Market News
Best Buy (BBY)
NASDAQ.com is reporting that barely a week after Wal-Mart Stores Inc. (WMT) signaled its latest push to sell and rent movies over the Internet, Best Buy Co. (BBY) is preparing to roll out its own, revamped digital-download service.
In an Internet posting, Best Buy said its best customers are allowed one free movie rental download each month from Blue Sky Video by Best Buy, which the retailer said is "coming out soon."
Best Buy in November announced it would develop an on-demand movie and entertainment service as part of a multiyear partnership with streaming service Sonic Solutions' (SNIC) Roxio CinemaNow. The deal, which included Best Buy acquiring warrants to purchase shares of Sonic Solutions' stock, also allowed Best Buy to embed the service on various electronic devices.
Mar 4 · 10:53:00 AM · Source: NASDAQ.com
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by Rich Pike
Abbott Labs (ABT)
Abbott announced today that it has entered into an agreement with GlaxoSmithKline
(GSK) to develop a molecular diagnostic test intended for use as an aid in
selecting patients who may benefit from a skin cancer treatment in development
by GSK.
"This is an exciting continuation of our important collaboration with GSK, a
leading company in cancer immunotherapy research," said Stafford O'Kelly, head
of Abbott's molecular diagnostics business. "The agreement is indicative of
our commitment to personalized medicine and our focus on developing innovative
companion diagnostic tests that can be used to identify patients most likely
to benefit from specific cancer therapies."
Mar 4 · 10:44:00 AM · Source: Reuters.com
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by Rich Pike
Pfizer (PFE)
Pfizer and Medivation announced
results from two Phase 3 trials of the investigational drug dimebon
(latrepirdine*) in patients with Alzheimer`s disease (AD). In the CONNECTION
trial, dimebon did not meet its co-primary or secondary efficacy endpoints
compared to placebo. Co-primary endpoints were measures of cognition and global
function.
Dr. David Hung, president and chief executive officer of Medivation, described the results as "unexpected" and said they are "disappointed". That's not good. Pfizer is under a lot of pressure to replace sales from Lipitor, which goes off patent next year.
Mar 4 · 10:41:00 AM · Source: Reuters.com
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by Rich Pike
The Buckle (BKE)
The Buckle announced today that comparable store net sales, for
stores open at least one year, for the four-week period ended February 27, 2010 increased 5.1 percent
from comparable store net sales for the four-week period ended February 28, 2009. Net sales for the fourweek
fiscal month ended February 27, 2010 increased 9.7 percent to $69.4 million from net sales of $63.3
million for the prior year four-week fiscal month ended February 28, 2009.
The Buckle has grown nicely over the years in the center of the US. They are now expanding into the east and west coasts.
Mar 4 · 10:32:00 AM · Source: Company Press Release
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by Rich Pike
Unemployment
The U.S. Labor Department said today that in the week ending Feb. 27 the advance figure for seasonally adjusted initial claims was 469,000, a decrease of 29,000 from the previous week's revised figure of 498,000. The 4-week moving average was 470,750, a decrease of 3,500 from the previous week's revised average of 474,250.
This points to an improvement in the labor market that is slow to develop.
Mar 4 · 9:18:00 AM
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by Larry Etter
IBM (IBM)
IBM scientists have unveiled a significant step towards replacing electrical signals that communicate via copper wires between computer chips with tiny silicon circuits that communicate using pulses of light. his is an important advancement in changing the way computer chips talk to each other.
This is an important advancement in changing the way computer chips talk to each other.
Mar 4 · 9:11:00 AM · Source: Company Press Release
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by Larry Etter
Continental Airlines (CAL)
Continental Airlines (NYSE:CAL) will begin charging coach customers extra if they want a seat with more legroom, according to The Baltimore Sun. Starting March 17, coach customers will be able to pay the charge at check-in to get an exit-row seat with at least 7 inches more legroom than the other rows, Continental said Wednesday.
"Seats with additional legroom are higher-value seats, and we want to offer them to customers who recognize that value," said Jim Compton, Continental's executive vice president and chief marketing officer. As reported earlier in MarketBeast, airlines are now looking at any possible way to increase their revenue per flying passenger.
Mar 4 · 6:18:00 AM · Source: The Baltimore Sun
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by Steve Wieczorek
Southwest Airlines (LUV)
The stocks of many of the major carriers have nearly doubled in price since early November 2009. Similar to most industry groups, the airline stocks trade together. The best airline of the group is Southwest Airlines Co (NYSE:LUV), according to Inthemoneystocks.com.
Southwest Airlines Co is trading above its daily 20 and 50 moving averages, which signal that the trend is up and the stock has good support at $12.00. This company also has a slightly different business model from the legacy carriers in that they have only one type of aircraft that they fly. This factor in their business model has kept this airline profitable for many years as most of the others struggle to survive and make profits.
Mar 4 · 6:12:00 AM · Source: Inthemoneystocks.com
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by Steve Wieczorek
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