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Canaccord Genuity on Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), and Vivus (NASDAQ:VVUS)

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Apple supplies enthusiasts, Microsoft files complaint, and Vivus treads water.

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A PR rep for China Railway Construction said the estimates "greatly exaggerated" the use of unlicensed software. The statement read, "We do not rule out the possibility some subsidiary units may have used unauthorized software, but it certainly is not such a large proportion. The company attaches great importance to this matter, and we are holding an internal inquiry." According to a report by the Business Software Alliance released earlier this month, China's illegal software market was worth almost $9 billion last year, versus the legal market of less than $3 billion.

Vivus (NASDAQ:VVUS): Shedding Market Cap.

Shares of Vivus were deeply under water after the company stated that European regulators were leaning against approving its new diet drug Qsiva, formerly known as Qnexa. A formal decision is expected in October. Vivus said if European regulators recommend against approval at that time, it will either resubmit its market application or appeal the decision. Qsiva was finally approved by US regulators in July after initially being rejected over safety concerns.

Vivus's President Peter Tam said the committee raised questions on both the drug's safety and efficacy, as well as the company's risk minimization plans. Commenting on the news, an analyst at Cowen and Co. stated, "The largest impact on Vivus is that it may remove at least some of the acquisition premium assigned by some investors, since a lack of ex-US revenue makes an acquisition by a large pharma less likely, albeit possible."

Editor's note: For more information on Canaccord Genuity, click here.
No positions in stocks mentioned.
Canaccord Financial and its affiliated companies may have a Corporate Finance or other relationship with the companies mentioned and may trade in any of the Designated  Investments mentioned herein either for their own account or the accounts of their customers, in good faith and in the normal course of market making. The authors have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Corporate Finance activities, or to coverage herein.
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