Stocks Look To Open Lower
Stocks appear set to open lower
Friday.
Wholesale prices fell 0.9%, while the
“core” rate of inflation increased 0.2%.
The California Superior Court
reduced the $3 billion punitive damage verdict against Phillip Morris
(
MO |
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$100 million. The judge has agreed to allow the cigarette maker to request a new
trial should the plaintiff reject the $100 million.
President Bush has agreed that some
federal funding should be provided to 60 existing stem cell research lines. The
scientific community viewed this decision with some disappointment as federal
funding is limited only to the lines already created by researchers.
Performance Food Group
(
PFGC |
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PowerRating)
said it would acquire privately held Fresh Express — a company that provides
packaged salad — for approximately $290 million.
AstraZeneca Plc
(
AZN |
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would not list two new U.S. patents for the company’s ulcer drug Losec.
Cablevision
(
CVC |
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by Goldman Sachs to Market Outperform from Recommended List.
Prudential initiated coverage on IDEC
Pharmaceutical
(
IDPH |
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PowerRating) with a Buy and a $70 price target.
Credit Suisse First Boston has reduced
its estimates on BEA System
(
BEAS |
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PowerRating) because of increasing concern that the company
may not meet sequential revenue growth for Q3 and Q4.
Siemens AG
(
SI |
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PowerRating) is mulling over
whether the company will cut its workforce by another 3,000 workers from its
telecommunications division.
The European Union has approved
Bristol-Myers Squibb’s
(
BMY |
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PowerRating) acquisition of Dupont’s drug business.
UTD Therapeutics
(
UTHR |
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that the Cardiovascular and Renal Drugs Advisory Committee of the FDA has
recommended approval of Remodulin injections as a treatment for pulmonary arterial
hypertension. Also, the company reported a Q2 loss of 53 cents a share.
Homestore.com
(
HOMS |
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PowerRating) announced
that it
plans to acquire iPlace Inc., which is a provider of online credit and
neighborhood information. HOMS plans to buy the company for $150 million in
stock and cash.
US Airways Group
(
U |
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PowerRating) said it expects
a Q3 loss of $160 million.