Who gives Fred this advice to disclose all of this information at one time? Pretty insane.

To try to parse it out...
The stock should rise materially on the spin-off announcement, given the losses and unpredictability of discovery.

The stock should rise modestly on the China Excel PharmaStudies acquisition because it catapults PPD to the top of CROs in China. But we don't know how much it cost.

The stock should probably do nothing on the $100 private equity investment. On one hand, I think most shareholders would have rather just received the cash as a special dividend. But, if you look at the resumes of the Celtic Therapeutics partners, you have to be impressed.

The stock should probably do nothing on the EPS number, and the changed guidance is now consistent with analyst estimates, so that is a nonevent

The stock should drop on the weak authorizations and the continued high 37% cancellation rate. However, we need to know more about the five strategic partnering relationships that were closed after the quarter...maybe those are sufficiently material to offset the weak net authorizations. And, the FDA adverse event contract is good news, not in terms of monetary impact but moreso by indicating that PPD is penetrating the FDA, potentially leading to more contracts.