Movers: GM, Integral Systems, Osteotech
GENERAL MOTORS CORP. (GM)
GMAC Financial Services says its application to become a bank holding company under the Bank Holding Company Act of 1956, as amended, has been approved by the Board of Governors of the Federal Reserve System. In addition, GMAC Bank has received approval from the Utah Dept. of Financial Institutions (UDFI) to convert to a state bank. As a bank holding company, GMAC will have expanded opportunities for funding and access to capital, which will provide increased flexibility and stability.
INTEGRAL SYSTEMS, INC. (ISYS)
ISYS posts $0.28 vs. $0.23 Q4 EPS on 28% revenue rise. Street was looking for $0.20.
OSTEOTECH, INC. (OSTE)
OSTE says that, during inspection of donor recovery sites in Bulgaria by French regulatory agency Afssaps in Nov. '08, deficiencies were identified in maintenance of records related to 6 donors. As precautionary measure, co. has temporarily suspended distribution of allograft tissue grafts processed from tissue recovered by its unit, TB OsteoCentre Bulgaria EAD (OCBG). Also, in cooperation with Afssaps, OSTE has recalled 37 unused OCBG related tissue grafts previously distributed in France.
INNOPHOS HOLDINGS, INC. (IPHS)
IPHS receives notification from U.S. Dept. of Justice Antitrust Division that previously disclosed grand jury investigation of co.'s sodium tripolyphosphate (STPP) biz was closed, and that IPHS was no longer required to maintain documents pursuant to subpoena. As previously reported in 9/07, IPHS was served with subpoena to produce documents for a DOJ investigation being conducted into what it termed "potential antitrust violations" in STPP industry focusing on period from '02 through '05.