Friday, September 17, 2010

Daily Markets - ‘We Just Added And Added And Added To The Debt’

Daily Markets - ‘We Just Added And Added And Added To The Debt’

‘We Just Added And Added And Added To The Debt’

Posted: 17 Sep 2010 03:35 PM PDT

In the latest edition of The Wall Street Journal’s “The Big Interview,” David Stockman, Ronald Reagan’s first Budget Director, doesn’t pull any punches when he discusses the damage that has been — and is still being — done to our nation’s finances:

WSJ: [You are] not very sanguine about the economic situation.
Stockman: Well, I think if you look at the fundamentals it’s very hard not to be. We went through a thirty or forty year binge where it seems like every time there was a hiccup in the … [visit site to read more]

Optimer In Neutral Lane

Posted: 17 Sep 2010 02:35 PM PDT

We are maintaining our Neutral recommendation on Optimer Pharmaceuticals Inc. (NASDAQ:OPTR) with a target price of $9.50.

Headquartered in San Diego, California and founded in 1998, Optimer Pharmaceuticals Inc. focuses on discovering, developing and commercializing anti-infective products. The company is currently engaged in the development of products that treat gastrointestinal (GI) infections and related diseases where current therapies have limitations such as diminished efficacy, serious … [visit site to read more]

CardioGenics 3rd Quarter Results

Posted: 17 Sep 2010 02:05 PM PDT

Q3 Results – Largely In-line With Our Expectations

CardioGenics Holdings (CGNH) filed their 10-Q for the period ending July 31, 2010 on September 15, 2010. Operating loss was $665.8k, up significantly from the $346.3k loss posted in the second quarter of this year and larger than our ($502.4k) estimate.

While R&D expenses came in almost $90k lighter than we had anticipated, this was more than offset by higher G&A relative to our estimate — mostly as a result of additional … [visit site to read more]

Tower Group Issues Notes

Posted: 17 Sep 2010 02:05 PM PDT

Property and casualty insurer Tower Group Inc. (NASDAQ:TWGP) has sold $135 million of senior notes due 2014. The notes carry a coupon interest of 5%, which will be paid at half yearly intervals to investors on March 15 and September 15, every year with the first payment commencing in the year 2011.

The issue carries a clause according to which the notes can be converted at a premium of 27.5% from the closing price of $21.56 on September 14, 2010, before March 2010, only on the occurrence of certain … [visit site to read more]

J&J Makes A Pitch For Crucell

Posted: 17 Sep 2010 01:35 PM PDT

Johnson & Johnson (NYSE:JNJ) recently announced its plans to buy out the rest of Dutch biopharmaceutical company Crucell NV (NASDAQ:CRXL) for €1.75 billion or €24.75 per share cash. Johnson & Johnson had previously acquired a 17.9% stake in Crucell in September 2009 for €301.8 million.

The companies are currently in an advanced stage of discussion regarding the proposed acquisition. Once the acquisition is complete, Johnson & Johnson plans to retain the existing facilities and senior … [visit site to read more]

Rockwell Bullish About Future

Posted: 17 Sep 2010 01:35 PM PDT

Rockwell Collins Inc. (NYSE:COL), a supplier of avionics and military equipment, expects strong prospects for its commercial systems business with signs of recovery in the cyclical commercial aerospace industry. In July 2010, passenger traffic worldwide grew 13.8% year over year in the premium segment while economic travel skewed 8.8%, as per The International Air Transport Association (IATA).

Expecting the tide, Rockwell expects revenue in the range of $4.8 billion – $5.0 billion, earnings per … [visit site to read more]

WY Disposes Of Cosmopolis

Posted: 17 Sep 2010 01:05 PM PDT

Weyerhaeuser Co. (NYSE:WY) announced the sale of its high purity cellulose mill, Cosmopolis to the Gores Group LLC, for an undisclosed amount. The Group is led by an investor group including Dermot Smurfit, a paper and packaging industry veteran.

The mill, closed in October 2005, will commence operation as Cosmo Specialty Fibers Inc. going forward, and will be completely refurbished by the Gores Group. Cosmo Specialty Fibers Inc's chairman anticipates that demand for the mill's primary … [visit site to read more]

FDA Pushes Out Brilinta Action Date

Posted: 17 Sep 2010 12:35 PM PDT

AstraZeneca plc (NYSE:AZN) recently announced that the US Food and Drug Administration (FDA) has extended its review period for Brilinta (ticagrelor) by three months to December 16, 2010. The company is seeking approval for the use of Brilinta in the treatment of acute coronary syndrome (ACS).

Earlier, in July, the FDA's Cardiovascular and Renal Drugs Advisory Committee had recommended the approval of the candidate, based on results from the Study of Platelet Inhibition and Patient Outcomes … [visit site to read more]

Massey Again In For A Loss

Posted: 17 Sep 2010 12:35 PM PDT

Coal miner, Massey Energy Company (NYSE:MEE) revisited its guidance for 2010 and 2011, and alerted investors of another loss this quarter. The company also said that it expects coal shipments for the third quarter to drop to roughly 10 million tons on account of the difficult regulatory environment faced after the Upper Big Branch mine tragedy.
Updating its 2010 forecast, Massey said it expects operating results in fiscal 2010 to come in at the lower end of its previously announced guidance. Coal … [visit site to read more]

Thumbs Up For ALKS Drug

Posted: 17 Sep 2010 12:35 PM PDT

Recently, Alkermes Inc. (NASDAQ:ALKS) received a boost when an advisory panel of the US Food and Drug Administration (FDA) recommended the approval of Vivitrol (naltrexone for extended-release injectable suspension) for treating opioid dependence. Opioid dependence refers to a chronic ailment of the brain.
The FDA's Psychopharmacologic Drugs Advisory Committee voted 12-1 in favor of approving Vivitrol for the additional indication. The drug is already available for the treatment of alcohol … [visit site to read more]
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