Boston Scientific Corp. (NYSE: BSX) rallied more than 4% on Wednesday after bigger rival Johnson & Johnson (NYSE: JNJ) announced that it plans to stop making Cypher drug-coated heart stents and end development of a new model in a restructuring that will close two factories and cut as many as 1,000 jobs.
Shares of SunPower Corporation (NASDAQ: SPWRA) plunged more than 14% after French oil major Total SA said Thursday its tender offer on 60% of the A and B shares of U.S.-based solar panel manufacturer was successful.
Rare Element Resources (AMEX: REE) rallied more than 4% on Wednesday after the company said its Bear Lodge project in Wyoming has 20% more rare earth oxides in it than the company previously estimated.
Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) surged more than 7% after the Food and Drug Administration confirmed that studies of Regeneron Pharmaceuticals Inc.'s proposed eye drug met effectiveness goals and the agency didn't raise any major safety concerns prior to a Friday advisory panel. The drug, called VEGF Trap-Eye, is designed treat a vision-deteriorating condition called wet age-related macular degeneration. The studies compared the Regeneron drug to Roche Holding AG's Lucentis, the leading treatment for the condition. The U.S. agency said the proposed eye drug by Regeneron was equally effective as Lucentis when comparing the proportion of patients who maintained their vision.
Owens-Illinois, Inc. (NYSE: OI) slumped more than 10% after the company said that it now expects second quarter adjusted net earnings will be down from the prior year period. However, the company anticipates that second quarter results would be in line with the prior year Segment operating profit margins in the second quarter of 2011 will likely decline between 3 and 6 percentage points from second quarter 2010 levels. Owens-Illinois' global shipment levels are still expected to rise 5 to 10 percent year-over-year on the back of several acquisitions made in 2010. Demand remains strong across most markets and end-use categories, except in Australia and New Zealand and North America beer business, the company said. However, the benefit of stronger global shipments will be offset by higher-than-expected costs. The company has also incurred additional manufacturing and delivery costs. Therefore, the operating leverage expected from higher production levels will not be fully realized in the second quarter, Owens-Illinois noted. As a result, O-I will not fully realize the operating leverage expected from higher production levels in the second quarter of 2011. Meanwhile, O-I's Asia Pacific region continues to face challenging market conditions in Australia and New Zealand. The currencies in those countries have continued to appreciate, reaching record levels against the U.S. dollar in the second quarter. Stronger currencies have negatively impacted exports, including wine, which is one of O-I's key end-use categories in those two countries.
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