Latest News In Stock Markets Investment – Nov 28, 2008

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Eli Lilly delays FDA new-drug application for Cymbalta

28 Nov 2008 at 6:25am

NEW YORK (MarketWatch) — Eli Lilly & Co. said Friday it has withdrawn its new-drug application to the U.S. Food & Drug Administration for its chronic-pain medication Cymbalta. The Indianapolis pharmaceutical company said it intends to resubmit application in the first half of next year with additioal data from a recently completed study in chronic osteoarthritis pain of the knee. “This was a difficult decision, but we believe the updated data package will give the FDA a broader basis for reviewing our application,” said John Hayes, vice president of Lilly Research Laboratories, in a statement. Eli Lilly said the decesion does not affect the drugs FDA-approved indications for major depressive disorder, generalized anxiety disorder or management of diabetic peripheral neuropathic pain. Shares of Eli Lilly fell 2% in premarket trading to $32.17.

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Gold mixed; poised for biggest monthly gain since 1999

28 Nov 2008 at 6:20am

NEW YORK (MarketWatch) — Gold futures swung between gains and losses in early Friday trading, heading for their biggest monthly gain since 1999. Gold for December delivery was last up $1.4, or 0.2%, at $809.90 an ounce in early electronic trading. It has gained 13% so far this month, the biggest monthly percentage gain since September 1999.

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Crude falls on speculation OPEC won’t cut production

28 Nov 2008 at 6:13am

NEW YORK (MarketWatch) — Crude-oil futures fell Friday on speculation that the Organization of Petroleum Exporting Countries won’t cut its production at Saturday’s meeting. Crude for December delivery fell 73 cents, or 1.3%, to $53.71 a barrel in early electronic trading. OPEC has not ruled out cutting output at the meeting, but several delegates have said they were likely to only measure compliance of previous cuts and leave the decision on cuts till December.

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G. Willi-Food 3rd-quarter net down 79%, sales up 33%

28 Nov 2008 at 5:51am

TEL AVIV (MarketWatch) — G. Willi-Food International Ltd., the Yavne, Israel, kosher-food producer, reported third-quarter net income fell 79% on 33% higher sales. Net income fell to 642,000 shekels, or 0.01 shekel a share, from 3.1 million shekels, or 0.27, in the year-earlier period. Earnings attributable to shareholders fell 97% to 88,000 shekels from 2.8 million. Sales reached 79.1 million shekels from 59.7 million. The company also cut its estimate of sales for the year to more than 320 million shekels from more than 330 million. Due to the dollar strengthening against the shekel, the figures translate to $80 million versus the previous $100 million.

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Bank of China opens its first private bank abroad: report

28 Nov 2008 at 5:37am

NEW YORK (MarketWatch) — Bank of China Ltd. said Friday it has opened a private bank and institutional asset management arm in Switzerland, marking the group’s first step in the private banking business abroad, Agence France-Presse reported. Kenneth Ge, who chairs the new Bank of China (Suisse) SA, said that while BOC only began offering private banking services in China last year, the group was now already looking at expanding abroad. “We are considering starting offices in other areas. Switzerland is just a start. Switzerland is the first but it will not be the last,” the report quoted Ge as saying.

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Treasury’s financial rescue program reportedly understaffed

28 Nov 2008 at 5:21am

NEW YORK (MarketWatch) — The Treasury is struggling to hire enough people to handle the $700 billion financial rescue package passed by Congress in October, The Wall Street Journal reported Friday. Recently, many decisions have been left up to interim staff members, often from other federal banking regulators, who are temporarily at Treasury but are expected to eventually return to their previous positions, the report said. Assistant Treasury Secretary Neel Kashkari, charged with running the Troubled Asset Relief Program, was cited as saying the department’s Office of Financial Stability is operating at half-staff, with about 40 full-time employees. However, Kashkari also said he hopes to double the number of full-time staff by the time President-elect Barack Obama is sworn in on Jan. 20. Outside observers said the difficulty of quickly building a qualified staff may be one reason the Treasury abandoned its original plans to use the TARP to purchase assets from financial institutions, deciding instead to inject capital into the banking system, the report said.

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Euro-zone annual inflation pace slows sharply in November

28 Nov 2008 at 3:06am

LONDON (MarketWatch) — Annual consumer price inflation across the 15-nation euro zone slowed sharply in November, falling to an annual rate of 2.1% from 3.2% in October, according to a preliminary estimate Friday by the statistical agency Eurostat. Economists had expected annual inflation to slow to a rate of 2.4%.

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European shares pull back as oil producers, autos decline

28 Nov 2008 at 2:53am

LONDON (MarketWatch) — European shares turned lower on Friday morning, pressured by losses for oil companies such as Total , down 2.3%, and automakers such as BMW , down 4.6%. The German DAX 30 index lost 1.3% to trade at 4,606.44, the French CAC-40 index also fell 1.3%, to 3,206.88, and the U.K. FTSE 100 index declined 0.6% to 4,200.96.

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European shares in tight range, Allianz shares jump

28 Nov 2008 at 1:08am

LONDON (MarketWatch) — European shares traded in a tight range on Friday morning, as gains from the insurance sector offset some losses for utility stocks. Allianz jumped 8.5% in the insurance sector after news that the sale of Dresdner Bank to Commerzbank will be concluded early. Commerzbank shares jumped 15.8%. Overall, the U.K. FTSE 100 index climbed 0.2% to 4,238.36, the German DAX 30 index rose 0.3% to 4,679.71 and the French CAC-40 index dipped 0.3% to 3,239.61.

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Foreign & Colonial IT cuts private equity fund valuation

28 Nov 2008 at 12:41am

LONDON (MarketWatch) — Foreign & Colonial Investment Trust said Friday that it’s cutting the valuation of its portfolio of private equity funds of funds by 19.6% to reflect the fall in markets since June 30. This has the effect of reducing the company’s published Nov 26 net asset value per share (cum income) by 3.76% to 226.76 pence. Foreign & Colonial said that it continues to invest in private equity and continues to believe its private equity portfolio will make a positive contribution to long-term returns.

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AstraZeneca gets FDA letter asking for motavizumab details

28 Nov 2008 at 12:33am

LONDON (MarketWatch) — Drugmaker AstraZeneca said Friday that its MedImmune unit has received a letter from the U.S. Food and Drug Administration asking for additional information on motavizumab. The letter is in connection with the Biologics License Application for motavizumab for the prevention of serious respiratory syncytial virus disease. Motavizumab is an investigational monoclonal antibody. MedImmune is confident that it can respond to the outstanding questions and, based on the company’s current understanding, does not foresee a need to conduct further trials. MedImmune currently expects to resubmit in the first half of 2009.

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STMicro cuts revenue view; demand eases, orders pushed out

28 Nov 2008 at 12:29am

TEL AVIV (MarketWatch) — STMicroelectronics, the Geneva chipmaker, cut its fourth-quarter-revenue forecast, citing slower billing, reduced demand, and order push-outs. In a statement on Friday, the company said it now sees revenue of $2.2 billion to $2.35 billion. On Oct. 28, it estimated fourth-period revenue at flat with to down 8% from the third-quarter’s figure of $2.7 billion. The new estimate is 12.8% to 18.4% down from the third-quarter figure. Because of unused capacity, the company sees gross-profit margin at 38%, plus or minus 1 percentage point. In October, the company said gross margin would improve to 38.8% — plus or minus a point. The Q3 figure was 37.2%. The situation “reflects the well-known weaknesses in the industry, across most geographies and market segments, and, in particular, in wireless, automotive, and computer peripherals,” STMicro said. The company said that in reaction, it’s further reducing manufacturing and cutting sourcing from third-party suppliers. And it’s concentrating on controlling costs.

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Royal Bank of Scotland: U.K. government to own 57.9%

28 Nov 2008 at 12:30am

LONDON (MarketWatch) — U.K. lender Royal Bank of Scotland said Friday that shareholders took up only 0.24% of the shares offered in its placing and open offer to raise 15 billion pounds ($23.1 billion). This means that the U.K. Treasury will take up the remaining shares and will own 57.9% of the bank.

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ThyssenKrupp can’t provide outlook, net profit up 5%

28 Nov 2008 at 12:25am

LONDON (MarketWatch) — German conglomerate ThyssenKrupp said Friday that it faces a significant drop in sales in fiscal 2009 due to the financial crisis and a corresponding downturn in the auto, machinery and construction industries. “The increasing uncertainty on the financial and real markets makes it impossible to provide a quantifiable forecast at this time,” the firm said. It made the comments as it reported fiscal-year net profit of 2.3 billion euros, up from 2.2 billion euros a year ago. Sales climbed to 53.4 billion euros, from 51.7 billion euros. Earnings before taxes and major nonrecurring items fell 8.2% to 3.5 billion euros but exceeded the company’s forecast of 3.2 billion euros made in August.

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India shares hover near break-even as Mumbai trading resumes

27 Nov 2008 at 9:38pm

HONG KONG (MarketWatch) — Indian shares hovered around break-even early Friday as trading resumed for the first time after the terror attacks Wednesday night on the financial capital, Mumbai. The benchmark Sensitive Index, or Sensex, was little changed at 9,028.06 recently, after moving between 8,889.18 and 9,078.93. The S&P/CNX Nifty index slipped 0.7% to 2,733.15. Shares of market heavyweight Reliance Industries slipped 0.7% and State Bank of India stock lost 1.1%, while Infosys Technologies added 1.3%.

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November 28 2008 05:50 am | Stock Market News

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