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Old 12-18-2003, 10:18 AM
jjgold jjgold is offline
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07:14 ET Alexion Pharma and XOMA Ltd form collaboration (ALXN) 17.00: Co and XOMA Ltd (XOMA) announce a collaborative agreement for the development and commercialization of a rationally designed human c-MPL agonist antibody to treat chemotherapy-induced thrombocytopenia. Alexion will receive payments tied to initiation of the collaboration and achievement of a regulatory milestone. XOMA will be entitled to royalty payments and milestones related to its bacterial expression technology. Specific financial terms were not disclosed.
07:14 ET palmOne beats (PLMO) 13.85: Reports Q2 (Nov) earnings of $0.07 per share, which includes ex items. Excluding ex items, company reports "non-GAAP" earnings of $0.14, $0.15 better than the Reuters Research consensus of ($0.01); revenues rose 5.2% year/year to $271.2 mln vs the $271.2 mln consensus. On Sept 18, PLMO guided to a slight non-GAAP profit, so $0.14 is likely the most comparable actual. Consensus contains outlier estimate at a loss of $0.08, which appears to be skewing consensus lower.
07:13 ET WSJ comments on the biotech IPO markets : The Wall Street Journal's "Heard on the Street" column suggests the window has cracked open for initial public offerings of biotech stocks, which suggests a vital opportunity for the industry's unprofitable and cash-hungry companies. According to the article, seven biotech companies have gone public since October with thirteen other closely held biotechs having signaled plans to follow suit as well. Despite this flurry of activity, investors reaction to the deals have been less than optimistic. As a group, shares of the newly public biotechs are down about 16% since their offerings, even as the rest of the market has risen. All of this is why expectations are so high for Eyetech, which has developed a new treatment for a type of blindness in the elderly. Analysts say that if the Eyetech deal doesn't fly, it could prolong a "painful" period for the biotech industry. The article notes shares of GTOP is the only biotech trading above its offering price.
07:12 ET BBBY upgraded at UBS 39.96: UBS upgrades Bed Bath & Beyond to Buy from Neutral following stronger than expected Q3 results, citing the stock's attractive valuation as well as their belief that investors will increasingly turn to the safest, highest quality names as they lessen their retail exposure. Raises target to $47 from $45.
07:12 ET Loudeye and Amazon.com expand music samples pact (LOUD) 1.80: Co announces a multi-year music samples agreement with Amazon.com. The agreement provides Amazon.com with the most current and comprehensive music samples catalog in the industry.
07:08 ET Google and Amazon rivalry heats up again -- WSJ (AMZN) 47.58: The Wall Street Journal reports Google has quietly been testing a service that allows users to search excerpts of books. According to the article, Google is steering users who read the book excerpts from AMZN and other online stores. This development could signal a longer term escalation of its growing rivalry with AMZN. Amazon.com introduced a long-awaited "search inside the book" function that lets consumers browse for words in the complete text of electronic copies of books in October.
07:07 ET Foundry Ntwks wins contract with BBC Technology (FDRY) 24.97: Co announces a contract lasting up to five years with BBC Technology, provider of products and services to both the BBC and other global media-driven organizations, to purchase and install Foundry Networks networking solutions, including Internet routers, Layer 2/3 and Layer 4-7 switch technology and associated services.
07:06 ET PLMO prelim $0.07 vs $0.01 consensus; revs $271.2 mln vs $271.2 consensus :
07:05 ET Computer Sciences signs $1.5 bln outsourcing contract (CSC) 41.42: Company inks deal with S.A.S. Group to provide Scandinavian airline IT consulting, systems integration, application development and maintenance, and IT infrastructure services. Contract has base period of 5-years with a two-year option two additional one-year options. As part of deal, CSC will acquire Scandinavian IT Group, a subsidiary of S.A.S. Group with 1,200 employees.
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Old 12-18-2003, 11:57 AM
jjgold jjgold is offline
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08:40 ET: [BRIEFING.COM] S&P futures vs fair value: +2.7. Nasdaq futures vs fair value: +6.5. Near their best levels of the morning, the futures indications continue pointing to a higher open for the cash market. The early favorable bias received a boost from the lower than expected Initial Claims data for the week of 12/13, which checked in at 353K (consensus 365K), bringing the 4-week average, a less volatile measure, down to 362K from 364K.

08:25 ET: [BRIEFING.COM] S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +5.0. The Initial Claims report for the week of 12/13 will be reported at 8:30 ET. The report will provide insight into the state of the job market. The consensus estimate is for a reading of 365K versus last week's 378K and the Briefing.com consensus of 360K.

08:00 ET: [BRIEFING.COM] S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +6.0. The futures market is higher in an extension of yesterday's afternoon pickup and in concert with the overseas markets. Contributing to the favorable bias are multiple analyst upgrades including the likes of HON at JP Morgan, WMT at UBS, and COMS at Morgan Stanley
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