Traders Watch: Novartis AG (ADR) (NYSE:NVS), BlackBerry Ltd (NASDAQ:BBRY) And Encana Corporation (USA) (NYSE:ECA)
Dallas, Texas, 09/29/2014 (ustrademedia) – Encana Corporation (USA) (NYSE:ECA) has on Friday, announced a secondary offering with PrairieSky Royalty. The offer is for 70,200,000 common shares of PrairieSky priced at $36.50. The gross proceeds are approximately at $2.6 billion for the offer. The basis of the offer is the ‘bought deal basis’ via syndicate of underwriters led by TD Securities Inc, CIBC, BMO Capital Markets as well as RBC Capital Markets. Currently, Encana no longer holds any interest in Prairie Sky. President of Encana, Doug Suttles related that by creating the PrairieSky, Encana has unlocked great value from royalty business. At the same time, it has closed the secondary offering successfully marking the success of the strategy that fell into place in late November. Encana Corporation (USA) (NYSE:ECA) announced the securities of Prairie Sky registration as per US Securities Act of 1933, is pending.
BlackBerry Ltd. (NASDAQ:BBRY) CEO offered a positive note on Friday, when he announced that the company would report higher software revenue this fiscal. BBRY, the CEO reported will double next year from the present $250 million. He reiterated that the loss reported this quarter was an early sign, and it would resolve this by the end of the quarter. The loss reported in the second quarter, was $207million and EPS of $0.39, higher than the previous quarter which reported $965million loss and EPS of $1.84. CEO commented that the focus on software, instead of a secured hardware is expected to see Blackberry a better player this fiscal.
Novartis AG (ADR)(NYSE:NVS) noted that Signifor LAR presentation before EU is imminent following the Committee for Medicinal Products for Human Use(CHMP) recommendation. NVS made Signifor LAR approval in the EU was for its first-of-a-kind SSA. The drug is used to treat Acromegaly; as Sinifor represents 45% therapy chances as a new line of therapy for the rare degenerative endocrine disorder.