Stocks in the news: Procter & Gamble, Goldman Sachs, Nokia
Procter & Gamble (PG) may be selling its prescription drug business for $3 billion to Warner Chilcott Ltd. (WCRX), Warner Chilcott Ltd, a specialty drug maker, sources familiar with the matter told different news agencies. The deal may be announced as soon as Monday.
Goldman Sachs Group Inc. (GS) holds a weekly meeting of its research analysts where they offer trading ideas that are given to top clients, the Wall Street Journal reported on its website on Sunday, which Goldman claims do not give anyone an unfair advantage.
Nokia (NOK) said on Monday it would start to make laptops, entering a fiercely competitive, but fast-growing market. Its first netbook, the Nokia Booklet 3G, will use Microsoft's Windows software and Intel's Atom processor -- offering up to 12 hours of battery life, and weighing 1.25 kilograms. But analysts are worried this step could hurt Nokia's profit margin further. Shares gained over 1.5 percent in pre-market trading.
Apple Inc. (AAPL)'s stores are defying the recession, Bloomberg reports. "At Fifth Avenue and Fifty-Ninth Street, the noon-day line on Aug. 11 snaked out the front door." While retail sales in the U.S. fell 9.2 percent, Apple increased revenue from stores by 2.5 percent in the first half of the year.
Cell Therapeutics Inc. (CTIC) said the FDA has accepted the company's application seeking marketing approval for its experimental drug pixantrone to treat aggressive non-Hodgkin's lymphoma. The FDA will set the action date regarding the review of pixantrone by Sept. 4, the company said. Shares climbed nearly 6 percent before the bell.
- Advanced Micro Devices Inc. (AMD) was upgraded at Citigroup to buy from hold on valuation. Shares jumped about 6 percent in pre-market.
- Toll Brothers Inc. (TOL) was downgraded at Citigroup to hold from buy, saying momentum still hasn't kicked in. Shares fell about 2 percent before the bll.
- American Express (AXP) was upgraded at Barclays Capital from Equal Weight to Overweight. Shares gained over 2 percent.
- Banco Santander (STD) was upgraded by J.P. Morgan.