Halister News

(Bloomberg) -- TherapeuticsMD indicated $5.01-$5.15 pre-market vs $4.80 prev. close after Oppenheimer analyst Jay Olson raised the stock to outperform from market perform and assigned PT $10 on the reasonable probability of positive news at TXMD’s FDA meeting on TX-004HR; an update is expected around July 14.

• Says the elimination of the 25 mcg dose is a positive as the remaining 4 and 10 mcg doses both provide essentially no systemic exposure to estrogen
• Encouraged by the recent North American Menopause Society (NAMS) position statement because it supports TX-004HR vs higher dose competitors
• Assigns 60% probability that TXMD resubmits the drug by July 31 with a potential FDA approval by Sept. 29 in the best case
• NOTE: June 19, TherapeuticsMD FDA Meeting Seen as ’Accommodating’: Jefferies
  • June 16, TherapeuticsMD Rises After FDA Meeting on TX-004HR; No Update aasf
  • May 8, TherapeuticsMD Fails to Win FDA Approval for TX-004HR

To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Brad Olesen

(Bloomberg) -- “We act like we know exactly how it’s going to happen, but we don’t,” JPMorgan Chase & Co. Chairman Jamie Dimon says at conference in Paris. 

• “We’ve never had QE like this before. We’ve never had unwinding like this before”
• Central banks want to provide certainty but “you can’t make things certain that are uncertain”
• Reversal of monetary policy by selling securities in the marketplace “could be a little more disruptive than people think”

To contact the reporter on this story: Cindy Roberts in Zurich at croberts100@bloomberg.net To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net Neil Callanan

(Bloomberg) -- HBSC prefers frontier markets where macro fundamentals appear to be in the process of turning around “in a positive manner” and where the sovereign bond risk premium “is still quite high,” Andre de Silva and other emerging market rates research analysts write in a report dated July 10. 

• These are Argentina, Egypt and Sri Lanka, and to a slightly lesser extent, Vietnam
  • Argentina: economic reforms have already led to significant outperformance of local and external debt
    • Reforms are expected to continue, and the credible inflation targeting by the central bank underlines our bullish stance on local currency debt
  • Egypt: favors local government bonds after some encouraging progress on IMF sponsored reforms, in particular with relation to FX adjustment
    • Recognizes signs that inflationary momentum may be fading
  • Sri Lanka: central bank has moved to inflation targeting and a flexible currency regime while the government’s focus has turned towards fiscal consolidation, following a reform program agreement with the IMF in June 2016
    • “We therefore also have long position in 10-year Sri Lanka government bonds”
• See attractive opportunities in external sovereign debt in several of these markets, among them Argentina, Costa Rica and Dominican Republic
• Remain cautious on Nigeria, Pakistan and Mongolia.

--With assistance from Tugce Ozsoy. To contact the reporter on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.net