Biogen (BIIB) Approves $5B Stock Buyback Program

Biogen's (BIIB) Big Moves Signal Future Sale

July 21, 2016 1:11 PM EDT

Biogen (NASDAQ: BIIB) made a number of key changes Thursday and that has investors thinking a takeover could be in the company's future. The speculation has shares up over 7%.

First, Biogen announced that long-time CEO, George Scangos, is stepping down. Also, major... More

Biogen (BIIB) Announces 3 Major Changes to Get the Stock Moving Higher - BMO Capital

July 21, 2016 8:44 AM EDT

BMO Capital analyst M. Ian Somaiya weighed in on Biogen (NASDAQ: BIIB) noting 3 major change were announced this morning to get the stock moving higher:

1) departure of CEO, George Scangos,

2) major cost cutting initiatives that led to 2016 non-GAAP EPS guidance being raised to $19.70-20.00 from... More

Scangos Retirement May Be Precursor to Big M&A Plans at Biogen (BIIB) - Leerink

July 21, 2016 8:24 AM EDT

Leerink Partners analyst Geoffrey Porges weighed in on Biogen (NASDAQ: BIIB) after the company reported earnings, announced a $5bn share buyback as well as the retirement of CEO George Scangos.

"We expect BIIBs stock to be modestly higher following these results, but... More

Biogen (BIIB) Tops Q2 EPS by 53c; CEO Scangos to Step Down

July 21, 2016 7:00 AM EDT

(Updated - July 21, 2016 7:02 AM EDT)

Biogen (NASDAQ: BIIB) reported Q2 EPS of $5.21, $0.53 better than the analyst estimate of $4.68. Revenue for the quarter came in at $2.89 billion versus the consensus estimate of $2.79 billion.

Buyback Plan:

Biogen also announced that its Board of Directors authorized a program to repurchase up to $5 billion of the Companys common stock. Biogen currently expects that purchases will be executed over the next three years. This share repurchase program is in addition to the approximately 1.3 million shares remaining under Biogen's February 2011 share repurchase... More

Trading Radar for 7/21: GM (GM), Chipotle (CMG), AMD (AMD), Starbucks (SBUX), Pandora (P), Visa (V), Travelers (TRV) Report

July 20, 2016 2:39 PM EDT

The Trading Radar highlights key earnings and economic announcements for the next trading session:

Before Markets Open:
Economics:
8:30am EDT

Initial Claims - Street sees 265kContinuing Claims - no Street consensusPhiladelphia Fed - Street sees 5.0

9:00am EDT

FHFA Housing Price Index - no Street consensus

Earnings:

ABB Ltd. (NYSE: ABB) - consensus EPS $0.26
Adeptus Health (NYSE: ADPT) - consensus EPS $0.51
Alaska Air Group (NYSE: ALK) - consensus EPS $2.07... More