STOCKS NEWS US-June payrolls fell 467,000, jobless rate up

Stocks on the move [HOT-RTRS]

Real-time Equity news [U][E][RESF/US]

For U.S. stock market report double-click [.N]
0833 ET 02July2009-June payrolls fell 467,000, jobless rate up
------------------------------------------------------------------------------

U.S. employers cut 467,000 jobs in June, far more than expected, while the
unemployment rate rose to 9.5 percent, the government said on Thursday in a
report that showed a labor market continuing to struggle with a deep
recession.

The June job losses were more than 100,000 greater than the 363,000
consensus of Wall Street economists polled by Reuters and broke a four-month
trend of moderation in job losses.

For details, see [ID:nN01210643]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0821 ET 02July2009-Treasury may name nine fund managers for PPIP
------------------------------------------------------------------------------

The U.S. Treasury Department is expected to name as many as nine fund
managers to operate the long-awaited Public-Private Investment Program (PPIP)
to cleanse banks of toxic assets, a person familiar with the plan said on
Wednesday.

An announcement from Treasury could come as soon as Thursday, the person
said, adding that the roster of firms is likely to include Allianz SE's
(ALVG.DE) Pacific Investment Management Co, or Pimco; BlackRock Inc (BLK.N);
billionaire Wilbur Ross and private investor Angelo Gordon & Co.

A Treasury official could not be reached immediately for comment.

For details, see [ID:nN01534119]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net; Editing by
Kenneth Barry
0818 ET 02July2009-J&J buys $1 bln stake in Elan
------------------------------------------------------------------------------

Johnson & Johnson (JNJ.N) is take over most of Elan Corp (ELN.N) (ELN.I)
Alzheimer's research and invest $1 billion in new Elan equity in exchange for
an 18.4 percent stake in the Irish drugmaker, the companies said on Thursday.

The deal marks the end of a strategic review by Elan and its adviser
Citigroup, following pressure from investors for change at the group, which has
been burning through cash at a rapid rate.

For details, see [ID:nL2891369]

Shares of J&J, a Dow component, closed Wednesday at $57.07 while
U.S.-listed shares of Elan soared 27 percent to $8.87 in premarket trading.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0807 ET 02July2009-US Bancorp eyes western growth
------------------------------------------------------------------------------

U.S. Bancorp (USB.N) is eyeing expansion in the western United States, as
it prepares to soon extinguish the government warrants to buy its stock, Chief
Executive Richard Davis said.

In an interview in New York, Davis also said the bank expects to build
reserves for loan losses "for the rest of this year," while the U.S. economy
stays in recession through the middle of 2010, "with a transition to
improvement" thereafter.

For details, see [ID:nN01528998]

Shares of US Bancorp closed Wednesday at $17.58.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0801 ET 02July2009-FDA denies approval for King-Acura pain drug
------------------------------------------------------------------------------

The Food and Drug Administration on Thursday denied approval for Acurox,
Acura Pharmaceuticals' (ACUR.O) and King Pharma's (KG.N) pain drug.

The FDA raised questions on the potential abuse deterrent benefits of the
drug. The companies, which were issued a complete response letter by the U.S.
Food and Drug Administration, said they expect to respond to the issues raised
in the letter without conducting any additional studies. For details, see
[ID:nBNG178744]

Shares of Acura sank 15 percent to $5 in premarket trading while King
closed Wednesday at $9.82.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net