FDA Declines ImClone's Drug Filing
The Food and Drug Administration advises ImClone Systems (IMCL ) that it is not accepting for filing in its current form the company's Biologics License Application for Erbitux, a treatment for colorectal carcinoma. Merrill downgrades the stock to long term buy, while UBS Warburg cuts estimates and target.
Oracle Corp. (ORCL ) says that it plans to cut 400-800 jobs, mainly at its North American consulting and sales operations. CIBC World maintains buy rating.
America West (AWA ) rose after the Federal Air Transportation Stabilization board approved a $380 million loan guarantee for AWA.
Great Plains Energy (GXP ) says its indirect subsidiaries DTI Holdings and Digital Teleport will both file for Chapter 11 bankruptcy protection. GXP will record an after-tax charge in the fourth quarter of about $125 million, or $2.02 per share.
Retalix (RTLX ) expects to meet its fourth quarter revenue guidance, exceeding $15 million, amid continuous operational profitability.
Tower Automotive (TWR ) says it will take fourth quarter charges totaling $289 million related to workforce reductions, consolidation, relocation, and goodwill impairment.
Wabash National (WNC ) suspends its quarterly dividend due to continuing difficult economic and industry environment.
Diversa (DVSA ) wins $1.3 million milestone payment from Zymetrics in conjunction with R&D performed for Zymetrics.