EpiPen, shmEpiPen. Don't let Mylan's (MYL - Get Report) 2015 debacle over pricing of its life saving auto-injector EpiPen deter you from owning the stock. Heather Bresch's company saw its shares jump 5% to $43.66 Tuesday, after Morgan Stanley upgraded its rating on the stock and said the drugmaker is "well positioned" to gain share in the U.S. generics market. The comments come as Mylan proves it has a strong suite of products in the pipeline and as its competitors have stumbled-yes, stumbled more than Mylan. Teva Pharmaceutical Industries Ltd. (TEVA - Get Report) , for instance, the top player in the generics market, is restructuring, having announced in December its plan to cut 14,000 jobs globally, or more than a quarter of its staff, over the next two years. Meanwhile, the U.S. generic pill business of Novartis AG (NVS - Get Report) unit Sandoz, which is the No. 3 player, was reported by Reuters last month to be readying a sale process, while "No. 8 player Apotex has faced leadership challenges," Morgan Stanley said. As for Mylan and the EpiPen issue: Ethics, schmethics, unless you can't keep your wallet away from your heart.
Target (TGT - Get Report) is changing things up to better compete against rivals Walmart (WMT - Get Report) and Amazon (AMZN - Get Report) . The Minneapolis-based big box chain is joining the two-day shipping club and will remodel 300 additional stores in 2018, the company announced Tuesday, March 6, at its annual financial community meeting. Target said it's making progress on its $7 billion turnaround plan announced last year, growing its capital investment to over $3 billion this year. Imminent updates include an expanded curbside pickup service from 50 to 1,000 stores, same-day delivery of in-store purchases through its latest acquisition, Shipt, free two-day shipping on "hundreds of thousands" of items, more store remodels and a higher minimum hourly wage of $12 for store associates.
Target agreed to acquire Shipt Inc. for $550 million in all cash transaction in December. Still, Amazon and Walmart have also been active on the deal front, so Target's capital deployment strategy changes will need to bear fruit in the coming months or the company will have to remain aggressive on the M&A path. Target said Tuesday that it posted a 2.6% comparable sales uptick and exceeded Wall Street's forecasts for total sales. However, Ebit margin slipped from 6.5% to 5.1% in Q4, compared with the same period a year earlier, due to higher fulfillment costs and price investments, the company said.
Wondering what ever happened with the Ripple-Coinbase discussion? TheStreet has the latest on the crushing blow the nascent crypto currency was dealt today, as Coinbase quelled rumors it was in talks about adding the currency to its exchange platform. Sure, it was one of the hottest currencies to start the year, but Ripple's XRP, which is the third-largest cryptocurrency by market cap, fell more than 11% to 94 cents on Tuesday. Since the start of the year, XRP has fallen about 60%.
This is an excerpt from "In Case You Missed It," a daily newsletter brought to you by TheStreet. Sign up here.
Photo of the day: 20 years down the road, The Dude rolls on
On March 6, 1998, "The Big Lebowski" premiered in theatres to mixed reviews. A slow start at the box office wouldn't slow down the film, starring Jeff Bridges as "The Dude," from rising to prominence in the eyes of the American public. Though the film only grossed $17 million in the U.S., according to Box Office Mojo, eventually, the movie would blossom into a cult classic showing replays at theaters across the country. Today, one of the hottest movie theatre plays in the stock market is Cinemark (CNK - Get Report) , whose stock has risen more than 20% year-to-date after posting strong fourth quarter numbers. Read more
Read more from "In Case You Missed It." Sign up here.