Saying Orexigen Therapeutics (NASDAQ:OREX) now offers a "great entry point," Canaccord Genuity maintains their "Buy" rating on the company.
Canaccord said, "We reiterate our rating and Top Pick designation for OREX. We believe that OREX’s Contrave for obesity will be approved by the FDA in 2011 following what we expect to be a positive FDA advisory committee meeting (ad com) on December 7. We think the current valuation reflects very low expectations and therefore offers a great entry point."
Orexigen Therapeutics closed Tuesday at $5.19, falling $0.40, or 7.16 percent. Canaccord has a price target of $14 on them.
Wednesday, December 1, 2010
Hewlett-Packard (NYSE:HPQ) Sued Over Hurd's Severance Package
An activist investor has sued Hewlett-Packard (NYSE:HPQ) over the severance package paid to former CEO Mark Hurd.
Canaccord said, "The world’s largest computer maker has been sued by an activist shareholder, angered by the departure of former CEO Mark Hurd. In a suit filed with the district court of Delaware, the investor alleges that officials of H-P violated their duties in handling Hurd's ousting, claiming they created “corporate waste” in granting him a pretty severance package. As part of his departure agreement, Hurd was due to receive payment of $12.2 million, plus other benefits that include a pro-rated vesting and settlement of 330,177 restricted H-P shares, company filings show. The investor is seeking further information about this agreement, as well as “monetary relief” on behalf of the company. Hurd resigned as H-P’s Chairman and CEO back in August, after a sexual harassment claim was filed by former adult-entertainment actress Jodie Fisher. Although H-P said it didn’t find that Hurd had violated its harassment policy, he elected to step down, likely on recommendation of his fellow officers. Hurd now works for software maker Oracle (Nasdaq: ORCL) as a Co-President."
Hewlett-Packard closed Tuesday at $41.93, dropping $0.67, or 1.57 percent. Trading volume was about level with the 3-month daily average.
Canaccord said, "The world’s largest computer maker has been sued by an activist shareholder, angered by the departure of former CEO Mark Hurd. In a suit filed with the district court of Delaware, the investor alleges that officials of H-P violated their duties in handling Hurd's ousting, claiming they created “corporate waste” in granting him a pretty severance package. As part of his departure agreement, Hurd was due to receive payment of $12.2 million, plus other benefits that include a pro-rated vesting and settlement of 330,177 restricted H-P shares, company filings show. The investor is seeking further information about this agreement, as well as “monetary relief” on behalf of the company. Hurd resigned as H-P’s Chairman and CEO back in August, after a sexual harassment claim was filed by former adult-entertainment actress Jodie Fisher. Although H-P said it didn’t find that Hurd had violated its harassment policy, he elected to step down, likely on recommendation of his fellow officers. Hurd now works for software maker Oracle (Nasdaq: ORCL) as a Co-President."
Hewlett-Packard closed Tuesday at $41.93, dropping $0.67, or 1.57 percent. Trading volume was about level with the 3-month daily average.
Bank of America (NYSE:BAC) Shouldn't Suffer from Wikileaks Data Says Bove
Commenting on any potential fallout from data released by Wikileaks, Rochdale Securities' Dick Bove said there shouldn't be anything released that hasn't already been heard, and it shouldn't have much impact, if any, on Bank of America (NYSE:BAC).
Julian Assange has even said in general that he has so much data it's hard to release it in a meaningful manner in a way it could be quickly accessed.
That probably affirms Bove's assertion there won't be anything new in the data, although it's sure to stir up a lot of memories, if that's of any consequence.
Bove speculated saying, "It may be that the executive indicated that Bank of America was fully aware of all the write-offs and bonuses at Merrill...," Bove said. "Or, the data may deal with Countrywide's underwriting policies and some type of collusion between the bank and Countrywide related to the issuance of securities. Possibly the "friends of Angelo" may be revealed including Senator Dodd's relationship with the company."
Bank of America closed Tuesday at $10.95, dropping $0.36, or 3.18 percent. Bove maintains a "Buy" rating on the financial giant, and a price target of $19.25.
Julian Assange has even said in general that he has so much data it's hard to release it in a meaningful manner in a way it could be quickly accessed.
That probably affirms Bove's assertion there won't be anything new in the data, although it's sure to stir up a lot of memories, if that's of any consequence.
Bove speculated saying, "It may be that the executive indicated that Bank of America was fully aware of all the write-offs and bonuses at Merrill...," Bove said. "Or, the data may deal with Countrywide's underwriting policies and some type of collusion between the bank and Countrywide related to the issuance of securities. Possibly the "friends of Angelo" may be revealed including Senator Dodd's relationship with the company."
Bank of America closed Tuesday at $10.95, dropping $0.36, or 3.18 percent. Bove maintains a "Buy" rating on the financial giant, and a price target of $19.25.
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