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Posted on Tuesday, November 30th, 2010 at 3:21 pm.
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By Christopher Hinton, MarketWatch
NEW YORK (MarketWatch) — Pharmaceutical giant Merck & Co. said Tuesday that it appointed Kenneth Frazier to serve as its chief executive officer, succeeding Richard Clark, who was expected to retire next year. Frazier, 55, was named the company’s president in April and was widely expected to succeed Clark. Frazier will take the post on Jan. 1, and he will also join Merck’s board of directors. Clark, 63, will remain chairman of the board. He has served as CEO since 2005 and will reach Merck’s mandatory retirement age in 2011, according to earlier reports. “With his understanding of the global health-care environment, the board is confident in Ken’s ability to take the helm at Merck and guide the continued implementation of our long-term strategy,” said William Harrison, Merck’s lead director.
Shares of Merck /quotes/comstock/13*!mrk/quotes/nls/mrk (MRK 34.49, -0.20, -0.58%) closed Monday at $34.69, off 10 cents. In the past year, the stock is down about 4%.
Last November, the company merged with Schering-Plough in a deal valued at about $41 billion.
By Christopher Hinton, MarketWatch
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Posted on Monday, November 29th, 2010 at 5:07 pm.
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Kraft Foods Inc (KFT: 29.82 ,-0.48 ,-1.60%) said on Monday it is seeking arbitration in its fight with Starbucks Corp (NASDAQ:SBUX), which is trying to end a deal under which Kraft distributes packaged Starbucks coffee to grocery stores. Kraft, in a statement, recognized Starbucks’ right to take over the business but said the deal is perpetual in nature and calls for Kraft to get sufficient time to prepare for any transition. Kraft also said that Starbucks must compensate it with the fair market value of the business plus a premium as high as 35%. Kraft accused Starbucks of acting “unilaterally.” Starbucks issued its own statement, disputing Kraft’s assertion that the deal was in effect indefinitely. The coffee store chain said the deal was set to expire in 2014 unless one of the parties decided to end the agreement early. Starbucks said Kraft failed to meet certain provisions of their arrangement, including keeping Starbucks involved in major marketing initiatives and said those failures caused “the erosion of brand equity.”
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Posted on Tuesday, November 23rd, 2010 at 5:30 pm.
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Posted on Tuesday, November 23rd, 2010 at 5:12 pm.
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Posted on Tuesday, November 23rd, 2010 at 4:52 pm.
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Posted on Tuesday, November 23rd, 2010 at 3:32 pm.
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Shares of Regeneron /quotes/comstock/15*!regn/quotes/nls/regn (REGN 29.68, +0.15, +0.51%) jumped 17% to $28.80 after positive Phase III data for VEGF Trap-Eye. Regeneron and partner Bayer AG /quotes/comstock/11i!bayry (BAYRY 76.51, -1.39, -1.78%) are testing the product in the treatment of wet age-related macular degeneration, a leading cause of blindness.
Apricus Bioscience Inc. /quotes/comstock/15*!apri/quotes/nls/apri (APRI 3.42, +0.07, +2.09%) shares rocketed on news that the company has filed with U.S. regulators to run a Phase III clinical trial for its liver-cancer treatment PrevOnco. Shares of Apricus were up about 21% to $3.28.
PrevOnco is being tested on patients who are no longer responding to the widely used liver-cancer drug Nexavar, a medication marketed by Bayer AG and Onyx Pharmaceuticals Inc. /quotes/comstock/15*!onxx/quotes/nls/onxx (ONXX 29.49, -0.22, -0.74%) .
Affymax Inc. /quotes/comstock/15*!affy/quotes/nls/affy (AFFY 6.71, +0.07, +0.98%) shares advanced 13% after analysts at WB Securities initiated coverage of the stock with a buy rating.
The drug sector’s two leading indexes, meanwhile, were mixed. The NYSE Arca Pharmaceutical Index /quotes/comstock/10t!drg.x (DRG 299.10, -4.38, -1.44%) was down 0.7% at 302.44, while the NYSE Arca Biotechnology Index /quotes/comstock/10t!btk.x (BTK 1,163, -12.95, -1.10%) rose fractionally to 1,174.74.
Val Brickates Kennedy is a reporter for MarketWatch in Boston.
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Posted on Monday, November 22nd, 2010 at 3:31 pm.
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BOSTON (MarketWatch) — Drug stocks were tepid in early trading Monday while shares of Regeneron Pharmaceuticals /quotes/comstock/15*!regn/quotes/nls/regn (REGN 27.98, +3.31, +13.42%) rallied on positive Phase III clinical data for its eye medication VEGF Trap-Eye in the treatment of age-related macular degeneration, a leading cause of blindness. Shares of Regeneron shot up 13% to $27.90. Regeneron is developing the product with German drug maker Bayer AG /quotes/comstock/11i!bayry (BAYRY 78.17, -0.86, -1.09%) . The drug sector’s two leading indexes, meanwhile, moved sluggishly. The NYSE Arca Pharmaceutical Index /quotes/comstock/10t!drg.x (DRG 303.46, -1.09, -0.36%) was down nominally at 304.29 while the NYSE Arca Biotechnology Index /quotes/comstock/10t!btk.x (BTK 1,179, +5.64, +0.48%) rose 0.4% to 1178.69.
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Posted on Thursday, November 18th, 2010 at 3:46 pm.
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NEW YORK (MarketWatch): Among stocks in focus, Sears Holdings /quotes/comstock/15*!shld/quotes/nls/shld (SHLD 63.29, -2.91, -4.40%) dropped 4.2% after its fiscal third-quarter loss widened more than analysts expected as margins fell and sales dropped, especially at the company’s namesake stores.
Food company J.M. Smucker’s /quotes/comstock/13*!sjm/quotes/nls/sjm (SJM 61.41, -1.59, -2.52%) fiscal second-quarter earnings climbed 6.9% on higher margins and topped analysts’ expectations, but revenue was surprisingly flat. Smucker also raised its target for the year by five cents. Smucker shares edged 0.6% lower.
Office-products retailer Staples’ /quotes/comstock/15*!spls/quotes/nls/spls (SPLS 20.84, +0.75, +3.73%) fiscal third-quarter profit rose 7.2% as sales and margins showed modest improvement. Shares rose 1.3%.
Dollar Tree’s /quotes/comstock/15*!dltr/quotes/nls/dltr (DLTR 55.96, +1.25, +2.29%) fiscal third-quarter earnings rose 37% as the discount retailer reported stronger-than-expected sales growth. The company narrowed its profit target for the year and boosted revenue expectations, while anticipating same-store sales up by the low- to mid-single digits on a percentage basis. Shares rose 5.1%.
In deal activity, Cardinal Health /quotes/comstock/13*!cah/quotes/nls/cah (CAH 36.37, +1.90, +5.51%) said it will buy privately held pharmaceutical distributor Kinray Inc. for $1.3 billion. Cardinal Health /quotes/comstock/13*!cah/quotes/nls/cah (CAH 36.37, +1.90, +5.51%) , the second-biggest drug distributor in the U.S. by market value, is looking to boost its presence in smaller pharmacies in the northeastern U.S. Shares rose 2.8%.
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Posted on Wednesday, November 17th, 2010 at 3:32 pm.
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Shares of NetApp /quotes/comstock/15*!ntap/quotes/nls/ntap (NTAP 54.35, +1.66, +3.15%) added more than 2% before the company’s quarterly earnings report, scheduled for after the close. Shares of Oracle /quotes/comstock/15*!orcl/quotes/nls/orcl (ORCL 27.85, +0.27, +0.98%) rose more than 1%. The Nasdaq Composite Index /quotes/comstock/10y!i:comp (COMP 2,482, +12.23, +0.50%) climbed 11 points, or 0.5%, to 2,481. The Morgan Stanley High Tech 35 Index /quotes/comstock/10t!msh.x (MSH 621.35, +5.37, +0.87%) rose 0.7%, while the Philadelphia Semiconductor Index /quotes/comstock/10y!i:sox (SOX 375.45, +1.38, +0.37%) added 0.4%. Shares of Google Inc. /quotes/comstock/15*!goog/quotes/nls/goog (GOOG 583.76, +0.04, +0.01%) were up a fraction. Late Tuesday, the tech giant said Apple Inc. /quotes/comstock/15*!aapl/quotes/nls/aapl (AAPL 302.00, +0.41, +0.14%) approved the Google Voice application for the iPhone. Shares of Apple were mostly flat. Other major sector players posted gains, including Cisco Systems /quotes/comstock/15*!csco/quotes/nls/csco (CSCO 19.60, +0.17, +0.85%) and Dell Inc. /quotes/comstock/15*!dell/quotes/nls/dell (DELL 13.46, +0.06, +0.45%) .
Meanwhile, shares of Advanced Micro Devices /quotes/comstock/13*!amd/quotes/nls/amd (AMD 7.40, -0.03, -0.41%) and eBay Inc. /quotes/comstock/15*!ebay/quotes/nls/ebay (EBAY 29.46, -0.32, -1.06%) fell roughly 1%
Penny Stocks A Great Way To Trade
Posted on Tuesday, November 16th, 2010 at 3:49 pm.
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