Stocks in the News: Pfizer, Nokia, Apple

The following is a round-up of news likely to affect stock prices today:

Nokia (NOK) filed a complaint against Apple (AAPL) with the U.S. International Trade Commission over patent infringements in "virtually all" of its mobile devices, portable music players, and computers.Shares of struggling Japan Airlines Corp. nosedived 24% to a record low of 67 yen Wednesday on growing fears the carrier could be put through bankruptcy court as part of restructuring. Airline stocks will be in focus following this development. American Airlines (AMR) and Delta Air Lines (DAL) have been courting JAL with rival offers of financial aid.

%%DynaPub-Enhancement class="enhancement contentType-HTML Content fragmentId-1 payloadId-61603 alignment-right size-small"%%Several companies in the pharmaceutical sector are in focus:
  • Pfizer (PFE) said it has halted drug trials for its late-stage trial of a lung cancer treatment figitumumab after an analysis showed the drug is unlikely to achieve the main goal of improving survival rates. In September, the Dow component stopped enrollment in the trial.
  • Johnson & Johnson (JNJ), another Dow component, heard back from the FDA regarding trial data on an anti-infection drug. The agency rejected the data because of integrity concerns, according to Basilea Pharmaceuticals, the Swiss firm that licensed the drug to J&J and has an arbitration claim against it.
  • Novo Nordisk AS (NVO) said it expects the FDA to provide feedback beyond the year-end, but "within weeks" on liraglutide, a once-daily treatment for type 2 diabetes.
  • Santarus Inc. (SNTS) submitted an investigational new-drug application to the FDA, seeking to begin a Phase III evaluation of rifamycin SV MMX to treat travelers' diarrhea.
General Motors (GRM) has announced a massive recall. The Detroit automaker is recalling some 22,000 Chevrolet Corvettes, because of potentially leaky roofs, the National Highway Traffic Safety Administration said Wednesday. The recall includes 2005-2007 model year Corvettes and 2006-2007 Corvette Z06s with removable roofs.

GMAC Financial Services is expected to receive another $3.5 billion in federal aid to further stabilize it, The Wall Street Journal reported Tuesday. That's on top of the $12.5 billion the automotive lender already received since December 2008. The announcement is expected within days. The news may put the financial sector in focus yet again.

Kaufman Bros upgraded Marvell (MRVL) and Nvidia (NVDA) from Hold to Buy. The broker increased price targets on both companies too: from $20 to $25 for Marvell and from $14 to $22 for Nvidia.

Broadcom Corp (BRCM) said on Tuesday it will pay $160.5 million in cash to settle an investor lawsuit accusing it of improperly backdating stock options. But it did not admit to wrongdoing.

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