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1138 ET 12June2009-Savient shares soar after FDA comments
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Shares of Savient Pharmaceuticals (SVNT.O) soared on Friday, after the Food
and Drug Administration said the company's proposed gout drug Krystexxa
appeared to be effective.
The FDA's comment comes despite some serious health issues cited by the
agency.
For details, see [ID:nN12547133]
The stock soared 50 percent to $8.92.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1123 ET 12June2009 Players circle Rambus calls after EU action
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Shares of chip designer Rambus Inc (RMBS.O) ripped higher and its call
volume surged after the chip designer agreed to cut its royalties in order to
settle charges brought by the European Commission, according to the European
Union Official Journal. Shares rose 15.57 percent to $17.44 near midday. In the
options market, about 31,000 calls and 9,720 puts crossed the tape, three times
the norm, according to Trade Alert. The call action is scattered across June,
July, and January 2010 expiration months. On the International Securities
Exchange, ISEE sentiment data this morning indicated about 55 percent of its
Rambus volume was opening customer call buyers, said WhatsTrading.com option
strategist Frederic Ruffy. Implied volatility stood at 70 percent, up from
about 66 percent the previous day.
Reuters Messaging: doris.frankel.reuters.com@reuters.net; Editing by
Kenneth Barry
1059 ET 12June2009-Steel index falls after Goldman move
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The Dow Jones U.S. Steel index .DJUSST fell on Friday, after Goldman
Sachs downgraded AK Steel (AKS.N) to neutral, seeing limited upside from
current levels.
The firm also wrote that any benefit from a government stimulus plan on
infrastructure was already priced into the stock.
For details, see [ID:nBNG414500]
At the same time, Goldman upgraded Steel Dynamics (STLD.O) to buy, saying
that after a recent capital raise, concerns about an imminent breach of debt
covenants were behind it.
The index fell 3.1 percent to $229.19 while AK Steel sank 5 percent to
$20.09, U.S. Steel (X.N) lost 4.4 percent to $39.98 and Nucor (NUE.N) was down
2.8 percent to $47.61. Steel Dynamics edged 0.1 percent lower to $16.25.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1049 ET 12June2009-TNS Inc climbs after upgrade
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TNS Inc (TNS.N) shares jumped on Friday after Raymond James upped its
rating on the stock and boosted its price target after a recent marketing trip
with management.
The firm upgraded the stock to strong buy from outperform and raised its
price target by $3 to $27.
Raymond James also increased its 2010 revenue estimate by $17 million and
its earnings per share view by 17 cents to $2.23, on the belief the firm had
been too conservative with its revenue and expense outlook.
The firm thinks that three of TNS's four divisions have bottomed or are
improving, with the fourth set to "greatly benefit" from the acquisition of
Communication Services Group from Verisign Inc. (VRSN.O).
TNS shares climbed 5.8 percent to $19.51.
Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net))
1042 ET 12June2009-DA Davidson: investors may be overly optimistic
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DA Davidson on Friday said while it saw signs that the rate of decline in
the recession was slowing, "we are concerned that investors are too optimistic
regarding the timing of the economy actually bottoming out and may be expecting
a very rapid recovery beginning early to mid-summer."
"These concerns appear to be among the reasons that recent stock market
rally has noticeably slowed over the last couple of weeks," it added.
Despite that, DA Davidson expects to rise over the next six to twelve
months, "as investors recognize the wind down of the global recession and
continue to look for a modest extended economic recovery in 2010 and 2011."
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
