| Movers roundup: Brocade Communications, Delphi |
| News - Financial News |
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--(www.FinancialNewsUSA.com)-- 08/25/2009 - US Market industry news provided by Financial News USA. SAN FRANCISCO (AP) -- Shares of Brocade Communications Systems Inc. notched higher after an Argus Research analyst upgraded the stock on signs that business in the computer networking world is improving. BOSTON (AP) -- Shares of Delphi Financial Group Inc. edged higher after an analyst raised his price target, saying a stock offering by the employee benefits underwriter has met the company's near-term capital needs and reduces the chance of another offering. NEW YORK (AP) -- Shares of government-controlled mortgage finance companies Fannie Mae and Freddie Mac zoomed higher as volume surged well above normal, but Wall Street says it continues to expect the troubled companies to report big losses. Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press. [Read the full article] TRENTON, N.J. (AP) -- Shares of Ireland's Warner Chilcott Plc skyrocketed Monday on news of its bid to morph from a small, specialty pharmaceutical company to a global player by buying Procter & Gamble Co.'s prescription drug business for $3.1 billion. The maker of women's health and dermatology products will get a portfolio with $2.3 billion in annual sales, including blockbuster osteoporosis drug Actonel, and triple its revenue in a rare deal financed entirely by bank debt. Overnight, Ardee, Ireland-based Warner Chilcott will greatly expand its women's health products, gain a toehold in the somewhat-complementary urology and gastroenterology markets, and expand into 14 new countries, mainly in Western Europe. "It gives them immediate scale. It gives them an R&D franchise, too," said analyst Les Funtleyder at Miller Tabak & Co. [Read the full article] NEW YORK (AP) -- Standard & Poor's said Monday that CareFusion Corp., a medical technology company, will replace Manitowoc on the S&P 500 index. CareFusion is being spun off by Cardinal Health Inc. around Aug. 31. Cardinal Health will remain a component of the widely tracked index. As of Monday, Manitowoc Co. Inc., a Wisconsin-based construction and foodservice equipment maker, had a market capitaliziation below $900 million, ranking it 500th in the index. The company's stock fell 31 cents, or 4.5 percent, to $6.54 in after-hours trading, having closed the regular session at $6.85. Shares of companies removed from the S&P 500 often decline, since many investment portfolios are linked to the index and must divest non-components. Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press. [Read the full article] SINGAPORE (Reuters) - Oil fell below $74 a barrel on Tuesday, down for the first time in six days on softer Asian shares as renewed concerns over the economic recovery emerged, after reaching a 10-month high a day earlier. Investors are looking to oil inventories in the United States for direction, with analysts calling for a draw in crude and gasoline stocks and an increase in distillates. U.S. crude futures for October fell 53 cents to $73.84 a barrel by 0307 GMT, after hitting their highest intraday level since October 21 at $74.81 on Monday. Brent crude shed 52 cents to $73.74. "The drop is probably due to the decline in equities markets today," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd. "People are waiting for (U.S.) inventory numbers too. Market fundamentals are still weak. While crude stocks may have fallen, those for products are still high. [Read the full article] About Financial News USA Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com. 
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