Monday, October 8, 2012

VIVUS Inc Jumps On New Data (VVUS, PRGS, CAT, BLK, RTN)

VIVUS, Inc.(NASDAQ:VVUS) shares soared 11% to $20.58 after Bloomberg Industries claims the prescription insurer payment rate for the company's Qsymia obesity drug rose 500 bps to 36% in its second week of availability. Vivus had previously suggested the initial coverage rate would be minimal. Also, Vivus has added Express Scripts to Qsymia's home delivery pharmacy network. Qsymia, the first FDA-approved once daily combination therapy and the first new medication available in 13 years for the treatment of obesity, was made available September 17.

Will VVUS Continue To Rise? Find Out Here

Progress Software Corporation(NASDAQ:PRGS) stock plunged 13.04% to $18.68 after the company announced that Jay Bhatt plans to step down as President and Chief Executive Officer (CEO) and as a Director to pursue another leadership opportunity. Mr. Bhatt will continue in his roles at the Company until December 7, 2012. The Progress Board of Directors has initiated a search process and retained an executive search firm to identify a new President and CEO, and Mr. Bhatt will assist the Board in its search process to ensure a smooth transition. Phil Pead, Non-Executive Chairman of the Board of Directors, has been appointed Executive Chairman of the Board, effective immediately.

Caterpillar Inc.(NYSE:CAT) shares fell 0.22% to $85.24 in the early hour. The company will release 2012 third-quarter financial results at 6:30 a.m. Central Time on Monday, October 22, 2012.

Additionally, the company announced to maintain the quarterly cash dividend of $0.52 per share of common stock, payable November 20, 2012, to stockholders of record at the close of business, October 22, 2012.

BlackRock, Inc.(NYSE:BLK) stock increased 0.93% to $189.13 after Citigroup upgraded shares of BlackRock from a neutral rating to a buy rating in a report issued today. They currently have $220.00 target price on the stock, up from their previous target price of $190.00. Additionally, analysts expect that BlackRock will post $13.15 EPS for the current fiscal year.

Raytheon Company(NYSE:RTN) stock fell 0.23% to $55.35 after the company announced that it has received a $349 million five-year, multi-year contract to provide heavy anti-tank, wireless precision-assault missiles for the U.S. government. Under this contract, Raytheon will deliver 6,676 of the new wireless TOW (tube-launched, optically tracked, wireless-guided) missiles that receive commands from the gunner through a wireless guidance link, eliminating the wire connection in early generations of the missile.

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