Overnight deposits with the European Central Bank (ECB) totaled euro455.3 billion yesterday, a new record. Borrowing totaled a scant euro1.9 billion. Less than 2 weeks ago, Europe’s banks borrowed nearly half a trillion euros…
Two weeks ago Valeant Pharmaceuticals International, Inc. (NYSE: VRX) made an unsolicited all-cash offer of $6.50/share for ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA), a maker of eye-care drugs. The offer valued ISTA at around $327…
Smartphone pioneer Research in Motion Ltd. (NASDAQ: RIMM) has been working for quite a while now on getting a new phone out the door with the company’s spanking new QNX operating system. It looks…
In remarks this morning to a bankers meeting in New Jersey, NY Federal Reserve Bank President William Dudley argued for “further housing-related policy interventions that would help stabilize home prices, improve the housing outlook…
Shares of Dendreon Corp. (NASDAQ: DNDN) rose nearly 50% yesterday following an announcement that sales of the company’s prostate cancer drug, Provenge, were rising. The pricey drug, which costs $93,000 for a month-long course…
In early December, Verizon Wireless, a joint venture between Verizon Communications Inc. (NYSE: VZ) and Vodafone Group plc (NASDAQ: VOD), paid $3.6 billion for wireless spectrum licenses owned SpectrumCo LLC. That company is a…
Higher bond yields on Italian and Spanish 10-year notes and an announcement last night of a 12% reduction in production from Alcoa Inc. (NYSE: AA) have kept European and Asian markets from moving sharply…
Rail car maker Greenbrier Cos. (NYSE: GBX) reported first fiscal quarter earnings this morning. The company delivered 3,300 new rail cars in the quarter, compared with 1,050 in the same period a year ago.…
Endo Pharmaceuticals Holdings Inc. (NASDAQ: ENDP has signed a deal with BioDelivery Sciences International Inc. (NASDAQ: BDSI) under which Endo will license and pay royalties on a pain treatment drug and delivery system developed…
A chain of more than 450 Little Sheep restaurants scattered throughout China has agreed to a takeover offer made last April by Yum! Brands Inc. (NYSE: YUM). Yum, with more than 4,000 Pizza Hut…
The escalation of tensions between Iran and a US-led group of nations that have approved new sanctions against the Islamic Republic is helping to push the price for Brent Crude higher. Brent is trading…
Germany’s economic ministry this morning reported that factory orders in the country fell by an adjusted -4.8% in November, the largest fall in the index in nearly three years. The consensus estimate projected a…
Yields on Italy’s 10-year bonds rose to 7.11% this morning. The 7% level is a key dividing point — interest rates at or above that level are virtually unsustainable for governments. Spain’s 10-year yields…
US markets opened lower today and finally managed modest gains by mid-afternoon. News from Europe on the reluctance of banks to lend, coupled with an higher-than-expected yield on a French bond issue were not…
US air carrier Delta Air Lines Inc. (NYSE: DAL) reported a -2.3% drop in passenger miles for the month of December. Total capacity declined -3.3% year-over-year. Earlier in the day US Airways (NYSE: LCC)…
From a high in February 2011 of about $4.60/pound, copper prices have fallen more than $1/pound to around $3.43/pound today. Prices have fallen for the past two days, primarily on fears that the global…
At a meeting in mid-December, members of the Organization of Petroleum Exporting Countries (OPEC) agreed on a new production level of 30 million barrels/day. The 12-member cartel has already exceeded that new limit, producing…
Natural gas pipeline MLP Targa Resources Partners L.P. (NYSE: NGLS) received an upgrade to its credit rating today from Moody’s. The ratings firm lifted its rating on the company’s debt from ‘Ba3’ to ‘Ba2’,…
After three different cars burst into flames days after a collision, General Motors Co. (NYSE: GM) has figured out a way to fix the problem with its hybrid gasoline-electric Chevy Volt. In testing by…
One of the largest crude oil refiners in the US, Tesoro Corp. (NYSE: TSO), this morning lowered its earnings guidance for the fourth quarter, projecting a loss of -$0.55 to -$0.80. The consensus estimate…