STOCKS NEWS US-FDA denies approval for King-Acura pain drug

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0801 ET 02July2009-FDA denies approval for King-Acura pain drug
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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
0754 ET 02July2009-Flatstone makes competing bid for IPC Reinsurance
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Flagstone Reinsurance Limited (FSR.N) late Wednesday made a $1.88 billion
competing offer for IPC Re (IPCR.O), a reinsurance company fending off an
unsolicited bid from Validus Holdings Ltd. (VR.N)

Flagstone offered 2.638 common shares plus $5.50 in cash for a bid of
$33.62 for each IPC share. That represents a 21 percent premium over IPC's
closing price of $27.77.

Validus' bid of 1.1234 of its shares plus $3.75 in cash would amount to an
offer of $28.86 per share, or $1.61 billion, based on Wednesday's closing
price.

IPC sought other suitors last month after saying it opposes the Validus bid
for being too low.

For details, see [ID:nN01530558]

Shares of Flagstone closed Wednesday at $10.66 while IPC closed at $27.77
and Validus closed at $22.35.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0750 ET 02July2009-Lear to file for Chapter 11, gets financing
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Lear Corp (LEA.N) late Wednesday said it would file for Chapter 11 in a
reorganization supported by key secured lenders and bondholders. It also said
it had obtained $500 million in bankruptcy financing.

The auto seating supplier, which had been in talks with its lenders over
the past month, said its board had approved a bankruptcy filing as the "fastest
and most effective way" to reduce debt in the face of slumping global auto
production.

For details, see [ID:nN01525902]

The stock sank 31.3 percent to 33 cents in premarket trading.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0746 ET 02July2009-Crude oil down after US gasoline stockpiles data
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August crude futures fell on Thursday, dropping after a U.S. gasoline
stockpiles rose by more than expected, and as a fresh focus on global financial
weakness pushed oil markets down.

For details, see [ID:nSYD481718]

The contract fell 1.7 percent to $68.11 per barrel.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0742 ET 02July2009-Swedish Match to sell unit to Philip Morris
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Swedish Match (SWMA.ST) on Thursday agreed to sell its South African
operations to Philip Morris International (PM.N) for $224.7 million.

The deal is expected to be completed in the second half of 2009 and is
subject to approval by South Africa's competition authority.

For details, see [ID:nL2546432]

Shares of Philip Morris closed Wednesday at $44.09.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0737 ET 02July2009-KBW sees strong Q2 for Wells Fargo
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KBW on Thursday wrote that Wells Fargo & Co (WFC.N) could post strong
results in its second quarter, lifted by high mortgage revenue.

The firm raised its second-quarter and full-year earnings outlook on the
bank.

For details, see [ID:nBNG475608]

Shares of Wells Fargo closed Wednesday at $24.14.

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