Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA)
Teva Pharmaceutical Industries is having a rough start to the trading session today. Early on, news with regard to restructuring and a possible asset sale sent the stock downward. Throughout the day, the stock has remained in the red. However, things are likely to go from bad to worse here soon as new news comes down the wire. Below, we’ll talk about what we’re seeing from TEVA, the new news, and what we’ll be watching for ahead.
What We’re Seeing From TEVA
As mentioned above, today hasn’t been the best of days in the market for Teva Pharmaceutical Industries. In fact, when the opening bell rang, the stock was already trading in the red due to restructuring concerns and the possibility of an asset sale. Throughout the day, the stock has been on a slow, yet steady downward path. At the moment (10:43), TEVA is trading at $32.82 per share after a loss of $1.53 per share (4.45%) thus far today.
New Developments Are Likely To Make Things Worse
As is usually the case, our partners at Trade Ideas were the first to alert us to the downward movement on TEVA. As soon as they did, the CNA Finance team started digging to see what was causing the movement. We quickly found the news of restructuring and a possible asset sale, but decided to keep this on our radar as it felt like more news was coming. We’re glad we did.
Minutes ago, HAARETZ, a highly trusted Israeli news outlet released a big story on Teva Pharmaceutical Industries. According to the outlet, the company is being investigated by Israeli police on suspicion of bribery. Yesterday, the same type of investigation was announced surrounding KTOV, a stock that is down more than 20% and halted today.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on KTOV. In particular, we’ll be watching for more news surrounding the investigation, as we are sure that this is going to be a hot topic in the days, weeks, and possibly months ahead. We’ll keep a close eye on the news and bring it to you as it breaks.
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UPDATE: We have received a few emails asking why we haven’t spoken about the CEO stepping down yet. This was news that was included in the restructuring mentioned in the first paragraph. However, for those of you looking for more details, CEO Erez Vigodman has resigned from TEVA. This follows a string of questionable and costly acquisitions and delayed drug launches. His resignation is part of sweeping structural changes to the company.
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