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ANI Pharmaceuticals, Inc. latest news:
LPC: US loan issuers lean on bond market to refinance parts of jumbo loans
US companies with rocky histories in the leveraged loan market, including vitamin and supplement retailer GNC Holdings Inc (GNC), weight loss company Weight Watchers International (WTW) and specialty drug maker Valeant Pharmaceuticals International, are turning to the high-yield bond market to help refinance large existing loans, sources said.
Teva's stock drops after J.P. Morgan downgrades to rare bearish rating
Shares of Teva Pharmaceutical Industries Ltd. shed 2.2% in premarket trade Monday, after the generic drug maker was downgraded at J.P. Morgan to a rare bearish rating, citing concerns over the U.S. generics business and growing debt levels. Analyst Chris Schott cut his rating to underweight, after being at neutral the past 10 months. Only 6% of companies covered by J.P. Morgan analysts have an underweight rating. "While admittedly Teva shares have been under pressure (down 68% in 2017 and 16% since 3Q results), we see an extended road to recovery and no clear fundamental inflection in sight given ongoing challenges in the company's U.S. generics business (which we do not see growing until 2019), Copaxone generic competition, and growing levels of leverage (>5x in 2018 based on our estimates). Last week, Fitch Ratings downgraded Teva's credit rating in "junk" territory. Teva's stock has underperformed its peers and the broader market by a wide margin, as the SPDR S&P Pharmaceuticals ETF has gained 5.7% year to date and the S&P 500 has climbed 15%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Apellis Pharma, Sogou enjoy gains in their trading debut
The latest two companies to make their trading debut this week were enjoying initial stock gains Thursday. Apellis Pharmaceuticals Inc. , a clinical-stage biotech, was trading up 1.4% after pricing at the midpoint of their range. The company sold 10.7 million shares to raise about $150 million. Apellis shares are trading on Nasdaq under the ticker symbol "APLS". Separately, Chinese search engine Sogou Inc. saw its shares gain 5% in early trade. The company priced its IPO at $13 a share, the top end of its $11 to $13 range. The company sold 45 million shares to raise $585 million. Shares are listed on the New York Stock Exchange under the ticker symbol "SOGO". The S&P 500 was last down 0.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Eli Lilly to cut 3,500 jobs after part of cost cutting plan
Eli Lilly & Co. said it will cut about 3,500 jobs, or about 8.3% of its global workforce, as part of a streamlining plan aimed at cutting costs by $500 million a year. The drug giant expects most of the job cuts to come in the U.S. from a voluntary early retirement program, which it expects to be mostly completed by the end of the year. Other workforce reductions are expected to come from streamlining moves, including site closures. Lilly expects to record charges of $1.2 billion, or 80 cents a share, in the third and fourth quarters of 2017. The company plans to use the cost savings to improve its cost structure and reinvest in its business. "The actions we are announcing today will result in a leaner, more nimble global organization and will accelerate progress towards our long-term goals of growing revenue, expanding operating margins and sustaining the flow of life-changing medicines from our pipeline," said Chief Executive David Ricks. The stock, which slipped less than 0.1%, has gained 9.5% year to date through Wednesday, while the SPDR S&P Pharmaceuticals ETF has rallied 8.9% and the S&P 500 has tacked on 10%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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