Biotech investors interested in seeing more details about these companies and a full list of their related stories can do so by typing the stock ticker symbol into the Stock Quotes box on the right side of the page.
EpiCept Corporation (Nasdaq:EPCT) announces the release of new findings demonstrating the pharmacoeconomic benefits of Ceplene® (histamine dihydrochloride) for the remission maintenance of Acute Myeloid Leukemia (AML) patients in first remission.
SuperGen, Inc. (NASDAQ:SUPG) and GlaxoSmithKline (NYSE:GSK) have entered into a multi-year collaboration to discover and develop cancer therapeutics based on epigenetic targets.
Allergan, Inc. (NYSE:AGN) announced the United States District Court for the District of Delaware ruled in favor of Allergan, Inc. in its patent infringement suit against Exela PharmSci, Inc., Exela PharmSci Pvt., Ltd. ("Exela"), Apotex, Inc. and Apotex Corp. ("Apotex") (collectively, the "Defendants") for seeking to market purported generic versions of Allergan’s drugs ALPHAGAN® P (brimonidine tartrate ophthalmic solution) 0.1% and 0.15%.
Inovio Biomedical Corporation (NYSE:INO), a leader in DNA vaccine design, development and delivery, announced its board of directors elected David J. Williams, former chairman and CEO of Sanofi Pasteur, the vaccine business of Sanofi-Aventis Group, and Keith H. Wells, a senior member of the Biologics Consulting Group and former director of vaccine development for The Salk Institute, to the board.
SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) announced it plans to report third quarter 2009 results on Monday, November 9. SciClone will host a conference call to give a business and product update at 8:30 am ET that day.
EpiCept Corporation (Nasdaq:EPCT) announces the release of new findings demonstrating the pharmacoeconomic benefits of Ceplene® (histamine dihydrochloride) for the remission maintenance of Acute Myeloid Leukemia (AML) patients in first remission.
BIOLASE Technology, Inc. (NASDAQ:BLTI), the world's leading dental laser company, announced veteran public company board member and dental executive Gregory D. Waller has been named to its Board of Directors, effective immediately.
Shire plc (NASDAQ:SHPGY), the global specialty biopharmaceutical company, announces the Food and Drug Administration (FDA), following a thorough administrative review of governing statutory and regulatory standards and public comments, has affirmed its prior decision to grant five-year New Chemical Entity (NCE) exclusivity to lisdexamfetamine dimesylate-currently marketed by Shire U.S. Inc. for the treatment of attention-deficit hyperactivity disorder under the name VYVANSE(R).
Spectrum Pharmaceuticals, Inc. (Nasdaq:SPPI), a commercial-stage biotechnology company with a focus in oncology, announced an overview of the Company’s business strategy will be presented at the 2009 BIOCOM Investor Conference on Tuesday, October 27, 2009 at 9:30am Pacific Time.
Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) announced the Company will report third quarter 2009 financial results following the close of the U.S. financial markets on Monday, November 9, 2009.
NanoViricides, Inc. (OTC:NNVC), reports the Company is well financed and its game changing anti-viral drug development programs are progressing successfully.
Speaking today in Barcelona at the Fifth Peptide Engineering Meeting, Compugen Ltd. (NASDAQ:CGEN) project manager Dr. Yossef Kliger provided an overview of Compugen’s DAC Blockers Platform and reviewed disease model data for selected product candidates.
Antigenics (NASDAQ:AGEN) announced the Brain Tumor Research Center at the University of California, San Francisco (UCSF), has presented an update on a Phase 2 clinical trial of Oncophage (vitespen) for recurrent high grade glioma (brain cancer) at the 2009 Joint Meeting of SNO (Society for Neuro-Oncology) and AANS/CNS Section on Tumors 2009 in New Orleans, LA. Data were presented in Sunrise Session #6: Immunotherapy: Current Status of Clinical Trials on Saturday, October 24.
SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) announced it plans to report third quarter 2009 results on Monday, November 9.
Somaxon Pharmaceuticals, Inc. (NASDAQ:SOMX) announced Richard W. Pascoe, Somaxon’s president and chief executive officer, will present a company overview at the Oppenheimer 20th Annual Healthcare Conference at the Waldorf-Astoria Hotel in New York City on Wednesday, November 4th at 4:30 P.M. Eastern Time.
Rexahn Pharmaceuticals, Inc. (NYSE:RNN) announced it has completed its previously announced Registered Direct Offering of common stock and warrants.
Allos Therapeutics, Inc. (NASDAQ:ALTH), a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics, announced Company management will provide a corporate update and review of the third quarter 2009 results via webcast and conference call on Tuesday, November 3, 2009, at 4:30 p.m. ET.
Idera Pharmaceuticals, Inc. (Nasdaq:IDRA) announced the issuance of patents covering its novel Toll-like Receptor (TLR) - targeted compounds. The Company's TLR-targeted compounds are based on synthetic DNA and RNA, which it refers to as immune modulatory oligonucleotides, or IMO®.
AVI BioPharma, Inc. (NASDAQ:AVII), a developer of RNA-based drugs, presented an update on preliminary safety data from its ongoing systemic Phase 1b/2 clinical trial of exon skipping AVI-4658 in patients with Duchenne muscular dystrophy (DMD) at the 7th Annual Action Duchenne Conference in London, UK.
Dyadic International, Inc. (OTC:DYAI) announced financial results for the first and second quarters of 2009 as well as for the years ended December 31, 2008 and 2007.
AMRI (NASDAQ:AMRI) announced it will issue third quarter financial results before the opening of the market on Monday, November 9, 2009. Following the release of its results, the company will host a conference call and simultaneous webcast at 10 a.m. EST.
Cannabis Science Inc. (OTC:CBIS) an emerging pharmaceutical cannabis company, is urging that US government recognize that phytocannabinoid pharmaceutical products can help reduce Adult Respiratory Distress Syndrome (ARDS)-associated deaths from both the Avian and Swine Influenza infections, as President Obama declares a national emergency.
Fero Industries, Inc. (OTC:FROI) is pleased to provide certain disclosures relating to the ten pending patent applications of Pyro Pharmaceuticals, Inc.
NPS Pharmaceuticals, Inc. (NASDAQ:NPSP) reported additional data from a Phase 3 study supporting the efficacy of GATTEX™ (teduglutide) in patients with parenteral nutrition (PN)-dependent short bowel syndrome (SBS).
CEL-SCI Corporation (AMEX:CVM) announced it has received over $10 million over the past 60 days through the exercise of warrants by investors to purchase the Company's common stock.
Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) announces the 2009 American College of Gastroenterology (ACG) Annual Scientific Meeting will be the venue for 13 presentations describing the investigation of the Company’s bacterial-related disease, inflammatory bowel disease and bowel cleansing product lines.
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced it plans to report third quarter 2009 financial results on Thursday, November 5, 2009, following the close of market.
Vertex Pharmaceuticals Incorporated (Nasdaq:VRTX) reviewed recent business and clinical progress and reported consolidated financial results for the quarter ended September 30, 2009.
SuperGen, Inc. (NASDAQ:SUPG) reported financial results for the third quarter and nine months ended September 30, 2009.
Microfluidics International Corporation (OTC:MFLU) announced it has received a $1.0 million secured revolving line of credit from Webster Bank, N.A.
EastBridge Investment Group (OTC:BIG) announced its CEO, Keith Wong, has attended a land acquisition signing ceremony in Jiyuan, Henan for Alpha Green Energy Limited.
Inhibitex, Inc. (NASDAQ: INHX) announced a poster presentation describing preclinical data on INX-189, the lead compound from its HCV nucleotide polymerase inhibitor program, will be presented by Dr. Joseph M. Patti, Chief Scientific Officer and Senior Vice President of R&D, at the 60th Annual Meeting of the American Association for the Study of Liver Diseases (AASLD) in Boston, MA.
Below is a list of the companies that made news in the healthcare sector on Friday, October 30, 2009.
Biotech investors interested in seeing more details about these companies and a full list of their related stories can do so by typing the stock ticker symbol into the Stock Quotes box on the right side of the page.
Biodel Inc. (Nasdaq:BIOD) announced Dr. Solomon Steiner, Chairman and CEO of Biodel, will present a corporate update at the Oppenheimer 20th Annual Healthcare Conference on November 3rd, 2009 at 9:40 am Atlantic Time.
AMRI (NASDAQ:AMRI) announced AMRI Director of Investor Relations Peter Jerome will present at the Oppenheimer 20th Annual Healthcare Conference in New York City on Tuesday, November 3, 2009 at 3:20 p.m. EST.
BioScrip, Inc. (Nasdaq:BIOS) announced third quarter net income of $5.7 million, or $0.14 per diluted share, on revenues of $333.5 million. These results compare to net income of $1.4 million, or $0.04 per share, on revenues of $359.4 million for the third quarter of 2008.
Celgene Corporation (NASDAQ:CELG) announced its presentation at the Oppenheimer & Co. Inc. 20th Annual Healthcare Conference on Wednesday, November 4, 2009 at 10:15 a.m. ET will be webcast live and will be available in the investor relations section of the company’s Web site at www.celgene.com. Celgene management will provide an overview of the company.
ARYx Therapeutics, Inc. (NASDAQ:ARYX) announced it will present at the Oppenheimer 20th Annual Healthcare Conference in New York on November 4, 2009 at 10:15 am Eastern.
Javelin Pharmaceuticals, Inc. (NYSE:JAV), a leading developer and marketer of specialty pharmaceutical products for pain management, received commitments from a single institutional investor, to purchase up to 3,186,700 shares of its common stock for estimated gross proceeds of approximately $3.9 million.
China-Biotics, Inc. (Nasdaq:CHBT), a leading Chinese firm specializing in the manufacture, research, development, marketing and distribution of probiotics products, announced the appointment of Dr. Tom Gu as Vice President, effective November 2.
BMP Sunstone Corporation (Nasdaq:BJGP), announced it will participate in the following conferences: -- Oppenheimer 20th Annual Healthcare Conference, to be held November 3-4, 2009 at the Waldorf=Astoria hotel in New York.
Warner Chilcott plc (Nasdaq:WCRX) announced it has completed the acquisition of The Procter & Gamble Company's global branded prescription pharmaceutical business.
NeoStem, Inc. (NYSE:NBS), announced the Company has completed theacquisition of China Biopharmaceuticals Holdings, Inc. (OTC Bulletin Board: CHBP), a leading Chinese pharmaceutical company.
Javelin Pharmaceuticals, Inc. (NYSE:JAV), a leading developer and marketer of specialty pharmaceutical products for pain management, received commitments from a single institutional investor, to purchase up to 3,186,700 shares of its common stock for estimated gross proceeds of approximately $3.9 million.
BSD Medical Corporation (NASDAQ:BSDM) announced published study results demonstrated improvement in overall survival, tumor response rates, and local tumor control from the addition of hyperthermia therapy, delivered using the BSD-2000 Hyperthermia System, to the standard treatment regimen for 45 patients with high-risk bladder cancer.
Safeguard Scientifics, Inc. (NYSE:SFE), a holding company builds value in growth-stage life sciences and technology companies, announced it will release its financial results for the third quarter ended September 30, 2009 prior to market open on Wednesday, November 4, 2009.
Emergent Health Corp. (OTC:EMGE) Emergent (the “Company”) is pleased to announce a forward stock split of 11 shares for each 10 shares owned.
NeurogesX, Inc. (Nasdaq:NGSX), a biopharmaceutical company focused on developing and commercializing novel pain management therapies, announced it will hold a conference call on Friday, November 6, 2009 at 9:00 a.m. ET (6:00 a.m. PT) to report results for its third quarter 2009.
Rosetta Genomics (NASDAQ:ROSG) announced Ayelet Chajut, its Executive Vice President, R&D, Head of Molecular Biology will speak at the 6th International Conference on Circulating Nucleic Acids in Plasma and Serum (CNAPS-VI).
Shire plc (NASDAQ:SHPGY) the global specialty biopharmaceutical company, announces results for the three months to September 30, 2009.
Valeant Pharmaceuticals International (NYSE:VRX) announced it has agreed to acquire the rights to several prescription and cosmetic dermatology products from a privately-held, Polish specialty pharmaceutical company.
Impax Laboratories, Inc. (NASDAQ:IPXL) confirms it has initiated a challenge of the patents listed by Abbott Laboratories in connection with its TRICO® (fenofibrate) tablets, 48 mg and 145 mg.
PharMerica Corporation (NYSE:PMC), a national provider of institutional pharmacy and hospital pharmacy management services, announced Michael J. Culota, Executive Vice President and Chief Financial Officer, will make a presentation regarding the Company at the Oppenheimer 20th Annual Healthcare Conference in New York City on Tuesday, November 3, 2009, at 10:50 a.m. Eastern Time.
Alnylam Pharmaceuticals, Inc. (Nasdaq:ALNY), a leading RNAi therapeutics company, announced it will report financial results for the third quarter ending September 30, 2009 on Wednesday, November 4, 2009, after the U.S. financial markets close.
Hi-Tech Pharmacal Co., Inc. (NASDAQ:HITK) announced it is scheduled to make an investor presentation at the 20th Annual Oppenheimer Healthcare Conference. David Seltzer, President and Chief Executive Officer, will deliver the Company's presentation on Tuesday, November 3, 2009, at 3:55 p.m. Eastern Time.
GTx, Inc. (NASDAQ:GTXI) announced it will host a conference call and webcast on Monday, November 2, 2009 to provide an update regarding the New Drug Application for toremifene 80 mg to reduce fractures in men with prostate cancer on androgen deprivation therapy.
Talecris Biotherapeutics Holdings Corp. (Nasdaq:TLCR) will release its third quarter 2009 financial results on November 9, 2009, after the stock market closes, and will host a conference call at 8:30 AM Eastern Time on November 10, 2009.
Covidien (NYSE:COV), a leading global provider of healthcare products, announced its subsidiary, Mallinckrodt Inc., has received U.S. Food and Drug Administration (FDA) approval of its Abbreviated New Drug Application (ANDA) for Oral Transmucosal Fentanyl Citrate (CII).
Alnylam Pharmaceuticals, Inc. (Nasdaq:ALNY), a leading RNAi therapeutics company, announced it will report financial results for the third quarter ending September 30, 2009 on Wednesday, November 4, 2009, after the U.S. financial markets close.
Novavax, Inc. (Nasdaq:NVAX) announced it will report its 2009 third quarter financial results in a press release to be issued after 8:00 am local time on Friday, November 6, 2009.
Geron Corporation (Nasdaq:GERN) announced the company’s plan to advance clinical development of its human embryonic stem cell (hESC)-based produc , GRNOPC1, for the treatment of spinal cord injury.
Biotech investors interested in seeing more details about these companies and a full list of their related stories can do so by typing the stock ticker symbol into the Stock Quotes box on the right side of the page.
Bristol-Myers Squibb (NYSE:BMY) announced 48-week data from an ongoing study (ETV-048) of chronic hepatitis B patients with decompensated cirrhosis, in which BARACLUDE demonstrated greater viral suppression compared to adefovir.
ICON plc, (NASDAQ:ICLR), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, announced it has signed an extension to its strategic agreement with Eli Lilly and Company (NYSE:LLY) to manage the company’s clinical data management outside the US.
Auxilium Pharmaceuticals, Inc. (NASDAQ:AUXL) announced executive management will participate in the Oppenheimer Healthcare Conference to be held November 3 - 4, 2009 at the Waldorf Astoria in New York City.
Arrayit Corporation (OTC:ARYC) is pleased to join the federal government in their efforts to help control health care costs by leveraging Arrayit's leading edge health care platform.
AEterna Zentaris Inc. (Nasdaq:AEZS), a global biopharmaceutical company focused on endocrine therapy and oncology, announced positive efficacy data from a Phase 2 study with its targeted cytotoxic peptide conjugate, AEZS-108 (formerly AN-152), in patients with platinum-resistant and taxane-pretreated ovarian cancer.
Perrigo Company (Nasdaq:PRGO) announced it has signed a definitive agreement to sell its Israel Consumer Products business along with the related production assets in Israel to Emilia Group, a subsidiary of O. Feller Holdings Ltd., for 205 million New Israeli Shekels (approximately $54 million).
Vanda Pharmaceuticals Inc., (Nasdaq:VNDA), a biopharmaceutical company focused on the development and commercialization of clinical-stage products for central nervous system disorders, announced financial and operational results for the third quarter ended September 30, 2009.
Kinetic Concepts, Inc. (NYSE:KCI) announced the Ministry of Health, Labor and Welfare (MHLW) in Japan has granted final regulatory approval for KCI to market and sell its innovative V.A.C.® Therapy System in the country.
Cytori Therapeutics Inc. (NASDAQ:CYTX) will release and host a webcast to discuss its third quarter financial results on Monday, November 9, 2009 at 10:30 AM Eastern time.
GTx, Inc. (NASDAQ:GTXI) announced it has received a Complete Response Letter issued by the United States Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for toremifene 80 mg to reduce fractures in men with prostate cancer receiving androgen deprivation therapy (ADT).
AMRI (NASDAQ:AMRI) announced a third compound being developed under its license and research agreement with Bristol-Myers Squibb Company (NYSE:BMY) will proceed into preclinical development.
GTC Biotherapeutics, Inc. (NASDAQ:GTCB) announced LFB Biotechnologies, a wholly owned subsidiary of LFB S.A. (Laboratoire françaindu Fractionnement et des Biotechnologies S.A., Les Ulis, France) and a strategic shareholder in GTC, has exercised its option to purchase $12.8 million of additional convertible preferred stock under the terms described in the financing agreements approved by GTC shareholders in July 2009.
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) has amended its license agreement with Exelixis, Inc. (NASDAQ:EXEL) as a result of which Ligand is now entitled to receive royalties on net sales of future products from a mineralocorticoid receptor program and a one-time $75,000 payment for providing access to certain patent rights.
Gilead Sciences, Inc. (Nasdaq:GILD), in collaboration with GlaxoSmithKline (GSK), announced plans for an international, event-driven (morbidity and mortality) clinical trial to study combination therapy versus monotherapy in a first-line treatment setting for pulmonary arterial hypertension (PAH).
Dendreon Corporation (Nasdaq:DNDN) announced it has completed the submission of the amended Biologics License Application (BLA) for PROVENGE 4; (sipuleucel-T), the Company's lead investigational product, to the U.S. Food and Drug Administration (FDA).Dendreon is seeking licensure for PROVENGE for men with metastatic castrate-resistant prostate cancer (CRPC).
Phase Forward (NASDAQ:PFWD), a leading provider of data management solutions for clinical trials and drug safety, announced a contract award to support the FDA’s production rollout of the company’s WebSDM™ Release 3.0 software, including the Empirica™ Study Clinical Trials Signal Detection system.
iMedicor (OTC:VMCI) announced it has received a Scope of Work (SOW) order from its partner, Franklyn Ideas, LLC (Franklyn) on behalf of one of its major pharmaceutical clients.
Walgreens (NYSE:WAG), the nation’s largest drugstore chain with more than 70,000 health service providers, will host its first-ever Diabetes Wellness Events at more than 1,500 stores nationwide in November.
CVS Caremark (NYSE:CVS) announced it has extended its contract to provide retail pharmacy benefit services and all clinical services for the Blue Cross and Blue Shield Government-wide Service Benefit Plan, also known as the Federal Employee Program (FEP).
Herbalife Ltd. (NYSE:HLF) reported third quarter 2009 net sales of $600.2 million, a decrease of 0.3 percent compared to the same period of 2008, primarily reclecting the 780 basis point unfavorable impact from currency fluctuations.
Antares Pharma, Inc. (Amex:AIS) announced it will release its third quarter 2009 financial results after the market closes on Monday, November 9, 2009, and host a conference call shortly thereafter at 4:30 PM (Eastern Time) to discuss the results.
La Jolla Pharmaceutical Company (NASDAQ:LJPC) announced its Special Meeting of Stockholders, which was convened on October 30, 2009, was adjourned to November 6, 2009 at 11:00 a.m., local time, at 4225 Executive Square, Suite 495, La Jolla, California.
This week's Chain Store sales report looks to confirm the anecdotal evidence seen at Home Depot, Linen 'n Things, Talbots and others. Also, this week's decision by the ECB might offer insight into the durability of any dollar rally.
Chain store sales should offer no surprise when they disappoint later this week, in our estimation. Linen 'n Things went bankrupt last week, and Home Depot announced the closing of some stores, offering more anecdotal evidence into the trouble ahead for retail. Some would argue that the tax rebate will help, and we agree, but we see only a one quarter benefit. The trouble is longer-term than that, especially if energy and food costs remain so troublesome for Americans, and credit so tight.
The Greek has singled out this week's ECB announcement and press conference as the most important event of the week. What the ECB does and says this week has the potential to move the dollar, commodities and stocks. Eurozone regulators are inflation manic at the moment, but they are also well aware of the competitive position of American goods in Europe, and that potential impact to European manufacturing. The consensus sees no move ahead for the ECB and the BOE, but we expect not soon after the Fed turns hawkish or neutral, the ECB will want to hike rates as well to contain inflation upward of 3%. So, dollar enthusiasts should be aware that a rally would most likely be a short-lived event (less than a year).
The market closed higher last week and for April, as stronger footing was established by a better than expected Employment Situation Report on Friday. The report indicated that 20,000 jobs were lost, which was better than the 75,000 economists expected, according to Bloomberg’s survey. Also, the unemployment rate fell to 5.0%, from 5.1% in March.
Unfortunately the unemployment rate misses the fact that most people are generally not lazy. The number of individuals working part-time for economic reasons, meaning they or their spouse probably lost their full-time job, increased by 306K in April, and it measured 849K more than a year ago. These under-employed individuals, while not considered jobless, are certainly having a tougher time making ends meet. Thus, the data offers a falsely positive indicator for the near-term economy. Even so, the growth in Q1 GDP reported earlier last week was also more enthusing to see than contraction would have been, and gave stocks even more reason to seek higher ground.
Tax rebate checks have started rolling out, and offer tax paying consumers a chance to catch their breath in the near-term. If the government’s other intense election-year actions help the economy gain traction before too long, we’ll have to offer Bush, the Dems, Paulson and Bernanke and company kudos for staving off a deeper economic downturn than would resulted otherwise.
The Week Ahead
This week contains important reports concerning the housing and retail industries, as well as noteworthy news from Europe.
Monday
A significantly lighter load of economic data is in store this week, and Monday's schedule holds just one item. At 10:00 a.m., the Institute for Supply Management reports its Non-Manufacturing Survey. While Barron's notes expectations at Lehman Brothers for an ISM service sector measure indicative of economic expansion (+50.0), Bloomberg's survey of economists has set expectations for a reading of 49.3, just below the breakeven point.
Bernanke looks to start his post FOMC meeting tour, beginning with a Columbia Business School dinner. Markets will be closed on Monday in Australia, Japan, South Korea and the U.K.
As earnings season remains hot and heavy, Monday's schedule includes Goldcorp (NYSE: GG), Pilgrim’s Pride (NYSE: PPC), Airgas (NYSE: ARG), Albany Molecular (Nasdaq: AMRI), Amtrust Financial (Nasdaq: AFSI), Anadarko Petroleum (NYSE: APC), Argo Group Int'l (Nasdaq: AGII), Assisted Living Concepts (NYSE: ALC), Banco Santander-Chile (NYSE: SAN), Boots and Coots Int'l Well Control (NYSE: WEL), Bruker (Nasdaq: BRKR), Career Education (Nasdaq: CECO), CMS Energy (NYSE: CMS), Comstock (NYSE: CRK), DIVX, Inc. (Nasdaq: DIVX), Dollar Financial (Nasdaq: DLLR), drugstore.com (Nasdaq: DSCM), Forest Oil (NYSE: FST), Gladstone Capital (Nasdaq: GLAD), Hain Celestial (Nasdaq: HAIN), Human Genome Sciences (Nasdaq: HGSI), Innophos (Nasdaq: IPHS), Kindred Healthcare (NYSE: KND), LeapFrog (NYSE: LF), LookSmart (Nasdaq: LOOK), MannKind (Nasdaq: MNKD), Marvel Entertainment (NYSE: MVL), McKesson (NYSE: MCK), Midway Games (NYSE: MWY), Nam Tai Electronics (NYSE: NTE), Nautilus (NYSE: NLS), Powerwave Technologies (Nasdaq: PWAV), Sykes Enterprises (Nasdaq: SYKE), The Principal Financial Group (NYSE: PFG), Scotts Miracle-Gro (NYSE: SMG), Tidewater (NYSE: TDW), Vulcan Materials (NYSE: VMC), Weight Watchers (NYSE: WTW) and many others.
Tuesday
On Tuesday, we advise investors pay attention to the weekly same-store sales report from the International Council of Shopping Centers – UBS. Last week’s report showed growth of 0.9%, but the week before that posted the first year-over-year decrease in our memory, as sales fell 0.7%. Just last year, sales growth was running at a pace of 2%-3%.
While the Japanese market remains closed, Australian bankers will announce their latest rate decision. The Bank of Australia is expected to keep rates steady. In the States, Kansas City Fed President Hoenig keeps the Fed post-FOMC tour rolling with his address in Colorado.
Democratic state primaries are scheduled in North Carolina and Indiana. Some would argue that it was South Carolina that set the wheels of change in motion for Barack Obama, and so perhaps it's appropriate that North Carolina can complete it; however, NC is a very different state and Bill Clinton is a very different campaign factor now. Up on Capitol Hill, the Senate Banking Committee is working on a bill to create a new regulator to watch over Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE).
Fannie Mae (NYSE: FNM) also leads earnings news on Tuesday, with other noteworthy reports expected from Churchill Downs (Nasdaq: CHDN), Cisco Systems (Nasdaq: CSCO), UBS (NYSE: UBS), American Capital Strategies (Nasdaq: ACAS), AMREIT (NYSE: AMY), Anglogold Ashanti (NYSE: AU), Aqua America (NYSE: WTR), Arch Chemicals (NYSE: ARJ), Athenahealth (Nasdaq: ATHN), Avis Budget (NYSE: CAR), Barrick Gold (NYSE: ABX), BIDZ.com (Nasdaq: BIDZ), Bio-Rad Labs (NYSE: BIO), Blue Nile (Nasdaq: NILE), Brightpoint (Nasdaq: CELL), Capital Senior Living (NYSE: CSU), CapitalSource (NYSE: CSE), Charles River Labs (NYSE: CRL), Church & Dwight (NYSE: CHD), Cimarex Energy (NYSE: XEC), Corrections Corp. (NYSE: CXW), Covidien (NYSE: COV), Cutera (Nasdaq: CUTR), D.R. Horton (NYSE: DHI), Dolan Media (NYSE: DM), Eagle Materials (NYSE: EXP), Emergency Medical Services (NYSE: EMS), Emerson Electric (NYSE: EMR), EPIX Pharmaceuticals (Nasdaq: EPIX), FTD Group (NYSE: FTD), Georgia Gulf (NYSE: GGC), Golden Star Resources (AMEX: GSS), Harman Int'l (NYSE: HAR), HCC Insurance (NYSE: HCC), Henry Schein (Nasdaq: HSIC), Hospitality Properties Trust (NYSE: HPT), IPCS, Inc. (Nasdaq: IPCS), Jack Henry (Nasdaq: JKHY), Kenneth Cole (NYSE: KCP), Kinross Gold (NYSE: KGC), Learning Tree (Nasdaq: LTRE), Legg Mason (NYSE: LM), Louisiana-Pacific (NYSE: LPX), Magna Entertainment (Nasdaq: MECA), Martin Marietta (NYSE: MLM), MGM Mirage (NYSE: MGM), Molson Coors (NYSE: TAP), Myriad Genetics (Nasdaq: MYGN), NYSE Euronext (NYSE: NYX), Papa John's (Nasdaq: PZZA), PG&E (NYSE: PCG), Pitney Bowes (NYSE: PBI), Playboy (NYSE: PLA), Precision Castparts (NYSE: PCP), Qwest Communications (NYSE: Q), RF Micro (Nasdaq: RFMD), RR Donnelley (NYSE: RRD), Ruth's Chris Steak House (Nasdaq: RUTH), Sara Lee (NYSE: SLE), Spectra Energy (NYSE: SE), Tenet Healthcare (NYSE: THC), Teva Pharma (Nasdaq: TEVA), The Pantry (Nasdaq: PTRY), The St. Joe Co. (NYSE: JOE), THQ, Inc. (Nasdaq: THQI), TLC Vision (Nasdaq: TLCV), ValueClick (Nasdaq: VCLK), Vornado Realty Trust (NYSE: VNO), World Wrestling Entertainment (NYSE: WWE) and more.
Wednesday
Wednesday offers a busy one for economic news, and some of it capable of moving the market. Before the open, the Mortgage Bankers' Association will report its weekly take on mortgage activity. This report has been sort of a nonfactor of late, because until it and other housing data indicate a housing market turn in earnest, investors are just not going to find value here. We have noted in the past that mortgage rates have started to reflect increased expectations for inflation, and so some of the anticipated impact to housing from the rate cuts (in isolation) has been offset.
At 8:30 on Wednesday, Q1 Productivity and Costs will be noted. Pay attention to late coming reports and revisions, especially those that play a role in the GDP calculation. Economists will be adjusting their forecast for GDP ahead of its reported revision this month. Nonfarm productivity is seen improving by 1.7% in Q1, after an increase of 1.9% in Q4 2007. Unit Labor Costs, the more important part of this report now due to its contribution to inflation, is seen increasing 2.6% in Q1, after an increase of 2.6% in Q4. We expect this figure to decrease in future quarters as lower cost workers replace higher paid legacy employees. This has been a staple factor in the cost reduction efforts at General Motors (NYSE: GM) and Ford (NYSE: F) and should be commonplace in Q2. Certainly the maintenance of the unemployment rate, while jobs are shed at the same time, finds logical explanation in this phenomenon.
The stock market has proven resilient to recently deteriorating housing data, and it will get another resiliency test on Wednesday when the Pending Home Sales Index is reported for March. February’s report displayed a decrease of 1.9% from January. While many economists are pointing toward another double digit decline in home values before we touch bottom, and we agree values must still adjust lower, major media has started to pick up on vulture investing opportunities in the foreclosure market. However, if the foreclosure market is getting so much attention, this says something about the still wary buyers in the general real estate market. It's hard to overspend in the foreclosure space, if you do your research and do not enter into a contract for a home loan involving a property that has other liens against it. In other words, do you homework.
Petroleum Status is on tap for its regular 10:30 reporting. Last week, a precipitous decline was offset by Turkish bombing of Kurd positions. Thus, you can expect oil to start lower again this week, but The Greek is on record warning about future ECB actions and how they might some day end this dollar rally. If the ECB raises rates, a real possibility, look for dollar enthusiasts to get a slap in the face, and commodity bears also. Still, everything depends on that ECB decision and press conference on Thursday, and the most important thing you can do on Thursday is pay attention to that news flow.
With Congress coming down on credit card companies, and rightly so, the Consumer Credit Report should get more interesting in the near future. Many of you may not be aware of credit card company roughhousing, so we'll inform. When the less fortunate get into a bind and fall behind a payment or two, the credit card companies tighten the noose around the borrower's neck, often times raising the APR on consumer credit above 30%. This places the borrower into a deeper hole he often cannot get out of, outside of settling on partial payment or declaring bankruptcy, both detrimental to credit record. And many poor folk don't even understand their options and continue to struggle month to month, paying late fees, over the limit fees and a plus 30% interest rate.
This highway robbery has to stop, and I don't care if it's in the contract or not. If you tell me you are going to rob, rape and murder me in fine print, that still does not make it okay. Consumer Credit for the month of March is indicated to rise by $6.0 billion when reported on Wednesday afternoon. February credit increased by $5.1 billion, and the rate of credit expansion looks to have decreased this year generally.
One will have to wonder if the Antichrist has ushered in the "beast" when Vladimir Putin hands over the Kremlin to Dmitry Medvedev on Wednesday. Medvedev is officially inaugurated on this day, but whether the puppeteer's strings are severed or not is another question. Markets in France will be closed on Wednesday, presumably to make sure all the nuclear energy plants are working properly as Russia prepares to hold Europe hostage for heat and electricity. In the States, a Senate subcommittee considers the Delta-Northwest merger (NYSE: DAL, NYSE: NWA).
Wednesday's earnings schedule includes Croc’s (Nasdaq: CROX), Total S.A. (NYSE: TOT), AAON (Nasdaq: AAON), Aeterna Zentaris (Nasdaq: AEZS), Allergan (NYSE: AGN), Allos Therapeutics (Nasdaq: ALTH), Bluefly (Nasdaq: BFLY), Central Garden & Pet (Nasdaq: CENT), Checkpoint Systems (NYSE: CKP), Chesapeake (NYSE: CSK), Conseco (NYSE: CNO), Cooper Tire & Rubber (NYSE: CTB), Devon Energy (NYSE: DVN), Expeditors Int'l (Nasdaq: EXPD), Foster Wheeler (Nasdaq: FWLT), Great Plains Energy (NYSE: GXP), Hansen Natural (Nasdaq: HANS), Healthsouth (NYSE: HLS), Hospira (NYSE: HSP), InterDigital (Nasdaq: IDCC), Kintera (Nasdaq: KNTA), Marsh & McLennan (NYSE: MMC), McCormick & Schmick's (Nasdaq: MSSR), Middleby (Nasdaq: MIDD), Nationwide Financial (NYSE: NFS), NCR Corp. (NYSE: NCR), Neenah Paper (NYSE: NP), Nobel Learning (Nasdaq: NLCI), ON Semiconductor (Nasdaq: ONNN), PeopleSupport (Nasdaq: PSPT), Pioneer Natural Resources (NYSE: PXD), Protective Life (NYSE: PL), Quality Distribution (Nasdaq: QLTY), ResCare (Nasdaq: RSCR), Senior Housing Properties Trust (NYSE: SNH), Service Corp. (NYSE: SCI), Speedway Motorsports (NYSE: TRK), The DirectTV Group (NYSE: DTV), Transocean (NYSE: RIG), U.S. Cellular (NYSE: USM), Yamana Gold (NYSE: AUY) and more.
Thursday
On Thursday, the Chain Store Sales Report for the month of April is likely to offer further verification for what we expect will be an ongoing deterioration of the retail sector in 2008.
Supporting anecdotal evidence has been mounting, with news last week that Home Depot (NYSE: HD) would close 15 stores. Also, Linens 'n Things filed for Chapter 11 bankruptcy protection last week, and Talbots (NYSE: TLB) doesn't look far behind. Finally, within the Employment Situation Report last Friday, it was noted that the retail trade industry shed 27,000 jobs in April. Thus, we expect April Chain Store Sales will offer good reason for market concern and keep the shares of the poorest performing retailers from participating in general market ascension.
Last week’s spring economic forecast published by the European Union, brought Europe’s inflation concerns to the fore. Anyone who watches European TV occasionally, like me, knows all about the mania in Europe concerning rising costs. Americans with travel plans across the pond are certainly working the calculator these days, and watching the likelihood of this year’s trip dwindle with each passing day, and each penny the euro strengthens against the dollar.
This week, the ECB might put its money where its mouth is, and God forbid, raise European interest rates as it battles the inflation enemy. The ECB and Bank of England will announce their respective rate decisions on Thursday morning. A rate increase would almost surely prove damaging to the dollar, but it's not generally expected.
The regular reporting of Weekly Initial Jobless Claims is due for 8:30 release. Bloomberg's consensus of economists forecasts a level of 370K claims this time around, after the measure rated at 380K last week. March Wholesale Trade is due for mid-AM report, and inventories rose 1.1% in February (+0.8% in Jan.) on the wholesale level. The ratio of inventory to sales is more important, and there's been an uptick in the trend recently, indicating the impact of recession or fear of it in product flow and purchases. The long-term trend, however, shows great efficiency gain from improved global distribution, technology and just-in-time production.
The weekly Natural Gas Report is on tap for its usual 10:30 notation. In the pending war with Iran, natural gas will be our energy resource of choice. We have nice stores of coal-bed methane in the Colorado Rockies, and plenty of gas in Canada. Coal of course is an important resource in North America as well, if you're forecasting the possibility of serious competition for control of Middle Eastern energy resources. Hey, this is not so far fetched, so fetch your one eyebrow back from that raised position. India is reportedly considering similar protectionist measures to China regarding rice, and so it's becoming plainly obvious that the free market extends only as far as free availability of commodities. Then, we're sorry to say, protectionism and maybe even war become real possibilities...
Thursday's earnings include American International Group (NYSE: AIG), Coca-Cola Hellenic Bottling (NYSE: CCH), Priceline.com (Nasdaq: PCLN), Activision (Nasdaq: ATVI), Adaptec (Nasdaq: ADPT), Agnico-Eagle Mines (NYSE: AEM), Akeena Solar (Nasdaq: AKNS), Barr Pharma (NYSE: BRL), Brooks Automation (Nasdaq: BRKS), Cablevision (NYSE: CVC), Celgene (Nasdaq: CELG), Deutsche Telekom (NYSE: DT), Dot Hill Systems (Nasdaq: HILL), El Paso (NYSE: EP), Electro Scientific (Nasdaq: ESIO), First Marblehead (NYSE: FMD), Gartner (NYSE: IT), Global Cash Access (NYSE: GCA), Heely's (Nasdaq: HLYS), Internet Capital Group (Nasdaq: ICGE), King Pharma (NYSE: KG), Koppers (NYSE: KOP), Leap Wireless (Nasdaq: LEAP), Lifetime Brands (Nasdaq: LCUT), Live Nation (NYSE: LYV), Mirant (NYSE: MIR), Nationwide Health Properties (NYSE: NHP), Pediatrix Medical (NYSE: PDX), Plug Power (Nasdaq: PLUG), Public Storage (NYSE: PSA), R.H. Donnelley (NYSE: RHD), Ralcorp (NYSE: RAH), Real Networks (Nasdaq: RNWK), Scientific Games (Nasdaq: SGMS), Six Flags (NYSE: SIX), Steinway Musical (NYSE: LVB), Sunrise Senior Living (NYSE: SRZ), Superior Well Services (Nasdaq: SWSI), The NASDAQ OMX Group (Nasdaq: NDAQ), Toyota (NYSE: TM), Trump Entertainment (Nasdaq: TRMP), U.S. Physical Therapy (Nasdaq: USPH), Unilever NV (NYSE: UN), Verisign (Nasdaq: VRSN), Vestas Wind Systems (VWS.CO), Vonage (NYSE: VG), Watson Wyatt (NYSE: WW) and more.
Friday
Friday offers two reports, including the International Trade data for starters. The deficit is expected to narrow to $60.8 billion in March. "What about China!", we hear you screaming. Remember, there are important dynamic factors at play now offsetting the global production factor. First of all, with global development comes international demand for U.S. branded goods. If you've ever been to Eastern Europe, you know they'll pay $100+ for a pair of lousy old Levi's. Anything American sells way above value, and they seek "made in America" tags even more intently then super-patriotic types do here.
Besides this, of course the decline in the dollar has helped American exporters, and manufacturing is getting a well-publicized boost from it all. Finally, never forget there are two factors to this equation, and when America nears recession, demand for overall goods and services declines, and so import demand wanes. In a report last week, we saw imports and exports both rose recently, but exports exceeded import growth near three-fold.
After April ended five consecutive months of stock market decline, expect the RBC Cash Index to begin to show the signs of confidence building. Sure, sure, the little guy is still hoarding cash, but we bet the investments he's buying now include some names he would not have touched months ago. Heck, I bet even SIVs have made some courageous folks some money lately, considering the government's willingness to hold risk.
Friday's earnings schedule includes Allianz S.E. (NYSE: AZ), Beacon Roofing (Nasdaq: BECN), Clear Channel Communications (NYSE: CCU), Cornell (NYSE: CRN), Gold Fields Ltd. (NYSE: GFI), Huntsman (NYSE: HUN), National Dentex (Nasdaq: NADX), Petrobras Energia (NYSE: PZE), Rosetta Resources (Nasdaq: ROSE), Sotheby's (NYSE: BID), Southern Union (NYSE: SUG), Westar Energy (NYSE: WR), Windstream Communications (NYSE: WIN) and a few others.
Please find our daily market commentary and our disclosure at Wall Street Greek.
Bullish
Covance Inc. (
CVD), State Street Corporation (
STT), VASCO Data Security International Inc. (
VDSI), Spectra Energy Corp. (
SE), HORSEHEAD HOLDING CORP. (
ZINC), Parexel International Corporation (
PRXL), Cisco Systems Inc. (
CSCO) and Juniper Networks Inc. (
JNPR).
Bearish
Melco PBL Entertainment (Macau) Limited (
MPEL), Las Vegas Sands Corp. (
LVS), Albany Molecular Research Inc. (
AMRI), International Game Technology (
IGT), Southwest Airlines Co. (
LUV), Contential Airlines Inc. (
CAL) and Brocade (
BRCD).
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