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U.S. stock market report
0737 ET 06Aug2009
Kano withdraws criminal case against Pfizer
Nigeria's state of Kano on Thursday withdrew its criminal case against U.S. drugmaker Pfizer following an out of court settlement over a 1996 meningitis drug trial.
The world's largest drugmaker last week signed a settlement worth up to $75 million with Kano, which sued Pfizer in May 2007 for $2 billion in damages over the testing of the drug Trovan, saying it killed 11 children and left dozens disabled.
The New York-based company denied all charges and said meningitis, not Trovan, killed the children or damaged their health. It said Trovan saved lives and was as effective as a more established drug used for comparison in the study.
For details, see
Shares of Pfizer, a Dow component, closed Wednesday at $15.87.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0733 ET 06Aug2009
AIG breakup nets Wall St $1 bln: WSJ
Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc to help manage and break apart the insurer, The Wall Street Journal said on Wednesday, citing its own analysis.
Morgan Stanley could collect as much as $250 million, the newspaper said, citing banking experts and documents released by the New York Fed.
Bank of America Corp, private equity firm Blackstone Group LP , law firm Davis Polk & Wardwell LLP, accounting firm Ernst & Young, Goldman Sachs Group Inc and JPMorgan Chase & Co are among others that have or could get big paydays for helping dismantle AIG, the newspaper said.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0726 ET 06Aug2009
Deutsche Bank starts JPMorgan at 'buy'
Deutsche Bank on Thursday began coverage of JPMorgan Chase & Co with a 'buy' rating and said it expects near-term earnings power at the second-largest U.S. bank to be above average.
'While we expect most banks to lose money in the second half of 2009 and 2010, we expect JPMorgan to remain profitable, given less drag from loan loss reserve boost, less exposure to commercial real estate, better revenue momentum, and WaMu cost saves,' the firm wrote to clients.
For details, see
Shares of JPMorgan, a Dow component, rose 0.5 percent to $42 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0712 ET 06Aug2009
Syngenta to buy Monsanto's sunflower seeds unit
Syngenta AG said on Thursday it will buy Monsanto Co's global hybrid sunflower seeds business for $160 million.
The sunflower seeds market is currently valued at around $700 million, with more than 75 percent of the value coming from developing markets, Syngenta said in a statement.
For details, see
Shares of Monsanto closed Wednesday at $84.53.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0708 ET 06Aug2009
News Corp may charge for access to news sites
News Corp may charge for access to its news websites by the middle of next year, and may break off its relationship with Amazon.com Inc's Kindle e-reader if it cannot get better terms.
Rupert Murdoch, chief executive of the global media empire, said on Thursday he is unhappy with the Kindle's control of relationships with newspaper subscribers, and may seek a better deal with rival e-reader maker Sony Corp.
For details, see
Shares of News Corp closed Wednesday at $10.58, while Amazon closed at $84.29.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
U.S. stock market report
0737 ET 06Aug2009
Kano withdraws criminal case against Pfizer
Nigeria's state of Kano on Thursday withdrew its criminal case against U.S. drugmaker Pfizer following an out of court settlement over a 1996 meningitis drug trial.
The world's largest drugmaker last week signed a settlement worth up to $75 million with Kano, which sued Pfizer in May 2007 for $2 billion in damages over the testing of the drug Trovan, saying it killed 11 children and left dozens disabled.
The New York-based company denied all charges and said meningitis, not Trovan, killed the children or damaged their health. It said Trovan saved lives and was as effective as a more established drug used for comparison in the study.
For details, see
Shares of Pfizer, a Dow component, closed Wednesday at $15.87.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0733 ET 06Aug2009
AIG breakup nets Wall St $1 bln: WSJ
Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc to help manage and break apart the insurer, The Wall Street Journal said on Wednesday, citing its own analysis.
Morgan Stanley could collect as much as $250 million, the newspaper said, citing banking experts and documents released by the New York Fed.
Bank of America Corp, private equity firm Blackstone Group LP , law firm Davis Polk & Wardwell LLP, accounting firm Ernst & Young, Goldman Sachs Group Inc and JPMorgan Chase & Co are among others that have or could get big paydays for helping dismantle AIG, the newspaper said.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0726 ET 06Aug2009
Deutsche Bank starts JPMorgan at 'buy'
Deutsche Bank on Thursday began coverage of JPMorgan Chase & Co with a 'buy' rating and said it expects near-term earnings power at the second-largest U.S. bank to be above average.
'While we expect most banks to lose money in the second half of 2009 and 2010, we expect JPMorgan to remain profitable, given less drag from loan loss reserve boost, less exposure to commercial real estate, better revenue momentum, and WaMu cost saves,' the firm wrote to clients.
For details, see
Shares of JPMorgan, a Dow component, rose 0.5 percent to $42 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0712 ET 06Aug2009
Syngenta to buy Monsanto's sunflower seeds unit
Syngenta AG said on Thursday it will buy Monsanto Co's global hybrid sunflower seeds business for $160 million.
The sunflower seeds market is currently valued at around $700 million, with more than 75 percent of the value coming from developing markets, Syngenta said in a statement.
For details, see
Shares of Monsanto closed Wednesday at $84.53.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0708 ET 06Aug2009
News Corp may charge for access to news sites
News Corp may charge for access to its news websites by the middle of next year, and may break off its relationship with Amazon.com Inc's Kindle e-reader if it cannot get better terms.
Rupert Murdoch, chief executive of the global media empire, said on Thursday he is unhappy with the Kindle's control of relationships with newspaper subscribers, and may seek a better deal with rival e-reader maker Sony Corp.
For details, see
Shares of News Corp closed Wednesday at $10.58, while Amazon closed at $84.29.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.