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Merck (MRK)
Reuters reported that Merck has agreed to make corporate governance changes and create internal committees to address potential safety issues with its products under a proposed settlement of shareholders lawsuits related to its withdrawn Vioxx painkiller. Merck also agreed to amend its code of conduct and pay as much as $12.2 million in legal fees as part of the settlement, which resolves all derivative litigation against Merck over Vioxx. Many terms of the settlement, such as filling the position of chief medical officer and registering clinical trials with the government, have already been accomplished or are in the process of being completed, a Merck spokesman said.
The Superior Court of New Jersey approved the derivative lawsuit settlement on a preliminary basis on February 8, 2010. A hearing to determine whether the settlement should win final approval has been scheduled for March 22, in New Jersey Superior Court in Atlantic City.
Feb 11 · 1:02:00 PM · Source: Reuters.com
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by Rich Pike
Raytheon (RTN)
Raytheon has picked up a $170 million contract to supply two variations of infrared Maverick air-to-surface missiles to the United Arab Emirates.
The sale concerns the AGM-65D and AGMG2 infrared-guided missiles that gained fame during the U.S.-led operation Desert Storm.
Feb 11 · 12:13:00 PM · Source: UPI
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by Michael Oliveto
Raytheon (RTN)
Raytheon has received a $37.9 million delivery order from the U.S. Air Force to modify weapons data link equipment used in pilot training for F-15 fighter aircraft.
This is the second delivery order under a 2007 indefinite-delivery,
indefinite-quantity (IDIQ) contract awarded to Raytheon Technical Services Company LLC (RTSC) for the Air Force Training Frequency Relocation (TFR) program. TFR is the Air Force's initiative to modify GBU-15/AGM-130 weapons data link equipment to comply with federal reallocation of radio frequencies from governmental to commercial use.
Feb 11 · 12:12:00 PM · Source: Company Press Release
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by Michael Oliveto
Lockheed Martin (LMT)
The U.S. Navy awarded Lockheed Martin a $160 million follow-on contract for technical and engineering support of its land-based test facility for the Aegis Ballistic Defense (BMD) Weapon System.
Known locally as the “the Cruiser in the Cornfield” for its ship-like exterior appearance, the Navy’s Vice Admiral James H. Doyle Combat Systems Engineering Development Site (CSEDS) develops, integrates and delivers sophisticated computer software that allows the Aegis Weapon System to constantly evolve to meet the world’s emerging threats. CSEDS incorporates highly-integrated, classified, real-time networks that connect numerous contractor and U.S. government facilities.
Feb 11 · 12:05:00 PM · Source: Company Press Release
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by Michael Oliveto
United Technologies (UTX)
Pratt & Whitney Rocketdyne, a United Technologies company, has completed the initial step in certifying the RS-68A rocket engine by successfully hot-fire testing the first certification engine. The RS-68A is an upgrade of the RS-68, a liquid-hydrogen/liquid-oxygen booster engine that will provide increased thrust and improved fuel efficiency for the Delta IV family of launch vehicles.
"The RS-68A certification engine ran very well, and we obtained the data we needed to proceed with additional tests," said Jim Tibble, RS-68A engine development project manager, Pratt & Whitney Rocketdyne. "Development testing is complete, certification testing has started and it's an exciting time. We will be reviewing data to fully analyze engine performance, to verify compliance with requirements, and to ensure 100 percent mission success as we proceed through the certification process for this next-generation rocket engine."
Feb 11 · 12:00:00 PM · Source: PR Newswire
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by Michael Oliveto
Boeing (BA)
Boeing's board of directors has elected former U.S. Trade Representative Susan Schwab as its newest member.
Schwab, 54, was President George W. Bush's principal trade advisor and negotiator from mid-2006 through the end of the Bush administration in January, 2009. Since then she has taught at the University of Maryland's School of Public Policy.
"We're privileged to have Ambassador Schwab join our board," said Boeing Chairman, President and Chief Executive Jim McNerney. "Her expertise will help shape our strategies toward the global market and the many international opportunities that are ahead of us."
Feb 11 · 11:53:00 AM · Source: Company Press Release
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by Michael Oliveto
Range Resources (RRC)
Range Resources will be selling nearly 500,000 acres of oil and natural gas properties primarily in Stark, Portage, Carroll and Tuscarawas counties in Ohio to Houston-based EnerVest Ltd., the largest oil and gas operator in Ohio.
EnerVest will be paying $330 million in the transaction.
Feb 11 · 11:48:00 AM · Source: Ohio.com
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by Michael Oliveto
Noble Energy (NBL)
Ecuador said it may buy a power plant from a unit of the U.S.’s Noble Energy Inc. as the government broadens state control of domestic energy production.
“They have proposed the sale and we are interested,” Borja said in a telephone interview yesterday from Guayaquil, Ecuador. “It will be negotiated.”
President Rafael Correa is tightening state control over the nation’s oil, natural gas and electricity production since taking office in 2007. Last month, the government said it began the process to cancel the natural-gas exploration and production contract belonging to Noble Energy’s EDC Ecuador Ltd. unit.
Feb 11 · 11:41:00 AM · Source: Business Week
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by Michael Oliveto
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