebalance, S&P Dow Jones Indices will remove Yahoo! from the S&P 500 effective at the open on Monday, June 19 to coincide with the June 2017 rebalance. A replacement candidate will be announced at a later date with sufficient notice to clients.

Fidelity Guarantee Sold for $31.10 Per Share

FGL is a leading provider of fixed indexed annuities and life insurance products

CF Corp. will acquire FGL for $31.10 per share in cash, or a total of approximately $1.84B, plus the assumption of $405M of existing debt

Stockwinners blog on FidelityCF Corporation $CFCO and #Fidelity & Guaranty Life $FGL announced that their boards of directors have each unanimously approved a definitive merger agreement under which CF Corp. will acquire FGL for $31.10 per share in cash, or a total of approximately $1.84B, plus the assumption of $405M of existing debt.

The purchase consideration implies a value of 1.1x adjusted book value as of March 31, 2017.

The investor group, which includes the founders of CF Corp., Chinh Chu, and William Foley, II, funds affiliated with #Blackstone $BX , and Fidelity National Financial $FNF , will invest approximately $900M in common and preferred equity to fund the transaction.

FGL is a leading provider of fixed indexed annuities and life insurance products, with approximately $28B of GAAP Total Assets and approximately $1.6B of adjusted book value.

FGL has grown sales by approximately 10% annually from 2012 to 2016, supported by its long-standing relationships with distribution partners, changing U.S. retirement demographics, and an attractive product value proposition to policyholders. Following the close of the transaction, FGL will continue to be led by its current management team under Chris Littlefield as President and CEO. FGL will remain headquartered in Des Moines, Iowa, and will continue operations from Baltimore, Maryland, and Lincoln, Nebraska.

Messrs. Chu and Foley will serve as executive chairmen of the board, which will be composed of a majority of independent directors. In connection with the transaction, CF Corp. and HRG Group (HRG), FGL’s largest shareholder, have approved a purchase agreement under which CF Corp. will acquire certain reinsurance companies from HRG. The transaction is expected to close in Q4.

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HIV Vaccine Proves 100% Effective

Overall, 27 of 27 vaccinated participants showed a positive response

The study evaluated a four-dose regimen of PENNVAX-GP DNA

ino#Inovio Pharmaceuticals $INO announced that its #HIV vaccine, #PENNVAX-GP, produced amongst the highest overall levels of immune response rates ever demonstrated in a human study by an HIV vaccine.

The vaccine candidate, PENNVAX-GP, consists of a combination of four HIV antigens designed to cover multiple global HIV strains and generate both an antibody immune response as well as a T cell immune response to both potentially prevent and treat HIV.

These preliminary results are from a study supported by the HIV Vaccine Trials Network, or HVTN, and the National Institute of Allergy and Infectious Diseases, or NIAID, part of the National Institutes of Health, or NIH, in collaboration with Inovio.

The study evaluated a four-dose regimen of PENNVAX-GP DNA vaccine administered by intradermal, or ID, or intramuscular, or IM, administration in combination with a DNA encoded immune activator, IL-12, or INO-9012.

Overall, 71 of 76 evaluable vaccinated participants showed a CD4+ or CD8+ cellular immune response to at least one of the vaccine antigens. Similarly, 62 of 66 evaluated participants demonstrated an env specific antibody response. None of the placebo recipients demonstrated either a cellular or an antibody response in the study.

Notably, amongst the participants receiving PENNVAX-GP vaccine and IL-12 with intradermal immunization, 27 of 28 participants demonstrated a cellular response and 27 of 28 demonstrated an HIV env specific antibody response.

Amongst the evaluated participants receiving PENNVAX-GP and IL-12 via IM vaccination, 27 of 27 demonstrated a cellular response and 19 of 21 demonstrated an env specific antibody response. Similar immune responses and response rates were achieved via both ID and IM administration of the vaccine although participants vaccinated via intradermal vaccine administration received 1/5th the dose of vaccine compared to those vaccinated via intramuscular administration.

INO closed at $7.13, last traded at $9.90 in pre-market.

Other shares to watch: $AMGN $BIIB $ABBV $MRK $PFE

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Global Sources Sold for $18 per share

stockwinners com#GlobalSources $GSOL  has entered into an Agreement and Plan of Amalgamation with Expo Holdings and Expo Holdings II, a wholly-owned subsidiary of Parent.

Subject to the terms and conditions set forth each shareholder to receive an amount equal to $18.00 in cash, without interest. The Amalgamation Consideration represents a premium of 50.0% over the company’s closing price of $12.00 per Share on May 22, 2017, the last trading day prior to the date that the Company entered into the Amalgamation Agreement, and a premium of 72.65% to the volume-weighted average closing prices of the Shares during the 30 trading days prior to May 22, 2017.

The Company expects to hold a special meeting of its shareholders to consider and act upon the Amalgamation Agreement and the transactions contemplated by the Amalgamation Agreement as promptly as practicable. Details regarding the record date for, and the date, time and place of, the special meeting will be included in a press release when finalized.

Shares of Global Sources last traded at $17.88.

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GE Receives $15 Billion Contract from Saudi Arabia

Building on its more than 80 years of partnership and experience in the Kingdom, #GE said it has taken significant steps in supporting the delivery of Saudi Vision 2030, announcing this weekend in partnership with the Kingdom a range of Memorandums of Understanding and projects valued at $15B – of which almost $7B are GE technology and solutions – across multiple sectors and partners aimed at creating a truly diverse and sustainable economic platform.

The initiatives touch upon the key pillars within #SaudiVision 2030, focusing on transforming the nation into a global investment leader and geographic hub and the upscaling of industrial skills and capabilities.

Among the projects, GE will help make Saudi power generation more efficient and provide digital technology to the operations of oil firm Saudi Aramco, aiming to create $4 billion of annual productivity improvements at Aramco. It will cooperate in medical research and training.

The agreements also place significant emphasis on human capital development and the digital transformation across multiple sectors, with the expanded application of GE’s Predix platform, which utilizes cloud-based data analytics to better ensure and enhance manufacturing efficiency.

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FDA Approves Puma’s Breast Cancer Drug, Shares Jump

The #FDA said in briefing documents ahead of Wednesday’s advisory panel on #Puma Biotechnology’s breast cancer drug, “In conclusion, the totality of evidence demonstrating the magnitude of activity of neratinib to treat HER2 positive breast cancer across multiple clinical settings, plus the strong neoadjuvant data, provides robust scientific and clinical rationale for proceeding into the adjuvant setting with neratinib.

An unmet medical need exists during the ‘extended adjuvant period’ or the time after standard of care adjuvant therapy with other anti-HER2 therapy has been completed. Patients who have completed their 1 year of trastuzumab adjuvant therapy have no options for further anti-HER2 treatment and enter into a “watch and wait” period. In the interest of being able to turn this time into a period of active anti-HER2 therapy with the intent to provide further improvement in iDFS, neratinib was studied as extended adjuvant therapy in a multicenter randomized, double blind placebo controlled Phase 3 Study 3004 (N=2840) which demonstrated clinically meaningful and statistically significant improvement in iDFS with a manageable safety profile consistent with other approved agents within the class of TKIs targeting EGFR and HER2.

The sponsor believes the totality of the data support approval of #neratinib 240 mg po qd for 1 year in the extended adjuvant setting in order to provide physicians and patients with a new strategic therapeutic option to reduce the rate of recurrence of HER2 positive breast cancer.”

See our earlier blog regarding this stock.

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Blackstone to Launch $40 Billion Investment Fund with Saudi Arabia

#Blackstone $BX to launch $40B infrastructure vehicle, new infrastructure business – Blackstone and the Public Investment Fund of Saudi Arabia announced the execution of a memorandum of understanding in relation to the launch of a new investment vehicle dedicated to infrastructure with an anchor $20B contribution by PIF. Blackstone anticipates that the program will have $40B in total equity commitments in a permanent capital vehicle, including $20B to be raised from other investors.

“The MOU is non-binding and the parties will continue their negotiation to agree definitive documentation… This collaboration between PIF and Blackstone is the culmination of a year’s discussions between the two institutions, which began in May 2016…

Blackstone’s new program will help the United States address its significant need for infrastructure improvement,” Blackstone noted. Overall, through the equity in this vehicle and additional debt financing, Blackstone expects to invest in more than $100B of infrastructure projects, principally in the United States, the company said.

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Russell 2000 Maybe the Canary in the Mine

 

Russell 2000 Technical on Stockwinners.com

The Russell 2000 Index is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. The index is maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group.

The Russell 2000 is by far the most common benchmark for mutual funds that identify themselves as “small-cap”, while the S&P 500 index is used primarily for large capitalization stocks. It is the most widely quoted measure of the overall performance of the small-cap to mid-cap company shares.

The #Russell2000 $RUT has been in a distinct downtrend since hitting a peak of price on April 26. It is in a technically more fragile state on a short time frame than the large-cap indexes.

Pulling back to a 1-year view shows a different perspective, notably on a closing price basis chart. In that case the index has been trapped in a range since late November/early December 2016.

Resistance is easy enough to spot at 1400, a level that has only been briefly breached before selling resumes.

For support on the 1-month time frame it is the 1380 area that is key. A breakdown below 1380 that does not produce a bounce would be a distinct negative technically on a multi-month basis, but not a yearly basis. Next significant support would be at the 1360 area.

If there was a breakdown below 1360, the 1340 area would be the next level of importance. While the index is in a more bearish state on a relatively short time frame, only a break below 1340 that persists below 1340 would break the longer-term uptrend. And even then, a break below 1300 would be needed to snap the multi-year uptrend.

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Coherus Biosciences Could Skyrocket

COHERUS BIOSCIENCES LOGOCoherus Biosciences $CHRS could skyrocket in the next few weeks if it receives FDA’s approval, research firms Credit Suisse and Maxim argue.

BACKGROUND: Coherus Biosciences is a developer of #biosimilars — nearly identical copies of original biologic drugs — whose product pipeline includes #CHS-1701, a biosimilar of Amgen’s $AMGN #Neulasta, and CHS-1420, a biosimilar of #AbbVie’s $ABBV #Humira.

The FDA has set an action date of June 9 for its review of CHS-1701, and while CHS-1420 is further out, #Coherus said in its earnings report last week that it expects a May 17 decision in part of its patent battle with AbbVie.

CREDIT SUISSE SAYS COHERUS COULD DOUBLE OR MORE: Last week, Credit Suisse’s Alethia Young highlighted two “major” catalysts for Coherus over the next two months: The possible invalidation of AbbVie’s “135” patent for Humira — which Young calls the “key dosing patent” that would allow Coherus to launch CHS-1420 before 2022 — and the FDA’s decision on CHS-1701. The analyst thinks the “bigger mover” is the 1701 event and she expects “on-time approval” of the product on June 9, though Young cautions that the lack of an Advisory Committee meeting “lowers the visibility” into the agency’s ultimate decision. The analyst reiterates her Outperform rating on the stock and says it could jump 110%-200% or fall 40%-65% as the above mentioned events play out over the next month. Young’s report builds on an April 19 note in which she forecast a 90% chance of CHS-1701 launching in 2018 and a 75% chance of CHS-1420 launching in the U.S. in 2020, adding that Coherus becomes a likely takeover target if those regulatory and patent decisions are settled in its favor.

MAXIM SEES TRANSFORMATIVE DECISIONS: Maxim’s Jason McCarthy argues today that “the best is ahead” as Coherus approaches the inflection points for 1420 and 1701, either of which he says could be “transformative” for the company. The analyst argues that Amgen’s recent lawsuit to protect a Neulasta patent has a low probability of delaying 1701 commercialization, as Coherus doesn’t use the purification process described by that “707” patent. McCarthy also contends that the AbbVie 135 patent fight chances are “in favor of Coherus” due to the latter’s strong focus on intellectual property.

PRICE ACTION: After gaining nearly 11% since its May 8 earnings report, Coherus is down 2% to $21.90 in Monday’s session.

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Crude Oil Higher on Inventories Draw

The American Petroleum Institute #API reported a draw of 5.789 million barrels in UOil barrels on the price chart backgroundnited States #crude oil inventories, compared to analyst expectations that markets would see a crude oil draw of 1.8 million barrels for the week ending May 5.

#Gasoline inventories rose by 3.169 million barrels, according to the API. A draw of 700,000 barrels was expected. Gasoline inventories continue to build up ahead of summer driving season, as refiners continue to turn crude oil into gasoline above demand for the fuel.

So while crude oil has experienced an overall drawdown over the last couple of weeks, it’s being converted to gasoline, and extra inventories are moving from one side of the refinery to the other. Gasoline inventories have continued to build for four weeks in a row, if the EIA confirms this week’s build on Wednesday.

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