Amgen Fails in Bid to Expand Use of Cancer Drug (AMGN)
A US drug advisory panel today denied by a 12-1 vote permission for Amgen Inc. (NASDAQ: AMGN) to market its Xgeva prostate cancer as a treatment for slowing the spread of tumors to bones…
All Work
Paul Ausick
AT&T Next in Line for Low Bond Yields (T, IBM, PG)
AT&T Inc. (NYSE: T) is planning to issue a benchmark offering of 3-, 5-, and 10-year notes as coupons on corporate bonds are approaching the record low of 3.45% set last August. AT&T would…
Goldman Buys AIG Subprime Bonds from NY Fed (GS, AIG, CS, BCS, MS)
Goldman Sachs Group Inc. (NYSE: GS) has purchased $6.2 billion (face value) worth of American International Group Inc. (NYSE: AIG) subprime mortgage bonds from the New York Federal Reserve Bank. The bonds were part…
Airlines Group Testifies Against LightSquared Network
An airlines industry trade group, Airlines for America (A4A), has come down hard on the wireless network proposed by LightSquared Inc. and its principal backer, Philip Falcone of Harbinger Capital Partners. The industry argues…
Mortgage Refinancing Plans to Hit Retirees
President Obama, Federal Reserve Chairman Ben Bernanke, and plenty of other economists have been arguing in favor of allowing mortgage holders to refinance mortgages of nearly any type. The goal is to help underwater…
Deutsche Bank Follows the Fold, Cuts Bonuses (DB, MS, CS, C, BAC)
Germany’s largest bank, Deutsche Bank AG (NYSE: DB) has followed the lead of Morgan Stanley (NYSE: MS), Credit Suisse Group AG (NYSE: CS), and Citigroup Inc. (NYSE: C) in announcing a cap on bonuses…
McDonald’s Sales Can’t Stop Share Price Slide (MCD)
Earlier today McDonald’s Corp. (NYSE: MCD) reported that same-store sales for January rose 6.7%, higher that the company’s own earlier estimate of 6.1%-6.5%. The consensus analyst estimate was for a gain of 7.3%. Total…
Mid-day Movers (CZR, SANW, CALX, POWL, NURO)
At about noon today, the three major equity indexes have all turned negative. The DJIA is down about 49 points at about 12,829, the Nasdaq is down about 8 points at around 2,896, and…
Bad Mortgage, Foreclosure Processes Cost Banks $72 Billion (BAC, WFC, C, JPM)
The total cost to the five largest US banks of faulty mortgages and foreclosures now totals some $72 billion according to Bloomberg News. Bank of America Corp. (NYSE: BAC) gets over half the bad…
Paulson Urges Hartford Separation (HIG)
Hedge fund manager John Paulson, whose fund owns the largest stake in Hartford Financial Services Group Inc. (NYSE: HIG), encouraged the company to get a move on and complete reviewing its strategic options and…
Amazon Signs Deal with Viacom for Streaming Content (AMZN, NFLX, VIAB, CBS, TWX, NWS, SNE, CMCSA, DIS)
In yet another move aimed to boost its position in the streaming video space, Amazon.com (NASDAQ: AMZN) has signed a deal with Viacom Inc. (NASDAQ: VIAB), adding the owner of MTV and Comedy Central…
US Petroleum Inventories Rise, Imports Decline
The US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories rose by 300,000 barrels last week, bringing the total US commercial crude inventory to 339.2 million…
Morning Movers (SANW, CALX, CSC, SGI, TNK)
The three major US equities indexes opened higher this morning as traders await an agreement on the still-pending Greek debt swap. The DJIA is about 13 points at about 12,891, the Nasdaq Composite is…
Intercontinental Exchange Busts Estimates (ICE)
Commodities and derivatives exchange operator Intercontinental Exchange Inc. (NYSE: ICE) reported fourth quarter adjusted EPS of $1.76, easily topping the consensus estimate of $1.69. Revenue for the quarter rose to $327.2 million, again besting…
Akamai Buys More Speed (AKAM)
Akamai Technology Inc. (NASDAQ: AKAM) has acquired Canadian firm Blaze Software Inc. for an unspecified amount of cash. In its announcement, Akamai said: The acquisition is expected to complement Akamai’s market-leading site acceleration solutions…
CVS Profits Rise, Forecast Boosted (CVS, WAG, ESRX)
CVS Caremark Corp. (NYSE: CVS) posted earnings this morning, and EPS rose to $0.81 for the fourth quarter, up from $0.75 a year ago. Analysts had been expecting EPS of $0.89. Revenue also rose,…
McDonald’s Same-store Sales Jump (MCD)
Fast-food giant McDonald’s Corp. (NYSE: MCD) reported this morning that same-store sales for January rose 6.7% year-over-year, higher that the company’s own earlier estimate of 6.1%-6.5%. Sales in the US rose 7.8%, the largest…
China Hikes Retail Gasoline, Diesel Prices
The Chinese government has raised pump prices for gasoline and diesel fuel by 300 yuan/metric ton (about $48), reversing a similar cut ordered last October. The price hike is viewed as the government’s reduced…
Morning Wire — US Stock-Index Futures Slightly Higher
US index futures are slightly higher this morning following two down days. The main prop for the indexes is the hope that Greece will finally settle its debt deal. The thin gains in the…
Moody’s Profit Tanks (MCO)
Rating agency Moody’s Corp. (NYSE: MCO) this morning reported fourth-quarter EPS of $0.43, down from $0.58 a year ago and below the consensus estimate of $0.48. Concerning 2012, Moody’s had this to say: he…