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0930 ET 30June2009-Markets open modestly higher after data
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Major U.S. indexes opened flat on Tuesday, the last day of the quarter,
after data showed April home prices slid less than expected in April.
The Dow Jones industrial average .DJI rose 0.1 percent to 8,533.23 while
the S&P 500 .SPX was flat at 926.95 and the Nasdaq .IXIC was up 0.1 percent
to 1,845.59.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0915 ET 30June2009-GE joins up with Geron on stem cell research
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General Electric Co (GE.N) is joining forces with U.S. biotech company
Geron Corp (GERN.O) to develop products from human embryonic stem cells that
could be used to develop and test new drugs.
GE and Geron said their research would use batches of stem cell listed on a
National Institutes of Health registry, which would make the work eligible for
U.S. funding.
"This agreement marks a further step in GE Healthcare's cell technology
strategy aimed at addressing the potential of stem cell applications in the
drug discovery and therapy markets," said Konstantin Fiedler, general manager
of cell technologies at GE Healthcare.
For details, see [ID:nBNG514055]
Shares of GE, a Dow component, rose 0.6 percent to $11.83 while Geron
surged 17 percent to $7.80 before the bell.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0909 ET 30June2009-Vical shares up after results of study
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Shares of Vical Inc (VICL.O) surged in premarket trading on Tuesday, after
the company said its vaccine against the H1N1 strain of influenza virus showed
positive immune response in preclinical study.
The vaccine candidate produced robust immune responses well above the
accepted protection threshold in all the vaccinated mice and rabbits after a
standard two-dose vaccine regimen, Vical said.
For details, see [ID:nBNG479155]
Shares soared 28.2 percent to $2.82.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0907 ET 30June2009-NYC economy shrinks in June: NY NAPM
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Business activity in New York City returned to contraction in June after
briefly expanding in May, according to an industry report released on Tuesday.
The National Association of Purchasing Management-New York said its index
of local business conditions fell to 359.0 in June from 361.6 the previous
month.
NAPM's report also said its index of current business conditions fell to
44.8 in June from 61.3 in May. The 50 level separates growth from contraction.
For details, see [ID:nNYS005186]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0903 ET 30June2009-April home prices fell, pace moderated: S&P
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Prices of U.S. single-family homes declined in April from the prior month,
but the pace of the decline moderated, suggesting stability is emerging in some
regions, according to Standard & Poor's/Case Shiller home price indexes
reported on Tuesday.
The index of 20 metropolitan areas dipped 0.6 percent in April from March,
after a 2.2 percent decline the month before, for an 18.1 percent downturn from
a year earlier.
For details, see [ID:nNYS005189]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0844 ET 30June2009-Bove raises price target on State Street
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Rochdale Securities analyst Richard Bove on Tuesday raised his price target
on State Street Corp (STT.N), lifting it to $60 from $52.
Bove noted that the company had elected to redeem its TARP
preferred, a move he said would eventually add 7 cents a share to the
company's quarterly earnings.
"More important," he added, "business is good. Money is now pouring into
mutual funds again. The equity markets are up. There are more debt offerings.
State Street is adding to its customer list constantly. Funds in custody are
believed to be rising. If the markets hold, funds under management will rise."
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
