Stocks on the move [HOT-RTRS] Real-time Equity news [U E] [RESF/US]
U.S. stock market report [.N]
1039 ET 13Jan2009-Elan Corp helps lift biotechs
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Shares of Elan Corp (ELN.I)(ELN.N) rose on Tuesday and helped spark biotech
stocks after the drugmaker said that it had retained Citigroup to conduct a
strategic review which could lead to a sale or merger of the company.
The announcement comes on the heels of yesterday's acquisition of Advanced
Medical Optics EYE.N by Abbott Labs (ABT.N) for $22 per share in cash.
The AMEX Biotechnology index .BTK rose 2.7 percent, led by Nektar
Therapeutics (NKTR.O), up 5.8 percent to $5.33 and Alexion Pharmaceuticals
(ALXN.O), up nearly 8 percent to $37.02.
Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
1025 ET 13Jan2009-Nasdaq turns positive on hope for rescue money
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The Nasdaq .IXIC turned positive on Tuesday, erasing early losses as
investors bet that Washington would work quickly on a plea by President-elect
Barack Obama for remaining financial rescue funds to stabilize credit market.
The Dow Jones industrial average .DJI was down 0.1 percent to 8,464.53
while the S&P 500 .SPX was flat at 870.39 and the Nasdaq was up 0.6 percent
to 1,547.49.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1008 ET 13Jan2009-Lexington Realty jumps after upgrade
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Lexington Realty (LXP.N) shares rose on Tuesday after JP Morgan upgraded
the stock to a "neutral" from an "underweight" as part of larger call on its
outlook for Real Estate Investment Trusts in 2009. [ID:nBNG261851]
The firm upgraded six other REITs in the note, including Nationwide Health
Properties (NHP.N) and Boston Properties (BXP.N), citing easing of liquidity
concerns this year.
However, the firm downgraded AMB Property (AMB.N) along with with six other
REITs, saying it expects them to continue to face a tough operating environment
in 2009 with negative returns expected.
Shares of Lexington Property jumped 17 percent to $5.83 while Nationwide
Health gained 2.4 percent to $25 and Boston Properties added 2.5 percent to
$49.79. AMB Property shares slid 2.6 percent to $20.04.
