Investment Banking & Brokerage

CVS Caremark (NYSE: CVS) has announced a new PBM President in Per Lofberg and Morgan Stanley (NYSE: MS) expects share prices to react positively to this news. Lofberg has over 30 years of relevant experience, including at Medco (NYSE: MHS) which was spun off by Merck (NYSE: MRK). In addition, the...

OncoGenex Pharmaceuticals has announced its global license and collaboration agreement with Teva (NASDAQ: TEVA) to develop and commercialize OGX-011. The agreement makes OncoGenex eligible for $60 million upfront and up to $370 million in milestone payments related to regulatory targets, apart from...

Atlantic Equities reduced its Q4 revenue estimate for Goldman Sachs (NYSE: GS) to $9.3bn from $11.6bn and EPS estimates to $5.3 from $6.0. The fall in revenues by 25% in Q4 can be attributed to a sharp slowdown in fixed income and equity trading activities. The recent slowdown has left Goldman’s...

Rochdale Securities' Dick Bove is saying that Goldman Sachs (NYSE: GS) will be the subject of a cautious story in the upcoming edition of Bloomberg magazine. Bove says the story will attack Goldman Sachs for how it uses various strategies and tactics to avoid taxes.

• Pfizer (NYSE:PFE) purchased rights to Athersys' (NASDAQ:ATHX) stem-cell therapy for treatment of inflammatory bowel disease • Terex (NYSE:TEX) plans to sell its mining business for $1.3 billion in cash to Bucyrus International (NASDAQ:BUCY) • Sanofi-Aventis (NYSE:SNY) said it agreed to buy...

The Board of Directors of E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) today announced that it has named Lead Independent Director Robert Druskin Chairman and interim Chief Executive Officer of the Company effective December 31, 2009. Mr. Druskin, who has served on E*TRADE FINANCIAL Corporation’s...

Analysts at Morgan Stanley (NYSE: MS) have rated Celgene Corporation (NASDAQ: CELG) as overweight. The main catalyst for this view is trial results of Revmilid in post transplant settings. Celgene also may reap benefits of pomalidomide’s potential in refractory myeloma. Celgene is focused on the...

UBS AG (NYSE: UBS) has hired Patrick Mortimer, a former Morgan Stanley (NYSE: MS) US prime-brokerage head, to oversee hedge-fund relationships. Patrick will join as a senior relationship manager in the bank’s prime brokerage unit, the unit that loans securities and cash to hedge funds. Mortimer...

Goldman Sachs (NYSE: GS) is upbeat about Accenture’s (NYSE: ACN) prospects as leading indicators confirm an improved environment. The macro background and IT spending environment are also favorable. Accenture has increased its pipeline and headcount plan for 2010, apart from seeing an increase in...

U.S. stocks closed sharply lower Thursday as a tepid forecast from bellwether FedEx and Citigroup’s decision to sell stocks at a steep discount hurt investor confidence.  As risk aversion gained ground, dollar jumped to a three month high against the euro and ended slightly higher against the yen...

Chicago based Peak6 Investments' Chief Strategist Jud Pyle appeared on CNBC's Worldwide Exchange this morning saying he believed that the commodity sector would lead the market higher today. He also indicated that we could see some strength in the financial sector (NYSE: XLF). Pyle singled out...

• UBS (NYSE:UBS) began coverage of Bank of America (NYSE:BAC) with a "buy" rating after the company named Brian Moynihan as its new CEO • General Mills (NYSE:GIS) posted fiscal second quarter earnings of $1.54 a share, versus Zacks estimates of $1.45 a share on sales of $4.08 billion. Citing first...