Stock BlurbsStocks and Financial News
Vivus shares higher in pre-market on positive Qnexa results
Vivus shares were up in after-market trading on positive data from two late-stage clinical trials of Qnexa, an experimental treatment for weight loss, before trading begins Wednesday morning. The oral treatment is the Mountain View, Calif.-based company’s lead product.
NASDAQ:VVUS
US Dollar weakens driving Gold over $1000
Gold prices rose over $1000 for the first time since February as the US Dollar weakened over fears of inflation and excess government stimulus spending. Inflation worries has forced investors to investments that are considered safe such as Gold.
When the value of the dollar, often considered the world’s reserve currency, is falling, investors often turn [...]
Cash for clunkers to end Monday
The 3 billion dollar government program to trade in old cars for rebate incentives from the dealer will end Monday at 8 p.m. The month old program which initially was set to 1 billion dollars was extended for a total of 3 billion. The program ran for a month and the 3 billion funding has [...]
Oil Possibly to hit $85
A weaker Dollar USD pegged against a stronger EURO with oil at $74 poses the possibility of oil breaking a technical level of $74 and rising to $85. Friday Crude Oil hit a 12 month high.
Art Cashin warns of possible change of sentiment
Expirations Friday and the beginning of Ramadan are some topics Art Cashin mentioned Friday morning as he discussed the possible change in sentiment. A weak US Dollar and a free fall in stocks could be a bad situation for the stock market. Mortgage defaults soared over 13% which is the nation’s highest ever. Oil hit [...]
Myspace to acquire ILike
Myspace will purchase social network music site ILike.com for an undisclosed amount.
Brothers Ali and Hadi Partovi founded iLike in 2006. In two years iLike has become the largest music application across all social networks — with 55 million total users and 1.5 billion monthly impressions. No structural changes will be made among management or employees [...]
United States Asks Court to Enforce Summons for UBS Swiss Bank Account Records
It was previously reported that there were 17,000 US customers at UBS who were hiding assets from the IRS but now it is alleged that the number is closer to 52,000 with assets of 14 billion.
Here is what was reported on the DOJ website
WASHINGTON – The government filed a lawsuit today in Miami against Swiss [...]
Sprint 4Q 2008 Loss less than expected but keeps losing customers
NEW YORK -(Dow Jones)- Sprint Nextel Corp. (S) posted a narrower fourth- quarter loss and indicated that it’s on the cusp of turning around its subscriber losses.
The Overland Park, Kan., wireless carrier lost 1.3 million subscribers in the fourth quarter – still an alarmingly high rate – but suggested the declines were stabilizing as predicted. [...]
HP’s Profit Drops 13%, Cuts 2009 Forecast
Computer giant Hewlett Packard is feeling the recession as it reported a profit drop of 13 percent and was forced to cut it’s 2009 forecast.
“The swing in the revenue outlook is particularly glaring and suggests that, clearly, their business has slowed materially over the last two months,” said Calyon Securities analyst Shebly Seyrafi.
The company [...]
UBS to pay 780 million to US Government over tax charges
Switzerland’s largest bank, UBS, has admitted helping U.S. taxpayers hide money from the IRS. They have agreed to pay $780 million in fines and restitution, and to turn over account information.
“UBS admitted to conspiring to defraud the United States by impeding the IRS,” the Justice Department announced late Wednesday.
The statement says that UBS, “in an [...]