business

Steel Stocks Lower

CoTherix rises on FDA approval of hypertension drug; JP Morgan raises MGM Mirage target; and more of Thursday's stocks in the news

Nucor Corp. (NUE ), U.S. Steel (X ), Allegheny Technologies (ATI ), and other steel stocks were under pressure Thursday after a Wall Street Journal report that China has become a net exporter, sparking concern over global oversupply.

CoTherix Inc. (CTRX ) says the FDA approved the company's Ventavis Inhalation Solution for treatment of pulmonary arterial hypertension in patients with NYHA Class III or IV symptoms.

JP Morgan raises MGM Mirage's (MGG ) $72 target to $87 and reiterates its overweight rating.

Chipmaker ESS Technology (ESST ) cut its $48 million to $52 million in fourth-quarter revenue guidance to $43 million to $45 million, with gross margins and earnings per share also expected to be below guidance and operating expenses higher than expected. The company notes a continued slow demand worldwide for video products.

Women's retail apparel chain Christopher & Banks (CBK ) posted 7% lower December same-store sales and 7.2% higher total sales.

Zoltek (ZOLT ) posted a 17-cent fourth-quarter loss from continuing operations, vs. a 21-cent loss on a 22% sales rise.

BJ Services (BJS ) says it will continue to delay filing of its Form 10-K for fiscal 2004 (ending September). The company also says the ongoing investigation has found information indicating that illegal payments to government officials in the Asia Pacific Region may have been made.

Global ePoint (GEPT ) announced a continued successful field testing of its advanced video-based surveillance and communication systems in a number of municipal police departments.

Symbol Technologies (SBL ) will replace its proposed stock offering with a new $250 million credit facility, which will act as permanent financing vehicle for the company's acquisition of Matrics.

Global newspaper publisher Hollinger International (HLR ) is expected to file its 2003 annual report by mid-January 2005. The company says it sought an extension from the NYSE for late filing. If the extension is not granted, the NYSE could begin suspension and delisting procedures.

AsiaInfo Holdings (ASIA ) is in contract with Beijing Mobile to implement phase II upgrades to the carrier's Operational Customer Relationship Management system.

China Petroleum & Chemical (SNP ) reportedly offered to buy 30% of Sinopec Beijing (BYH ) that it doesn't own for 3.84 billion Hong Kong dollars ($493.8 million U.S.).

Noven Pharmaceuticals (NOVN ) sees 45 cents to 50 cents 2004 earnings per share. The company cites a $3 million milestone payment from Procter & Gamble (PG ).

    Before it's here, it's on the Bloomberg Terminal. LEARN MORE