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1103 ET 15June2009-Markets fall on weak commodities, Wal-Mart
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Major U.S. indexes fell on Monday, pressured by a drop in commodity prices,
as well as a Goldman Sachs downgrade of Wal-Mart (WMT.N). Tech stocks also fell
heavily.
For details, see [ID:nN15186753]
The Dow Jones industrial average .DJI fell 2.3 percent to 8,596.02 while
the S&P 500 .SPX lost 2.4 percent to 923.29 and the Nasdaq .IXIC was off
2.8 percent to 1,807.06.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1056 ET 15June2009-IMF says stimulus will ease recession this year
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The International Monetary Fund on Monday said that a heavy dose of
stimulus would ease the U.S. recession this year and lift growth marginally in
2010.
"The combination of financial strains and ongoing adjustments in the
housing and labor markets is expected to restrain growth for some time, with a
solid recovery projected to emerge only in mid-2010," the IMF said at the
conclusion of annual discussions with the U.S.
The Fund expects the U.S. economy to contract by 2.5 percent this year,
with a modest expansion in 2010 of 0.75 percent. This compares to the IMF's
April forecast for the United States, which projected the economy to shrink by
2.8 percent in 2009 and show zero growth next year.
For details, see [ID:nN15190828]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net; Editing by
Theodore d'Afflisio
1052 ET 15June2009-Goolsbee: Important that reform gets done in 2009
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White House economic adviser Austan Goolsbee said on Monday it was "pretty
important" that financial regulation reform gets done this year.
In an interview with Bloomberg Television, he said consolidation in
financial reform was needed and that proposals for reform hadn't been scaled
back because of concerns from lawmakers or regulatory agencies. [ID:nWEN0527]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1048 ET 15June2009-Map Pharma soars after Leerink upgrade
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Shares of Map Pharmaceuticals (MAPP.O) soared on Monday, advancing 17
percent to $11.80 after Leerink Swann upgraded the stock to outperform from
market perform. The firm wrote that survey feedback from 105 neurologists
suggested strong market opportunity for the company's Levadex drug in acute
migraine treatment.
It also wrote that the shares provided an attractive entry point for
investors.
For details, see [ID:nBNG448787]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1042 ET 15June2009-NBTY Inc rises after May sales
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NBTY Inc (NTY.N) shares rose on Monday after the nutritional supplement
maker said preliminary net sales for May rose by 22 percent from the prior
year.
The company said total May sales rose to $223 million for the month versus
$184 million in the year-ago period, primarily boosted by a 43 percent rise in
the wholesale/U.S. nutrition unit to $138 million.
Sales in the direct response/E-commerce division slumped for the month,
however, falling 16 percent to $16 million.
Shares rose 3.5 percent to $28.32 while rivals Perrigo Co (PRGO.O) slid 2.7
percent to $25.75 and Schiff Nutrition Int'l Inc (WNI.N) fell 1.9 percent to
$5.17.
Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
