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Stocks To Watch: DaimlerChrysler, Dow Chemical, Dow Jones, KB Home, Mylan


Today's big stories and some stocks with potential to move...


Stocks to watch for Monday, May 14:

  • Advanced Micro (AMD) is launching new graphics processors in response to tough competition from rivals.
  • Alcatel-Lucent (ALU) posted a loss in the telecom-equipment firm's first postmerger quarter, as competition hurt wireless revenue.
  • Amgen (AMGN) suffered a series of downgrades Friday after a Food and Drug Administration panel said it wants the warning labels on the company's blockbuster anemia drugs to be strengthened further, a move that could significantly dent the company's revenue.
  • Aramco and Dow Chemical (DOW) agreed to develop a Saudi petrochemicals complex whose cost could reach $22 billion.
  • Cabot (CBT) said it has approved a stock buyback plan of up to 5 million shares. As part of the authorization, the company terminated its previously existing share buyback program, which had 1.5 million shares remaining. The chemical company also said it has established a $10 million reserve, related to the federal carbon black antitrust litigation, in its financial results for its fiscal second quarter ended March 31.
  • Chevron (CVX) pulled workers from oil fields in Nigeria's Niger Delta amid an increase in election-related attacks, dealing a blow to global oil markets.
  • DaimlerChrysler (DCX) will sell a controlling stake in Chrysler to Cerberus. The deal will allow the German auto maker to shed retirement and health-care liabilities.
  • Dow Jones (DOW) CEO Zannino must handle a takeover drama involving multiple constituents with conflicting agendas. Murdoch's stamina will be an important factor in his pursuit of Dow Jones.
  • KB Home (KBH) received an offer for its controlling stake of French builder Kaufman & Broad valued at $787.1 million.
  • Merck (MRK) said it has received an approvable letter from the Food and Drug Administration for the company's new drug application for Emend, an investigational intravenous therapy for chemotherapy-induced nausea and vomiting. Merck said the FDA has informed the company that before the application can be approved, "additional manufacturing validation and stability data are required as well as certain additional data." Merck plans to submit the data within the next few months. Once a response to the letter has been submitted, the FDA's review of the Emend application is expected to take about six months.
  • Mylan (MYL) agreed to pay $6.6 billion for the generic-drug unit of Germany's Merck KGaA, creating a major global competitor.
  • Teva Pharmaceutical (TEVA) said a U.S. district court has found that Eisai Co.'s patent for its acid pump inhibitor, Aciphex, is enforceable. The Israeli pharmaceutical company said it plans to appeal the ruling immediately as well as the court's decision granting summary judgment of validity to Eisai. Teva said its abbreviated new drug application to market a generic version of Aciphex has already been approved by the Food and Drug Administration. The company said it's been awarded 180 days marketing exclusivity for the product, which will start on the earlier of the date of first commercial launch or a final court decision. The ruling came from the U.S. District Court for the Southern District of New York.

Market Update

  • Asian trading closed with the Hang Seng +2.50%, Taiwan -0.01%, Shanghai +0.61, Nikkei +0.71% and Sensex +1.23%.
  • A quick look across the pond finds the CAC -0.31%, DAX +0.16%, FTSE +0.33%, ATX -0.23%, Swiss Mkt. -0.06% and Stockholm +0.41%.
  • Crude oil is +0.64 to 63.04 and gold is +3.20 to 675.5 this morning.
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No positions in stocks mentioned.

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