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Stocks to Watch: Amgen, Cephalon, Goldman, Microsoft, Mittal Steel, Sun

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I walk the lonely road

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Stocks to watch for Tuesday, June 13

  • A.C. Moore Arts & Crafts (ACMR) named Michael Joyce non-executive chairman. Joyce succeeds William Kaplan, who is retiring as chairman, but will remain a member of the board.
  • Affiliated Computer Services (ACS) said its board has authorized a share buyback program of up to $1 billion effective immediately. The Dallas-based provider of business process outsourcing services added that the program represents about 18% percent of the company's outstanding shares at current stock prices.
  • An AirTran Holdings (AAI) unit and the International Brotherhood of Teamsters Local 528 said the union has ratified a new collective bargaining agreement covering stock clerks. The union represents 50 stock clerks.
  • Amgen (AMGN) said its biologic license application for panitumumab as a treatment for metastatic colorectal cancer patients who have failed prior chemotherapy has been granted priority review by the Food and Drug Administration.
  • Severstal said it is pleased with Arcelor's decision to reject a $31 billion offer from Mittal Steel (MT). Arcelor spurned Mittal's bid but mandated that its board explore possible improvements to the Mittal offer at a later date.
  • Arena Pharmaceuticals (ARNA) said patients receiving obesity treatment lorcaserin in a study experienced a highly statistically significant average weight loss and reductions in other physical measures, including body mass index and waist and hip circumference.
  • The medical diagnostics division of Bayer AG's (BAY) Bayer Healthcare unit is planning a $100 million expansion of its facility in East Walpole, Mass.
  • Cardinal Health (CAH) said it expects to report earnings of $3.50 to $3.70 a share, excluding onetime items but including equity compensation expenses, for 2007.
  • Carreker (CANI) said a board committee established in November has assessed the company's strategic position and opportunities, and has recommended that the company explore strategic alternatives such as a merger or a sale.
  • Cephalon (CEPH) and Takeda Pharmaceutical (TKPHF) North America unit said they have agreed to co-promote Provigil in the United States. The co-promotion agreement will run for three years with an option to renew annually. Cephalon, which will retain all responsibility for the development of Provigil, will pay Takeda a royalty.
  • EResearchTechnology (ERES) named Michael McKelvey president and chief executive, effective June 23.
  • FormFactor (FORM) said it has signed a technology agreement with Hynix Semiconductor (HXSCF) to provide the Korean-based memory manufacturer with advanced wafer probe cards using FormFactor's proprietary test equipment extension technology.
  • Goldman Sachs (GS) is seen posting second-quarter per-share income of $4.19.
  • Lockheed Martin (LMT) said it has agreed to acquire ISX Corp., a privately held, California-based provider of military decision systems.
  • Marsh Supermarkets (MARSA) (MARSB) said it opposes an acquisition offer of $13.625 a share from Drawbridge Special Opportunities Advisors LLC and Cardinal Paragon Inc.
  • Microsoft (MSFT) restricted access to Vista beta download sites online after demand was so strong, they couldn't handle the bandwidth demand.
  • Nabi Biopharmaceuticals (NABI) named Jordan Siegel chief financial officer, effective immediately. Siegel joins Nabi from IVAX (IVX), where he was vice president of finance for its pharmaceuticals unit.
  • OSI Pharmaceuticals (OSIP) said it presented the positive results from its Phase IIa proof-of-concept study with its dipeptidyl peptidase-IV inhibitor. The study demonstrated that 14-day administration of the inhibitor, when dosed with meals, reduced blood glucose levels in patients with Type 2 diabetes and was generally well-tolerated with no episodes of hypoglycemia.
  • Penwest Pharmaceuticals (PPCO) board appointed Jennifer Good, the president and chief operating officer, to chief executive and a member of the board.
  • Sun Microsystems's (SUNW) chief financial officer reiterated that the computer server and software maker can still reach 4% operating margins by the fourth quarter of its 2007 fiscal year.


Market Update:

  • Asian trading comes in with the Hang Seng losing -2.48%, the Nikkei -4.14%, Sensex -4.36% and Taiwan -1.64%.
  • A quick check across the pond finds the CAC -2.24%, DAX -1.91%, FTSE -2.33%, ATX -5.63% and Stockholm -3.39%.
  • Crude oil is trading -0.91 to 69.45 while gold is down -19.2 to 592.1.


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